Word: electricizers
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Electric utilities that have a stake in synthetic-fuel plants and burn their own product have achieved stunning financial results. Through 2002, Progress Energy Inc., a holding company for public utilities that generate electricity in North Carolina, South Carolina and Florida, raked in $897 million in tax credits from the...
SEMPRA Energy, the holding company for San Diego Gas & Electric, chalked up a comparatively low tax rate of 17% in the first quarter of this year. After questioning by a UBS Warburg analyst, the company acknowledged that the reduced taxes were attributable to synthetic-fuel tax credits of $45 million...
Many individuals and businesses cashing in on the tax credits prefer to remain anonymous. Earlier this year, TECO Energy, the holding company for Florida's Tampa Electric, disclosed in a filing with the U.S. Securities and Exchange Commission that it had received "more than $50 million from the sale of...
To preserve the break, the synfuel industry is lobbying intensely in Washington. The industry's Council for Energy Independence, whose members include Headwaters, GE Capital, Pacific Gas & Electric and other utilities, investment firms and coal companies, has been meeting with officials from Congress and the IRS. Says Kies, a former...
Everything here is done on a scale that would make Paul Bunyan feel right at home. The electric-powered shovels that mine the sands are several stories tall. Dozens of giant yellow earthmoving trucks lumber in and out of the mine carrying tons of freshly excavated sand. The largest ones...