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GasBuddy News Article

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Midwest Generation files for bankruptcy along with its parent

chicagotribune.com -- Edison Mission Energy, the unregulated generating unit of Edison International, filed for bankruptcy protection Monday along with subsidiary Midwest Generation. The filings had been expected.

Edison Mission said it agreed on a reorganization plan with its parent and holders of its $3.7 billion in debt. Under the agreement, Edison International will transfer its stake in Edison Mission Energy to unsecured creditors.

Midwest Generation owns and operates the coal-fired Powerton (Pekin), Joliet, Waukegan and Will County (Romeoville) generating units.

It would be up to the company's new owners to decide whether to move forward with expensive upgrades to meet environmental regulations, try to sell the plants or shut them down.


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Submitted Dec 21, 2012 By: NOTSOGRN
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Midwest Generation files for bankruptcy along with its parent Back to Topics
REPLIES (newest first) Post a Reply
SammyAdams
Champion Author Tallahassee

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Message Posted: Dec 22, 2012 10:46:12 PM

BO bailout?
teenitup
Champion Author Houston

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Message Posted: Dec 22, 2012 8:59:12 AM

<<"One reason for this bankruptcy is that coal has become expensive relative to natural gas. Natural gas is so much cheaper than coal it is likely that this is the reason for the coal not faring so well against natural gas .">>

That's true but for how long?
Titanic1985
Champion Author South Carolina

Posts:10,560
Points:1,013,295
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Message Posted: Dec 22, 2012 8:34:39 AM

Many coal generated power plants across the nation are under increasing regulations and every increasing prices. We must find a balance. As with anything else, not everyone will be happy, but that is life!
honda0105
Champion Author Tallahassee

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Message Posted: Dec 22, 2012 7:32:16 AM

that's a lot of debt. Does anyone else think Enron here?
NHLiveFree
Champion Author New Hampshire

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Message Posted: Dec 22, 2012 2:49:22 AM


Please give KAR..... stupidest comment of the day award. Their power plants are the so far from green energy that they are in some other universe! It is no loss at all to see these ancient pollution/acid rain/mercury spewers go the way of the dinosaurs. The firm was simply too greedy to ever bother investing in cleaning up the emissions of these coal fired dragons. Dorothy Bush Koch may mourn their loss, along with the Koch Bros., but no one else will miss them.
WE0H
Champion Author Twin Cities

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Message Posted: Dec 22, 2012 1:48:08 AM

Everyone should have lower cost electricity. It only makes sense to convert the old school coal plants into something less polluting.
KAR120CSII
Champion Author Oregon

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Message Posted: Dec 22, 2012 12:34:12 AM

There goes another of Obama's green energy companies under. When will it end?
jimmy544
Champion Author Boston

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Message Posted: Dec 22, 2012 12:18:54 AM

One reason for this bankruptcy is that coal has become expensive relative to natural gas. Natural gas is so much cheaper than coal it is likely that this is the reason for the coal not faring so well against natural gas .
boldrph
Champion Author Topeka

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Message Posted: Dec 21, 2012 11:48:51 PM

no bailout for coal!
rahcat
Champion Author Grand Rapids

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Message Posted: Dec 21, 2012 11:18:44 PM

It's going to be pretty hard to wipe the smile off Obama's face.
texasvet
Champion Author Texas

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Message Posted: Dec 21, 2012 11:16:30 PM

Well, Obama promised to bankrupt the coal industry. He's just following through.
cheaper0ON
Champion Author Ontario

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Message Posted: Dec 21, 2012 11:03:46 PM

Ooops!!!
gilfarm
Champion Author Alabama

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Message Posted: Dec 21, 2012 10:56:30 PM

Does not sound goog!
TFowler513
Champion Author Memphis

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Message Posted: Dec 21, 2012 10:56:23 PM

More jobs out the window!!!
WIPACKERFAN
Champion Author Chicago

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Message Posted: Dec 21, 2012 10:55:46 PM

Not good.
pgerassi
Champion Author Milwaukee

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Message Posted: Dec 21, 2012 10:55:14 PM

Not all that surprising.
Gas4Gore
Champion Author Detroit

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Message Posted: Dec 21, 2012 10:52:05 PM

Oh my
PrettyLittleLady
Champion Author Modesto

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Message Posted: Dec 21, 2012 10:51:22 PM

too baadd..
TheHermit
Champion Author Maine

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Message Posted: Dec 21, 2012 10:49:08 PM

Come on China, chance to buy another U. S. company
MG_Sputnik
Champion Author Philadelphia

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Message Posted: Dec 21, 2012 10:48:55 PM

Any of our tax money involved?
Spankster85
Champion Author Chicago

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Message Posted: Dec 21, 2012 10:46:07 PM

Sucks for them.
CCLighthouse
Champion Author Hartford

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Message Posted: Dec 21, 2012 10:44:53 PM

I'll have to cogitate on that one.
Dennisjk
Champion Author Detroit

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Message Posted: Dec 21, 2012 10:43:41 PM

Obama wants to end most fossil fuel use anyway.
gumbyrex
Champion Author Fresno

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Message Posted: Dec 21, 2012 10:36:22 PM

The plants need to be shut down and newer plants with present technology will cost less in the long run.
bvrbill
Champion Author Eugene

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Message Posted: Dec 21, 2012 10:29:48 PM

At least no bailout.
drz614
Champion Author Harrisburg

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Message Posted: Dec 21, 2012 10:25:56 PM

tip of the iceberg folks. enjoy christmas and new year's eve. 2013 is going to b ugly for fossil fuel usage.
Chas58
Champion Author Detroit

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Message Posted: Dec 21, 2012 10:25:22 PM

Cool.....
mstearno
Champion Author Dayton

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Message Posted: Dec 21, 2012 10:24:51 PM

money hand over fist?
Dragnet
Champion Author Arizona

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Message Posted: Dec 21, 2012 10:24:07 PM

Edison has been in financial difficulty for years so this doesn't surprise me.
hamdriver
Champion Author Lansing

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Message Posted: Dec 21, 2012 10:22:58 PM

Is that what they think?
nimpy
Champion Author Indianapolis

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Message Posted: Dec 21, 2012 10:22:52 PM

I think this will work itself out
s6sputnik
Champion Author Austin

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Message Posted: Dec 21, 2012 10:22:45 PM

Wow
MINIWINI598
Champion Author Washington

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Message Posted: Dec 21, 2012 10:21:17 PM

really...
yyc2yow
Champion Author Ottawa

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Message Posted: Dec 21, 2012 10:18:45 PM

Thats a lot of money
REKEY
Champion Author South Carolina

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Message Posted: Dec 21, 2012 10:15:14 PM

3.7 BILLION?
BREW9
Champion Author Tampa

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Message Posted: Dec 21, 2012 10:14:21 PM

ok
Trowinsamoan
Champion Author Los Angeles

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Message Posted: Dec 21, 2012 10:12:40 PM

More bailouts?
TonyPSU
Champion Author Cleveland

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Message Posted: Dec 21, 2012 10:11:05 PM

ok
firefly09
Champion Author San Diego

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Message Posted: Dec 21, 2012 10:10:22 PM

Hope it works out.
Brucevanf
Champion Author New Brunswick

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Message Posted: Dec 21, 2012 10:09:11 PM

This is disturbing news.
TNT2EC
Champion Author Wisconsin

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Message Posted: Dec 21, 2012 10:08:55 PM

Bad management and bad business plans to run the business equals a mess.
Titan_62
Champion Author North Carolina

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Message Posted: Dec 21, 2012 10:06:12 PM

Thx for posting
clermont40miles
Champion Author Cincinnati

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Message Posted: Dec 21, 2012 10:05:45 PM

EPA killing jobs and companies with excessive regulation costs.
wayoung56
Champion Author Alabama

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Message Posted: Dec 21, 2012 10:03:23 PM

Bad news for generation...
FlyNFool
Champion Author South Carolina

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Message Posted: Dec 21, 2012 10:00:08 PM

Sounds like what the airlines do, sell and old plane before you come up to an expensive C or D check.
toadNY
Champion Author Albany

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Message Posted: Dec 21, 2012 9:59:27 PM

Better off starting new.
MacDad614
Champion Author Atlanta

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Message Posted: Dec 21, 2012 9:57:58 PM

Which is more economical, bringing the existing plant up to regulations or converting it to natural gas? They were not competitive as they were.
billy44bo
Champion Author Mobile

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Message Posted: Dec 21, 2012 9:55:31 PM

what a way to get out of paying for upgrades
KhelbenArunson
Champion Author Michigan

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Message Posted: Dec 21, 2012 9:53:16 PM

Wow
mcmonsta
Champion Author Honolulu

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Message Posted: Dec 21, 2012 9:52:18 PM

wonder how much their leaders and board werepaid tho bring them down....no bailouts
cucamongacurtis
Champion Author San Bernardino

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Message Posted: Dec 21, 2012 9:50:51 PM

But . . . I thought regulations had no cost . . .
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