Judge Approves PG&E Bankruptcy Exit
The post Judge Approves PG&E Bankruptcy Exit appeared first on POWER Magazine.
A federal judge in California has approved Pacific Gas & Electric’s plan to exit bankruptcy, clearing the way for the utility to compensate victims of a series of wildfires in the state that left more than 100 people dead in 2017 and 2018.
The action by U.S. Bankruptcy Judge Dennis Montali on June 20 authorized $ 13.5 billion in compensation for more than 70,000 businesses and homeowners for losses sustained during the fires, which officials said were started by PG&E’s equipment. The company will emerge from bankruptcy with about $ 40 billion in debt, after agreeing to settle claims from people, insurers, and local government agencies for $ 25.5 billion.
Montali’s approval also will allow PG&E to take part in a $ 20 billion state fund established by lawmakers, designed to help utilities operating in the state cover liabilities from future wildfires attributed to their transmission lines and other equipment. …
Analysis Supports Coal-Like Fuel for Power Plants
The post Analysis Supports Coal-Like Fuel for Power Plants appeared first on POWER Magazine.
A British company that manufactures a fuel that it says mimics coal said it “has received a significant endorsement” for the use of its product in the power generation sector. An analysis by Uniper Technologies said Helvellyn Group’s alternative fuel, known as SERF, “is technically suitable for use in large scale thermal power plants in a blend, and potentially up to full substitution, with little or no capital outlay and delivering a net reduction in operating costs.”
Research has been done for years on finding substitutes with similar characteristics for coal, specifically metallurgical or coking coal, which is used in steelmaking. Research and development also has focused on woody biomass, with projects aimed at transforming the product into dense, compact forms that have low ash content to minimize the risk of fire, and that can be easily transported, are water-repellent, and can be stored outdoors for long periods.…
Siemens Gamesa Has New Head After Terminating CEO
The post Siemens Gamesa Has New Head After Terminating CEO appeared first on POWER Magazine.
Siemens Gamesa Renewable Energy (SGRE) has announced Andreas Nauen, who has led the growth of the company’s offshore wind power business, is taking over leadership of the company after the board of directors and CEO Markus Tacke “mutally agreed to terminate” Tacke’s contract.
SGRE made the announcement June 17, saying Nauen immediately will assume the top post. The news came as the company said it will incur “additional project costs” in the third quarter of this year, as the impact of the COVID-19 pandemic continues.
“We’d like to thank Markus Tacke for his work over the past three years and, in particular, for the integration of Siemens Wind Power and Gamesa in the course of the merger,” said Miguel Angel López, chairman of the board of Siemens Gamesa, in a statement. The company said it will appoint a new CEO for its offshore division to replace Nauen “in due course.”…