Vestas Replaces CEO as Loss Widens
Vestas Wind Systems A/S, the turbine manufacturer that has been unprofitable for two years, axed its chief executive officer after the company faced a worse-than-expected loss. Anders Runevad, from Ericsson AB, will take over on Sept. 1 from Ditlev Engel, who has been at Vestas’ helm since 2005. The Danish company lost 62 million euros in the second quarter, compared with the average estimate for a 9 million-euro loss among six analysts surveyed by Bloomberg. The number of employees stands at 17,253, but more than 1,000 jobs are still slated to be cut by the end of the year.
Tepco Calls for Overseas Help to Contain Fukushima Leaks
The plagued Fukushima Daiichi nuclear plant has been losing its two-year battle to contain radioactive leaks and its owners -for the first time- emphasized that they need overseas expertise to better handle the situation. The call for help from Tepco’s Vice President , Zengo Aizawa, follows a leak of 300 metric tons of radioactive water at the Fukushima plant. The International Atomic Energy Agency in Vienna and the United States Nuclear Regulatory Commission said they are prepared to help.
California Free Permits Drive Carbon to 2013 Low
Carbon prices in California have dropped to the lowest level this year as the state weighs increasing the number of free permits offered to polluters in an effort to bolster the fledgling market. Allowances dropped to $13.35 a metric ton on Aug. 19, the lowest since Dec. 10. California, the world’s 10th-largest economy, said July 18 that it will consider increasing by one-third the number of free allowances given to companies facing higher costs and even job losses as they seek to comply with a program designed to cut emissions 15% by the end of the decade.
Ecuador Seeks Crude in Amazon as Economy Slumps
Ecuador is planning to develop crude deposits in an Amazon area as resources in existing fields wane and economic growth slows. President Rafael Correa will ask legislators to allow drilling in eastern Ecuador’s Yasuni National Park. The area, eight times the size of Los Angeles, is estimated to hold 920 million barrels of crude, which is slated to be worth more than $18 billion. Correa’s intentions will likely face heavy protests as the country’s constitution has a policy regarding nature preservation.