Japanese firm buys into U.S. wind farm
STANTON, TEXAS - Sumitomo Corp. of Japan has purchased a 42.5% stake in a U.S. wind farm for about $100-million from an investment unit of American International Group Inc., to tap the world's largest market for the generators.
The 120-megawatt farm in Stanton, Tex., employs turbines developed by General Electric Co. General Electric and operator Invenergy LLC hold the remaining stakes.
The acquisition marks Sumitomo's entry into the U.S. wind power market as President Barack Obama's administration embarks on legislation that will require utilities to get as much as 15% of their power from renewable sources.
Sumitomo wants to focus its renewable energy business on wind and solar power, mainly in Japan and the United States, the company says.
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Hydro-Quebec won't ask for rate hike next year
MONTREAL - Hydro-Quebec Distribution will not file a rate adjustment application with the province’s energy board this year.
In a statement released on Friday the Crown Corporation said it wants current electricity rates to be maintained for another year, starting April 1. That is consistent with the recently tabled Bill 34, which guarantees lower electricity rates for Quebecers.
The bill also provides a $500 million rebate in 2020, half of which will go to residential customers while $190 million will go to commercial customers and another $60 million to industrial ones.
Hydro-Quebec said the 2020-21 rate freeze will generate savings of nearly $1…
