BP Rushes To Get Skarv Field Online, Canadian National Railway Sees Barrier: Energy Business Review

The Indiana Utility Regulatory Commission approves the Edwardsport settlement agreement and President Doug Esamann of Duke Energy Indiana (NYSE:DUK) issued the following statement in response: “Today, the Indiana Utility Regulatory Commission approved a settlement agreement finalized in April 2012 between Duke Energy Indiana and some of the state’s key consumer groups involved in regulatory proceedings dealing with the company’s Edwardsport coal gasification power plant. The decision reduces the amount Duke Energy Indiana customers will pay for an advanced technology, environmentally cleaner coal power plant and provides clarity to the company for cost recovery on this project.”

BP (NYSE:BP) is being rushed to get the first output from its embattled Skarv field project in the Norwegian Sea online by the end of the month, but a company spokesperson Jan Erik Geirmo said that the start-up of oil and gas production from the field’s floating vessel is now “imminent”, even with continued weather-related challenges. Output from Skarv was initially set to start in August of 2011, but has been delayed by bad weather over and over as high waves have not allowed the installation of risers on the vessel.
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Lime Energy Co. (NASDAQ:LIME) said on Friday that on December 21st, the Audit Committee of the Board of Directors determined that the firm’s consolidated financial statements on Form 10-K for the years ended December 31, 2008 and December 31, 2009  can no longer be relied upon. The Audit Committee made the decision based on information found in the course of the company’s internal investigation of the misreporting of revenue for the years 2010 and 2011 and the quarter ending March 31, 2012, collectively with the 2008 – 2009 financial statements previously reported in the current report on Form 8-K filed on July 17, 2012.

A blockade by the group First Nations of a Canadian National Railway Company (NYSE:CNI) spur line between the Sarnia, Ontario petrochemical industry and main lines has disrupted rail shipments of propane. The line on an average day sees 450 Canadian National rail cars pass. The barrier went up on December 21st and could force petrochemical plants to be shut down.

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