California blackouts less likely thanks to solar, large batteries
California's risk of blackouts has fallen as more renewable energy and batteries are added to its power grid, reducing the need to import electricity from other regions, industry regulators said Wednesday.
The grid has been designated “elevated risk,” which means it has enough energy for normal conditions but could fall short in extreme weather, the North American Electric Reliability Corp. said in its latest long-term reliability report. That's actually an improvement over last year's designation of “high risk,” meaning shortfalls were more likely and additional power sources were needed.
New solar panels and big batteries have helped beef up the California grid, which includes parts of Nevada and Mexico. Engineering upgrades to some power plants so they can generate more electricity also increased reliability, the report said. Albertsons, Kroger brace for January
Kroger Co. and Albertsons Cos. are bracing for a Federal Trade Commission lawsuit over their proposed $24.6 billion merger as soon as January as opposition builds against the supermarket megadeal.
Progressive lawmakers and the Teamsters union both urged the antitrust agency this week to veto the deal after its yearlong probe. The FTC has until Jan. 17 to decide on the deal under a timing agreement the companies reached with the agency, according to a court filing in a class action brought by consumers opposed to the deal.
The agency has been in talks with state attorneys general, who are also reviewing the deal, and could sue to block the transaction or agree to a settlement proposed by the companies.
The divestiture is going to be a “difficult sell” with the FTC, said Bill Kovacic, a former agency chair who now teaches antitrust law at George Washington University.
23 Starbucks store closures called illegal
Federal labor regulators accused Starbucks on Wednesday of illegally closing 23 stores, six of them in Los Angeles County, to suppress organizing activity, and sought to force the company to reopen them.
A complaint issued by a regional office of the National Labor Relations Board argued that Starbucks had closed the stores because its employees engaged in union activities or to discourage employees from doing so. At least seven of the 23 stores identified had unionized.
The agency's move is the latest in a series of accusations by federal officials that Starbucks has broken the law during a two-year labor campaign.
The case is scheduled to go before an administrative judge next summer unless Starbucks settles it earlier.
Federal Reserve leaves key rate alone
The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year.
Speaking at a news conference, Chair Jerome Powell said Fed officials are likely done raising interest rates because of how steadily inflation has cooled.
“Inflation has eased over the past year but remains over our longer run goal of 2%,” Powell said.
The Fed kept its benchmark rate at about 5.4%, its highest level in 22 years, a rate that has led to much higher costs for mortgages, auto loans, business borrowing and many other forms of credit.
Compiled from Bloomberg and Associated Press reports.