German Industry Wants Abolishment of Feed-in Tariff on Rising Cost of Power
The Federation of German Industries, representing about 100,000 companies, want Chancellor Angela Merkel to get rid of a subsidy that made Germany the biggest clean-energy market with some of the highest power prices in the region. Germany’s biggest companies want to abolish feed-in tariffs that guarantee owners of new clean-energy plants above-market payments for 20 years under the EEG renewable law. Instead, it wants developers to sell power on the market to encourage output that responds to demand rather than the availability of renewable energy. Merkel promised to reform the EEG law if she is re-elected but has yet to reveal steps on how she will do it.
PM Abe Urges Tepco to Shut All Fukushima Reactors to Focus on Crisis
On his latest visit to the wrecked Fukushima Dai-Ichi nuclear power plant, Japanese Prime Minister Shinzo Abe told Tokyo Electric Power Corporation to decommission the two remaining reactors at the site and put priority in halting leaks of radioactive water from the plant into the ocean. The utility responded stating that it would need to raise another 1 trillion yen ($10 billion) to do so and would make a decision by the end of the year.
Imperial Petroleum CEO Charged with Fraud Over Biofuel
Jeffrey Wilson, CEO of Imperial Petroleum Inc., was charged for failing to disclose to investors that the company and a predecessor falsely representing that they were producing renewable fuel from raw agricultural products. Imperial Petroleum bought the predecessor, Indiana-based E-Biofuels, in 2010. The U.S. claims that E-Biofuels misrepresented its products to gain government incentives for biofuel and Wilson continued the practice after the purchase. The U.S. Securities and Exchange Commission, in a lawsuit filed on Sep. 19, accused former E-Biofuels owners Craig and Chad Ducey, as well as Wilson of fraud.
Bid at 15-Year Low Promts U.S. to Cancel Wyoming Coal Sale
The U.S. government turned down the sale of coal in Wyoming after an auction drew the lowest top bid in 15 years, as coal weakens because of cheap natural gas and new rules coming out this week. The Bureau of Land Management rejected the bid of $35 million, or 21 cents a ton, by Kiewit Mining Group Inc., for the 167 million tons of Powder River Basin coal because it did not meet the government’s estimate of fair value. The company’s offer was less than one-fifth what mining companies paid for similar deposits last year, and the lowest amount per ton since 1998.