Power

Billionaire Batista’s X factor becoming big loser

20 Mar 2013

The Brazilian entrepreneur needs to sell part of MPX, a $3 bln electricity firm, to calm creditors. He borrowed against ventures that went public too early and have slumped 70 pct in value. The prospect of more margin calls is a gloomy one for his creations’ battered investors.

Atomic halt leaves U.S. short on energy options

8 Aug 2012

A regulator is refusing to approve new reactors until there’s a plan for storing nuclear waste. With proposals to shutter a tenth of coal capacity, loud protests over gas fracking and little support for green tech, America seems to favor a none-of-the-above approach to energy.

Duke CEO sucker punch a value lesson for investors

6 Jul 2012

Electricity firm Progress demanded, and got, the top job when it agreed to sell to its larger rival. In return the firm accepted a tiny premium. That Bill Johnson lasted only hours in the post is a reminder to shareholders not to sacrifice value for the prestige of leadership.

UK government faces tough N-power choices

2 Apr 2012

Two German utilities’ withdrawal from Britain’s Horizon nuclear project is a blow to the government’s clean energy ambitions. It needn’t be a fatal one, but policymakers face some politically unappetising choices if they want new nuclear capacity to be built.

Connecticut finally steps up to vet utility merger

18 Jan 2012

More than a year on, the U.S. state reversed its earlier rubber-stamping of Northeast Utilities’ $4.7 bln takeover of NSTAR. It took a couple of storms to expose Northeast’s electrifying incompetence and wake Connecticut’s watchdogs. Now they needn’t be shy of killing the deal.