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MidwestGen Parent May File for Bankruptcy

The company owns four coal-powered energy plants, two of which are located in Joliet and Romeoville.

 

The parent company of Midwest Generation, owner of coal-powered energy plants in Joliet, Romeoville and two other Illinois towns, may be headed to bankruptcy court, according to a published report.

Edison Mission Energy, which is part of Edison International, owes $97 million in interest on bonds, and there is "no assurance" they money will be repaid on its Nov. 15 due date or within the 30-day grace period following that date, a story in Crain's Chicago Business.

The announcement was part of Edison International's third-quarter earnings report, the story said.

“Failure to pay interest on the bonds will likely result in EME filing for bankruptcy protection under Chapter 11 of the Bankruptcy Code,” Edison International CEO Ted Craver said in prepared remarks.

Midwest Generation reported a $160 million operating loss in the first nine months of 2012, the story said. In the same period last year, the company was reporting $91 million in operating income, the story said.

The company has been hard hit by a softening market, caused by a decline in natural gas prices due to new production methods that have increased supply, the story said.

The company also owns plants in Waukegan and Pekin in central Illinois. Two Chicago plants were closed earlier this year.

Related Topics: Bankruptcy, Midwest Generation, coal-powered energy plant, huge losses, parent company, and soft market

john bruno

9:43 pm on Thursday, November 1, 2012

What a joke.....these assets were transferred by Commonwealth Edison long ago; and, now, when they have no use for them, they bankrupt them....And this is a regulated utility.

What is wrong with that picture?

Reply

Christine

8:45 am on Friday, November 2, 2012

Um, these are coal plants. Anyone else notice the President's stance on coal? Might have something to do with them going out of business.

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Kevin Griffin

4:47 pm on Friday, November 2, 2012

Ummm did you read the article? They are closing because "The company has been hard hit by a softening market, caused by a decline in natural gas prices due to new production methods that have increased supply", not because of your Obama conspiracies.

Larry Johnson

11:25 am on Saturday, November 3, 2012

Exelon (ComEd) sold these plants to Midwest Generation several years ago, knowing that the fossil fuel generation market was becoming more tenuous. They used the monies from those sales to bolster thier nuclear fleet, and move into solar and wind power. Apparently a wise move.

Reply

NonIdiot

5:42 pm on Thursday, November 8, 2012

A couple of notes; Midwest Gen is an IPP and is an unregulated eletricity wholesaler. And Obama is definitely behind the downfall of this company, "softening" of the market caused by cheap natural gas is a real factor, but the EPA has sat on there hands waiting on the fracking regulations they will implement in the future, knowing that cheap gas, compliments of fracking, will push coal plants out of business. The US Dept of Justice acting on behalf of the EPA and in conjunction with the IL EPA and many enviromnmental groups has filed several lawsuits agianst Midwest Generation. You're very misguided and out of line to accuse Christine of being a conspiracy theorist, when you yourself cite an incomplete article.
Lastly, Exelon is very lightly engaged in "green" sources of electricity, they make must of there juice from Nuclear power which is also sold in the open and unregulated PJM electricity market.
In fact Edison Mission Energy, the parent company of Midwest Gen is one of the top wind and solar producers in the US.

Misinformation in this information age is very dominant, a great example is the re-election of Obama, a true enemy of the US. So do your homework before your jaw works.

Reply

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