AM I NEXT? NO LOVE AT LUMINANT ENERGY

Irving, Texas-based Luminant, an energy business specializing in power development, generation, marketing, trading, and mining, operations, has announced that Luminant will completely cease operations at their Liberty Mine and lay off additional workers at their Martin Lake Beckville Mine and the Martin Lake Railroad.

Approximately 160-170 employees will be laid off on December 26, 2021.

According to a company statement, "As Luminant has planned for some time, the Liberty Mine that provided lignite to the Martin Lake Power Plant since 2014 will be closing by the end of 2021. The estimated 160-170 employees impacted were informed earlier this year. Luminant deeply thanks and appreciates the men and women who’ve worked at Liberty and their dedication to powering Texas."

"The Liberty Mine closure was a part of the company's long term fuel plan and the Martin Lake power plant will now operate on coal from the Powder River Basin which spans parts Wyoming, Montana and South Dakota."

Part of the decision was environmental as coal-fired power plants struggles to meet environmental regulations, and part economic as the company was losing market share to more efficient gas-power plants.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT DUKE ENERGY CORPORATION

Charlotte, North Carolina-based Duke Energy Corporation, an electric power and natural gas holding company, is under attack by New York, New York-based Elliott Management, one of the largest activist investment fund managers in the world.

Elliott Management has taken a large stake in Duke Energy, but the Duke Board of Directors shows little or no receptivity to Elliot's proposals for change at the utility.

The modus operandi of Paul Singer's Elliot Management is based on scaring the board with a letter demanding the company cut costs including a reduction in force, divest unprofitable and underperforming assets, buy back shares to increase the share price, and upstream dividends. Sometimes fighting to add designated directors to the board.

According to Duke Energy, "The new Elliott Management letter to the Board of Directors is the latest attempt to push its short-term agenda at the expense of long-term shareholder value as well as the interests of Duke Energy’s employees and the communities it serves.

This announcement is similar to earlier Elliott plans that failed to gain support. Elliott first proposed a preferential equity scheme in which the company would issue up to $7 billion of deeply discounted equity to Elliott and its hedge fund allies, which would materially dilute Duke’s existing shareholders. After that was rejected by the Duke Energy Board, Elliott then publicly advocated for an illogical, complex three-way breakup of the company.

Elliott’s 'shrink-the-company' break-up proposal collapsed immediately because it was financially unsound and ran counter to the strategic direction of the entire industry. Over the past several months, Duke Energy’s management team has been in active dialogue with the equity analyst community and institutional shareholders. Our largest investors, as well as analysts, public officials, and other stakeholders were near-universal in their rejection of the hedge fund’s unsound plan.

Now, Elliott is taking aim at Duke Energy’s leadership to find a way to force a shareholder-value-destroying plan that has no support."

For Duke employees, vendors, consultants, and others: change is afoot. Most companies will attempt to cut costs by implementing a reduction in force and tighten-up operations. The handwriting is on the wall.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT SIEMENS ENERGY (05/02/21)

MAY 2, 2021 — UPDATE: 114 FEWER WORKERS TO BE LAID OFF IN ORLEAN, NEW YORK

“Beginning on July 23, 2021, and continuing over the course of several months thereafter, the Company will lay-off all employees employed in connection with the Company’s manufacturing, assembly, and test operations at the Olean Facility.” It is anticipated that these layoffs will continue through June 30, 2022, and at that time all manufacturing, assembly and test operations will have ceased.

“In total, 421 current positions will be impacted by these lay-offs, which will be permanent in nature. 314 of the 421 positions to be impacted, are union positions. Employees will be laid off in phases. The first phase of layoffs will occur between July 23, 2021, and August 6, 2021.”

FEBRUARY 17, 2020 — Original Post…

Munich, Germany-based Siemens Energy, a division of the multinational industrial conglomerate that manufactures turbines and compressors for the energy industry, has announced that it will continue its restructuring program and reduce global headcount in its gas and power division by 7,800 employees in phases by 2025, 1,700 of which will be laid of by mid-2022 in the United States .

Specifically, the company has announced it is planning to lay off 535 workers, including 350 union employees at its plant in Olean, New York which produces compressors and pumps for the oil and natural gas industry.

Approximately 350 project management, engineering and research and development jobs are expected to remain in Olean.

According to a company spokesperson, the decision was driven by changes in the global energy market and the company's planned exit of the coal-fired powerplant business which is being regulated out of business by political actions.

No so coincidenly, Senate Minority Leader, Chuck Schumer (D-NY), who advanced many of the restrictive energy programs screamed that the company was not cooperative with his office. "Schumer also wants to know if services previously performed by workers whose jobs will be eliminated will now be performed by independent contractors, subcontracted out or sent overseas." As if that is any of his business given the devastation of the energy industry by the Democrats. Clearly a case of NIMBY (Not In My Back Yard.)

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?