News
FirstEnergy to blame for US blackout, say reports
Utilities in Ohio – chiefly FirstEnergy – were at fault for the US blackout in August, conclude separate reports from a US-Canadian task force and Michigan regulators. But the midwest system operator does not escape blame. By Joe Marsh
US Senate rejects energyderivatives legislation
Energy traders applauded the Senate’s decision in November to veto proposed legislation that would place stricter controls on derivatives trading. By Paul Lyon
Energy bill enters into Senate
The US energy bill was presented to Congress in late November. But while it contains a wide range of provisions, ranging from tax incentives to improvements in reliability, critics say the bill still needs work. Joe Marsh reports
TVA will go bust, say academics
US academics say that the Tennessee Valley Authority would be close to bankruptcy if it were not for the promise of a government bailout, reports Paul Lyon
JP Morgan Chase plans electricity trading foray
JP Morgan Chase is planning to enter power trading, just as the US energy regulator overturns its onerous stock-holding limit rule. PaulLyon reports
Arnie’s energy plan faces opposition
Californian governor-elect Arnold Schwarzenegger is facing stiff opposition and awkward questions over his energy deregulation plans. In particular, one consumer group is concerned about the implications of his meeting with formerEnron chairman Ken Lay…
Goldman Sachs buys 3,300MW of power generation capacity
Godman Sachs has agreed to buy US power producer Cogentrix, in a deal that willmore than quadruple the bank’s generation capacity. JoeMarsh reports
Energy firms face “crunch time” for accounting compliance
Professional services firm PricewaterhouseCoopers (PwC) says time is running out for energy and utility companies to get to grips with the pending implementation of the International Financial Reporting Standards (IFRS).