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Emerson Merging Software Business with AspenTech in $11 Billion Deal

October 11, 2021

Emerson Electric Co. said it will merge its software business with rival Aspen Technology (AspenTech) in an $ 11 billion deal that will bring together both companies’ expertise in industrial software applications. It’s the latest move by Emerson to support the rapid growth of digitization in the power generation industry.

“We saw an attractive opportunity to accelerate our software strategy to capitalize on the rapidly evolving industrial software landscape and advance Emerson’s high-value portfolio journey,” Emerson CEO Lal Karsanbhai said in a statement Oct. 11. AspenTech shareholders will receive $ 87 a share in cash and 0.42 share of stock in the new company, the companies said Monday. Emerson will contribute $ 6 billion of cash to the new venture, taking a 55% stake.

“Our customers are increasingly seeking partners to help realize stronger performance as they automate workflows in their facilities to optimize operations,” said Karsanbhai. “New AspenTech will become an engine for both acquisition and organic growth.”

Emerson, a technology and engineering company based in Ferguson, Missouri, continues its efforts to become an industrial software supplier.…

Deal Announced to Close Louisiana Coal Unit

January 16, 2020

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The post Deal Announced to Close Louisiana Coal Unit appeared first on POWER Magazine.

The Arkansas Public Service Commission has approved a plan to retire the Dolet Hills power plant, a coal-fired unit in Mansfield, Louisiana that serves part of the state. The decision, reached in December and announced Jan. 8 by the Sierra Club, came as part of a settlement agreement in a recently concluded Arkansas rate review, according to Peter Main, a spokesman for Southwestern Electric Power Company (SWEPCO), which shares the plant’s electricity production with plant owner Central Louisiana Electric Co. (Cleco).

Said Main in a Jan. 9 email to POWER: “As part of a settlement agreement in the recently concluded Arkansas rate review, SWEPCO has agreed to seek regulatory approval to retire the Dolet Hills Power Plant by the end of 2026. SWEPCO has committed to make the necessary regulatory filings at least 12 months prior to the retirement date. Also as part of the settlement, the Sierra Club agrees to withdraw its pending challenges related to the Dolet Hills Power Plant in Texas and Louisiana.…

ExxonMobil Extends Deal for Fuel Cell Carbon Capture Project

November 12, 2019

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The post ExxonMobil Extends Deal for Fuel Cell Carbon Capture Project appeared first on POWER Magazine.

ExxonMobil and FuelCell Energy announced a new joint-development agreement to enhance carbon capture fuel cell technology, as the groups work on a process to capture combustion exhaust from power plants and other industrial facilities.

The two-year deal, announced Nov. 6 and an extension of an earlier agreement, is aimed at optimizing core technology, process integration, and large-scale deployment of carbon capture. FuelCell Energy’s technology uses carbonate fuel cells to capture and concentrate carbon dioxide (CO₂), with the CO₂sent to the fuel cell. The fuel cell produces power and captures and concentrates the CO₂for storage.

“We have a great opportunity to scale and commercialize our unique carbon capture solution, one that captures about 90 percent of carbon dioxide from various exhaust streams, while generating additional power, unlike traditional carbon capture technologies which consume significant power,” FuelCell CEO Jason Few said in a statement.…

Pipeline Deal Means More U.S. Natural Gas for Mexico Power Plants

August 29, 2019

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Mexico is preparing to import more U.S. natural gas to supply the country’s gas-fired power plants and industrial facilities after the Mexican government reached a deal that will allow several stalled pipeline projects to be completed.

Mexican President Andres Manuel Lopez-Obrador on Aug. 27 said his administration’s deal with Canadian pipeline operator TC Energy; IEnova, a Mexican subsidiary of San Diego, California–based utility company Sempra Energy; and Mexican construction firm Grupo Carso ends a $ 3 billion stalemate over contracts for a handful of pipelines that will bring natural gas to Mexico from the Eagle Ford Shale of South Texas and the Permian Basin of West Texas.

Grupo Carso is owned by Mexican billionaire Carlos Slim. He said Tuesday that the agreement will give Mexico access to cheap natural gas, some of which can be used to further the development of natural gas-fueled vehicles in Mexico.

“This will allow us to substitute diesel and gasoline, which are not only more expensive but more polluting,” Slim said.…

Judge: TVA Deal for Bellefonte Nuclear Plant Stays in Place

May 17, 2019

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A federal judge this week ruled the Tennessee Valley Authority (TVA) must continue to honor an agreement to sell the unfinished Bellefonte Nuclear Power Plant to a real estate developer who has said he would complete construction of the long-idled project.

U.S. District Court Judge Liles C. Burke, in a 17-page opinion issued after a hearing this week in Huntsville, Alabama, declined to dismiss a lawsuit brought by developer Franklin Haney, who sued TVA in November 2018 for breach of contract after TVA said it could not complete the sale of the Bellefonte site and its assets to Haney’s Nuclear Development LLC.

Haney in 2016 was the winning bidder in an auction for Bellefonte, agreeing to pay $ 111 million for the twin-reactor nuclear plant. He sued TVA last year after the federally owned utility said it needed approval from the Nuclear Regulatory Commission (NRC) to authorize the sale.

TVA at the 2016 auction said the winning bidder would have two years to complete the purchase.…

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. …