Archive: News

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GE CEO: Company ‘Finished’ with Restructuring

General Electric (GE) saw its stock price surge more than 7% on June 26 after the company said it would dissolve its stake in oil services company Baker Hughes and spin off its healthcare unit over the next few years. The announcement comes one day after GE said it would sell its Distributed Power business, […]

Money roll. Source: AMagill/Flickr

GE to Sell Distributed Power Business to Private-Equity Firm

GE will sell its Distributed Power business, which includes the company’s Jenbacher and Waukesha engines, to Advent International, a global private equity investment company, in a deal worth $3.25 billion. “In Advent, we have a partner that shares our team’s passion for delivering outstanding customer outcomes,” Carlos Lange, president of Distributed Power, said in a […]

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First AP1000 Nuclear Units Reach Key Milestones

Two Westinghouse AP1000 nuclear power plants being constructed in China have successfully completed significant project milestones. Sanmen Unit 1—the world’s first AP1000 reactor—achieved initial criticality on June 21. Initial criticality is a nuclear industry term meaning the reactor’s neutron population has remained steady from one generation to the next and the nuclear fission chain reaction […]

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Restructuring on Horizon for Siemens and GE

Siemens and General Electric, two rivals battling financial problems due to fewer orders for their flagship energy products and services, could each announce major restructuring moves in the coming weeks, according to media reports. Reuters on June 21, citing a person familiar with the matter, said Siemens plans to merge or trim some of its […]

Comparison of lights at night in Puerto Rico before (top) and after (bottom) Hurricane Maria. Note: Lower image date should read "September 25, 2017". Source: NOAA

Puerto Rico’s Grid Needs Resiliency. Here’s Why It Won’t Be Easy.

Puerto Rico’s energy infrastructure must be redesigned and rebuilt with an emphasis on resilience—and that will require wide-ranging, long-term efforts, the Department of Energy (DOE) says in a new report. In its June 20 report, “Energy Resilience Solutions for the Puerto Rico Grid,” the agency lists a number of recommendations for the government of the […]

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AEP’s $4.5B Wind Catcher Project Gets Louisiana’s Approval

American Electric Power’s (AEP’s) proposed $4.5 billion Wind Catcher Energy Connection project—the largest single-site wind project in the nation—has garnered approval from the Louisiana Public Service Commission (LPSC).  The LPSC on June 20 approved a settlement agreement related to the project, which is proposed by AEP subsidiary Southwestern Electric Power Co. (SWEPCO). Under the proposal, […]

Siemens CEO Joe Kaeser Courtesy: Siemens

Siemens’ CEO: Sale of Turbine Unit Just ‘Media Speculation’

Siemens Chief Executive Joe Kaeser on June 19 said reports last week that the German engineering company was considering a sale of its gas turbines manufacturing unit are “media speculation.” Kaeser made the remarks during an event in Zurich, Switzerland. He told Reuters that his company wants to improve the performance of the turbine unit, […]

Laramie River Station coal power plant Source: LMB Photography

Analysts: Coal Generation Will Plummet More Than 70%

About half the world’s power will be generated by wind and solar resources by 2050. Generation from coal will drop more than 70% from today’s levels. That’s according to research from energy analysts published June 19 in the “New Energy Outlook 2018” (NEO) from Bloomberg New Energy Finance (BNEF). The NEO report outlines information from […]

Final assembly of the Siemens gas turbine SGT6-8000H in the Berlin manufacturing plant. Courtesy: Siemens

Memo: Siemens ‘Committed’ to Gas Turbines Unit

Siemens still hasn’t commented on reports it could be looking to sell its gas turbine business. But the managing board member responsible for the company’s power and gas division reportedly issued a memo to staff in the wake of those reports, saying Siemens remains committed to its long-time flagship product. Bloomberg, which on June 13 […]