% | $
Quotes you view appear here for quick access.

CenterPoint Energy, Inc. Message Board

  • lewis_whokeyser lewis_whokeyser Dec 14, 2000 12:12 PM Flag

    An Innovative Energy Solution

    An angry Energy Secretary Bill
    Richardson blasted Kaiser Aluminum Corp. this week for
    deciding to shut down
    its Pacific Northwest operations
    so it can resell at high market rates federally
    subsidized electricity it previously
    purchased from the
    Bonneville Power Administration.

    Kaiser announced
    Sunday that its operating subsidiary, Kaiser Aluminum
    and Chemical Corp., would shut down
    90,000 metric
    tons of smelting capacity for 10 months so that it can
    sell its December BPA power on the spot

    Kaiser's remarketing of power purchased under its BPA
    contract for December netted the company $52 million.

    The announcement followed a similar move last month,
    and results in the idling of all the company's
    capacity in the region. The company said it will keep the
    smelters off-line until October, when its new
    power contract with Bonneville takes effect.

    a statement issued late Monday, Richardson said
    Kaiser is taking advantage of high market rates at
    expense of its employees, and instructed DOE and
    Bonneville officials "to explore all necessary actions
    prevent Kaiser from remarketing" BPA power.

    "While Kaiser will make millions from the use of a
    federal resource, I am concerned that this is coming at
    expense of employees that will be out of work and [who]
    may not be fully compensated," Richardson said.

    In its statement, Kaiser defended its move, saying
    the power-starved Pacific Northwest desperately needs
    electricity it sold and plans to sell back into the market.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
18.74+0.17(+0.92%)Oct 8 4:02 PMEDT