Activist investor Carl Icahn has increased his stake in Chesapeake Energy Corp.
Icahn purchased almost 10 million shares of company stock since last week, according to a regulatory filing. That increases his holdings to nearly 60 million shares.
Icahn, who was part of an investor uprising at Chesapeake this year, now controls almost 9 percent of Chespeake’s 665 million shares of outstanding stock, making him the company’s second largest shareholder behind Memphis-based Southeastern Asset Management.
Icahn and his companies have spent about $951 million, including commissions, to amass its stake in Chesapeake, the filing states. He spent nearly $166 million in the past week to add 9.6 million shares at an average price of $17.42 each.
Chesapeake shares rose in early trading Tuesday after the U.S. Securities and Exchange filing on Icahn’s added stake. It was trading at $17.56 a share, up 9 cents, about noon Tuesday.
Up to 353 coal-fired power plants in 31 states should be shuttered, the Union of Concerned Scientists said Tuesday.
The environmental group detailed its plan in a report, “Ripe for Retirement: The Case for Closing America’s Costliest Coal Plants.”
The group said the country’s older, less-efficient coal plants should be closed because it will cost more to install scrubbers than to use natural gas- or wind-powered generators instead.
The targeted coal plants produce about 6 percent of the country’s electricity and represent about 59 gigawatts of power generation capacity — or more than 48 times the amount of power needed to travel through time.
Oklahoma’s coal-fired plants were not on the list, even though Tulsa-based Public Service Co. of Oklahoma announced in April that it will close its last two coal units by 2016 and 2026.