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BREAKING: Siemens Abandons Power and Gas Business

May 7, 2019

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 as part of its Vision 2020+ strategy concept. The board said the move would help Germany-based Siemens meet medium-term growth and profit targets by “clearly focusing its portfolio on dynamic growth markets and efficiency gains.”

The Gas and Power spinoff and transfer of SGRE stake would create a new “major player on the energy market” with a business volume of €30 billion and over 80,000 employees, Siemens said. The carveout will give the new company “complete independence and entrepreneurial freedom,” it said. Siemens said the new company will have a stock exchange listing by September 2020.

The move will create a “powerful pure play in the energy and electricity sector with a unique, integrated setup – an enterprise that encompasses the entire scope of the energy market like no other company,” explained Joe Kaeser, president and CEO of Siemens AG.…

POWER Notebook: Duke Energy Sells Renewable Assets in $1.25 Billion Deal

April 27, 2019

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Duke Energy this week said it has a definitive agreement to sell a minority interest in part of its commercial renewable energy portfolio owned and operated by its affiliate, Duke Energy Renewables, to the John Hancock Infrastructure Fund and John Hancock Life Insurance Company. Duke in an April 24 release said the interest is valued at about $ 1.25 billion.

Duke said the deal includes 49% of 37 operating wind, solar, and battery storage assets, and 33% of 11 operating solar assets across the U.S. John Hancock’s interest will represent about 1.2 GW of power generation capacity after the deal is closed. John Hancock will also have the right to acquire a minority interest in certain additional wind and solar projects in the future, providing a potential source of future growth capital to Duke Energy.

“We look forward to working alongside John Hancock as we continue providing clean and affordable energy to our customers across the country,” said Rob Caldwell, president of Duke Energy Renewables. …

The POWER Interview – Keeping Nuclear Power Viable

April 23, 2019

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Nuclear power in the U.S. and globally has battled headwinds in recent years, and not just from the growth of other power generation resources such as solar, wind, and natural gas.

Problems in the U.S. nuclear sector, such as construction delays and cost overruns at the Vogtle site in Georgia, the cancellation of the V.C. Summer project in South Carolina, and continued debate about where to store nuclear waste—not to mention the retirement or scheduled closures of several iconic U.S. nuclear plants—have dogged the industry.

The push toward carbon-free power, though, and government policies more favorable for nuclear have spurred research into new technologies. David Kropaczek, director for the U.S. Department of Energy (DOE) Innovation Hub – Consortium for Advanced Simulation of Light Water Reactors (CASL), recently spoke with POWER about nuclear power and what his group is doing in its research and development of nuclear technology.

POWER: Nuclear power faces several challenges in the U.S. What needs to happen to keep nuclear power viable in this country?…

POWER Notebook: New 1,600-MW Coal Plant in India; Low-Price Solar Deal in Idaho

April 9, 2019

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Financing has reportedly been secured for a 1,600-MW coal-fired power plant in India’s eastern state of Jharkhand. Qatar’s Gulf Times newspaper reported April 6 that Power Finance Corp., a state-run lender in India, and its subsidiary REC approved a $ 1.5 billion loan for the project. The report said the new plant would be funded through loans and equity, with Power Finance and REC covering the entire cost of the project, which Bloomberg estimated at just more than $ 2.1 billion.

The plant is being designed to sell power to Bangladesh through a power purchase agreement with the Bangladesh Power Development Board (BPDB). Adani Power Limited, part of India’s Adani Group, one of the world’s largest coal-mining companies, is building the plant. People familiar with the project reportedly said the plant is eligible for tax breaks, as India’s commerce ministry has designated the region as a special economic zone, and the plant as an export industrial facility. BPDB said Bangladesh currently gets about 56% of its power generation from natural gas, with oil and diesel providing most of the rest.…

Working with Peers Is Critical to Power System Reliability [PODCAST]

March 30, 2019

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When conversations around the power industry turn to computer hacking, more often than not experts say it’s not a question of if, but rather, how systems have been compromised.

William Doering, adjunct professor in the online Master’s in Business Administration program at Maryville University and a director with Guidehouse—a management consulting services provider—said he has participated in various discussions on how to cleanse infection and how to ensure reliability after the fact. Speaking on The POWER Podcast, Doering said the Stuxnet computer worm and the Ukraine power grid cyberattack in 2015 should provide more than enough evidence that systems are vulnerable.

“For us to think that something like that hasn’t happened yet [in the U.S.] is definitely on the riskier side of optimistic,” Doering said.

“I think the level of sophistication that state-level actors provide is in many cases astounding,” he said. But even more worrisome to Doering is the fact that state-level-actor tools, which are extremely sophisticated, complex, and devastating, have been released and are now in the hands of the broader masses.…

CEOs Say Preserving the Nuclear Power Fleet Is Imperative

March 28, 2019

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Several power-sector CEOs—appearing at the Bloomberg New Energy Finance (BNEF) Summit in New York this week—suggested that existing nuclear power plants should not be allowed to slowly vanish from the U.S. electricity grid under market pressure caused by cheap natural gas and the growth of renewable energy. The leaders submitted that nuclear power provides important carbon-free energy needed to meet greenhouse gas (GHG) reduction goals.

“We have this issue in the U.S. around nuclear. It doesn’t compete against gas, but is a critical component of a decarbonized future,” said Audrey Zibelman, CEO and managing director of the Australian Energy Market Operator. Although Zibelman no longer resides in the U.S., she appeared to still have a vested interest in the country’s energy sector, having previously chaired the New York State Public Service Commission, and having been executive vice president and chief operating officer of the PJM Interconnection, among other things.

Ralph Izzo, chairman, president, and CEO of Public Service Enterprise Group Inc.…