Solid Energy woes create out-clause for Genesis Energy coal contract

Thu, 13 Aug 2015

By Pattrick Smellie Aug. 13 (BusinessDesk) - Government-controlled electricity and gas supplier Genesis Energy has revealed an out-clause in its contract with struggling state-owned coal miner Solid Energy and is considering cancelling a standing order for coal that it doesn't need to buy now that it's proposing to close the coal-fired Huntly power station. The Solid Energy board today announced it was placing the company in voluntary administration prior to a 2 1/2-year period in which it would sell the company's assets to settle debts t...

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