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Tag Archives: Siemens

Summit secures contracts for $2.5 billion plant

Summit secures contracts for $2.5 billion plant

Summit Power Group signed a contract tonight with Chinese and Canadian heavy industrial firms at an event in Beijing to build the Texas Clean Energy Project plant near Penwell, a development Summit described as a “major step toward financing and construction” of the more than $2.5 billion plant. The signing in Beijing was scheduled for 9 p.m. central time Monday, ...

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Multi-billion dollar merger awaits European Commission approval

Siemens’ $7.6 billion deal to acquire Houston-based Dresser-Rand Group, which was announced in September 2014, is not going as smoothly as expected. Siemens, a German industrial company, is having difficulty receiving approval from the European Commission, the European Union’s executive body. According to the Houston Business Journal, the European Commission said it has opened an in-depth investigation to assess whether ...

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Siemens to cut over 7,000 jobs in reorganization

MUNICH – German industrial group Siemens <SIEGn.DE> plans to cut over 7,000 jobs worldwide as part of a reorganization under Chief Executive Joe Kaeser, a source familiar with the situation said. About 3,000 of those jobs will be in Germany, the source said on Thursday. Siemens, which had been expected to announce as many as 10,000 job cuts on Friday, ...

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Offshore wind industry races to cut costs as subsidies drop

OFF THE COAST OF HELIGOLAND, Germany, Nov 14 – As European governments start to curb offshore renewable power subsidies, utilities, wind turbine makers and installers are racing to cut costs to help the industry survive. Britain, Germany and the Netherlands, wary of committing billions of euros when budgets are tight, have announced subsidy cuts in the past 18 months – ...

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Siemens to buy Dresser-Rand to tap U.S. shale gas boom

Ludwig Burger Georgina Prodhan FRANKFURT (Reuters) – Germany’s Siemens <SIEGn.DE> has agreed to buy U.S. oilfield equipment maker Dresser-Rand <DRC.N> for $7.6 billion in cash, aiming to catch up with arch-rival General Electric <GE.N> in a booming U.S. shale gas market. The acquisition, which ranks among the biggest in the history of the German industrial group, will strengthen Siemens’ position in ...

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GE, Siemens defend rival plans for France’s Alstom

CEO Jeff Immelt

By Natalie Huet and Benjamin Mallet for Reuters (Reuters) – General Electric (GE.N) and Siemens defended rival proposals to buy the power arm of Alstom (ALSO.PA) on Tuesday, both assuring France that its prized engineering firm would emerge strengthened, including in its remaining transport business. Top executives for both groups told lawmakers their plans were good for Alstom, for France and its jobs, as they strived to ...

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Pence allows energy-efficiency repeal to become law

Mike Pence

A controversial bill to repeal several energy-efficiency programs became law Thursday without the governor’s signature. Indiana Gov. Mike Pence said late Thursday he’s “disappointed” the Indiana General Assembly killed the state’s fledgling energy efficiency program without creating any alternative, but declined to veto the measure. That means programs to weatherize homes, and rebates for businesses that install energy-efficient equipment, will ...

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Cape Wind turbine assembly begins

Future turbines

Construction has begun on the long-delayed Cape Wind project, according to a high-ranking executive with the company chosen to supply the turbines. But exactly what that means, whether it will qualify the proposed Nantucket Sound wind farm for federal tax credits and whether the project will survive a slew of outstanding legal and financial challenges are still unclear. Markus Tacke, ...

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