Tag: Part
Siemens Combining Business Units as Part of New Strategy
Siemens reported a 2% rise in industrial profit for its fiscal third quarter on August 2, topping analyst forecasts, though the German engineering giant also reported that revenue for the quarter dropped 4%. The earnings report comes as the company prepares to implement a new strategy that cuts its number of business divisions.
The company announced management changes ahead of the October 1 start of its Vision 2020+ plan, which replaces the company’s Vision 2020 outline adopted in 2014. Under the new plan, whose beginning coincides with the start of the company’s next fiscal year and is scheduled to be in place by the end of March 2019, Siemens’ five industrial divisions will be combined into three operating companies.
The company said the three operating entities—Gas and Power, Smart Infrastructure, and Digital Industries—will give its individual businesses “more entrepreneurial freedom.” The new units will work with what Siemens calls its Strategic Companies, which include Siemens Gamesa, Siemens Healthineers, and the planned Siemens Alstom train unit.…
Oman Starts Power Plant as Part of New Energy Development
Oman recently began operating a Wärtsilä-built power plant in the northern part of the country, part of more than $ 1 billion in power and energy projects being developed in the Arab nation. The Musandam Independent Power Project (IPP) is a 120-MW natural gas-fired plant (Figure 1) that can use light fuel oil as a secondary fuel. It is the first plant to be inaugurated as part of the Musandam Power Company (MPC), a consortium of Oman Oil Company (OOC)—which holds 70% of MPC shares—and LG International Corporation, a South Korean energy supplier and developer. The MPC was created to encourage energy-related development in Oman through both foreign and domestic investment.
Salim Al Hashmi, project director for MPC, at a mid-November ceremony officially opening the IPP said “This plant is a central part of the major integrated development of the Musandam Governorate. The project will play a significant role in meeting the power needs of the region’s current and upcoming industries, while at the same time benefiting the local community.”…
Dynegy Divests Assets as Part of Engie Deal
Dynegy this week announced it will sell three more power plants to reduce debt as it works to satisfy an agreement with the Federal Energy Regulatory Commission (FERC) reached after the company’s $ 3.3 billion purchase of French energy giant Engie’s U.S.-based assets earlier this year.
Houston, Texas-based Dynegy said it has agreed to sell its 625-MW Lee Energy Facility in Dixon, Ill., in the PJM ComEd region to an affiliate of The Woodlands, Texas-based Rockland Capital for $ 180 million. It also has agreed to sell two natural gas-fired plants totaling 310 MW in Dighton and Milford, Mass., in the Southeastern New England (SENE) capacity zone in ISO-NE to Starwood Energy Group Global of Greenwich, Conn., for about $ 119 million.
The July 12 announcement came just hours after Dynegy said it closed the sale of two other facilities to New York-based LS Power for $ 480 million, a transaction originally announced in February, a few weeks after the deal with Engie was completed.…