Archive for the ‘ENERGY – Market Sector’ Category

Treasury Department sets rules for BP oil spill money

GULF OF MEXICO — The U.S. Treasury has set out 97 pages of rules for investing and allocating money that BP PLC and other defendants will pay in Clean Water Act fines for the Gulf of Mexico oil spill of 2010. The rules released yesterday formally set up a trust fund for money that state […] [...]

KiOR: Money will run out next of money month, bankruptcy possible

COLUMBUS — Struggling biofuel firm KiOR says in a financial filing that it will run out of money by September and that bankruptcy could follow. The company, which built a refinery in Columbus to turn wood chips into synthetic oil, owes Mississippi $69.4 million. The Mississippi Development Authority has agreed to delay payments until the […] [...]

Cochran, Wicker pushing for more liquefied natural gas exports

WASHINGTON, D.C. – U.S. Sens. Thad Cochran, R-Miss., and Roger Wicker, R-Miss., are calling on the Obama Administration to expedite approval of project applications to export liquefied natural gas (LNG). The senators sent a letter to U.S. Department of Energy Secretary Ernest Moniz regarding the issue. The letter sent by the senators states, “LNG exports […] [...]

TVA cutting 2,000-plus jobs in massive cost-saving effort

CHATTANOOGA, Tenn. — The nation’s largest public utility is eliminating more than 2,000 jobs as part of a $500 million cost-cutting campaign. The Chattanooga Times Free Press reports the Tennessee Valley Authority is making the cuts this year to pare expenses and make electric rates in the Tennessee Valley more competitive with neighboring utilities. Most […] [...]

PSC delays Kemper power plant hearing; Blanton files motion

JACKSON  — The Mississippi Public Service Commission today delayed hearings on whether Mississippi Power Co. has spent prudently in building the $5.5 billion Kemper County power plant. Prudency hearings are a key step in the company collecting from its 186,000 ratepayers to pay for the plant, even though rates have already risen 18 percent. The […] [...]

Mississippi Power, Sierra Club reach settlement in Kemper plant case

KEMPER COUNTY — Mississippi Power will convert from coal to natural gas or retire several units at plants in south Mississippi and Greene County, Alabama, as part of an agreement to end litigation over construction of a coal-fired power plant in Kemper County. The company and the Sierra Club announced yesterday that they are ending […] [...]

BP wants Supreme Court to toss part of oil spill settlement plan

NEW ORLEANS — BP PLC has asked the U.S. Supreme Court to throw out part of its settlement of claims for damage from its enormous oil spill in 2010 — a section saying businesses don’t have to prove that the spill directly harmed them to be eligible for payment, only that they lost money afterward […] [...]

Alabama Power closing two coal units, blames federal regulations

Alabama Power Co. says federal regulations are forcing it to close two coal-fired units at its Walker County power plant and to cease using coal at others, according to a story from the Birmingham Business Journal. The Birmingham-based utility said it will close two coal-fired units at Plant Gorgas in Walker County and work toward […] [...]

Horizon Energy optimistic after oil field recompletion

GULFPORT — Horizon Energy Corporation is reporting positive results for its exploration project in the East Texas counties of Cherokee and Rusk, and the project has entered the revenue-producing stage. The company said it is now eyeing other sites in the area that can be recompleted in similar fashion. “Recompletion projects in this area have […] [...]

Presley pressing utilities to extend small business incentives

JACKSON — In a series of letters sent to the heads of major Mississippi electric and natural gas utilities, Public Service Commissioner Brandon Presley is calling for the companies to extend the sign-up periods for new small businesses who want to take advantage of the companies’ small business incentive programs. Some utilities’ programs are set […] [...]

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