Struggling SunEdison closing Houston-area plant, cutting 180 jobs

Struggling SunEdison

closing Houston-area plant, cutting 180 jobs"

SunEdison will sell the Castle Gap power
to Dallas-based Luminant electric utility.

Financially troubled SunEdison said Thursday it will permanently shutter its manufacturing plant in Pasadena and eliminate 180 jobs as part of a plan to help restore the company’s stability.

SunEdison, the largest global renewable energy development company, has grown substantially in recent years but now finds itself dealing with potentially crippling debt as its stock has tanked.

The local manufactures polysilicon, a primary building block of solar panels. SunEdison blamed the closure largely on trade decisions made by China. The company said China recently imposed a 53.6 percent tariff on SunEdison’s polysilicon, pricing the American-made polysilicon out of the market. The plant has operated for more than 20 years.


 Source 


Views: 190

Comment

You need to be a member of Citizens' Task Force on Wind Power - Maine to add comments!

Join Citizens' Task Force on Wind Power - Maine

Comment by Barbara Durkin on February 22, 2016 at 11:08am

Oct 2015:  "Renewable-energy company SunEdison Inc. plans to shed some 15% of its workforce as part of a restructuring plan following recent acquisitions and amid concerns over market conditions, the company said in a regulatory filing."

http://www.wsj.com/articles/sunedison-to-cut-about-1-000-jobs-14441...

Clip-(SunEdison):

"The Missouri-based company also said in the filing late Monday that it will face total charges linked to its restructuring plan of between $30 million and $40 million through the first quarter of 2016.

The company had about 7,300 employees, according to recent filings, so these job cuts would apply to around 1,000 employees."

History repeats-

Google:  Enron Stock Collapse:

"Enron is a company that reached dramatic heights, only to face a dizzying collapse. The story ends with the bankruptcy of one of America's largest corporations. Enron's collapse affected the lives of thousands of employees, many pension funds and shook Wall Street to its very core. To this day, many wonder how a company so big and so powerful disappeared almost overnight. How did it manage to fool the regulators and the Wall Street community for so long, with fake off-the-books corporations? What is the overall lasting impact that Enron has had on the investment community and the country in general?"

Oct 6, 2015 Wall Street Journal:

"Yesterday, shares of Enron, which peaked last summer at $90, fell to 61 cents, down 85 percent for the day; Dynegy shares fell $4.08, or 10 percent, to close at $36.81."

http://www.nytimes.com/2001/11/29/business/enron-s-collapse-the-ove...

Curious and curiousor...SunEdison EVP (former) Gaynor is First Wind former CEO.  First Wind Director is Patrick Wood III also of Dynergy who is also the FERC Chair who failed to rein in Enron during the CA Energy Crisis.

Responding to Wood as FERC Chairman was Executive Director of the Foundation for Taxpayer and Consumer Rights, Douglas Heller, by June 16, 2004 by letter to Wood III, stating:   

“After Wood's Dismissive Reaction to Enron Tapes Exposing Energy Market Manipulation” excerpt: 

 

California ratepayers remain at least $7 billion short of what they are due in refunds in large measure because the FERC, under your leadership, has failed to protect consumers from the illegal profiteering of energy companies and has refused to enforce the law so Californians can recover billions of dollars stolen from the state.

It is, of course, not just the outstanding refunds that you have withheld, but your unwillingness to bring energy companies to the table for contract renegotiation that is so offensive. The market manipulation began at least as early as June 2000, according to a Department of Justice indictment of Reliant. It continued - as evidenced by Enron's "Fat Boy/Death Star" memo, the conversations about manipulation involving AES and Williams traders as well as the new Enron tapes and a host of other indisputable proof -- through the 2001 blackouts and price spikes. This should provide you with incontrovertible evidence that the contracts must be abrogated or renegotiated.

Although you do not attempt to defend these indefensible tapes, your effort to deflect their relevance in this manner demonstrates your continued allegiance to your long-time promoter Ken Lay. But more importantly, your letter shows that you do not grasp the heinousness of this massive larceny.

[cut] continue reading-

http://www.consumerwatchdog.org/node/9121

Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

Not yet a member?

Sign up today and lend your voice and presence to the steadily rising tide that will soon sweep the scourge of useless and wretched turbines from our beloved Maine countryside. For many of us, our little pieces of paradise have been hard won. Did the carpetbaggers think they could simply steal them from us?

We have the facts on our side. We have the truth on our side. All we need now is YOU.

“First they ignore you, then they laugh at you, then they fight you, then you win.”

 -- Mahatma Gandhi

"It's not whether you get knocked down: it's whether you get up."
Vince Lombardi 

Task Force membership is free. Please sign up today!

© 2019   Created by Webmaster.   Powered by

Badges  |  Report an Issue  |  Terms of Service