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Tag: Permanently

2.2-GW Coal-Fired Behemoth Could Permanently Close This Week

November 14, 2019
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The post 2.2-GW Coal-Fired Behemoth Could Permanently Close This Week appeared first on POWER Magazine.

The 2,250-MW coal-fired Navajo Generating Station (NGS) in Arizona will permanently close likely this week, ending a long and bitter fight to keep the plant and its affiliated coal mine open.

The plant’s utility owners—Salt River Project (SRP), Arizona Public Service Co., Tucson Electric Power Co., and NV Energy—in February 2017 voted to shut down the plant located on tribal land near Page along the border with Utah, citing “rapidly changing economics of the energy industry,” which has seen natural gas prices sink to record lows.

SRP, the plant’s majority owner, told POWER in an email on Nov. 12 that operations at the plant are now expected to end within the next week, once fuel on site has been exhausted. “The best estimate now is for all units to be shut down permanently on Nov. 15—but that could change,” a spokesperson said.

After the project’s utility owners voted to close the plant in 2017, coal mining giant Peabody Energy, the Department of Interior (whose Bureau of Reclamation is a participant in the project), and the Navajo Nation launched concerted attempts to find an outside buyer to keep running the plant.…

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Restructuring Report: Eskom ‘Fundamentally Insolvent, Permanently Impaired’

October 25, 2019
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The post Restructuring Report: Eskom ‘Fundamentally Insolvent, Permanently Impaired’ appeared first on POWER Magazine.

Eskom, South Africa’s state-owned utility that produces nearly 90% of the African powerhouse’s electricity, is saddled with liabilities, unavoidable expenses, and stranded costs that exceed $ 113 billion, and for various reasons, it is “fundamentally insolvent, permanently impaired, and will never be a true going concern enterprise under its current legal, operational, and governance structure,” concludes a report recently issued by an independent chief restructuring officer (ICRO).

The bombshell two-volume report issued on Oct. 17 by Abu Dhabi–based consulting firm CRO Advisers—a firm that specializes in restructuring and recapitalization of sovereign government assets—was authored by the firm’s chairman, K.W. Miller, whom Eskom stakeholders appointed as ICRO advisor. As part of its independent restructuring analysis, CRO Advisers sought to assess the financial and operational health of South Africa’s Treasury as it relates to Eskom, as well as Eskom’s own governance, credit risk, and quantification. As Miller told POWER on Oct.…

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