trending Market Intelligence /marketintelligence/en/news-insights/trending/t0_-6car-77240elxe_vg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Westmoreland announces change to supply agreement with Dominion

Brazil Pay TV Down Record Amount In 2019, With Losses Continuing In Q1'20

Case Study: Transforming Sales Enablement Data at a Global Advertising and Media Firm

Impact of COVID 19 on US Video Entertainment Trends

Key Credit Risk Factors When Assessing Banks In The Context Of COVID-19


Westmoreland announces change to supply agreement with Dominion

Westmoreland Coal Co. has announced it is changing its power supply agreement with a subsidiary of Dominion Resources Inc.

On Dec. 28, Westmoreland announced it will no longer be under obligation to run the Roanoke Valley Power Facility starting March 1, 2017, and will provide power purchase contracts to Dominion Virginia Power in lieu of using the Roanoke plant to provide contracted energy.

"Amending the ROVA contract is a successful step toward our goal of reducing the impact of our non-core assets," said Kevin Paprzycki, Westmoreland's CEO, in a release. "This amendment allows us to meet our future capacity obligations through purchase contracts, instead of running our ROVA facility. By no longer operating ROVA, we will reduce our projected cash flow burn by $13 million through March 2019, with the most meaningful cash savings occurring in 2019. Additionally, we are now more aggressively pursuing the sale of the remaining physical facility. I'd like to thank the team for their great efforts in 2016 which resulted in this transaction."

Westmoreland said that it anticipated the release in 2017 of around half of the $22 million in restricted cash that has been in place since Sept. 30 as collateral for existing ROVA power contracts. It said that higher power prices will likely drop the cash collateral levels needed.