Suntech Directors Resigns; Says Solar Maker Has No Plan
Suntech Power Holdings Co., the Chinese solar firm whose main unit went into bankruptcy earlier this year, said that three directors including its former chairwoman has stepped down, saying that the company does not have a business plan. Susan Wang, Julian Worley and Zhizhong Qiu resigned on Aug. 21, saying they were not given information they needed to fulfill their responsibilities. Michael Nacson replaced Wang, who took the post of chairwoman in March after the ouster of Suntech founder Shi Zhengrong. The resignations highlight the divisions among the company’s management after the company failed to settle a $541 million bond.
Entergy To Shut Down Vermont’s Lone Nuclear Plant
Entergy Corp. will permanently shut its Vermont Yankee nuclear power plant in 2014 after clashing with state officials to keep the 41-year-old facility in operation. The company said that the single-unit reactor is no longer financially viable because o f high operational costs compared to artificially low power prices in the region. Four other nuclear units in New Jersey, California, Wisconsin and Florida are set to be closed, reducing the U.S. total to 99 from 104. Reactors are now facing higher maintenance costs caused by stricter regulations following Japan’s Fukushima nuclear disaster.
BP Loses Another Bid to Suspend Spill Settlement
BP Plc has lost a renewed bid to halt payments to settle claims tied to the 2010 Gulf of Mexico oil spill. Last month, U.S. District Judge Carl Barbier already rejected the company’s request to stop the payments as Louis Freeh, former FBI Director, investigates allegations of misconduct in the claims program. BP renewed its request last August 5th but Barbier rejected it anew saying that Freeh’s investigation at the Mobile, Alabama claims center found no credible evidence of fraud.
India May Overtake U.S. in Wind Installations for First Time
India may install more wind capacity than the U.S. this year for the first time as a tax-benefit window extending to 2015 prompts U.S. developers to delay new projects. Figures from Bloomberg New Energy Finance to be released next week forecasts India to establish 2,050 MW of wind capacity in 2013, compared with 2,000 MW expected in the U.S. While all major wind markets are expected to slump this year, the U.S. is set to see the sharpest decline with annual installations plunging 85 %. India’s lead could be short-lived as U.S. installations are expected to surge again starting 2014.