GE Dumps Offshore Wind-Power Plans AFTER Collecting $125 Million In Stimulus From Taxpayers For Wind Projects
Best friends Obama and Immelt applaud as GE screws taxpayers once again.
GE was awarded 44 contracts totaling over $46,000,000 and 44 grants totaling more than $79,000,000 from the Obama-Pelosi $757 billion dollar stimulus package. Millions of dollars in stimulus funds were used by GE in green energy projects.
Today GE announced that it was going to gut its offshore wind-power plans.
Forbes reported:
General Electric, the U.S.-based industrial giant and leading manufacturer of wind-power turbines, is scaling back efforts to expand its presence in the offshore wind power market.
The rationale: there is no meaningful offshore wind market to speak of – at least not yet. Given slower-than-expected industry growth, the offshore market may not mature as rapidly as many wind boosters once believed. In 2009, GE moved into the offshore market by acquiring Norway’s ScanWind, a developer of direct-drive turbines, based in the city of Trondheim.
GE is considering laying off about 40 employees in Norway as it scales-back its offshore operations there, according to reports in Recharge. The company has also suspended plans to construct a manufacturing facility in the United Kingdom indefinitely.
Immelt also said the stimulus would work way back in April 2009.
GE CEO Jeffrey Immelt, the head of Barack Obama’s Economic Advisory Panel, was invited to sit with the First Lady during the president’s speech to Congress this past week. He’s been a strong supporter of the president since he took over the White House and his companies have received plenty of government funds as well.
First lady Michelle Obama (4th L) and Vice President Joe Biden’s wife, Jill, (2nd R) clap from the front row of the First Lady’s Box before the start of President Barack Obama’s address to a joint session of Congress on Capitol Hill in Washington September 8, 2011. Others in the box are: (top row 3rd L- 2nd R) General Electric CEO Jeffrey Immelt, American Express CEO Kenneth Chenault, AOL co-founder Steve Case, Permac Industries CEO Darlene Miller and Maryland Governor Martin O’Malley, and (front row L-R) Philip Maung, Gracey Ibarra, Kelcie Fisher,Obama, Joseph Kidd, Biden and Marlena Clark. (REUTERS/Jim Bourg)
Oct 1, 2011 at 11:39 AM
Reader Comments (119)
http://www.reuters.com/article/2014/01/17/us-ge-results-idUSBREA0G0M720140117
Revenue rose 3.1 percent to $40.38 billion, about $160 million ahead of analysts' targets.
"We saw good conditions in growth markets, strength in the U.S., and a mixed environment in Europe," Chief Executive Officer Jeff Immelt said in a statement.
----------------- please note the title of the main BD article-----------------
GE Dumps Offshore Wind-Power Plans AFTER Collecting $125 Million In Stimulus From Taxpayers For Wind Projects
General Electric announces 400 layoffs in upstate New York - World ...
https://www.wsws.org/en/articles/2013/10/08/gene-o08.html
Oct 8, 2013 - GE, one of the largest manufacturing companies in the world, has announced hundreds of layoffs at its production facilities in Fort Edward and ...
GE cuts 200 salaried positions - Times Union
www.timesunion.com/.../GE-cuts-200-salaried-positions-4861425.php
Oct 2, 2013 - General Electric Co. is laying off upward of 200 white-collar workers at its ... " Targeted" local layoff is part of corporate restructuring effort.
Schenectady GE plant to layoff nearly 200 workers - NEWS10 ABC ...
www.news10.com/.../schenectady-ge-plant-to-layoff-nearly-200-workers-a...
Oct 2, 2013 - About 200 employees of the Schenectady GE plant will lose their jobs.
First Wave GE Layoffs Lower Than Expected - WICU12/WSEE Erie ...
www.erietvnews.com/story/.../first-wave-ge-layoffs-lower-than-expected
Nov 4, 2013 - The first round of job cuts at Erie General Electric takes effect on Friday. The planned layoffs stem from the transfer of work to the new GE ...
Woman Hangs Self at G.E. Factory in Erie after Massive Layoffs ...
www.maxkeiser.com › Headlines
Nov 17, 2013 - Stacy Summary: h/t WilliamBanzai7. Apparently, only the local media has covered this story. Nothing in the national media. They'd only cover ...
GE Healthcare initiates new round of Milwaukee-area layoffs ...
www.bizjournals.com/.../11/.../ge-healthcare-initiates-new-round-of.html
Nov 22, 2013 - GE Healthcare has initiated a new round of layoffs at its Milwaukee-area and Mad...
GE Prepares Global Layoffs, Some Greenville Jobs Affected - WSPA
www.wspa.com/story/23527968/layoffs-announced-at-ge-greenville-facility
Sep 25, 2013 - GE executives announce layoffs at the Greenville facility, but a GE official says none of the hourly manufacturing employees will be affected.
Layoffs at GE Plant in Schenectady - YouTube
► 2:10► 2:10
www.youtube.com/watch?v=W_9eHYgxB0Y
Nov 6, 2013 - Uploaded by CBS6 Albany
SCHENECTADY - What are considered to be 200 white collar General Electric jobs will no longer be around ...
GE announces layoffs of white collar workers in Schenectady and ...
poststar.com/.../ge...layoffs.../article_ac7249f4-2b88-11e3-aaa0-001a4bc...
Oct 2, 2013 - SCHENECTADY -- General Electric, which announced plans last month to close its capacitor plant in Fort Edward, has announced two rounds ...
Layoffs announced at GE Greenville facility » Anderson Independent ...
www.independentmail.com/.../layoffs-announced-ge-greenville-facility/
Sep 25, 2013 - In a statement by GE, the company said it's looking at ways to reduce the cost across the global Power & Water Business in order to 'retain our ...
http://www.breitbart.com/Big-Government/2014/02/21/GE-Caves-Will-No-Longer-Design-Projects-to-Please-Climate-Change-Advocates
http://www.reuters.com/article/2014/04/15/us-general-electric-immelt-idUSBREA3E07V20140415
General Electric Co's (GE.N) Chief Executive Jeff Immelt may step down sooner than his expected 20-year tenure, the Wall Street Journal reported, citing people familiar with the company's thinking.
Immelt, who has been at the helm of the industrial conglomerate since 2001, has led several board discussions about shortening the expected tenure for GE's next chief executive to between 10 and 15 years, the Journal said. (r.reuters.com/xek58v)
Among the leading candidates identified to succeed Immelt are Lorenzo Simonelli, who took over the leadership of GE's oil and gas unit last year; and Steve Bolze, who leads power and water, GE's biggest unit, the newspaper said.
http://wattsupwiththat.com/2014/06/05/and-then-they-came-for-the-fishermen/
From the University of British Columbia and the department of eco-nuttery, comes this statement sure to produce blowback. I suspect it is just a matter of time before recreational fishing is targeted too.
UBC’s Rashid Sumaila argues that the high seas should be closed to all fishing.
Fish and aquatic life living in the high seas are more valuable as a carbon sink than as food and should be better protected, according to research from the University of British Columbia.
The study found fish and aquatic life remove 1.5 billion tonnes of carbon dioxide from the atmosphere every year, a service valued at about $148 billion US. This dwarfs the $16 billion US paid for 10 million tonnes of fish caught on the high seas annually…
Obama Seeks $53 Billion To Fund ‘Secretly’ Bailed Out GE For High-Speed Rail Construction
http://sadhillnews.com/2011/02/08/obama-seeks-53-billion-to-fund-secretly-bailed-out-ge-for-high-speed-rail-construction
After secretly bailing out GE and forcing the use of its mercury-laced light bulbs on American citizens, then calling on GE’s chief Jeffrey Immelt to head the president’s economic recovery advisory panel, Obama is going to make sure his bankrupt partners in crime fully benefit from the $53 billion collected from taxpayers by subsidizing GE to build a high-speed-money-burning rail system that no legitimate private sector business would ever touch.
With US Government hemorrhaging $ trillions each year and US Government-run Amtrak hemorrhaging $ billions, what could possibly go wrong?
I’ll answer that. Spending money we don’t have is putting America on the fast-track to global servitude.
UPDATE (02.09.2011): Amtrak Inspector General, Fred Weiderhold, abruptly ‘retired’ after blowing whistle on Amtrak’s use (misuse) of $1.3 billion in rail stimulus money: HERE
(BTW, Joe Biden's son is on on the board of Amtrak and that Ukrainian gas company too)…
http://v9.marketvisual.com/d/5a4a43de-4387-4e5e-a98b-614d95771974/R+Hunter+Biden
also do not forget John Kerry's step son re: that Ukrainian gas company…
http://www.wsj.com/articles/SB10001424052702303851804579560542284706288
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GE Capital Agrees to Sell Australia and New Zealand Operations for $6.3 Billion
http://www.nytimes.com/2015/03/17/business/dealbook/ge-capital-sale-australia-new-zealand-business.html
LONDON — GE Capital, the financing arm of General Electric, has agreed to sell its consumer lending business in Australia and New Zealand in a deal that values the business at 8.2 billion Australian dollars, or about $6.3 billion.
The business will be acquired by a consortium of investors that includes Deutsche Bank and the private equity firms Värde Partners and Kohlberg Kravis Roberts.
“We are delighted to have signed this agreement with a well-respected consortium of businesses,” Duncan Berry, the chief executive of GE Capital’s Australia and New Zealand business, said in a news release on Sunday. “Consumer finance has been a great business for G.E. and is well positioned for further growth.”
The business has more than three million customers in Australia and New Zealand. It provides personal loans and credit cards, as well as interest-free financing for products sold through partnerships with retailers in Australia and New Zealand.
In recent years, General Electric has pared back its GE Capital arm and has shed businesses that are outside its core industrial and health care operations.
It sold its Scandinavian consumer finance business to Banco Santander in June, and spun off its retail finance arm, now known as Synchrony Financial, in an initial public offering in July.
GE Capital had been one of the most profitable units of General Electric, but it was hit hard during the financial crisis because of its exposure to commercial loans and risky home loans.
General Electric was advised by Credit Suisse and Morgan Stanley, and the acquiring investors were advised by Bank of America Merrill Lynch, Moelis & Company and Citigroup.
http://www.windpowermonthly.com/article/1351722/ge-invests-25m-sunedison-yieldco
As part of the deal, GE will provide servicing support for the projects TerraForm owns. GE has refused to comment the size of the stake in TerraForm it now owns.
The group's renewables business CEO Anne McEntee said the investment would also help develop projects in Latin America, India, China and Europe.
The company said it was the first wind manufacturer to invest in the yieldco since it was floated on the Nasdaq stock market in 2014.
TerraForm has a portfolio capacity of 1.7GW worldwide, mostly in solar. In November, SunEdison agreed to acquire US developer First Wind. It's 1.3GW portfolio of wind projects was shared between SunEdison and the yieldco.
Last month, the Atlanitc Power Corporation also sold its 521MW wind portfolio to TerraForm for $350 million.
Acquisitions
Elsewhere, SunEdison has announced the 100% acquisition of Indian wind project developer Continuum and Central American renewables developer Globeleq Mesoamerica Energy (GME).
Continuum has a portfolio of over 1.4GW of projects in development, in construction or online in India.
Private equity firm Actis held a 70% stake in GME, with Mesoamerica Power holding the remaining share. Its portfolio includes four operating wind projects with a combined capacity of 243MW and has a further 80MW under construction and 246MW in development across Central America.
The US-based firm said it intends to offer the projects to TerraForm.
=============
From earlier this year...
SunEdison, TerraForm to Acquire First Wind for $2.4 Billion
http://www.bloomberg.com/news/articles/2014-11-17/sunedison-and-terraform-to-buy-first-wind-for-2-4-billion
http://www.zerohedge.com/news/2015-06-23/former-obama-jobs-tzar-immelt-threatens-offshore-ge-jobs-if-ex-im-bank-bill-expires
Another year has come and gone, and it’s once again time to face the issue of a crony capitalist favorite: The Export Import Bank, also known as the Ex-Im Bank. Last year, I covered the contentious battle, which of course was ultimately won by powerful multi-national corporate interests. Here’s an excerpt from the piece, Officials at the Ex-Im Bank are Under Investigation as it Fights for Survival:
I think the most important aspect of this entire fight is the fact that on opposite sides of the debate are not Democrats versus Republicans, but once again Republicans vs. Republicans (as in the Dave Brat vs. Eric Cantor race). We again see tea party Republicans facing off against establishment RINOs. On one side we hear claims by the tea party wing that the Ex-Im merely serves as a conduit for crony capitalism and favoritism to large corporations, or those willing to bribe officials. On the other side, we see establishment Republicans, who are extremely cozy with mega-corporations, maintaining that the institution plays a crucial role in financing American exports to make them competitive.
Looking at this paragraph a year later, we have seen the revolting display of RINO Republicans pushing through the sovereignty destroying, corporate crony giveaway know as trade “fast track” of the TPP. We can once again marvel in disgust at how completely bought and paid for these establishment crooks really are.
Anyone with a remotely functioning brain will by now be aware that America is an oligarchy, not a democracy. In fact, a recent academic study by Princeton and Northwestern University found that the desires of the public have absolutely zero impact on public policy. What does have an impact is money. Lots and lots of money. This is where billionaire oligarchs and CEOs of large multi-national corporations come in, as they arrogantly throw around their clout to advance their wealth and power, and further drive the unwashed masses into hopeless serfdom.
GE’s CEO, Jeff Immelt, is a perfect example. This is what he had to say recently at the Economic Club of Washington. From Reuters:
General Electric Co Chairman Jeff Immelt warned on Wednesday that the company would move manufacturing jobs to Canada and Europe if the Export-Import Bank closes and that U.S. economic influence will wane if Congress blocks a major Pacific-rim trade pact.
Naturally, he fear mongered about the TPP at the same time. A double dose of crony corporate greed.
Speaking to business leaders at a luncheon of the Economic Club of Washington, Immelt said U.S. companies need market access and financing tools to help level the playing field in an “economic war for exports.”
The charter of the Ex-Im Bank, the U.S. government’s export credit agency, will expire on June 30, blocking it from writing new loans and trade guarantees, unless Congress acts to reauthorize it.
“In two weeks the U.S. will have neither trade deals, nor an export bank. And at that point we’re going to be in full retreat on the global economic stage,” Immelt said.
Well the American middle class has been in full retreat for more than four decades, but you don’t see Immelt too bothered by that.
“Good GE jobs in the United States will be moved to Canada and Europe. That’s a mighty high price to pay for ideological purity,” Immelt said.
http://www.cnn.com/2016/04/23/us/boeing-dreamliner-engine-fix/
(CNN)Describing it as an "urgent safety issue," the Federal Aviation Administration has ordered modifications on specific General Electric engines on some 787 Dreamliners because an icing problem could force those engines to shut down in flight.
Friday's FAA airworthiness directive stems from a January 29 incident aboard a 787 flying at about 20,000 feet.
"Ice shed from the fan blades ... causing the blades to rub against the fan case, resulting in engine vibration," GE Aviation spokesman Rick Kennedy told CNN. That forced an engine shut down and the aircraft landed safely with its remaining engine.
According to the FAA document, "Susceptibility to heavy fan blade rubs, if not corrected, could result in engine damage and a possible in-flight non-restartable power loss of one or both engines."
"The potential for common cause failure of both engines in flight is an urgent safety issue," the FAA document said.
Read the FAA airworthiness directive
http://www.cnn.com/2016/04/23/us/boeing-dreamliner-engine-fix/
(CNN)Describing it as an "urgent safety issue," the Federal Aviation Administration has ordered modifications on specific General Electric engines on some 787 Dreamliners because an icing problem could force those engines to shut down in flight.
Friday's FAA airworthiness directive stems from a January 29 incident aboard a 787 flying at about 20,000 feet.
"Ice shed from the fan blades ... causing the blades to rub against the fan case, resulting in engine vibration," GE Aviation spokesman Rick Kennedy told CNN. That forced an engine shut down and the aircraft landed safely with its remaining engine.
According to the FAA document, "Susceptibility to heavy fan blade rubs, if not corrected, could result in engine damage and a possible in-flight non-restartable power loss of one or both engines."
"The potential for common cause failure of both engines in flight is an urgent safety issue," the FAA document said.
Read the FAA airworthiness directive
http://www.law360.com/articles/810028/ge-affiliate-keeps-476m-award-over-failed-wind-turbine-pact
http://www.bloomberg.com/news/articles/2016-08-24/skyscraper-size-windmills-give-lift-to-ge-renewable-energy-goals
I will bet a six pack that this farm will catastrophically fail by spring due to weather and defects.
in the meantime:
http://ontario-wind-resistance.org/2016/08/22/enercon-wind-turbine-collapses-in-nova-scotia/
This is not a canadian first, the Canadian media has been censoring these failures.
http://mobile.reuters.com/article/us-alstom-usa-idUSKCN1112BH
Ge acquires alstom (then moves to boston)
http://www.fool.com/investing/2016/08/15/without-alstom-growth-eludes-general-electric-comp.aspx
Get teady for Obama to flood his cronies with money and fast track the TPP.
Tunisia set for Trump-led boom as Hillary cabal exits scene
http://www.atimes.com/tunisia-set-trump-led-boom-hillary-cabal-exits-scene/
Under the leadership of GE CEO Jeffrey Immelt is also destined to become the oil services leader in NAWA and Africa with its acquisition of American oil services giant Baker Hughes.
Tunisia’s unique position between two major oil producing countries such as Libya and Algeria; a developed economy with a strong equities market and proximity to Milan; on top of Tunisia’s good neighbor foreign policy — makes the country ideal as GE continues to win billions of dollars in contracts throughout Africa.
GE is currently eyeing taking a US$100 million plus wind farm project initially developed by Miami, Florida-based developer UPC Renewables at Cap Bon peninsula near the port city of Bizerte in northwest Tunisia. UPC Principal Peter Gish told Capitol Intelligence/CI MENA that his company has spent years negotiating land rights and regulatory approvals to build the wind farms.
GE is currently talking to Italy’s state controlled utility ENEL unit ENEL Green Power to team-up in the development of UPC’s and other renewable energy project in the region. The US government’s Overseas Private Investment Corporation (OPIC) is especially motivated to provide up to US$400 million in either corporate or project finance to any qualified operator in the renewable energy sector in Tunisia, one of OPIC’s strategic markets.
Enel Green Power is already the largest operator of wind power in the United States and it recently sold a 49% stake in its North American renewable energy assets to GE Energy Financial Services for US$440 million and operates 21.6 gigawatts of renewable power in Europe and North Africa.