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Companies Accelerate Shutdown of Chilean Coal Plants

January 2, 2021

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Italy’s Enel is decommissioning one of its coal-fired power plants in Chile two years sooner than originally planned, with the unit’s closure coming two days after the Chile-based unit of a U.S. utility announced it would accelerate the closure of a pair of coal-fired power plants in the country.

Enel on Dec. 31 is closing its 128-MW Bocamina 1 coal-fired power station. The company also is awaiting authorization from Chile’s National Energy Commission (CNE) to close its 350-MW Bocamina 2 plant in May 2022.

AES Gener on Dec. 29 said it would close both the 120-MW Ventanas 1 and 220-MW Ventanas 2 coal-fired generating facilities ahead of schedule, with Ventanas 1 going offline immediately, and Ventanas shutting down in 2022, instead of 2024 as originally scheduled. The Chilean government over the past year has been working with several generators in the country, including AES Gener, Enel, ENGIE, and Colbun, to gradually phase out coal-fired power generation in the South American nation.…

Continued Toll on Coal; More Companies File Bankruptcy

December 5, 2020

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The struggling U.S. coal industry, decimated by falling demand for the fuel from the power generation sector, and hit hard by low prices during the coronavirus pandemic, saw two more mining companies declare bankruptcy this week.

White Stallion Energy, which operates in Indiana and Illinois, and Lighthouse Resources, a coal company with mines in Wyoming and Montana, filed for bankruptcy in the U.S. Bankruptcy Court in Wilmington, Delaware, on Dec. 2 and Dec. 3, respectively. The U.S. Energy Information Administration (EIA) has reported that the nation’s power sector consumed 30% less coal in the first half of 2020 than during the same period last year, as demand for electricity fell due to the pandemic, and natural gas and renewable energy continued to take market share from coal.

“In light of the challenging market conditions and other impacts on our business from COVID-19, we have been required to reduce costs and reorganize our business, resulting in the reduction of our workforce in Montana,” Lighthouse CEO Everett King said in a statement.…

THE BIG PICTURE: World’s Biggest Power Companies

February 1, 2019

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In 2017, the 10 largest power companies, ranked by their installed generation capacity, owned 18% of total global installed capacity, while the next-largest 15 owned around 10%—meaning that the top 25 companies own nearly 30% of global installed power generation capacity, according to the International Energy Agency (IEA). Chinese companies account for more than one-eighth of global installed capacity, owing to that country’s expansion of its generation fleet
to 1,750 GW, from about 400 GW in 2003. By comparison, in 2003, European-owned utilities dominated the list, accounting for almost 13% of installed capacity worldwide. Source: © OECD/IEA 2018 World Energy Outlook.
—Copy and artwork by Sonal Patel, a POWER associate editor.

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Troubled FirstEnergy Companies Seek Bankruptcy Protection

April 3, 2018

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FirstEnergy Corp.’s competitive arm FirstEnergy Solutions (FES) and several key subsidiaries, including FirstEnergy Nuclear Operating Co. (FENOC), on March 31 sought Chapter 11 bankruptcy protection. FirstEnergy said the move would facilitate an “orderly financial restructuring” and accelerate its strategy to become a fully regulated utility.

FES—the parent company of FE Aircraft Leasing Corp., FirstEnergy Generation, FirstEnergy Nuclear Generation—along with FirstEnergy Generation Mansfield Unit 1 Corp., Norton Energy Storage, and FENOC filed the voluntary petition seeking relief under Chapter 11 with the U.S. Bankruptcy Court for the Northern District of Ohio.

In aggregate, the companies have about $ 3.8 billion of funding indebtedness. FES, which sells power and related services to retail and wholesale customers in Illinois, Maryland, Michigan, New Jersey, Ohio, and Pennsylvania, in December 2017 reported total assets, liabilities, and capitalization of about $ 5.5 billion, but brought in revenues of about $ 3.1 billion.

FES holds about $ 1.5 billion of funded indebtedness, including a $ 700 million secured revolving credit facility; about $ 332 million of 6.05% of unsecured notes, which are due in 2021; about $ 363 million of 8.80% unsecured notes due in 2039; and a $ 150 million revolving credit note with Allegheny Energy Supply Co.,…