OH Electric Generator Cuts Residential Sales in Favor of Shale
President Obama’s war on coal, and indeed all fossil fuels, is affecting electric utility companies. But not all electric generating companies are suffering–at least suffering from loss of profits. One such company, American Electric Power (AEP) from Ohio, made more profit in the second quarter of 2015 than it did in 2Q14–$40 million more. And they did it while shutting down enough coal-fired electric plants to serve 5.5 million homes across the Marcellus/Utica region. Who cares if there’re rolling blackouts because Obama’s war on coal is causing electric plants serving residential homes to shut down, right? How does AEP actually make *more* money when up to 5.5 million potential customers are now not being served with electricity? By swapping out electricity sold to residential customers with selling to a different kind of customer: the natural gas industry itself. AEP has added a number of new customers in the oil/natural gas industry, like compressor stations…
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It’s not often that MDN writes about natural gas drilling in Australia. This time there’s a tie-in with the Utica/Marcellus. Aubrey McClendon, former CEO of Chesapeake Energy ejected from the company he-cofounded by an evil corporate raider (Carl Icahn); Aubrey McClendon, founder of American Energy Partners and subsidiary American Energy Appalachia Holdings that has since fled and become its own company called Ascent Resources; Aubrey McClendon, who could charm a billion dollars from Satan himself and leave old Lucifer smiling at being shafted; that Aubrey McClendon has just signed a deal with an Australian company to secure the rights to drill on 21.5 MILLION acres Down Under (in Australia). This is Aubrey’s first foray outside of the United States–and boy what a splash he’s making! Never mind McClendon’s Ascent Resources is saddled with so much debt it can’t repay that Moody’s Investors Service has downgraded the company to its lowest rating level, meaning “Substantial risks – In default” (see 