Energy

AES Agrees to Sell Stock, Wind-Power Stake to China's CIC for $2.2 Billion AES Corp., the U.S. power producer with operations in 29 countries, agreed to sell stock and a 35 percent stake in its wind-power business to China Investment Corp. for $2.2 billion to raise cash for expansion.

Crude Oil Falls After Unemployment Rate in U.S. Surges to a 26-Year High Crude oil tumbled after the Labor Department reported that the U.S. unemployment rate surged to a 26-year high, undermining speculation that fuel consumption will rebound next year.

Suncor to Sell Up to $3.7 Billion in Assets, Tighten Focus on Oil Sands Suncor Energy Inc., which bought Petro-Canada in August, plans to sell as much as C$4 billion ($3.7 billion) in assets to focus on developing northeastern Alberta’s oil sands.

Lawyers Manipulated Oilman to Give Estate to Charity, Heiress Tells Juror Oilman Alfred C. Glassell Jr., founder of Transcontinental Gas Pipe Line Co., was manipulated by a Houston law firm into leaving most of his $500 million fortune to charity, his daughter told a Texas jury.

BP Plans to Restart Texas City Refinery Cracking Unit After Maintenance BP Plc plans to resume operations today at a cracking unit at its Texas City, Texas, refinery, the third-largest in the continental U.S.

Big Oil Hires Durbin, No. 2 Senate Democrat's Nephew, to Lobby Congress The lobbying group for oil companies such as Exxon Mobil Corp. and Chevron Corp. hired a nephew of U.S. Senator Richard Durbin to argue the industry’s case against climate-change legislation that threatens to slash profits.

Solar Company STR, Sold by Credit Suisse's DLJ, Rises After IPO Price Cut STR Holdings Inc., the solar company that Credit Suisse Group AG’s private-equity unit DLJ Merchant Banking Partners took public, gained on the first day of trading after its underwriters cut the share price of its initial public offering twice to attract investors.

Suncor Third-Quarter Net Income Rises; Company Sees Asset Sales Next Year Suncor Energy Inc., Canada’s largest oil company, said third-quarter profit rose 14 percent, even after crude prices tumbled, reflecting its acquisition of Calgary-based rival Petro-Canada. The company expects asset sales of C$2 billion to C$4 billion, mostly next year.

Ida Drenches Central America, May Strengthen and Enter the Gulf of Mexico Storm Ida weakened to a tropical depression after washing ashore and dumping as much as 20 inches (50 centimeters) of rain over higher areas of Honduras and Nicaragua, the U.S. National Hurricane Center said.

Edison International Profit Falls After Recession Erode Electricity Demand Edison International, the owner of California’s largest electric utility, said third-quarter profit declined less than analysts estimated on increased rates in the state and lower costs.

Natural Gas Seen Falling Next Week as Mild U.S. Weather Pares Fuel Demand Natural gas futures will probably fall as mild weather covers the Midwest and Northeast next week, the two largest heating areas in the U.S., a Bloomberg News survey showed.

Natural Gas Drops as U.S. Unemployment Report Signals Slow Demand Recovery Natural gas declined in New York on concern there will be a slow recovery in fuel demand, after a government report showed U.S. unemployment topped 10 percent.

Turkey Raises $1.2 Billion From Sales of Three Power-Transmission Grids Turkey raised $1.2 billion by selling three power grids as it seeks to raise revenue and hand responsibility for developing the electricity network to non- government companies.

Peabody CEO Sees Up to 40% of Profit From Australia as Coal Exports Double Peabody Energy Corp., the U.S. coal producer planning to double Australian exports over the next five years, said the country will likely contribute 30 percent to 40 percent of future earnings.

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