SunEdison Scheme revealed
SunEdison, Shares Fizzling, Promises a New Strategy
Alternative-energy firm to stop selling solar and wind farms to its own affiliates, to lay off 1,000
The company, based in Maryland Heights, Mo., will layoff 1,000 employees, or 15% of its workforce, and stop selling solar and wind farms to its own affiliated companies, which has confused investors. Instead, SunEdison plans to sell some of its renewable energy assets to power utilities.
http://www.wsj.com/articles/sunedison-shares-fizzling-promises-a-ne...
Palming off the Garbage now? Utility Rate payers beware? Not only will they have to buy the electricity as they produce, they will own and have to pay for the facilities as well. A double Whammie (or worse) as the initial non PTC's for those facilities probably have been secured, and redistributed, not to be transferred.
You can buy the business & debts, but not the savings account.
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Comment by Kathy Sherman on October 10, 2015 at 8:58am
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While going down memory lane about Kibby history, Kenetech, bankruptcy, and general interest in the evolution of grid-scale wind generators, I found this highly relevant to SunEd, general turmoil in the solar industry, in part resulting from way over incentivized "green tech" "transformation".
Twenty years ago, wind generation will be "competitive with coal" at 5 cents per kWh." Etc. But, oops, note the blade breaks that shut down a large facility in Spain using the then "revolutionary" technology of Kenetech's 33 m rotor. Excuse- the supply chain, just as gear box problems are now blamed on supplier. I am wondering how much DOE contributed to the development of Kenetech's 365 kW turbine.
http://www.nytimes.com/1995/12/27/business/market-place-a-giant-of-...
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Comment by Barbara Durkin on October 8, 2015 at 8:40pm
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ENRON execs, more than a decade following the CA Energy Crisis and Enron's most notorious corporate fraud case in U.S. history, are present in the wind sector.
ENRON rent-seekers thrive on special government favor and public subsidies. They're back..making promises. If history repeats, we can call it the Northeast Energy Crisis.
APEX EVP of business development Steve Vavrik is also listed as Apex Clean Energy, Inc., Chief Commercial Officer. Vavrik was VP of First Wind, and Vice President of Risk Management for UPC in 2006 that changed its name to First Wind in 2008. Vavrik was with ENRON in London in a project development and gas trading capacity. His role at ENRON included trading natural gas forward contracts and negotiating structured power deals. Vavrik is/was Chair Managing Director of SunPower Corp. Loss to investors, taxpayers, and ratepayers approaches $10 Billion dollars combining ENRON and SunPower losses.
UPC First Wind President Michael Alvarez is responsible for First Wind operations and assets. After beginning his energy career with GE Capital, he joined ENRON in London.
DEEPWATER WIND BOARD OF MANAGERS DeepWater Wind Board Member Brian Redmond is Founder of Paragon Energy Holdings, LLC; former President of Houston Pipe Line Company and President of Louisiana Resource Company, Managing Director of ENRON, and Executive Director of UBS Warburg Energy
MICHAEL ALVAREZ http://dwwind.com/about/board-of-directors is President of Kenetech Energy Systems (that formed EcoElectrica) . http://www.sec.gov/Archives/edgar/data/807708/0000807708-98-000020.txt EcoElectrica is a Bermuda limited partnership formed by affliates of KENETECH Energy Systems, Inc. (KES) and Enron Development Corporation (Enron). EcoElectrica’s general partners are KES Bermuda, Inc., and Buenergia, B.V., each which holds one percent interest. Ecoelectric’s limited partners are KES Puerto Rico, L.P. and Buenergia Enron de Puerto Rico, C.V., which are both indirect wholly-owned subsidiaries of KENETECH Corp., which also owns KES. Buenergia B.V. and Buenergia Enron de Puerto Rico, C.V. are both indirect wholly-owned subsidiaries of Enron Corporation, the Parent Company of Enron Development Corporation. http://www.fossil.energy.gov/programs/gasregulation/authorizations/... In 2002,
Mike Cutbirth is former head of Global Finance for Zond Corporation and ENRON Wind. He served 4 years as the first CEO of Clipper Windpower formed by ENRON.
The first customer of the $40 million dollar, publicly-funded, Charlestown, MA Wind Turbine Testing Center was Clipper Wind, founded by ENRON Director James Dehlsen. Clipper Wind has since been forced into bankruptcy.
MA Wind Turbine Testing Center Executive Director Rahul Yarala is a staffer at MA Clean Energy Center (MassCEC), and the former Director of Engineering at Clipper Windpower, Inc., formed by ENRON. CGEI Wind is jointly owned by Good Energies and Champlin Windpower, LLC and is lead by Mike Cutbirth.
Mike was formerly head of Global Finance for Zond Corporation and ENRON Wind and served 4 years as the first CEO of Clipper Windpower.
ENRON Energy Services Chris Wissemann is Fishermen’s Energy Chief Executive Officer and General Manager of Freshwater Wind. Wissermann is Chief Operating Officer of Winergy Power, LLC and the Founder of DeepWater Wind, and past President of Garden State Offshore Energy. Wissermann spearheaded legislation to create long term power purchase agreements for DeepWater Wind which he founded. http://www.fishermensenergy.com/leadership.php
The Former CEO of MassCEC that surcharges ratepayers to invest in renewable schemes has left MassCEC to join SunEdison that bought First Wind.
The Founding Chairman of MassCEC and former MA Secretary of Energy and Environment, Ian Bowles, Advisor on green policy, under the Green Communities Act, is First Wind CEO Paul Gaynor. Bowles joined the private sector as Director of First Wind as former MA Executive Secretary of Energy and Environment.
NOTES: *“Regulatory Capture” is a term attributed to Chicago School of Economics Professor George Joseph Stigler whose theory is that regulators eventually identify with and aspire to join the well-heeled people they regulate.
*Another example of “Regulatory Capture” reveals a “Revolving Door” where the Executive Vice President and Chief Development Officer at First Wind, Kurt Adams, had served as Chairman of the Maine Public Utilities Commission and former Chief Legal Counsel for ME Governor Balducci. Adams, according to Naomi Schalit of the Maine Center for Public Interest Reporting, “…negotiated a pretty sweet deal for himself about a month before leaving the state's employ, with first-year compensation at the firm totaled $1.3 million, which included $315,000 in salary, $658,000 in stock, $29,000 in "other" compensation and $315,000 in "non-equity compensation." Source: ‘Revolving door the norm in D.C. but rare in Maine’ by the Editorial Board of the Sun Journal [4/23/10]. ^EcoEléctrica to construct an LNG pipeline FERC 2014 http://www.ferc.gov/whats-new/comm-meet/2014/061914/C-3.pdf
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Comment by Eric A. Tuttle on October 8, 2015 at 8:14pm
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It seems the info I had on Paul Gaynor association with Enron was incorrect. However the Paul Gaynor associated with First Wind sits on the same board as Chair of Deepwater Wind, with Brian Redmond who was with ENRON.
Apologies If this confused anyone.
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Enron Gave Birth To The U.S. Wind Energy Industry
http://bjdurk.newsvine.com/_news/2011/02/21/6099211-enron-gave-birt...
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What power utility would buy into that scheme? History repeats itself. Buyer beware.
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No profit 'til that is paid down
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The roughly 3,500 megawatts of wind and solar farms the company still plans to pursue will require $5.8 billion in financing, he said.
1,657,142.85 per MW @ .28% output (maybe) = 5,918,367.34/MW /365 days/24 hours per day $675.61/mWh
Kinda Pricey?
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Strange, I can not return to this link through the blog site, only through the Google Alert
http://www.wsj.com/articles/sunedison-shares-fizzling-promises-a-ne...
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Comment by Long Islander on October 8, 2015 at 5:46pm
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It sounds like robbing Peter to pay Paul.
Paul Gaynor.
Did Gaynor not work at that cherished and reputable company Enron? Or at least at Maine "environmental group" briber Kenetech, supported by Angus King and eventually subsumed by Enron?
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Would this not be akin to selling my debt to my wife, who can not afford to pay for it on my income, so my wife finds a neighbor to sell them the items I owe on, with my neighbor not realizing the items are not not much in value? Give me $1000 and pay the remaining $9,000 on a banknote.
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/
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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/
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