Not Logged In Log In   Sign Up   Points Leaders
Follow Us    10:41 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
Profile Pic
SammyAdams
Champion Author Tallahassee

Posts:5,727
Points:1,393,410
Joined:Nov 2010
Message Posted: Dec 22, 2012 10:46:12 PM

BO bailout?
Profile Pic
teenitup
Champion Author Houston

Posts:4,736
Points:826,010
Joined:Sep 2012
Message Posted: Dec 22, 2012 8:59:12 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?
Profile Pic
Titanic1985
Champion Author South Carolina

Posts:9,863
Points:839,720
Joined:Dec 2010
Message Posted: Dec 22, 2012 8:34:39 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!
Profile Pic
honda0105
Champion Author Tallahassee

Posts:22,943
Points:2,215,740
Joined:Nov 2008
Message Posted: Dec 22, 2012 7:32:16 AM

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

Posts:14,076
Points:2,210,350
Joined:Jun 2008
Message Posted: Dec 22, 2012 2:49:22 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.
Profile Pic
WE0H
Champion Author Twin Cities

Posts:1,662
Points:566,450
Joined:Feb 2011
Message Posted: Dec 22, 2012 1:48:08 AM

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

Posts:5,533
Points:1,118,475
Joined:Apr 2010
Message Posted: Dec 22, 2012 12:34:12 AM

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

Posts:7,118
Points:1,204,455
Joined:Feb 2011
Message Posted: Dec 22, 2012 12:18:54 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 .
Profile Pic
boldrph
Champion Author Topeka

Posts:21,387
Points:4,054,695
Joined:Oct 2002
Message Posted: Dec 21, 2012 11:48:51 PM

no bailout for coal!
Profile Pic
rahcat
Champion Author Grand Rapids

Posts:5,320
Points:1,268,825
Joined:Jan 2010
Message Posted: Dec 21, 2012 11:18:44 PM

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

Posts:5,351
Points:464,810
Joined:Jul 2009
Message Posted: Dec 21, 2012 11:16:30 PM

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

Posts:3,558
Points:1,002,205
Joined:Jan 2012
Message Posted: Dec 21, 2012 11:03:46 PM

Ooops!!!
Profile Pic
gilfarm
Champion Author Alabama

Posts:9,348
Points:2,544,320
Joined:Sep 2005
Message Posted: Dec 21, 2012 10:56:30 PM

Does not sound goog!
Profile Pic
TFowler513
Champion Author Memphis

Posts:3,824
Points:1,945,335
Joined:Mar 2008
Message Posted: Dec 21, 2012 10:56:23 PM

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

Posts:11,399
Points:2,446,555
Joined:Aug 2005
Message Posted: Dec 21, 2012 10:55:46 PM

Not good.
Profile Pic
pgerassi
Champion Author Milwaukee

Posts:13,519
Points:2,737,115
Joined:Apr 2007
Message Posted: Dec 21, 2012 10:55:14 PM

Not all that surprising.
Profile Pic
Gas4Gore
Champion Author Detroit

Posts:3,370
Points:600,885
Joined:Jan 2010
Message Posted: Dec 21, 2012 10:52:05 PM

Oh my
Profile Pic
PrettyLittleLady
Champion Author Modesto

Posts:6,014
Points:2,478,180
Joined:May 2006
Message Posted: Dec 21, 2012 10:51:22 PM

too baadd..
Profile Pic
TheHermit
Champion Author Maine

Posts:3,452
Points:249,715
Joined:May 2012
Message Posted: Dec 21, 2012 10:49:08 PM

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

Posts:9,757
Points:2,559,230
Joined:Apr 2006
Message Posted: Dec 21, 2012 10:48:55 PM

Any of our tax money involved?
Profile Pic
Spankster85
Champion Author Chicago

Posts:3,355
Points:912,660
Joined:Nov 2011
Message Posted: Dec 21, 2012 10:46:07 PM

Sucks for them.
Profile Pic
CCLighthouse
Champion Author Hartford

Posts:1,508
Points:318,315
Joined:Aug 2012
Message Posted: Dec 21, 2012 10:44:53 PM

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

Posts:8,460
Points:2,474,610
Joined:Apr 2006
Message Posted: Dec 21, 2012 10:43:41 PM

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

Posts:5,881
Points:1,363,980
Joined:Mar 2011
Message Posted: Dec 21, 2012 10:36:22 PM

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

Posts:7,162
Points:1,123,970
Joined:Jul 2011
Message Posted: Dec 21, 2012 10:29:48 PM

At least no bailout.
Profile Pic
drz614
Champion Author Harrisburg

Posts:4,927
Points:1,204,165
Joined:Aug 2011
Message Posted: Dec 21, 2012 10:25:56 PM

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

Posts:3,435
Points:858,085
Joined:Mar 2011
Message Posted: Dec 21, 2012 10:25:22 PM

Cool.....
Profile Pic
mstearno
Champion Author Dayton

Posts:9,537
Points:2,239,465
Joined:Jan 2008
Message Posted: Dec 21, 2012 10:24:51 PM

money hand over fist?
Profile Pic
Dragnet
Champion Author Arizona

Posts:18,124
Points:3,494,880
Joined:Jul 2004
Message Posted: Dec 21, 2012 10:24:07 PM

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

Posts:5,828
Points:1,971,660
Joined:Feb 2008
Message Posted: Dec 21, 2012 10:22:58 PM

Is that what they think?
Profile Pic
nimpy
Champion Author Indianapolis

Posts:10,421
Points:2,241,960
Joined:Oct 2007
Message Posted: Dec 21, 2012 10:22:52 PM

I think this will work itself out
Profile Pic
s6sputnik
Champion Author Austin

Posts:7,622
Points:1,853,470
Joined:Jun 2007
Message Posted: Dec 21, 2012 10:22:45 PM

Wow
Profile Pic
MINIWINI598
Champion Author Washington

Posts:6,002
Points:1,124,575
Joined:Dec 2011
Message Posted: Dec 21, 2012 10:21:17 PM

really...
Profile Pic
yyc2yow
Champion Author Ottawa

Posts:1,039
Points:656,095
Joined:Dec 2009
Message Posted: Dec 21, 2012 10:18:45 PM

Thats a lot of money
Profile Pic
REKEY
Champion Author South Carolina

Posts:11,146
Points:2,296,225
Joined:May 2008
Message Posted: Dec 21, 2012 10:15:14 PM

3.7 BILLION?
Profile Pic
BREW9
Champion Author Tampa

Posts:3,477
Points:3,517,685
Joined:Jun 2004
Message Posted: Dec 21, 2012 10:14:21 PM

ok
Profile Pic
Trowinsamoan
Champion Author Los Angeles

Posts:2,349
Points:510,465
Joined:Nov 2012
Message Posted: Dec 21, 2012 10:12:40 PM

More bailouts?
Profile Pic
TonyPSU
Champion Author Cleveland

Posts:4,941
Points:1,265,390
Joined:May 2011
Message Posted: Dec 21, 2012 10:11:05 PM

ok
Profile Pic
firefly09
Champion Author San Diego

Posts:4,281
Points:1,138,735
Joined:Mar 2009
Message Posted: Dec 21, 2012 10:10:22 PM

Hope it works out.
Profile Pic
Brucevanf
Champion Author New Brunswick

Posts:3,917
Points:848,025
Joined:Aug 2012
Message Posted: Dec 21, 2012 10:09:11 PM

This is disturbing news.
Profile Pic
TNT2EC
Champion Author Wisconsin

Posts:7,216
Points:2,050,020
Joined:Oct 2008
Message Posted: Dec 21, 2012 10:08:55 PM

Bad management and bad business plans to run the business equals a mess.
Profile Pic
Titan_62
Champion Author Maryland

Posts:1,961
Points:633,820
Joined:Apr 2011
Message Posted: Dec 21, 2012 10:06:12 PM

Thx for posting
Profile Pic
clermont40miles
Champion Author Cincinnati

Posts:13,923
Points:2,373,595
Joined:Apr 2008
Message Posted: Dec 21, 2012 10:05:45 PM

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

Posts:5,280
Points:1,407,735
Joined:Oct 2006
Message Posted: Dec 21, 2012 10:03:23 PM

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

Posts:10,763
Points:2,286,295
Joined:Aug 2008
Message Posted: Dec 21, 2012 10:00:08 PM

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

Posts:9,700
Points:2,120,500
Joined:Apr 2008
Message Posted: Dec 21, 2012 9:59:27 PM

Better off starting new.
Profile Pic
MacDad614
Champion Author Atlanta

Posts:4,991
Points:1,685,875
Joined:Aug 2008
Message Posted: Dec 21, 2012 9:57:58 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.
Profile Pic
billy44bo
Champion Author Mobile

Posts:9,677
Points:2,087,135
Joined:Feb 2008
Message Posted: Dec 21, 2012 9:55:31 PM

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

Posts:7,021
Points:1,315,120
Joined:Apr 2008
Message Posted: Dec 21, 2012 9:53:16 PM

Wow
Profile Pic
mcmonsta
Champion Author Honolulu

Posts:5,591
Points:1,413,160
Joined:Sep 2009
Message Posted: Dec 21, 2012 9:52:18 PM

wonder how much their leaders and board werepaid tho bring them down....no bailouts
Post a reply Back to Topics