business

GE’s first earnings release after the American conglomerate last November announced it would combine and spin-off its Renewable Energy, Power, and Digital business suggests flagging orders for onshore and offshore wind equipment and gas turbines amid a business environment wrought with uncertainty. GE on Jan. 25 reported revenues of $15.7 billion for its Renewable Energy business, […]

Hitachi ABB Power Grids, the behemoth joint venture firm officially launched last year when Japanese technology conglomerate Hitachi acquired a majority share in Swiss conglomerate ABB’s Power Grids business, will be known as “Hitachi Energy” starting in October 2021. The name change reflects the firm’s business evolution amid a rapidly evolving energy landscape, the company […]

Ocergy Inc., a company developing a couple of new offshore wind energy solutions, announced last week that Chevron Technology Ventures and Moreld Ocean Wind (MOW) were investing in its Series A round of funding. The money is expected to help the company commercialize its OCG-Wind Floating Offshore Wind Turbine technology and OCG-Data environmental monitoring buoy. […]

Joe Mease and Bryan Benoit, Grant Thornton LLP After serving as a primary source of electrical power generation for the last half-century, bankruptcies throughout the American coal mining industry in 2020 serve as the proverbial canary in the mine for the once dominant black nuggets found across the U.S. from the Appalachians to the Powder River Basin. […]

Siemens announced the spinoff of its Power and Gas division on May 7, 2019. It was part of the company’s Vision 2020+ strategy. On Sept. 1, Siemens Energy laid out its post-spinoff plans during a virtual capital market presentation. Siemens Energy’s Portfolio Leading up to the event, Christian Bruch, who was appointed CEO of Siemens […]

As the world continues to face climate uncertainties, industrial companies are looking for ways to ensure they are as sustainable as possible while maintaining profitability. POWER’s recent Distributed Energy Conference included a session on sustainability from the viewpoint of utilities and others in the power generation industry. Many companies are working toward the goal of […]

Eskom, South Africa’s state-owned utility that produces nearly 90% of the African powerhouse’s electricity, is saddled with liabilities, unavoidable expenses, and stranded costs that exceed $113 billion, and for various reasons, it is “fundamentally insolvent, permanently impaired, and will never be a true going concern enterprise under its current legal, operational, and governance structure,” concludes […]

Faced with the challenge of making the right moves to accommodate a swiftly changing energy ecosystem, one question draws into sharp focus for generators and the entire power and utilities industry: What will their role become in the years ahead, considering evolving portfolio mixes and changing industry dynamics? Leaders know there’s a very real possibility […]

In the days following its May 7 announcement that it will spin off its Gas and Power business, Siemens has fleshed out how and when the carveout will occur, laid out its reasons for lumping its energy businesses together, and put forth a market case for why a business separation may be a “win-win” situation […]

Siemens will spin off and give up its majority stake in its lucrative Gas and Power division—comprising its conventional power generation, power transmission, oil and gas, and related services businesses—and transfer its current majority 59% stake in Siemens Gamesa Renewable Energy (SGRE) to the new business. The company’s supervisory board announced the spinoff on May 7 […]