Energy Biz Replay: ConEd BROWNS OUT Manhattan, Chevron Goes To KURDISTAN

Surging demand for electricity brought by the heat wave has prompted Consolidated Edison, Inc. (NYSE:ED) to cut the voltage in portions of Manhattan. At the same time, nuclear facilities belonging to Exelon (NYSE:EXC) and Duke Energy (NYSE:DUK) have been shut down in New York, Pennsylvania, Maryland and South Carolina. Natural gas futures have risen 4.1 percent in reaction to the closures and temperatures.

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Chevron Corporation (NYSE:CVX) is said to be acquiring an 80 percent stake in the Sarta and Rovi blocks in Iraq’s Kurdistan region from India’s Reliance Industries, as the buyer follows ExxonMobil into the area. This move seems to be a shift by Chevron, which was not involved in contracts awarded in Iraq’s four licensing rounds.

Southeastern Asset, which is Chesapeake Energy Corporation’s (NYSE:CHK) largest shareholder, has declared that the firm’s leadership controversy is “moot” and also praises its reconfigured board as “one of the best and most vested independent boards we have seen”. As for Aubrey McClendon, the group has “arrived at a different conclusion than the image currently portrayed by short sellers and much of the media”.

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