The announcement of a merger that will create the largest utility in the country, Feel Green gets distribution of the T3 electric vehicle, and four new solar projects for California.
Duke Energy Merging with Progress Energy
Duke Energy and Progress Energy are going to merge to form the nation’s largest utility with 57-gigawatts of domestic generating capacity. Both companies will combine under Duke’s name under an agreement that states Duke will assume Progress Energy’s $12.2 billion debt. After the merger, officials predict Duke Energy shareholders will own about 63 percent of the merged companies while the remaining 37 percent is in the hands of Progress shareholders. The entire process is set to reach completion toward the end of 2011.
Feel Green to Distribute T3 Electric Vehicle
The French company, Feel Green is the newest distributer of the T3 i-series Electric Stand Up Vehicle. The car, manufactured by T3 Motion Inc., was intended for international law enforcement and other security markets. Feel Green will distribute the car in France and neighboring nations. To market the new car, Feel Green has gathered French Police Chiefs to demonstrate the vehicle. In addition, two models have been given to Disneyland Parks and the Charles De Gaulle Airport.
Four Solar Projects for California
Fotowatio Renewables Ventures Inc. announced a power purchase agreement with Southern California Edison for four PV projects. The projects are expected to produce 120-MW of energy for homes in the Los Angeles and Kern County areas. The agreements outline one 60-MW photovoltaic installation and two 20-MW farms in Kern County and one 20-MW system in Los Angeles County. All projects are scheduled to connect to the grid in 2013.
Arise Launches New Website
Arise Energy Solutions, a Colorado-based company, has launched a new, updated website with a PV Solar Cost Calculator to help clients visualize the effects of government incentives. The website is useful so that clients can take advantage of these incentives to minimize their own costs for PV installations. The new website also features a news section so that visitors can keep up with the solar industry. In addition, the site includes tips for energy conservation and updates on energy costs for Colorado customers.
Savoy Energy Leasing Land in Central TX
Savoy Energy Corp., an oil and gas company, has signed a Letter of Intent to lease 135 acres of land in central Texas. The lease is within the “oil window” of the Eagle Ford Shale Formation even though the land includes some areas that have been proven as non-producing reserves. “This acreage is exciting for multiple reasons: Location within the Eagle Ford Shale Formation, the possible re-entry and re-completion of the existing vertical well bore and the future development of the remaining acreage,” said Arthur B. Bertagnolli, Chief Executive Officer of Savoy Energy Corporation.
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