From Bankruptcy, Stronger Coal Industry Rivals

first_img FacebookTwitterLinkedInEmailPrint分享Dan Lowrey for SNL:Publicly traded U.S. coal producers that have managed to stay afloat amid stricter regulations, cheap natural gas and warmer weather, now face the additional challenge of rivals emerging from restructuring relieved of debt burdens and operating at lower costs.While that will toughen competition, analysts say most firms that avoided bankruptcy court so far are likely to continue to avert it at least in the short term.Moody’s senior credit analyst Anna Zubets-Anderson told S&P Global Market Intelligence that remaining publicly traded coal producers are rated by Moody’s as “at risk,” but that because their debt loads are less than the major producers in bankruptcy, most of them are unlikely to file bankruptcy this year.Beyond an extremely challenging operating environment, she said, they face the prospect of larger competitors emerging from bankruptcy court with a streamlined capital structure and a far more manageable debt load. “Part of the problem is that companies that emerge from Chapter 11 will have smaller debt burdens,” she said. “Those that filed will come out in a better position to compete,” leaving those that haven’t filed “disadvantaged.”Full article ($): Remaining publicly traded coal miners to face a leaner competition From Bankruptcy, Stronger Coal Industry Rivalslast_img read more

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$1.1 Billion in Bonds of Marquee U.S. Coal Company Plunge in Value

first_img$1.1 Billion in Bonds of Marquee U.S. Coal Company Plunge in Value FacebookTwitterLinkedInEmailPrint分享Bloomberg News:Bonds of Murray Energy Corp., the biggest privately owned U.S. coal producer, fell the most in 15 months after the White House denied the company’s request to aid one of its power-plant customers, an action it said would help both companies avoid bankruptcy.The miner’s $1.1 billion of 11.25 percent bonds due in 2021 fell 7 cents on the dollar on Wednesday and were quoted at 61 cents, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. It was the biggest decliner and the most actively traded security in the U.S. corporate-bond market, the data show.The plunge came as President Donald Trump’s administration rejected Murray’s request to keep the coal-fired power plants of FirstEnergy Solutions Corp. operating by invoking emergency authorities under the Federal Power Act. The same bonds had surged last year in part on Trump’s election as the Republican vowed to revive America’s coal industry. The securities exceeded 83 cents on the dollar as recently as February.Robert E. Murray, the company’s chief executive officer and an early backer of Trump, said in a letter earlier this month that he was present when the president expressed support for the company’s plea and directed Energy Secretary Rick Perry to get it done.Murray Energy has debt payments of $44.4 million due at the end of September, another $59.4 million on Oct. 17 and $44.3 million at the end of the year, Murray’s Chief Financial Officer Robert D. Moore wrote in an Aug. 18 letter to Perry.Murray, a closely held company, produces about 65 million tons of the fossil fuel a year, according to the company’s website. It primarily operates in the country’s Northern Appalachian and Illinois coal basins and sells its coal to power plants operated by companies including FirstEnergy.More: Coal Miner Murray’s Bonds Drop After Trump White House Snublast_img read more

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Tokyo Electric planning 1GW offshore wind project

first_img FacebookTwitterLinkedInEmailPrint分享The Yomiuri Shimbun:Tokyo Electric Power Company Holdings, Inc. is considering a project to build one of the nation’s biggest offshore wind power plants, it has been learned.The wind farm’s generating capacity is expected to be over 1 million kilowatts [1,000 megawatts], the equivalent of the power produced by a nuclear power reactor. One of its potential locations is off Choshi, Chiba Prefecture.According to the project, the electric company will join hands with a highly experienced European offshore wind power maker and spend about ¥1 trillion (about $9.2 billion) to install about 200 wind turbines offshore. It will employ fixed bottom turbines, the foundations of which are placed in the seabed. Each turbine can produce around 5,000 kilowatts and cover the annual power consumption of about 300,000 average households.TEPCO hopes to secure stable profits by selling generated electricity through the feed-in tariff (FIT) system, a government scheme to purchase such electricity at fixed prices.The company is scheduled to start commercially operating offshore wind power this month by generating 2,400 kilowatts off Choshi. This will be the first time for the fixed bottom type to be in operation in the country. TEPCO is also considering a nearby location for the full-fledged generator.More: TEPCO plans to build 1 of biggest offshore wind farms Tokyo Electric planning 1GW offshore wind projectlast_img read more

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State-owned Indian companies moving forward with wind, solar projects

first_img FacebookTwitterLinkedInEmailPrint分享Clean Technica:Government-owned companies in India are steaming ahead with large-scale solar and wind energy tenders in order to help meet the now-ambitious looking installation targets of 175 gigawatts by March 2022.The latest public sector company to launch a large solar power tender is Singareni Collieries Company Limited (SCCL). The company is jointly owned by the government of India and the state government of Telangana. The tender has been issued by the Solar Energy Corporation of India (SECI) on behalf of SCCL.As per the tender specifications, prospective bidders shall be responsible for engineering, procurement, and commission of the 100-megawatt power plant. Additionally, the successful bidder shall also be responsible for maintenance of the power plant for a period of 10 years.We have covered extensively the announcements by several public sector companies in India planning to set up large-scale solar and wind energy power plants. SCCL itself announced plans to set up 550-megawatt solar power capacity in the state of Telangana. SCCL estimated that this plan would cost around Rs 25 billion (US$380 million) and would bring in annual savings of around Rs 24 crore (US$3.7 million). The company had expressed its desire to power its operations from electricity generated through solar power projects compared coal-based power plants.Other government-owned companies and bodies like NTPC, Indian Railways, the armed forces, NLC, and several others have also announced plans to set up similar projects across the country. This push by the government would satisfy two objectives. One, these projects will act as much-needed contributions towards the 2022 target, and two, these projects would create demand for Indian-made solar power cells and modules.More: Indian coal company issues 100 megawatt solar power tender State-owned Indian companies moving forward with wind, solar projectslast_img read more

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New York governor says state will solicit another 1GW of offshore wind this year

first_img FacebookTwitterLinkedInEmailPrint分享offshoreWIND.biz:The New York State Energy Research and Development Authority (NYSERDA) will issue its second solicitation for at least 1GW of offshore wind capacity in 2020, New York’s Governor Andrew Cuomo said in his State of the State Address.The second solicitation could potentially yield ”substantially more” than 1GW in new capacity, according to the 2020 State of the State.The second round will be designed to capture the rapidly falling costs of offshore wind energy, the address stated. No further details were shared.The announcement builds on New York’s goal to have 9GW of electricity from offshore wind by 2035.In its first offshore wind solicitation, NYSERDA selected Equinor’s 816MW Empire Wind and the 880MW Sunrise Wind, a project jointly developed by Ørsted and Eversource Energy.In early 2020, NYSERDA, Empire State Development (ESD), and New York Department of Transportation (DOT) will also initiate a competitive process to award USD 200 million in public investments to improve the port infrastructure that will be used for the local offshore wind sector.[Adnan Durakovic]More: New York to seek at least 1GW of new offshore wind capacity in 2020 New York governor says state will solicit another 1GW of offshore wind this yearlast_img read more

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Floating wind turbine off the French coast posts record production numbers in February

first_imgFloating wind turbine off the French coast posts record production numbers in February FacebookTwitterLinkedInEmailPrint分享Offshorewind.biz:Floatgen, the first offshore wind turbine installed off the French coast, produced 923.2 MWh of electricity in February, setting a new monthly record.The 2MW Floatgen turbine achieved a capacity factor of 66.3% for the power production of 923.2 MWh last month, Ideol said.With a February time availability of 95,7%, Ideol added that its patented floating foundation again confirmed its readiness for commercial-scale deployments.To remind, Floatgen exceeded expectations when it produced a total of 2.2 GWh during the first half of 2019. The second half of last year saw the floating wind turbine already more than double its first-semester power production, reaching an annual total of 6 GWh.Floatgen, which consists of a Vestas V80 turbine mounted on the Damping Pool, started delivering electricity to the French grid in September 2018. The project is a joint venture of Ideol, Bouygues Travaux Publics, Centrale Nantes engineering school, RSK Group, Zabala, the University of Stuttgart, and Fraunhofer IWES.[Nadja Skopljak]More: Floatgen breaks record in Februarylast_img read more

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Investors targeting backers of planned 1.2GW Vung Ang 2 coal power plant in Vietnam

first_imgInvestors targeting backers of planned 1.2GW Vung Ang 2 coal power plant in Vietnam FacebookTwitterLinkedInEmailPrint分享Reuters:Investors with assets totaling $3.6 trillion are writing to sponsors and financiers to urge them withdraw from Vietnam’s Vung Ang 2 coal power station project, which they say is incompatible with Paris agreement goals on reducing emissions.The action highlights a shift in strategy among shareholders concerned about the impact of climate change from selling their shares in coal mining and power companies to pressuring banks and contractors involved in projects.The letter being sent to the Vung Ang consortium on Thursday has been written by Nordea Asset Management’s head of responsible investment Eric Pedersen, and backed by other investors including the Church of Sweden and Brunel Pension Partnership.“Vung Ang 2 is fast becoming the prime exhibit in the case against companies taking on irresponsible transition risk on coal plants, not to mention the obvious conflict with the commitments of those same companies to align with the Paris agreement,” Pedersen said in a statement on Wednesday.The 1.2 gigawatt Vung Ang project, one of a number of coal power stations under construction in Southeast Asia, is being built to meet Vietnam’s surging demand for power, with the support of the Japanese and Vietnamese governments.The letter is being sent to all sponsors, financiers and contractors involved in the project, according to the statement. They include Mitsubishi Corp, Korea Electric Power, Japan Bank for International Cooperation, Mizuho Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group.[Aaron Sheldrick]More: Investors heap pressure on Vietnam’s Vung Ang 2 coal power projectlast_img read more

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Daily Dirt: Ski Porn Evolution, History of Skiing, Good and Bad from Team USA

first_imgYour daily outdoor news bulletin for December 16th, the day a group of white men dressed as Native Americans boarded a foreign vessel and chucked some boxes overboard in 1773. This hilarious prank became known as the Boston Tea Party.Ski Porn EvolutionLots of action, thin-to-nonexistent plot, zero character development, repetitive camera angles, formulaic procedure, predictable ending. They call it ski porn for a reason. Or, at least they used to. The modern era of accessibility, whether it be the internet, POV and HD cameras, time, or whatever, has opened the action sports video game to anyone and everyone with a smartphone. One quick glance around the internet reveals the bevy of amateur action that trumps the professionally made videos of 20, 10, even five years ago. The pros have worked hard to stay ahead of the game and over the past couple of seasons, production companies like Sherpa Cinemas and Sweetgrass have changed the concept of the traditional ski movie, injecting more style, more story, and more authenticity into the platform.Everyone has picked up on the change, and the need to change, including the New York Times, in a well-written piece on the industry and where the standard is heading.True History of SkiingThe birthplace of skiing is certainly under dispute as several nations claim to be the epicenter of epic, but there is now evidence that China may have been the first on the shred scene. Deep in Northwest China, the Tuvan people have been shredding for the past 4,000 years, according to this compelling NPR report. That isn’t the most interesting part of the story however; the most interesting part is the what they used their skis for. Long planks of red spruce with horse hair nailed to the bottom got them where they wanted to go, which is just uphill from elk. Once in position, they would launch downhill in pursuit of the animals, “chasing” them down the snow covered slope where they would eventually lasso them around the antlers and neck. Then they would hang on. That’s it, that’s the whole hunt. Eventually the toll of running full out through chest deep snow dragging a human Yeti cowboy would be too much and the elk would collapse from exhaustion. At which point the elk would become human Yeti cowboy food. At least in the old days. These days they  just let the elk go, at least when NPR reporters are around. Also: NEVER HEARD OF FROSTBITE?!?!!?! Get outta here.There is also a link to the very cool National Geographic story that the NPR piece is based on.Good News, Bad News for Team USAFirst, the bad news. Two of the biggest names in U.S., and world, skiing dropped goose eggs this weekend on the World Cup circuit. At the tour stop in Val d’Isere, France, both Ted Ligety and Bode Miller failed to make the finals of either the giant slalom or the slalom. Ligety fell after taking a gate too wide in qualifying and skidded out, the first time in five years he has not qualified for the final of a World Cup race. He has already won a couple of GS races this season, so this may be just an anomaly. Bode Miller “tripped over his skis” at the end of his qualifying GS run and fell, also not making the finals. Both racers chalked it up to difficult conditions and a difficult course.In women’s ski news, Lindsey Vonn come in fifth a couple of weekends ago at Lake Louis, Canada, her first competition since re-injuring her knee. She will not race a full schedule leading up to Sochi as the Olympics is her main concern.On a positive note, the U.S. Bobsled Team is catching fire at just the right time. They swept the World Cup podium each of the past two weeks.last_img read more

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New Year, New Beer

first_imgOne of the greatest trends in craft beer right now is the boom of session IPAs. Picture this: a beer that tastes like one of those hop-bomb IPAs that American craft breweries are known for brewing, but with really low alcohol levels. Like, the same amount of alcohol as those crappy macro lagers we all grew up drinking.  It’s pretty much the sweet spot, because you get the flavor of craft beer married with the drinkability of say, a Bud Light.Within the last couple of years, every brewery has thrown a session IPA into the market. And I mean every brewery. Oskar Blues is now officially in the session IPA game with a brand new beer called Pinner, which is loaded with a handful of different varieties of hops, but comes in at a low, low 4.9% ABV. They call it a “throwback” IPA because, you know, you can throw them back one after the other.It has that citrus nose you’d expect from an IPA, and plenty of grapefruit and zest in the sip. It doesn’t have the malty backbone that most IPAs have, and that’s something I’ve noticed from a lot of session IPAs across the board. They’ve got the hops down, and the citrus aspect, and they’re dank in a certain way, but they’re not terribly complex.Of course, that’s just comparing this new breed of session IPAs to their full-bodied IPA counterpart. Pit these session IPAs against most lagers or pilsners or even pale ales that have similarly low ABVs, and they shine like the North Star. And Pinner definitely shines. It’s a beer I could throwback over and over again. Long live the session IPA.– Graham Averill is a contributor to B.R.O. and runs his own blog about being a stay-at-home dad called Daddy Drinks.last_img read more

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Weekend Pick: Charlottesville Ten Miler

first_imgAs anyone in the Virginia area likely knows, the Charlottesville Ten Miler has become one of the most popular races in the Commonwealth. The event’s middle distance milage, calm urban setting, and challenging course all combine to create a great race for any level runner. This Saturday, March 21, join the crowd for a perfect spring run. Charlottesville 10 MilerThe Charlottesville Ten Miler, or C10M, follows a traditional course through the University of Virginia area and around the Downtown Mall. Racers will line up on Massie Road, beside the John Paul Jones Arena, and take to the University’s community streets. After circuiting the Downtown Mall, the race finishes right outside the UVA Track, where collegiate athletes will be running their first meet of the season. Grab some water, take a breather, and stick around to cheer on your fellow runners as you celebrate your own job well done!The starting gun will sound bright and early at 7:15 a.m. Roads will remain closed for the race throughout the morning. There will be limited packet pick-up before the race on Saturday from 6:15 to 6:45 for out of town runners, but most participants should plan on heading to the John Paul Jones Arena on Friday evening from 5 to 8 to gather their race items. All participants will receive a special technical t-shirt (in both unisex and women’s cut!) in that packet, as well as a commemorative medal after the run.Online registration will remain open through Wednesday, March 18. There will also be limited registration available during Friday evening’s packet pick-up session. Proceeds from the race benefit Hope House and Steps to Success, local programs to support family stability, safety, and health.For a chance to explore a unique city, to enjoy a budding spring morning, and to get your blood pumping with an exciting group of local runners, get on board with the Charlottesville Ten Miler this weekend.last_img read more

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