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Duke Energy said Monday it agreed to buy Progress Energy Inc for $13.7 billion in stock, creating the largest U.S. power company.
The transaction would create an industry giant with approximately 7.1 million electricity customers in North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio, and 57,000 megawatts of generating capacity. Get the full story »
The Illinois House backed a controversial bill Friday that would help Power Holdings of Illinois move forward with a plant slated for Jefferson County that would turn coal into synthetic natural gas.
The bill, SB1927, is the second bill related to synthetic natural gas to move forward in the lame duck session and must pass the senate next week for the governor to sign it into law.
Representatives voted 82 to 31 to pass the bill, which would force state gas utilities to purchase 100 percent of the gas the plant would produce for 10 years: a last-minute amendment to a bill aimed at protecting patients against abuse and neglect. Get the full story »
A spokesman for Chicago-based energy company Exelon Corp. would not confirm the company’s interest in acquiring Northern Indiana Public Service Co. gas utility from NiSource Inc., but wouldn’t rule it out. Platts Energy Week reported Wednesday that Exelon CEO John Rowe told investors Dec. 14 that Exelon is considering pursuing a natural gas utility. Get the full story>>
Truckloads of Four Loko and other alcohol-laced energy drinks are being recycled into ethanol and other products after federal authorities told manufacturers the beverages were dangerous and caused users to become “wide-awake drunk.”
Wholesalers from Virginia, North Carolina, Maryland and other East Coast states started sending cases of the high-alcohol, caffeinated malt beverages to MXI Environmental Services in Virginia after the Food and Drug Administration cracked down on the sale of such beverages in November. Get the full story »
BP and its partners made a series of cost-cutting decisions that ultimately contributed to the oil spill that ravaged the Gulf of Mexico coast over the summer, the White House oil spill commission said Wednesday.
In its final report on causes of the largest offshore oil spill in U.S. history, the commission said BP and its collaborators on the doomed Macondo well had lacked a system to ensure their actions were safe. Get the full story »
U.S. retail gasoline demand fell 12.5 percent last week after a winter storm forced drivers off the roads, MasterCard Advisors’ SpendingPulse report showed Tuesday. Get the full story »
Enbridge Inc. plans to shut a U.S. Midwest oil pipeline twice over the next two months to make repairs, the company said Tuesday, putting more pressure on Canadian crude prices.
Enbridge, the largest carrier of Canadian crude exports to the U.S., plans a five-day shutdown of the 290,000-barrel-a-day Line 6B starting around Feb. 7, and another of the same duration around March 7, spokeswoman Lorraine Grymala said. Get the full story »
Home decor and furniture company IKEA is no longer stocking or selling incandescent light bulbs in its U.S. stores, instead offering longer-lasting and energy-efficient bulbs.
The retailer began phasing out the sale of the light bulbs in August. IKEA’s action comes ahead of federal legislation that would mandate more efficient light bulbs starting in 2012.
The pullout also applies to IKEA stores in Canada. Stores in France and Australia started phasing out the incandescent bulbs last year. Get the full story »
A law professor being paid $950 an hour with BP’s money has declared that the czar of the $20 billion claims fund for Gulf oil spill victims is independent of the oil giant. Get the full story »
Oil prices fell on Wednesday, but stayed close to recent 26-month highs, pulled down in light trade by profit-taking as markets awaited the release of U.S. oil inventory data. Get the full story »
The former president of Shell Oil, John Hofmeister, says Americans could be paying $5 for a gallon of gasoline by 2012.
In an interview with Platt’s Energy Week television, Hofmeister predicted gasoline prices will spike as the global demand for oil increases.
“I’m predicting actually the worst outcome over the next two years which takes us to 2012 with higher gasoline prices,” he said. Get the full story »
Passengers whose travel plans were wrecked this week when thousands of flights were canceled might not want to hear it, but airfares are going up again.
Several airlines confirmed Tuesday that they are raising prices on many domestic routes by $10 one way and $20 per round trip, even as snowbound passengers remain stranded at New York City-area airports. Get the full story »
U.S. retail gasoline demand rose sharply last week, by 4.6 percent, buoyed by holiday travel, MasterCard Advisors’ SpendingPulse report showed Tuesday.
Average gasoline demand rose by 425,000 barrels-per-day, to 9.613 million, in the week to Dec. 24. Get the full story »
Carl Icahn’s $665 million cash takeover of power producer Dynegy Inc. received clearance from the Federal Trade Commission Tuesday.
The billionaire investor’s deal follows a failed bid by private equity firm Blackstone Group LP. Icahn, Dynegy’s largest shareholder, opposed the $5 per share deal arguing it undervalued the company. Get the full story »
The average price of U.S. gasoline rose above $3 a gallon in the last ast week, reaching its highest level since October 2008, the Energy Department said on Monday.
The national price for regular gasoline increased 7 cents from the previous week to an average of $3.05 per gallon, as rising crude oil prices bolstered fuel costs.
