Three More Nuclear Plant Owners Will Demonstrate Hydrogen Production

September 12, 2019
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The post Three More Nuclear Plant Owners Will Demonstrate Hydrogen Production appeared first on POWER Magazine.

FirstEnergy Solutions (FES), Xcel Energy, and Arizona Public Service (APS) will demonstrate hydrogen production at three nuclear plants they own starting in 2020 and 2021. The projects, selected as part of the Department of Energy’s (DOE’s) Office of Nuclear Energy’s Advanced Reactor Development Project funding pathway, aim to improve long-term competitiveness of the nuclear sector as more cheap natural gas and renewable power resources flood power markets. 

Funded by the DOE, the demonstrations will take place at FES’ Davis-Besse plant in Ohio, APS’ Palo Verde plant in Arizona, and an Xcel nuclear plant in Minnesota. 

The three utility awards, which the DOE announced on Sept. 10 as part of the sixth round of funding under the December 2017-issued U.S. Industry Opportunities for Advanced Nuclear Technology Development funding opportunity announcement (FOA), follow a similar selection of a first-of-its-kind project spearheaded by Exelon at a still-to-be determined existing nuclear site in an organized power market under the DOE’s H2@Scale concept.…

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PG&E’s Reorganization Plan—Cap Wildfire Liabilities at $18 Billion

September 10, 2019
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The post PG&E’s Reorganization Plan—Cap Wildfire Liabilities at $ 18 Billion appeared first on POWER Magazine.

Pacific Gas & Electric (PG&E) wants to cap its liabilities from damages caused by California wildfires at about $ 18 billion, according to the reorganization plan filed by the bankrupt utility September 9 in federal court in San Francisco. The amount is less than half what creditors, including insurance companies and wildfire victims, say they are owed.

PG&E said it plans to raise a combination of debt and equity to cover its liabilities after the company’s equipment was blamed for starting wildfires in 2017 and 2018 that left more than 100 people dead and caused billions of dollars in property damage. PG&E, the state’s largest utility, filed for Chapter 11 bankruptcy protection in January.

Jason Wells, the company’s chief financial officer, told Bloomberg on Monday, “We currently believe that the caps being outlined in our plan of reorganization are sufficient to satisfy the claims against the company.”…

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PG&E Seeking $14 Billion in Restructuring Plan

September 6, 2019
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The post PG&E Seeking $ 14 Billion in Restructuring Plan appeared first on POWER Magazine.

Pacific Gas & Electric (PG&E) reportedly will soon file a restructuring plan that includes more than $ 14 billion in equity commitments, as the utility looks to recover from billions of dollars in liabilities tied to its role in California wildfires that caused the company to file the largest utility bankruptcy in U.S. history.

Bloomberg on September 5 reported that PG&E’s plan, due to be filed September 9, will use a combination of debt and equity to cover the claims from wildfires that state officials determined were caused by the utility’s equipment. PG&E has not provided an estimate for those claims, though Bloomberg reported that the company has assurances from financial groups that it could raise as much as $ 40 billion in debt and equity to cover the wildfire claims and other bankruptcy-related costs.

The report said PG&E’s plan will commit to settling fire claims, continuing current power purchase agreements (PPAs), and exiting bankruptcy without increasing electricity rates.…

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