BP's Settlement Plan with Oil Spill Plaintiffs
In an effort to settle a lawsuit over BP's 2010 Gulf of Mexico spill, the company plans on tapping into a $14 billion fund set aside for fishermen and businesses harmed from the disaster. If talks go well, the claimants will drop the lawsuit in a court case scheduled to start March 5.
The fishermen, oystermen, hoteliers and restaurateurs who claim damages from the Deepwater Horizon oil rig explosion and subsequent oil spill are being represented by the Plaintiffs' Steering Committee (PSC). U.S. District Judge Carl Barbier has delayed the trial by a week to allow for talks between BP and the PSC.
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The settlement would tap the remainder of the $20 billion fund BP set up in August of 2010 to compensate victims, having already paid out about $6.1 billion to compensate some 200,000 individuals and businesses.
While discussions and negotiations are ongoing, a deal may be announced as early as this week. The settlement would lift a significant portion of the complex litigation involved in the trial, which could go on for nearly a year. With the U.S. government on BP's back for violation the Clean Water Act among other laws, much work would remain.
BP continues to sue and be sued by its drilling partners.
The case is In re: Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010, U.S. District Court, Eastern District of Louisiana, No. 10-md-02179.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.