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E.ON mulls sale of U.S. unit to cut debt - sources | Reuters - 0 views

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    "* Sale would be one of the largest utility deals this year * E.ON shares down 0.1 pct, sector unchanged Germany's E.ON, the world's largest utility by sales, may sell its U.S. unit in what could be one of the biggest deals in the industry this year, people familiar with the matter told Reuters. "It'd be good to get rid of that business," said a person from within E.ON familiar with the management's strategy. "Our debt is a real burden for us." E.ON had bought the E.ON U.S. unit, formerly known as LG&E, in 2002 as part of its 9.6 billion pound ($14.30 billion) takeover of Britain's Powergen, but the overseas operation remained separate while it was integrating European operations such as energy trading."
Energy Net

Department of Energy - US Energy Secretary Chu Announces Finalized $5.9 Billion Loan fo... - 0 views

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    Today, Secretary Steven Chu announced that the Department of Energy has closed on its loan offer of $5.9 billion to Ford Motor Company to transform factories across Illinois, Kentucky, Michigan, Missouri, and Ohio to produce more fuel efficient models. The loan is part of the Department's Advanced Technology Vehicles Manufacturing program, which supports the development of innovative, advanced vehicle technologies to create thousands of clean energy jobs while helping reduce the nation's dangerous dependence on foreign oil. The loan for Ford Motor Company is the first to be finalized since the program was appropriated in the fall of 2008. This announcement builds on steps taken by the Obama Administration earlier this week to require an average fuel economy of 35.5 miles per gallon in the year 2016. That standard will reduce oil consumption by an estimated 1.8 billion barrels, prevent greenhouse gas emissions of approximately 950 million metric tons, and save consumers more than $3,000 in fuel costs. The funding announced today will help Ford meet those targets.
Energy Net

Spoof Mocks ExxonMobil's Clean Energy Ads (Video) : TreeHugger - 0 views

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    This week global activist group Avaaz began airing a spoof ad that takes direct aim at ExxonMobil's cheery ad campaign featuring scientists talking about how they're making the clean energy of the future. A company spokesman responded to the ad: "They seem to be critical of our desire to communicate our positions on climate change, which we don't understand." Funny -- we don't understand your position on climate change either, ExxonMobil! (zing). You say you want to make the world cleaner through chemistry, but then you lobby hard to make sure that won't happen. See the videos -- and help get Avaaz's ad on CNN -- below.
Energy Net

Southern California Edison - A National Energy Policy Mode - 0 views

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    I joined SCE because I had a deep interest in the subject of energy and electricity. At the time I naively thought it would be a good way to start a career. I have remained here for 30 years because it offered challenging assignments and good people to work with.
Energy Net

Oil lays waste to the West The greed, speed and scale of development in wild lands is a... - 0 views

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    On election day, the Bureau of Land Management in Utah quietly announced its last round of oil and gas lease sales for the year. On Dec. 19, close to 400,000 acres of America's redrock wilderness -- much of it adjacent to Arches and Canyonlands national parks and Dinosaur National Monument -- were to be sold for drilling to the highest bidders. Public outcry was fierce. The National Park Service had not been consulted, as it usually was, and much of the land listed for auction had long been proposed for wilderness protection. The BLM succumbed to the pressure and met with the National Park Service, which asked that 93 oil and gas leases be removed from the list. The BLM backed off 22 parcels, and then later deferred other leases in sensitive areas. From a cynical perspective, the lease sale announcement could be seen as a fire the BLM set intentionally around the edges of Utah's most precious natural treasures, knowing it could extinguish the flames, emerge as a reasonable land steward and still get what its current boss, the Bush administration, wants -- more and more public land in the American West to exploit.
Energy Net

Global Warming and Modern Capitalism - 0 views

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    In 1970 James Gustave Speth co-founded the Natural Resources Defense Council, which has become one of America's most well-endowed and high-profile environmental organizations. He worked in the White House under President Carter, chairing the Council on Environmental Quality; when Bill Clinton and Al Gore were elected in 1992, Speth was a senior adviser to their transition team. He spent the 1990s as the administrator of the United Nations Development Program, where he integrated environmental sustainability into the agency's poverty-fighting mission. Thus, what follows--his call for a radical departure from the movement's current strategy--comes from the ultimate environmental insider. --The Editors I grew up in a small town on the Edisto River in South Carolina in the 1940s and '50s. As a boy, I often swam the Edisto, though at first I could not buck the river's current. But as I grew older and stronger, I was able to make good headway against it. In my environmental work for close to four decades, I've always assumed America's environmental community would do the same--get stronger and prevail against the current. But in the past few years I have come to the conclusion that this assumption is incorrect. The environmental community has grown in strength and sophistication, but the environment has continued to deteriorate. The current has strengthened faster than we have and become more treacherous. It is time to consider what to do besides swimming against it.
Energy Net

Toyota Announces First Operating Loss in 70 Years: $1.7 billion USD : TreeHugger - 0 views

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    As Mike wrote a while back, even the Prius can't save Toyota. On Monday the world's biggest car-maker announced that, in contrast to 2007's 2.3 trillion yen operating profit, for the past year the company made an operating loss of 150 billion yen. Furthermore Toyota confirmed they are freezing the scheduled opening of their new Mississippi factory, which was expected to produce new Prius models for the US market. However, the Australian Federal Government believe their deal with Toyota to build a hybrid Camry plant in Victoria is still on track. They are kicking in $35 million AUD on the proviso that it does proceed. The New York Times reports that Toyota's president, Katsuaki Watanabe told the media conference, that "The change in the world economy is of a magnitude that comes once every hundred years," going on to comment, "We are facing an unprecedented emergency." Such that the company apparently has unplugged electric hand dryers at some offices in an effort to cut costs.
Energy Net

The System Implodes: The 10 Worst Corporations of 2008 | CommonDreams.org - 0 views

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    Constellation Energy: Nuclear Operators Although it is too dangerous, too expensive and too centralized to make sense as an energy source, nuclear power won't go away, thanks to equipment makers and utilities that find ways to make the public pay and pay. Case in point: Constellation Energy Group, the operator of the Calvert Cliffs nuclear plant in Maryland. When Maryland deregulated its electricity market in 1999, Constellation - like other energy generators in other states - was able to cut a deal to recover its "stranded costs" and nuclear decommissioning fees. The idea was that competition would bring multiple suppliers into the market, and these new competitors would have an unfair advantage over old-time monopoly suppliers. Those former monopolists, the argument went, had built expensive nuclear reactors with the approval of state regulators, and it would be unfair if they could not charge consumers to recover their costs. It would also be unfair, according to this line of reasoning, if the former monopolists were unable to recover the costs of decommissioning nuclear facilities. In Maryland, the "stranded cost" deal gave Constellation (through its affiliate Baltimore Gas & Electric, BGE) the right to charge ratepayers $975 million in 1993 dollars (almost $1.5 billion in present dollars). Deregulation meant that Constellation's energy generating assets - including its nuclear facility at Calvert Cliffs - were free from price regulation. As a result, instead of costing Constellation, Calvert Cliffs' market value increased.
Energy Net

Dissident Voice : The Auto Bailout Shows the Failure of Corporate-Government More than ... - 0 views

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    And, Solving it Presents Opportunities for a New Economy While the automobile companies deserve some blame for the problems in their industry, there is blame to spread around. The root cause of the biggest problems is the alliance between big corporations and government which has led to poor decision-making in Washington. It is embarrassing to hear Congress put all the blame on the Detroit triopoly and not acknowledge their irresponsible behavior in bowing to corporate pressures. Solving the auto industry problems is an opportunity to begin to shape a more effective new economy that changes the relationship between corporations and government as well as share's the wealth more equitably. The Causes of the Auto Crisis
Energy Net

Auto-Industry Owner's Manual - 0 views

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    This cartoon requires Macromedia's Flash Player. If you don't see the cartoon above, download the player here. Mark Fiore is an editorial cartoonist and animator whose work has appeared in the Washington Post, the Los Angeles Times, the San Francisco Examiner, and dozens of other publications. He is an active member of the American Association of Editorial Cartoonists, and has a web site featuring his work.
Energy Net

The Big Three Depression risk - - 0 views

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    - The U.S. auto industry weathered the Great Depression. But there are some fears that its current crisis could cause another one. During a hearing on a proposed $25 billion federal bailout of the industry Wednesday, GM CEO Rick Wagoner used the D word to describe what might happen if Congress didn't approve some sort of rescue package.
Energy Net

GM stock soars after historic plummet - Autos- msnbc.com - 0 views

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    Shares of General Motors Corp. soared in afternoon trading, reversing the morning's historic plummet, on news of a deal that could result in a financial bailout of the automaker industry. But the plan, which could throw the Detroit Three a government lifeline worth billions, still faces an uphill battle in a reluctant Senate.
Energy Net

Automakers can't afford to develop hybrids - USATODAY.com - 0 views

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    The arrival of more fuel-efficient cars and trucks promising cleaner air and more energy independence is being set back as automakers worldwide scramble to hoard cash in an industry meltdown. Carlos Ghosn, CEO of Japan's Nissan Motor and France's Renault, on Wednesday warned that automakers "can't find the financing" for aggressive development of so-called green cars. In a keynote speech at the L.A. Auto Show media preview, Ghosn said companies must husband cash to survive an auto recession expected to last until 2010.
Energy Net

Ad lib | Gristmill: The Alliance for Climate Protection says ABC barred ad calling out ... - 0 views

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    n environmental action group founded by former vice president Al Gore is accusing ABC of censoring an advocacy ad the group paid to air on the network. The Alliance for Climate Protection late Wednesday sent an e-mail blast to supporters with the ominous subject line, "ABC won't air our ad."
Energy Net

Profile: Enron - 0 views

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    Enron was a participant or observer in the following events: There's a lot!
Energy Net

Market Slide Puts a Spotlight on Big Oil's Cash Hoard - Royal Dutch Shell plc .com - 0 views

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    Rising fears of a global economic downturn are sinking crude oil prices and driving down the share prices of major oil companies despite the industry's record profits of the last two years. Exxon Mobil Corp., the largest U.S. company and largest Western oil company by market capitalization, has lost 17% of its share price since January, its worst showing since 1981. Its smaller peers are doing worse. The stock prices of Chevron Corp., BP PLC, Royal Dutch ShellPLC, Total SA and ConocoPhillips, the largest western oil companies, all hit new 52-week lows during the day on Monday.
Energy Net

Newsvine - Auto industry to press Congress for $50B in loans - 0 views

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    Auto industry allies hope to secure up to $50 billion in government loans this month that would pay to modernize plants and help struggling car makers build more fuel-efficient vehicles.
Energy Net

Cheney colleague admits bribery in Halliburton oil deals - Americas, World - The Indepe... - 0 views

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    A former colleague of the US Vice-President, Dick Cheney, has pleaded guilty to funnelling millions of dollars in bribes to win lucrative contracts in Nigeria for Halliburton, during the period in the Nineties when Mr Cheney ran the giant oil and gas services company. Albert Stanley, who was appointed by Mr Cheney as chief executive of Halliburton's subsidiary KBR, admitted using a north London lawyer to channel payments to Nigerian officials as part of a bribery scheme that landed some $6bn of work in the country over a decade.
Energy Net

The Raw Story | Auto industry seeks $50b bailout - 0 views

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    Detroit automakers, the UAW and their allies on Capitol Hill will launch an all-out blitz over the next few weeks for up to $50 billion in government loans over the next three years -- money the companies say would help them survive one of their darkest periods.
Energy Net

US may clamp down on oil futures trading- International Business-News-The Economic Times - 0 views

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    Congress may outlaw elements of oil futures trading that lawmakers found distorted demand and contributed to the 69% surge in prices in the past year. US legislators are considering limits on the number of oil contracts an investor can hold and may increase disclosure requirements. Speculators such as Goldman Sachs Group use the practices to bet on price swings, which may drive up prices, though they have no intention of taking delivery of underlying goods, lawmakers say.
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