Exelon Corp. has completed its acquisition of John Deere Renewables, a wind power company. In so doing, Exelon adds 735 megawatts of clean, renewable energy to the utility’s portfolio, or enough to power up to 220,000 households. Get the full story »
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Exelon nuclear plant closing 10 years early
The nation’s oldest nuclear power plant will close in 2019 — 10 years earlier than planned — but will not have to build costly cooling towers, according to two people with direct knowledge of the situation.
The people, who spoke to The Associated Press on Wednesday on condition of anonymity because they weren’t authorized to discuss the plans ahead of an announcement expected Thursday, said the Oyster Creek Nuclear Generating Station in the Forked River section of Lacey Township will close a decade earlier than called for under its current license.
In return, the aging plant, owned by Chicago-based Exelon Corp., will not be required to build one or more cooling towers to replace its current technology, which draws 1.4 billion gallons of water a day from Barnegat Bay, killing billions of aquatic creatures each year. Get the full story »
Nicor to be sold to AGL for $2.4B
Nicor's Naperville headquarters. (Tribune file photo)
Tuesday’s announcement that AGL Resources would acquire Naperville-based Nicor Inc. for $2.4 billion would put AGL in an envious position if energy policy moves to replace coal with natural gas — with a natural gas distribution system that would stretch from Chicago to the east coast and a bevy of natural gas storage facilities around the country.
The deal — which is subject to several layers of regulatory approval — would create the natural gas industry’s largest public company by market cap. Together, the companies would have annual revenues of $5.1 billion, according to a statement and carry a market cap that is nearly twice the size of its nearest peer in a deal expected to close in the second half of 2011. Get the full story »
Nicor shares rise on news of possible acquisition
Nicor Inc.’s stock price rose 4.24 percent to $46.76 today on reports that the Naperville energy company is set to announce a deal to be acquired by Atlanta-based AGL Resources.
The company has been shopping itself for months, courting regulated utilities and infrastructure funds with little success. Speculation arose last week that Integrys Energy Group Inc., parent of People’s Gas, was a considering a bid. AGL surfaced as Nicor’s likely buyer Monday in a report by Mergermarket, which tracks such deals and cited sources close to the situation. Get the full story »
CME initiates margins on energy option products
The CME Group said on Friday it initiated performance bond requirements, sometimes known as margin requirements, for new options products traded in crude oil, electricity and natural gas liquids, effective Dec. 4. Get the full story »
BP challenges U.S. estimates of oil spill rate
BP is mounting a new challenge to U.S. government estimates of how much oil flowed from the runaway well deep below the Gulf of Mexico. The issue will be critical in determining the size of federal pollution fines the company will pay.
Integrys said to be considering bid for Nicor
From Crain’s Chicago Business | Peoples Gas parent Integrys Energy Group Inc., which owns utilities in Wisconsin, Minnesota and Michigan,parent of Peoples Gas, is considering a bid for Naperville natural-gas utility Nicor Inc. At least one out-of-state utility and possibly a private-equity firm are also kicking Nicor’s tires. Get the full story>>
Nicor has been looking for a buyer for 2 months
Nicor Inc. is seeking a buyer and has hired JPMorgan Chase & Co. to run the auction, Bloomberg News reported Thursday, citing people with knowledge of the matter. Get the full story »
Agency trying to bring plug-in electric cars to Ill.
The first mass-market electric cars go on sale this month. And Illinois authorities want the state to be in the driver’s seat in using plug-in cars.
The state’s Commerce Commission formed a committee called the “Initiative on Plug-in Electric Vehicles” earlier this year. It has asked utility companies to respond by Dec. 15 on how plug-in cars would affect Illinois’ electric grid. After that, a public meeting is planned in January. Get the full story »
GM hiring to push electric effort beyond Volt
The Chevy Volt. (Bill Pugliano/Getty Images)
General Motors said on Tuesday it would hire 1,000 engineers and researchers in Michigan over the next two years to develop more electric cars and hybrids as it launched its battery-powered Chevrolet Volt.
“Volt clearly demonstrates that we are well on our way and it is especially true when it comes to the electrification of the automobile,” GM Chief Executive Dan Akerson said at a ceremony marking the start of production of the plug-in hybrid.
The Volt, which tops the Toyota Prius for fuel economy, is a first-of-its-kind vehicle that GM has touted as a symbol of its commitment to pushing for gains in fuel efficiency and developing new technology. Get the full story »
First Wind Holdings withdraws proposed IPO
Wind energy company First Wind Holdings Inc. said Wednesday that it will withdraw the registration for its initial public offering, citing “unfavorable market conditions.” Get the full story »
ComEd fighting Illinois conservation effort
From Crain’s Chicago Business | Exelon’s Commonwealth Edison Co. is the chief opponent of an Illinois Power Agency proposal that would to help the largest consumers of electricity finance major capital projects that would allow them to cut usage. Such cuts would hurt ComEd’s revenue and potentially reduce wholesale power prices. Get the full story>>
Flows on Enbridge oil line seen cut until Tuesday
Enbridge’s 670,000 barrel a day Line 6A oil pipeline in the U.S. Midwest is expected to run at reduced rates until early next week, creating another costly bottleneck for Canadian crude exports, the company said on Friday.
An outage at a power utility’s substation in Illinois forced Enbridge, which has been struggling with numerous outages on its massive oil pipeline system, to reduce flows as electricity to a pumping station got cut off.
The rates are expected to be cut until at least Tuesday, the company said. Get the full story »
FedEx: Radioactive rods missing during shipment
FedEx is searching for radioactive rods used for medical equipment that went missing during shipment between North Dakota and Tennessee.
Get the full story »
Oil slips on dollar rise, euro zone woes
U.S. oil prices slipped in light post-holiday trading on Friday as Europe’s debt crisis pushed the euro to a two-month low against the dollar and investors eyed tensions between North Korea and South Korea. Get the full story »
