restructuring

An Australian company at the forefront of the global push to utilize hydrogen has reduced its workforce and cut its production targets, citing high costs for power needed to produce the fuel. Fortescue, a technology, energy and metal company headquartered in Perth, on July 17 said it would cut 700 jobs as part of a […]

Siemens Gamesa plans to cut about 4,100 jobs from its wind turbine division as the company continues to restructure its business. The downsizing, reported May 28 by Reuters, impacts about 15% of the company’s workforce. The news service said the layoffs were noted in an internal letter to staff from CEO Jochen Eickholt. The cuts […]

AECOM has announced the closing of the sale of its Power construction business to affiliates of CriticalPoint Capital LLC. Terms of the deal were not disclosed. The Los Angeles, California-based infrastructure consulting firm, which this month announced a restructuring plan, earlier this year closed on the $2.4 billion sale of its Maryland-based Management Services business—which […]

Siemens AG, the global technology conglomerate that today has headquarters in both Berlin and Munich, in May 2019 announced it will spin off its energy units to focus on its digital “core.” The news has stunned many in the power sector, where Siemens has clenched a formidable presence since 1866. But restructuring at Siemens is […]

Sempra Energy on April 22 marked its complete exit from the U.S. renewables business as it completed the sale of 724 MW of operating wind generation and battery assets to American Electric Power (AEP) for $1.05 billion.  The San Diego–headquartered utility holding company, which says it has the largest U.S. customer base, said the move […]

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, […]

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 […]

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 […]

Babcock & Wilcox Enterprises Inc. (B&W), which is already in the midst of a restructuring plan and ongoing cost controls, will slash 30% of its renewable energy workforce and implement cost-saving measures across the company to combat falling revenues. The global energy and environmental technology and services provider said as it announced its 2017 third […]

Germany’s largest power generator RWE, following in the footsteps of its competitor E.ON, plans to split its company to bank on renewable energy and grid operations, which it says is the future for utility companies. If approved by RWE’s supervisory board, the Essen-headquartered company that produces more than 40% of its power from hard coal […]