Not Logged In Log In   Sign Up   Points Leaders
Follow Us    3:36 PM

GasBuddy News Article

36
votes
Midwest Generation files for bankruptcy along with its parent

chicagotribune.com -- Edison Mission Energy, the unregulated generating unit of Edison International, filed for bankruptcy protection Monday along with subsidiary Midwest Generation. The filings had been expected.

Edison Mission said it agreed on a reorganization plan with its parent and holders of its $3.7 billion in debt. Under the agreement, Edison International will transfer its stake in Edison Mission Energy to unsecured creditors.

Midwest Generation owns and operates the coal-fired Powerton (Pekin), Joliet, Waukegan and Will County (Romeoville) generating units.

It would be up to the company's new owners to decide whether to move forward with expensive upgrades to meet environmental regulations, try to sell the plants or shut them down.


Read the Full Article

Submitted Dec 21, 2012 By: NOTSOGRN
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Midwest Generation files for bankruptcy along with its parent Back to Topics
REPLIES (newest first) Post a Reply
SammyAdams
Champion Author Tallahassee

Posts:6,375
Points:1,566,745
Joined:Nov 2010
Message Posted: Dec 22, 2012 9:46:12 PM

BO bailout?
teenitup
Champion Author Houston

Posts:5,381
Points:967,045
Joined:Sep 2012
Message Posted: Dec 22, 2012 7:59:12 AM

<<"One reason for this bankruptcy is that coal has become expensive relative to natural gas. Natural gas is so much cheaper than coal it is likely that this is the reason for the coal not faring so well against natural gas .">>

That's true but for how long?
Titanic1985
Champion Author South Carolina

Posts:10,555
Points:1,011,070
Joined:Dec 2010
Message Posted: Dec 22, 2012 7:34:39 AM

Many coal generated power plants across the nation are under increasing regulations and every increasing prices. We must find a balance. As with anything else, not everyone will be happy, but that is life!
honda0105
Champion Author Tallahassee

Posts:24,057
Points:2,389,665
Joined:Nov 2008
Message Posted: Dec 22, 2012 6:32:16 AM

that's a lot of debt. Does anyone else think Enron here?
NHLiveFree
Champion Author New Hampshire

Posts:14,952
Points:2,383,715
Joined:Jun 2008
Message Posted: Dec 22, 2012 1:49:22 AM


Please give KAR..... stupidest comment of the day award. Their power plants are the so far from green energy that they are in some other universe! It is no loss at all to see these ancient pollution/acid rain/mercury spewers go the way of the dinosaurs. The firm was simply too greedy to ever bother investing in cleaning up the emissions of these coal fired dragons. Dorothy Bush Koch may mourn their loss, along with the Koch Bros., but no one else will miss them.
WE0H
Champion Author Twin Cities

Posts:1,662
Points:567,750
Joined:Feb 2011
Message Posted: Dec 22, 2012 12:48:08 AM

Everyone should have lower cost electricity. It only makes sense to convert the old school coal plants into something less polluting.
KAR120CSII
Champion Author Oregon

Posts:6,088
Points:1,267,265
Joined:Apr 2010
Message Posted: Dec 21, 2012 11:34:12 PM

There goes another of Obama's green energy companies under. When will it end?
jimmy544
Champion Author Boston

Posts:7,757
Points:1,375,205
Joined:Feb 2011
Message Posted: Dec 21, 2012 11:18:54 PM

One reason for this bankruptcy is that coal has become expensive relative to natural gas. Natural gas is so much cheaper than coal it is likely that this is the reason for the coal not faring so well against natural gas .
boldrph
Champion Author Topeka

Posts:22,138
Points:4,224,620
Joined:Oct 2002
Message Posted: Dec 21, 2012 10:48:51 PM

no bailout for coal!
rahcat
Champion Author Grand Rapids

Posts:5,965
Points:1,442,750
Joined:Jan 2010
Message Posted: Dec 21, 2012 10:18:44 PM

It's going to be pretty hard to wipe the smile off Obama's face.
texasvet
Champion Author Texas

Posts:5,650
Points:483,855
Joined:Jul 2009
Message Posted: Dec 21, 2012 10:16:30 PM

Well, Obama promised to bankrupt the coal industry. He's just following through.
cheaper0ON
Champion Author Ontario

Posts:4,190
Points:1,175,455
Joined:Jan 2012
Message Posted: Dec 21, 2012 10:03:46 PM

Ooops!!!
gilfarm
Champion Author Alabama

Posts:9,983
Points:2,717,920
Joined:Sep 2005
Message Posted: Dec 21, 2012 9:56:30 PM

Does not sound goog!
TFowler513
Champion Author Memphis

Posts:3,824
Points:2,103,160
Joined:Mar 2008
Message Posted: Dec 21, 2012 9:56:23 PM

More jobs out the window!!!
WIPACKERFAN
Champion Author Chicago

Posts:12,044
Points:2,620,280
Joined:Aug 2005
Message Posted: Dec 21, 2012 9:55:46 PM

Not good.
pgerassi
Champion Author Milwaukee

Posts:14,156
Points:2,908,090
Joined:Apr 2007
Message Posted: Dec 21, 2012 9:55:14 PM

Not all that surprising.
Gas4Gore
Champion Author Detroit

Posts:3,370
Points:600,885
Joined:Jan 2010
Message Posted: Dec 21, 2012 9:52:05 PM

Oh my
PrettyLittleLady
Champion Author Modesto

Posts:6,178
Points:2,623,185
Joined:May 2006
Message Posted: Dec 21, 2012 9:51:22 PM

too baadd..
TheHermit
Champion Author Maine

Posts:3,452
Points:275,915
Joined:May 2012
Message Posted: Dec 21, 2012 9:49:08 PM

Come on China, chance to buy another U. S. company
MG_Sputnik
Champion Author Philadelphia

Posts:10,333
Points:2,730,805
Joined:Apr 2006
Message Posted: Dec 21, 2012 9:48:55 PM

Any of our tax money involved?
Spankster85
Champion Author Chicago

Posts:3,355
Points:1,052,660
Joined:Nov 2011
Message Posted: Dec 21, 2012 9:46:07 PM

Sucks for them.
CCLighthouse
Champion Author Hartford

Posts:1,508
Points:318,315
Joined:Aug 2012
Message Posted: Dec 21, 2012 9:44:53 PM

I'll have to cogitate on that one.
Dennisjk
Champion Author Detroit

Posts:9,017
Points:2,644,385
Joined:Apr 2006
Message Posted: Dec 21, 2012 9:43:41 PM

Obama wants to end most fossil fuel use anyway.
gumbyrex
Champion Author Fresno

Posts:6,522
Points:1,535,680
Joined:Mar 2011
Message Posted: Dec 21, 2012 9:36:22 PM

The plants need to be shut down and newer plants with present technology will cost less in the long run.
bvrbill
Champion Author Eugene

Posts:8,194
Points:1,297,650
Joined:Jul 2011
Message Posted: Dec 21, 2012 9:29:48 PM

At least no bailout.
drz614
Champion Author Harrisburg

Posts:5,580
Points:1,375,865
Joined:Aug 2011
Message Posted: Dec 21, 2012 9:25:56 PM

tip of the iceberg folks. enjoy christmas and new year's eve. 2013 is going to b ugly for fossil fuel usage.
Chas58
Champion Author Detroit

Posts:4,057
Points:1,026,005
Joined:Mar 2011
Message Posted: Dec 21, 2012 9:25:22 PM

Cool.....
mstearno
Champion Author Dayton

Posts:9,689
Points:2,357,560
Joined:Jan 2008
Message Posted: Dec 21, 2012 9:24:51 PM

money hand over fist?
Dragnet
Champion Author Arizona

Posts:18,793
Points:3,660,230
Joined:Jul 2004
Message Posted: Dec 21, 2012 9:24:07 PM

Edison has been in financial difficulty for years so this doesn't surprise me.
hamdriver
Champion Author Lansing

Posts:6,474
Points:2,143,405
Joined:Feb 2008
Message Posted: Dec 21, 2012 9:22:58 PM

Is that what they think?
nimpy
Champion Author Indianapolis

Posts:10,966
Points:2,403,565
Joined:Oct 2007
Message Posted: Dec 21, 2012 9:22:52 PM

I think this will work itself out
s6sputnik
Champion Author Austin

Posts:7,735
Points:2,001,620
Joined:Jun 2007
Message Posted: Dec 21, 2012 9:22:45 PM

Wow
MINIWINI598
Champion Author Washington

Posts:6,776
Points:1,297,275
Joined:Dec 2011
Message Posted: Dec 21, 2012 9:21:17 PM

really...
yyc2yow
Champion Author Ottawa

Posts:1,043
Points:688,475
Joined:Dec 2009
Message Posted: Dec 21, 2012 9:18:45 PM

Thats a lot of money
REKEY
Champion Author South Carolina

Posts:11,777
Points:2,467,625
Joined:May 2008
Message Posted: Dec 21, 2012 9:15:14 PM

3.7 BILLION?
BREW9
Champion Author Tampa

Posts:4,117
Points:3,690,410
Joined:Jun 2004
Message Posted: Dec 21, 2012 9:14:21 PM

ok
Trowinsamoan
Champion Author Los Angeles

Posts:2,349
Points:511,165
Joined:Nov 2012
Message Posted: Dec 21, 2012 9:12:40 PM

More bailouts?
TonyPSU
Champion Author Cleveland

Posts:5,595
Points:1,436,915
Joined:May 2011
Message Posted: Dec 21, 2012 9:11:05 PM

ok
firefly09
Champion Author San Diego

Posts:4,685
Points:1,253,400
Joined:Mar 2009
Message Posted: Dec 21, 2012 9:10:22 PM

Hope it works out.
Brucevanf
Champion Author New Brunswick

Posts:4,399
Points:1,015,770
Joined:Aug 2012
Message Posted: Dec 21, 2012 9:09:11 PM

This is disturbing news.
TNT2EC
Champion Author Wisconsin

Posts:7,717
Points:2,213,420
Joined:Oct 2008
Message Posted: Dec 21, 2012 9:08:55 PM

Bad management and bad business plans to run the business equals a mess.
Titan_62
Champion Author North Carolina

Posts:2,162
Points:769,940
Joined:Apr 2011
Message Posted: Dec 21, 2012 9:06:12 PM

Thx for posting
clermont40miles
Champion Author Cincinnati

Posts:14,678
Points:2,546,100
Joined:Apr 2008
Message Posted: Dec 21, 2012 9:05:45 PM

EPA killing jobs and companies with excessive regulation costs.
wayoung56
Champion Author Alabama

Posts:5,911
Points:1,578,985
Joined:Oct 2006
Message Posted: Dec 21, 2012 9:03:23 PM

Bad news for generation...
FlyNFool
Champion Author South Carolina

Posts:11,402
Points:2,459,770
Joined:Aug 2008
Message Posted: Dec 21, 2012 9:00:08 PM

Sounds like what the airlines do, sell and old plane before you come up to an expensive C or D check.
toadNY
Champion Author Albany

Posts:10,345
Points:2,293,100
Joined:Apr 2008
Message Posted: Dec 21, 2012 8:59:27 PM

Better off starting new.
MacDad614
Champion Author Atlanta

Posts:5,512
Points:1,827,425
Joined:Aug 2008
Message Posted: Dec 21, 2012 8:57:58 PM

Which is more economical, bringing the existing plant up to regulations or converting it to natural gas? They were not competitive as they were.
billy44bo
Champion Author Mobile

Posts:10,259
Points:2,254,335
Joined:Feb 2008
Message Posted: Dec 21, 2012 8:55:31 PM

what a way to get out of paying for upgrades
KhelbenArunson
Champion Author Michigan

Posts:7,509
Points:1,472,085
Joined:Apr 2008
Message Posted: Dec 21, 2012 8:53:16 PM

Wow
mcmonsta
Champion Author Honolulu

Posts:6,189
Points:1,585,545
Joined:Sep 2009
Message Posted: Dec 21, 2012 8:52:18 PM

wonder how much their leaders and board werepaid tho bring them down....no bailouts
cucamongacurtis
Champion Author San Bernardino

Posts:4,125
Points:990,780
Joined:Oct 2012
Message Posted: Dec 21, 2012 8:50:51 PM

But . . . I thought regulations had no cost . . .
Post a reply Back to Topics