Invenergy, the nation’s largest privately held power producer, is set to receive $765 million as part of a settlement cancelling four offshore wind projects.
Thursday’s order came following multiple public disclosures from the utility companies that the plants subject to the Energy Department’s orders were either losing money or had expensive operational issues.
In a joint statement with Abby Gray, head of the state’s Office of Utility Consumer Counselor, Braun called the Indiana Utility Regulatory Commission’s decision “unacceptable.”
Large energy users are seeking to connect more quickly to the nation’s inefficient and electric transmission system to accommodate surging demand from power-hungry artificial intelligence data centers.
Prices fell overnight after President Donald Trump signed an agreement with Iran that calls for Tehran to dilute its stockpile of highly enriched uranium and waives U.S.-backed sanctions on the country.
Gov. Mike Braun said he was “deeply disappointed” by the IURC’s approval of an AES rate increase.
The Indiana Utility Consumer Counselor says Duke Energy Indiana over-collected more than $89 million from its ratepayers and is set to over-collect another $86 million annually.
All told, oil prices, inflation and energy flows simply won’t see an immediate return to what they were before the war — not for weeks or even months, experts say.
Stocks got a lift after the price for a barrel of Brent crude oil fell 5.4%, to $82.61, back to where it was in early March.
The initial agreement would open the Strait of Hormuz, potentially allowing desperately needed oil and natural gas to reach the global market.
A deal to end the war with Iran could reopen the Strait of Hormuz and allow oil tankers to carry crude again from the Persian Gulf to customers worldwide.
In May, for the first time, solar supplied more of the nation’s electricity than coal, a report says.
It has been a busy few months for First American Nuclear Co., which late last year announced it would move its headquarters to Indiana and build its first nuclear reactors in the state.
Breaking up PJM Interconnection LLC would leave Carmel, Indiana-based Midcontinent Independent System Operator, or MISO, as the top electric grid operator in the nation.
Under Trump’s orders, the Energy Department has required fossil-fueled power plants in Michigan, Indiana, Colorado and Washington state to keep operating past their retirement dates.
Indiana Gov. Mike Braun said there would likely be another suspension that goes until early August as well.
Carmel-based Midcontinent Independent System Operator included natural gas power plants proposed by Merrillville-based NIPSCO and Terre Haute-based Hallador Power Co. on a list of seven that are set to be considered.
The $3.45 billion transaction, which includes two other power plants, still requires federal approval and faces a challenge related to market competition concerns.
The United States and Iran appear to be closing in on a deal to end the war and open the Strait of Hormuz.
The power needed to operate data centers has increasingly drawn public scrutiny to the projects. But a draw from the power grid is just one of the energy issues at play.
