Energy Roundup: Exelon Raises NRG Bid, BP Closes Renewables HQ and More

Last Updated Jul 3, 2009 8:33 AM EDT

Exelon bumps up hostile bid for NRG -- Recognizing that NRG has done a good job of blocking its takeover bid, Exelon has raised the offer about 12 percent, to $7.45 billion. NRG's annual meeting is later this month, and it's hoped the increased amount will encourage more stockholders to accept the offer. Initial signs, though, suggest that it may not be enough. [Source: Reuters]

Canada and Japan block climate deal at Copenhagen -- The United Kingdom's chief scientific advisor told a gathering of scientists that the two countries have picked up the Bush Administration's torch, fighting international pressure to cut CO2 emissions. Canada has its oil industry at stake, while Japan has struggled to meet even modest reduction targets. [Source: Times Online]

Back to petroleum for BP -- Briefly lauded for its efforts to get into solar and wind power, BP now appears to be backing out. The oil company has shut down its London alt-energy headquarters and is imposing budget cuts on the division, as well as getting rid of its chief, Vivienne Cox. [Source: The Guardian]

Flywheel energy storage wins government loan -- Utility-scale energy storage startup Beacon Power has been granted a $43 million loan guarantee by the Department of Energy. Its flywheel storage systems are designed to help keep electricity flowing continuously, especially as unpredictable sources like wind come online. [Source: Earth2Tech]

Colorado oil and gas rules spread to Federal lands -- Strict rules on land use in Colorado, disliked by the oil and gas industry, have spread from affecting just private and state land to include Federal property. The Colorado Oil and Gas Association is fighting the rules in court. [Source: Summit Daily News]