Archive: Finance

The Perry Nuclear Generating Station on Lake Erie, northeast of Cleveland, Ohio, is among the FirstEnergy plants struggling financially.

FirstEnergy to Shutter Four Uneconomic Nuclear Units by 2021

FirstEnergy Corp. will close four uneconomic nuclear units—a total of 4 GW—in Ohio and Pennsylvania between 2020 and 2021, the company’s competitive arm notified PJM Interconnection on March 28. FirstEnergy Solutions (FES) told the regional transmission organization that it will close the 908-MW Davis-Besse Nuclear Power Station in Oak Harbor, Ohio, by 2020; the twin-unit […]

A panel at CERAWeek by IHS Markit on March 7, 2018, discussed the role of coal and gas in American power. From left to right: Jim Thompson, IHS Markit; Paul Bailey, ACCCE; David Ownens, TVA; David Khani, CONSOL Energy; and Samuel Andrus, IHS Markit. Source: POWER

Experts: Warfare Between Coal and Gas Is Nonexistent

Markets may currently favor natural gas, but coal, which has been diminished for “good reason,” will likely have a significant place as a reliable fuel for power generation, a diverse panel of U.S. coal experts—including a generator, a supplier, and a market analyst—suggested at CERAWeek by IHS Markit in Houston on March 7. Coal lost […]

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GE Embarks on Plan to Keep Power Unit Competitive

GE has launched a three-part strategy to address a dismal outlook for its power division that will involve operating in a “leaner, more cost-efficient way,” the company’s head told investors in a February 26 letter. The multinational conglomerate’s long-standing and lucrative GE Power business unit’s earnings plunged 45% in 2017 owing to costly operational misses […]

Fig 2_Brooks Range Mountains ANWR_USFWS

What Tax Reform Means for the Energy Industry

One of the most important items on President Trump’s first-year agenda was the implementation of tax reform in the U.S. Republican lawmakers worked tirelessly as the calendar year drew to an end to get a new

AP1000 nuclear plant model Courtesy: Westinghouse

Brookfield Business Partners to Acquire Westinghouse from Toshiba Corp.

Westinghouse Electric Co., a company that is emerging from a bankruptcy stemming from the half-built AP1000 reactor projects in Georgia and South Carolina, is to be acquired from Toshiba Corp. by business services and industrials company Brookfield Business Partners. Brookfield, a company of Toronto-headquartered Brookfield Asset Management, announced on January 4 that it entered into […]

Hope Creek_PSEG Nuclear

Despite New Jersey Senate Vote on Nuclear Subsidies, Bill May Not Clear Lame-Duck Session

New Jersey’s full Senate is scheduled on January 4 to vote on a bill to subsidize two of the state’s nuclear power plants. However, industry observers posit that the measure won’t clear the full Assembly before the state legislature’s lame-duck session ends on January 9. S.3560 was introduced on December 14 after a preliminary hearing earlier […]

V. C. Summer Nuclear Generating Station in Jenkinsville, South Carolina. This picture shows the Unit 1 Reactor Containment Building (Center), along with the Steam Turbine Building (Left). This is a publicity photo from SCE&G.

Dominion Will Buy SCANA in $14.6B Deal, Writing Off Failed Nuclear Expansion Assets

SCANA Corp., a company reeling from a decision to abandon two half-built nuclear reactors at the V.C. Summer project in South Carolina, is getting a lifeline from Dominion Energy, one of the nation’s largest utilities. The two companies on January 3 announced an agreement to combine in a stock-for-stock merger. The proposed deal is valued […]

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GE Power Falters on Underperformance of Alstom Investment

Weak earnings associated with General Electric’s (GE’s) underperforming $10.1 billion investment in Alstom have prompted the giant conglomerate to rejigger its power business and lean more heavily on other segments. GE Power, the company’s long-standing and lucrative business unit that has installed 1.6 GW of the world’s installed capacity over its 125-year history, has also […]