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.

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.

Estonia May Sell Eesti Energia Stake to Fund Oil-Shale Plant Upgrades Estonia’s government may sell as much as a third of Eesti Energia AS, the biggest Baltic utility, to help fund an estimated 20 billion krooni ($1.9 billion) of planned investments including oil-shale power plant upgrades.

Chevron Corp, Husky Energy, Dong Form Interest Group on Greenland Oil, Gas Chevron Corp., Exxon Mobil Corp. and five other companies searching for oil and gas on Greenland formed a group to share information about exploration in the waters around the island that may hold as much in reserves as the North Sea.

PGE Shares Soar on First Day of Trading After 2009's Biggest European IPO PGE SA, the Polish power provider that raised 5.97 billion zloty ($2.1 billion) in Europe’s largest initial public offering this year, jumped 16 percent on its first day of trading on the Warsaw Stock Exchange.

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