Newfoundland to expropriate some AbitibiBowater assets
The provincial government will acquire the companyÂ’s ownership of hydro-electricity rights from the generating station at Star Lake, in addition to rights to harvest timber on government land, the news agency said, citing a statement today from Premier Danny Williams.
Assets to be expropriated do not include AbitibiBowaterÂ’s newsprint mill in Grand Falls-Windsor, Newfoundland.
Montreal-based AbitibiBowater announced December 4 it would close the mill, part of a plan to reduce costs as North American demand for newsprint declines.
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UK peak power prices rise to second highest level since 2018
LONDON - Low wind speeds pushed peak hour power prices to the second highest level for at least three years on Monday as Britain’s grid was forced to increase its reliance on gas-fired power plants and draw on coal generation.
Calm weather this year has exacerbated the energy price crisis in the UK, as gas-fired power stations have had to pick up the slack from wind farms. Energy demand has surged as countries open up from pandemic restrictions, which together with lower supplies from Russia to western Europe, has sent wholesale gas prices soaring.
Power prices in the UK for the peak…
