Energy Biz Review: Duke Energy Called On The CARPET, James River Coal IMPLODES
Duke Energy (NYSE:DUK) CEO Jim Rogers appeared Tuesday before a hearing of the North Carolina Utilities Commission regarding the ouster of Bill Johnson, which took place only hours following the closure of Duke’s purchase of Progress Energy. The Commission has said that it might not have authorized the merger had it known about the “management structure”, and it does have power to rescind its approval.
James River Coal (NASDAQ:JRCC) shares lost just under 25 percent of their value Tuesday following Monday’s 19 percent decline, as the focus on which firm might be the next coal company in trouble following Patriot’s bankruptcy filing, falls upon it. The firm maintains a credit rating similar to that of its coal competitors, but its bonds are currently selling at far more distressed levels.
General Electric’s (NYSE:GE) intends to invest $170 million in boosting battery production has helped to lead A123 Systems (NASDAQ:AONE) shares below the $1 threshold once again. The former owns a large stake in A123, thanks to multiple investments.
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