Not Logged In Log In   Sign Up   Points Leaders
Follow Us    6:02 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:4,767
Points:1,119,420
Joined:Nov 2010
Message Posted: Dec 22, 2012 10:46:12 PM

BO bailout?
teenitup
Champion Author Houston

Posts:3,637
Points:558,675
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?
Titanic1985
Champion Author South Carolina

Posts:8,724
Points:575,345
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!
honda0105
Champion Author Tallahassee

Posts:21,410
Points:1,937,840
Joined:Nov 2008
Message Posted: Dec 22, 2012 7:32:16 AM

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

Posts:12,850
Points:1,934,125
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.
WE0H
Champion Author Twin Cities

Posts:1,662
Points:548,750
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.
KAR120CSII
Champion Author Oregon

Posts:4,650
Points:880,340
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?
jimmy544
Champion Author Boston

Posts:6,298
Points:981,615
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 .
boldrph
Champion Author Topeka

Posts:20,216
Points:3,777,895
Joined:Oct 2002
Message Posted: Dec 21, 2012 11:48:51 PM

no bailout for coal!
rahcat
Champion Author Grand Rapids

Posts:4,310
Points:990,925
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.
texasvet
Champion Author Texas

Posts:4,694
Points:414,835
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.
cheaper0ON
Champion Author Ontario

Posts:2,603
Points:724,755
Joined:Jan 2012
Message Posted: Dec 21, 2012 11:03:46 PM

Ooops!!!
gilfarm
Champion Author Alabama

Posts:8,410
Points:2,272,645
Joined:Sep 2005
Message Posted: Dec 21, 2012 10:56:30 PM

Does not sound goog!
TFowler513
Champion Author Memphis

Posts:3,824
Points:1,696,635
Joined:Mar 2008
Message Posted: Dec 21, 2012 10:56:23 PM

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

Posts:10,444
Points:2,170,330
Joined:Aug 2005
Message Posted: Dec 21, 2012 10:55:46 PM

Not good.
pgerassi
Champion Author Milwaukee

Posts:12,554
Points:2,460,195
Joined:Apr 2007
Message Posted: Dec 21, 2012 10:55:14 PM

Not all that surprising.
Gas4Gore
Champion Author Detroit

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

Oh my
PrettyLittleLady
Champion Author Modesto

Posts:5,245
Points:2,212,645
Joined:May 2006
Message Posted: Dec 21, 2012 10:51:22 PM

too baadd..
TheHermit
Champion Author Maine

Posts:3,452
Points:193,515
Joined:May 2012
Message Posted: Dec 21, 2012 10:49:08 PM

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

Posts:8,855
Points:2,284,615
Joined:Apr 2006
Message Posted: Dec 21, 2012 10:48:55 PM

Any of our tax money involved?
Spankster85
Champion Author Chicago

Posts:3,305
Points:682,060
Joined:Nov 2011
Message Posted: Dec 21, 2012 10:46:07 PM

Sucks for them.
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.
Dennisjk
Champion Author Detroit

Posts:7,786
Points:2,218,200
Joined:Apr 2006
Message Posted: Dec 21, 2012 10:43:41 PM

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

Posts:4,926
Points:1,086,325
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.
bvrbill
Champion Author Eugene

Posts:5,788
Points:845,825
Joined:Jul 2011
Message Posted: Dec 21, 2012 10:29:48 PM

At least no bailout.
drz614
Champion Author Harrisburg

Posts:3,948
Points:925,040
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.
Chas58
Champion Author Detroit

Posts:2,582
Points:600,020
Joined:Mar 2011
Message Posted: Dec 21, 2012 10:25:22 PM

Cool.....
mstearno
Champion Author Dayton

Posts:9,272
Points:2,028,310
Joined:Jan 2008
Message Posted: Dec 21, 2012 10:24:51 PM

money hand over fist?
Dragnet
Champion Author Arizona

Posts:17,095
Points:3,221,780
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.
hamdriver
Champion Author Lansing

Posts:4,875
Points:1,696,210
Joined:Feb 2008
Message Posted: Dec 21, 2012 10:22:58 PM

Is that what they think?
nimpy
Champion Author Indianapolis

Posts:9,581
Points:1,994,030
Joined:Oct 2007
Message Posted: Dec 21, 2012 10:22:52 PM

I think this will work itself out
s6sputnik
Champion Author Austin

Posts:7,201
Points:1,603,745
Joined:Jun 2007
Message Posted: Dec 21, 2012 10:22:45 PM

Wow
MINIWINI598
Champion Author Washington

Posts:4,808
Points:846,675
Joined:Dec 2011
Message Posted: Dec 21, 2012 10:21:17 PM

really...
yyc2yow
Champion Author Ottawa

Posts:1,037
Points:650,705
Joined:Dec 2009
Message Posted: Dec 21, 2012 10:18:45 PM

Thats a lot of money
REKEY
Champion Author South Carolina

Posts:10,194
Points:2,022,125
Joined:May 2008
Message Posted: Dec 21, 2012 10:15:14 PM

3.7 BILLION?
BREW9
Champion Author Tampa

Posts:2,507
Points:3,240,405
Joined:Jun 2004
Message Posted: Dec 21, 2012 10:14:21 PM

ok
Trowinsamoan
Champion Author Los Angeles

Posts:2,347
Points:477,250
Joined:Nov 2012
Message Posted: Dec 21, 2012 10:12:40 PM

More bailouts?
TonyPSU
Champion Author Cleveland

Posts:4,143
Points:1,015,960
Joined:May 2011
Message Posted: Dec 21, 2012 10:11:05 PM

ok
firefly09
Champion Author San Diego

Posts:3,456
Points:903,645
Joined:Mar 2009
Message Posted: Dec 21, 2012 10:10:22 PM

Hope it works out.
Brucevanf
Champion Author New Brunswick

Posts:2,994
Points:571,695
Joined:Aug 2012
Message Posted: Dec 21, 2012 10:09:11 PM

This is disturbing news.
TNT2EC
Champion Author Wisconsin

Posts:6,405
Points:1,799,070
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.
Titan_62
Champion Author Maryland

Posts:1,920
Points:553,375
Joined:Apr 2011
Message Posted: Dec 21, 2012 10:06:12 PM

Thx for posting
clermont40miles
Champion Author Cincinnati

Posts:12,692
Points:2,097,025
Joined:Apr 2008
Message Posted: Dec 21, 2012 10:05:45 PM

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

Posts:4,340
Points:1,132,735
Joined:Oct 2006
Message Posted: Dec 21, 2012 10:03:23 PM

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

Posts:9,792
Points:2,008,620
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.
toadNY
Champion Author Albany

Posts:8,717
Points:1,840,875
Joined:Apr 2008
Message Posted: Dec 21, 2012 9:59:27 PM

Better off starting new.
MacDad614
Champion Author Atlanta

Posts:4,082
Points:1,447,650
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.
billy44bo
Champion Author Mobile

Posts:8,745
Points:1,811,145
Joined:Feb 2008
Message Posted: Dec 21, 2012 9:55:31 PM

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

Posts:6,078
Points:1,042,690
Joined:Apr 2008
Message Posted: Dec 21, 2012 9:53:16 PM

Wow
mcmonsta
Champion Author Honolulu

Posts:4,715
Points:1,138,880
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