Showing posts with label Bloomberg. Show all posts
Showing posts with label Bloomberg. Show all posts

Thursday, February 10, 2011

San Diego Gas Agrees to Buy 26 Megawatts of Power From NRG's Solar Plant - Bloomberg

San Diego Gas & Electric Co., a unit of Sempra Energy, agreed to purchase all 26 megawatts of power from NRG Energy Co.’s solar power project in San Diego County.

NRG Solar’s Borrego Springs Solar project is expected to be completed in mid-2012, San Diego-based SDG&E said in a statement. Financial terms of the agreement weren’t disclosed.

The 25-year contract is the fourth SDG&E has signed in the last nine months for solar power.

Construction on the plant will begin later this year, Lori Neuman, a spokeswoman for NRG Solar, said in an interview. Borrego Springs is part of a portfolio of US Solar Ventures LLC projects NRG Solar bought from ArcLight Capital Partners in June, Neuman said.

Power from the project won’t require new transmission, Jennifer Ramp, a spokeswoman for SDG&E, said in an interview.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.


View the original article here

First Solar Signs 20-Year Pact With Edison International for Solar Power - Bloomberg

(Corrects third paragraph to show output of 250 megawatts of alternating current; corrects fourth paragraph to show 50 megawatts of alternating current.)

First Solar Inc., the world’s biggest maker of thin-film photovoltaic panels, said a unit of Edison International intends to buy almost three-quarters of the energy from a planned 340-megawatt solar plant in Nevada.

Southern California Edison will purchase 250 megawatts over 20 years, said Alan Bernheimer, a First Solar spokesman. The California Public Utilities Commission must approve the contract.

The First Solar plant, dubbed Silver State South, will consist of panels mounted on 2,500 acres near Primm, Nevada. It should be built and operational by 2014, with a maximum output of 250 megawatts of alternating current by 2017, the Tempe, Arizona-based company said in a statement.

The facility will dwarf First Solar’s adjacent Silver State North, which will produce 50 megawatts of alternating current. That plant will sell power to Nevada utility NV Energy Inc. under a 25-year contract signed a year ago.

First Solar declined to disclose the terms of the Edison agreement or the construction cost of Silver State South, which will connect to Rosemead, California-based Edison’s proposed Eldorado-Ivanpah 220-kilovolt transmission line.

First Solar, whose 38 percent increase this year outperformed the 23 percent gain in the Standard & Poor’s 500 Index, fell 1.4 percent to $156.27 as of 12:43 p.m. in Nasdaq Stock Market trading.

Edison International was little changed at $36.99.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.


View the original article here

Sunday, February 6, 2011

Berlusconi Secures Reprieve With Tax Law and Parliament Vote on Sex Probe - Bloomberg

Italian Prime Minister Silvio Berlusconi Italian Prime Minister Silvio Berlusconi. Photographer: Jochen Eckel/Bloomberg

Italian Prime Minister Silvio Berlusconi’s government won a reprieve to stay in power and possibly avoid early elections after passing a decree to give cities more tax powers and surviving a key vote in parliament.

The Cabinet approved the decree on fiscal federalism, a priority of Berlusconi’s Northern League ally, in a late-night meeting in Rome yesterday hours after a markup of the law failed to pass in a parliamentary committee. The Cabinet’s move came after the premier won a separate vote in the Chamber of Deputies linked to an underage prostitution investigation targeting him.

“For now, we’re pushing forward,” Northern League leader Umberto Bossi said after the meeting. His party had staked its support for Berlusconi’s coalition, which has more than two years left in its term, on approval of the law implementing the tax measure.

While Berlusconi has warded off immediate political danger, he still must win approval for the decree from President Giorgio Napolitano amid opposition criticism that the legislation may be unconstitutional. Berlusconi said today he expects the president to support the decree.

Political Instability

Asked by reporters whether he anticipates “problems” with Napolitano, Berlusconi said “I hope not” at a summit of European Union leaders in Brussels.

Investor concern that political instability will make it more difficult for Italy’s government to tackle Europe’s debt crisis has boosted borrowing costs. The premium investors demand to hold Italy’s 10-year bonds over comparable German debt fell five basis points today to 135 basis points, down from a euro- era high of 212 on Nov. 30 though more than twice the average of the past decade.

As he seeks to push through the tax overhaul and retain the Northern League’s support, Berlusconi also faces possible criminal charges of engaging in prostitution with a minor and abuse of office. Milan prosecutors are pressing forward with a criminal investigation into allegations that he paid for sexual relations with a 17-year-old and then helped aid her release from police custody on an unrelated charge.

Vote Victory

In the Chamber yesterday, Berlusconi’s People of Liberty party won a vote to delay action on a request by the prosecutors to search the Milan office of one his accountants, Giuseppe Spinelli, who is suspected of making payments on behalf of the premier to women who attended parties at his Milan residence.

The lower house voted 315 to 298 in favor of a motion to shift responsibility for deciding on the prosecutors’ request to a special tribunal instead of the committee originally asked for authorization. One person abstained.

Bossi said the 17-vote victory showed the government still has a “good” majority after it survived a no-confidence motion by three votes on Dec. 14. The defection of Berlusconi’s long- time ally, Gianfranco Fini, and dozens of his backers has left Berlusconi scrambling for a working majority.

Finance Minister Giulio Tremonti called the tax overhaul an “epochal” change that will help Italy to decentralize finances and reduce waste and public debt, which is Europe’s largest in nominal terms. The overhaul “is the biggest structural reform” undertaken in Italy “in decades,” he told a news conference in Rome today.

‘Unconstitutional’

Opposition members, including Chamber Deputy Speaker Rosy Bindi, said the law may be unconstitutional. “It’s extremely grave,” Bindi, a member of the Democratic Party, said in an interview yesterday on television channel LA7. “The government put out a decree that violated procedures because it didn’t take into account the view of parliament,” and Italy’s highest court may rule against it, she said.

After yesterday’s vote, responsibility for deciding on the prosecutors’ request shifts to a special tribunal instead of the committee initially asked to permit the search. Milan Prosecutor Edmondo Bruti Liberati said two days ago he will file a request as soon as Feb. 7 for the start of the trial.

Berlusconi has said he’s willing to be questioned by prosecutors on the condition that the trial is moved to the tribunal of ministers, citing an alleged bias against him by the Milan court. The three-judge tribunal oversees cases against senior government ministers.

The probe, known as Rubygate after the nickname of the young woman at its center, hasn’t further eroded voter support for Berlusconi and his coalition, according to a poll released this week by IPR Marketing. Berlusconi’s popularity held at 35 percent last month, matching the lowest level since his re- election in 2008, the survey of 1,000 adults showed.

To contact the reporters on this story: Flavia Krause-Jackson in Rome at fjackson@bloomberg.net.

To contact the editors responsible for this story: James Hertling at jhertling@bloomberg.net


View the original article here

Egyptian Gas Exports to Israel, Jordan May Be Halted Two Weeks - Bloomberg

Crowds Gather In Tahrir Square Egyptian anti-government protesters gather at Cairo's Tahrir Square. Photographer: Marco Longari/AFP/Getty Images

Hundreds of Thousands of Protesters Demonstrate An effigy of Egyptian President Hosni Mubarak hangs in a traffic intersection in Tahrir Square on Feb. 5, 2011 in Cairo. Photographer: John Moore/Getty Images

Egyptian natural-gas exports to Israel and Jordan may be halted for as much as two weeks after an explosion damaged a pipeline in the Sinai Desert yesterday, Egyptian Oil Minister Sameh Fahmy told state television.

The incident at El Arish in the northeastern Sinai was an act of “terror” carried out by “foreign hands,” state TV said, while the Oil Ministry said a gas leak caused the blast. It may take one to two weeks to repair the pipeline, Fahmy told state TV in an interview late yesterday.

The branch of the pipeline that carries natural gas into Israel wasn’t directly damaged in the incident, the Merhav Group of Companies said yesterday in a text message. Merhav is an importer of Egyptian gas. About 40 percent of gas consumed in Israel is imported from Egypt.

The disruption to the pipeline has political and symbolic ramifications beyond the impact on fuel supplies to Egypt’s neighbors, particularly for Israel. President Hosni Mubarak’s 30-year rule has been shaken by almost two weeks of popular demonstrations, prompting questions about what political orientation a successor government might have.

Mubarak has warned that an early departure for him would leave Egypt, the first Arab country to sign a peace treaty with Israel in 1979, in chaos.

Israel’s Ministry of National Infrastructure said in a statement yesterday that it doesn’t foresee any interruptions to the country’s electricity supply.

Ampal

Billionaire Isaac Tshuva’s Delek Energy Systems Ltd., Ratio Oil Exploration 1992 LP and Avner Oil Exploration-LP are Israeli energy-related stocks that have climbed in recent days amid the unrest in Egypt.

Ampal-American Israel Corp., based in Herzliya, is Israel’s biggest supplier of natural gas.

The Sinai incident occurred on a part of the natural-gas network before it divides into branches serving Jordan and Israel, Marwan Bqaeen, head of the natural-gas unit at the Jordanian Energy Ministry, said in a telephone interview. Egyptian gas exports to Jordan may be halted for about a week, Petra news agency reported yesterday, citing Ghaleb al-Maabira, general director of Jordan’s state electricity company.

Egypt has halted gas supplies “as a safety precaution,” and Jordan has “resorted to back-up fuel,” Bqaeen said.

Egypt’s Reserves

Egypt has natural-gas reserves of 77 trillion cubic feet and is the main producer of the hydrocarbon in the eastern Mediterranean, according to the U.S. Energy Department. The country exported 650 billion cubic feet of gas in 2009, 30 percent by either the Arab gas pipeline to Jordan, Syria and Lebanon, or to Israel through the El-Arish-Ashkelon line, according to the U.S. department’s figures.

The line to Israel has operated since 2008 and can supply up to 7 billion cubic meters a year, according to Israel’s Department of Natural Infrastructure. Israel imported 60 billion cubic feet of gas in 2009, U.S. Energy Department data show.

Egypt supplies Israel with gas under a 15-year contract and is likely to eventually deliver almost 1 trillion cubic feet. Israel imports about 85 percent of its energy.

Israeli National Infrastructure Minister Uzi Landau said Feb. 1 that events in Egypt should heighten concern over the supply of natural gas to Israel, and the country should move quickly to develop its own gas reserves.

Jordan, which imports almost all its energy supplies, aims to increase imports of Egyptian gas for use in its power plants to 330 million cubic meters in 2011, from 240 million cubic meters last year, then Energy Minister Khalid Irani said in an interview on July 14.

Syria imported 679 million cubic meters from Egypt in 2010, making up about 8 percent of the country’s needs, according to government figures.

To contact the reporter on this story: Nayla Razzouk in Amman at nrazzouk2@bloomberg.net; Ola Galal in Cairo at ogalal@bloomberg.net

To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net


View the original article here

Friday, February 4, 2011

Egypt Chaos Defines Bleeding in Despot Arab World: Tariq Ali - Bloomberg

Esfandiari Interview on Egypt Protests Feb. 3 (Bloomberg) -- Haleh Esfandiari, director of the Middle East program for the Woodrow Wilson International Center for Scholars, talks about protests against Egyptian President Hosni Mubarak. She speaks with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

“Freedom lies behind a door closed shut,” the great Egyptian poet Ahmed Shawqi wrote in the last century. “It can only be knocked down with a bleeding fist.” More than that is bleeding in the Arab world at the moment.

The uprisings we are witnessing in Egypt have been a rude awakening for all those who imagined that the despots of the Arab world could be kept in place provided they continued to serve the needs of the West and their harsh methods weren’t aired on CNN and BBC World. But while Western establishments lull themselves to sleep with fairy tales, ordinary citizens, who are defeated and demoralized, mull their revenge.

The French government seriously considered sending its paratroopers to save former President Zine El Abidine Ben Ali in Tunisia. Israeli Prime Minister Benjamin Netanyahu is pleading with officials in Washington to delay Hosni Mubarak’s departure from Egypt so that Israel has time to prepare for the likely outcome. Former U.K. Prime Minister Tony Blair is even describing the Egyptian dictator as a “force for good.”

The almost 200 pro-democracy citizens who have been killed don’t bother him too much. That’s small beer compared with the tens of thousands dead in Iraq. And a desperate Palestine Liberation Organization is backing Mubarak and repressing solidarity demonstrations in Ramallah on the West Bank.

Hated Figures

In Yemen, another strongman in power for 30 years is beginning to totter. President Ali Abdullah Saleh is a hated figure, again backed by the West, as I discovered when I visited the country last year.

If Tunisia was a tremor, the Egyptian uprising has become an earthquake that is spreading throughout the region. The generals in Cairo are still refusing to disperse the crowds with tanks and bullets. A full-scale Tiananmen Square option, which Mubarak and his friends would have appreciated, becomes difficult in these conditions.

So what will they do? As the crisis moves a step further, Vice President Omar Suleiman, not trusted by many people as the former director of intelligence, is hoping to divide the opposition, clear the streets and negotiate a deal, offering Amr Moussa, the toothless head of the Arab League, the interim presidency. They want someone who will retain the remnants of the old institutions and, in particular, the apparatuses of the secret state that have been so useful in helping the West’s policy of renditions in the war on terror, which has so far only succeeded in engendering more terror.

Total Overhaul

The millions of people in the streets of Egypt are demanding a total overhaul. They want, as in Tunisia, a new constitution that guarantees political and social rights. They want an independent foreign policy that is decided in Cairo, not Tel Aviv or Washington. They want to lift the blockade of Gaza so that its people can live as normally as possible.

This week, the Egyptian regime, shaken by the mass mobilizations, threatened counter-revolution. Pro-Mubarak forces, a combination of the security cops out of uniform and gangsters released from prison, attacked protesters, creating mayhem in Tahrir Square. The military, which pledged to defend public safety, failed to do so.

In Alexandria, there were clashes between Mubarak’s desperate supporters and the anti-government protesters. The coming weekend is decisive. The planned march by several hundred thousand people on the presidential palace might drive Mubarak to get a helicopter to the airport. One assumes the Saudis are preparing a palace for him as is their wont.

Plan B

A post-Mubarak Egypt is difficult to predict with exactitude. What we can say is that it won’t be a repeat of the 1979 Iranian Revolution. The iron will of the Ayatollah doesn’t exist in Cairo. Instead there is a decent, amiable technocrat, Mohamed El Baradei, more known abroad than at home, as a possible Plan B for the White House.

Lurking behind El Baradei is the Muslim Brotherhood. It, too, is divided, with a dominant wing composed of young, modernist Muslims who want to mimic Turkey. If the North Atlantic Treaty Organization’s favorite Islamists in Istanbul can do business with Washington, why not their Egyptian equivalents? They have been engaged in private discussions with informal emissaries from the U.S. for more than a decade.

Nonetheless, a regime propelled into office via an uprising from below can’t be as cavalier in disregarding public opinion, and nor is this a time for the U.S. to start preaching the virtues of liberal capitalism: The recent fate of Iceland, Ireland and Greece should be enough on that score.

Internally, what is required is to rebuild the abandoned social safety net, providing elementary health, education and housing for the poor.

Externally, Egypt’s relationship with the U.S. and Israel will have to be modified, regardless of who succeeds Mubarak. A peace treaty that benefits Israel alone was never accepted by the Egyptian people.

Only then will Egypt be able to stop the bleeding.

(Tariq Ali is a London-based writer, filmmaker and author of the 2010 book “The Obama Syndrome.” The opinions expressed are his own.)

To contact the writer of this column: Tariq Ali at tariq.ali3@btinternet.com

To contact the editor responsible for this column: James Greiff at jgreiff@bloomberg.net


View the original article here