Word: synfuels
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...Energy, the diversified energy company based in Detroit that is the parent of Detroit Edison Co.--which provides electricity to 2.1 million customers in southeast Michigan who lost their power on Aug. 14--has profited richly, generating $425 million in credits in the past three years from nine synfuel plants in eight states. Yet the cash flow did not seem to help DTE prepare for crunch time in its main business. It lagged behind utilities in New York and Ohio and took three days to restore power to all its customers after the blackout. And it plans to charge consumers...
...manager at Warrior Synfuel, near Tuscaloosa, Ala., declined to identify the "private parties," as he called them, that own the plant. He said he had conveyed TIME's request to speak with them: "I believe their choice was that they didn't feel that this was appropriate...
...Vegas strip is also the official address of more than 80 Slusser-related business ventures with names like 481TL LLC, CCHDDNV Inc., N15SB LLC and QEAT4 LLC. With their principals scattered across the country, the companies have the appearance of being tax-avoidance devices, just like the synfuels scheme. What, if anything, does Earthco's synfuel process do? Calls for information to Earthco and its employees were fruitless. When TIME reached Slusser, he promptly hung up the telephone after hearing the writer identify himself. A call to Earthco's office in Las Vegas proved equally unproductive. A woman who identified...
...point, it forged a working alliance with yet another penny-stock company, WasteMasters Inc., one of the fringe enterprises that flit in and out of the synfuel industry. Two former top WasteMasters operatives, a Dallas father-and-son team, are under federal indictment on charges of securities fraud, money laundering, assisting in the preparation of false tax returns and conspiracy--all unrelated to synthetic fuels. As was the case with Earthco, officials at Startec were unavailable for interviews...
...kind of synthetic fuel is produced? The kind that meets the IRS definition of changing coal's chemical composition. "The tax code does not require you to show a change in the coal's performance," says Headwaters spokesman John Ward, whose company's processes are in use in 20 synfuel operations in nine states. "For the tax credit, you just need to show there has been a substantial chemical change." Ward said that Headwaters' latex reagents produce a "chemical change that is verified by a number of different laboratory tests." Ward said that "tests show that not only...