Job Creator, Community Builder – NC State News
Job Creator, Community Builder NC State News
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GE Will Pay $200M Penalty for Power Business Violations
The post GE Will Pay $ 200M Penalty for Power Business Violations appeared first on POWER Magazine.
General Electric (GE) has agreed to pay a $ 200 million penalty to settle claims by the U.S. Securities and Exchange Commission (SEC) that the company misled investors when it failed to disclose material information related to its power and insurance businesses.
In an order on Dec. 9 capping an investigation that the SEC opened in January 2018, the federal agency said GE misled investors when it failed to disclose that more than a quarter of GE Power’s reported profits in 2016, and almost half of its reported profits in the first three quarters of 2017, resulted from reductions in estimates of the cost to complete multiyear agreements to provide repairs and service for customers’ power turbines.
The order outlines a series of events related to the claim, starting with a May 2015 investor conference, when GE’s then-CEO Jeff Immelt described a framework for future earnings growth, even as GE Power was undergoing substantial changes.…
Economic Factors Drive Wind and Solar Growth
The post Economic Factors Drive Wind and Solar Growth appeared first on POWER Magazine.
Researchers at Lawrence Berkeley National Laboratory (LBNL) have found that a combination of lower capital, operating, and finance costs, in addition to better equipment performance, and longer useful lives, have driven power purchase agreement (PPA) prices and the levelized cost of energy (LCOE) for utility-scale wind and solar projects to all-time lows. The findings were presented by Mark Bolinger, research scientist in the Electricity Markets and Policy Department at LBNL, during a webinar focused on trends in deployment, cost, performance, pricing, and market value for utility-scale wind and solar.
A Decade or More of Phenomenal Growth
Bolinger noted that from 2006 to 2019 wind power capacity operating on the U.S. grid had grown by nearly an order of magnitude—from 11.5 GW to 106 GW. The percentage increase in utility-scale solar photovoltaic (PV) capacity, which researchers define as ground-mounted systems with capacities greater than 5 MWAC, has been even greater, increasing from 1.7 GW in 2012 to 29 GW at the end of 2019.…
Vogtle Receives First Shipment of Nuclear Fuel
The post Vogtle Receives First Shipment of Nuclear Fuel appeared first on POWER Magazine.
The two-unit expansion of the Vogtle nuclear power plant in Georgia reached another milestone as Georgia Power received the first shipment of nuclear fuel for Unit 3 of the project.
The utility on Dec. 9 said receipt of the fuel follows completion and inspection of several construction areas at the site in Waynesboro, Georgia. Those areas included the fuel vault and spent fuel pool. The fuel handling area of Unit 3 has been turned over to the operations staff; Georgia Power said the Vogtle site has “implemented specific and comprehensive policies, procedures and security measures to safely receive, handle and store the nuclear fuel.”
The Vogtle expansion is adding two, 1,100-MW AP1000 reactors to the nuclear plant, where two other reactors—Units 1 and 2—have operated since 1987 and 1989, respectively. The team leading the expansion, a project which would provide the U.S. with the country’s first new large-scale nuclear reactors in more than 30 years, earlier this year successfully completed the pre-startup review process conducted by the World Association of Nuclear Operators.…