U.S. private equity firm Arclight Capital Partners LLC, which invests the retirement savings of Maine teachers, NFL football players and Mayo Clinic doctors, lost hundreds of millions of dollars betting on a troubled Caribbean oil refinery, according to sources and documents reviewed by Reuters.
How private equity squeezes cash from the dying U S coal industry reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
NRG Energy will sell Connecticut power plants, including Middletown and Milford locations
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1of2The NRG plant at 1866 River Road in Middletown, seen from the east shore of the Connecticut River.Photo: Contributed photo
2of2The NRG plant at 1866 River Road in Middletown is shown from the east shore of the Connecticut River and from the vantage point of the Airline Trail. The company plans to build a second natural gas-fired turbine on the site. Local environmentalists and climate activists are concerned it will emit a much higher level of CO2 than the present one, which is only online a few days a year, because it will be run significantly more.Photo: Contributed photo / John Hall
Private equity firms are proving there’s still plenty of profit in the U.S. coal industry despite a decade of falling demand for the fossil fuel. They are spending billions of dollars buying coal-fired plants on the cheap – and getting paid even when they are not providing power. Since the end of 2014, at least .