Calpine Rival Prevails In $9.7M Flying J Credit Sale

Law360, New York (October 16, 2009, 7:02 PM EDT) -- Thwarting Calpine Energy Services LP’s late grab for Flying J Inc.’s emission reduction credits, the bankruptcy court has approved the $9.7 million deal with Hydrogen Energy California, a low-carbon power company forged by BP PLC and Rio Tinto.

On Thursday, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware authorized the sale of Flying J’s nitrogen oxide and sulfur dioxide emission credits to Hydrogen Energy, a transaction jeopardized by Calpine’s attempt to intercept the credits.

“Given the nature of the ERCs,...
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