ABB Power T&D sells: US-based ABB Power T&D Company Inc. has said that it is to sell its US air disconnect switch business to Pacific Air Switch Corp. (Pascor) for an undisclosed sum. The business is based in Bland, Va., and Pascor has said that it will continue to use the production facility there and serve existing ABB customers.
Atel expands: The Swiss energy and services group Aare-Tessin AG (Atel) has said that it expanded its business in the first half of 2000, strengthening its position in European energy trading through participation in the Frankfurt Energy Exchange and through joint ventures with municipal utilities in Milan, Rome and Turin.
Cummins name change: Cummins Engine Co. has said that it is to change its name to Cummins Inc. to emphasize the growth in parts of its business such as generators and engine filtering systems.
Goldman Sachs changes analysis: Changes in the utility, power and natural gas sectors, including convergence and the strategic direction of power companies, have led Goldman Sachs to change the way in which it analyses the sector’s debt. Goldman Sachs has broken up the industry into four different categories to help the company assess credit risks.
Green Mountain reports: Green Mountain Power Corp. has announced a consolidated loss of $1.08 per share of common stock for the second quarter 2000 compared with a loss of $0.09 per share for the same period in 1999. The company said that the loss reflects higher power supply costs, in particular associated with the management of its long-term power supply sale commitment to Hydro-Quebec.
Optimal’s new technology: Optimal Technologies International has announced a new network optimization technology known as Quixflow, aimed at the electric power market. The company says that the technology gives real-time analysis and optimization of complex networks faster and more accurately than current methods. It is currently marketing the product to independent power producers, transmission authorities, utilities and system designers.
Veag revenue downturn: The east German energy company Veag increased electricity deliveries in the first half of 2000 by ten per cent to 26.3m kWh. Deliveries in the second quarter alone were up 15 per cent to 12.9m kWh. However, revenues in the first half were down due to low electricity prices in the German market. The utility says that it expects to show an overall loss for 2000.