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Oklo and Siemens Energy Sign Agreement to Accelerate Power Conversion System for New SMR in Idaho

LCG, November 19, 2025--Oklo Inc. and Siemens Energy announced today that the parties have signed a binding contract for the design and delivery of the power conversion system for Oklo’s Aurora-INL (Idaho National Laboratory) nuclear small modular reactor (SMR). The agreement authorizes Siemens Energy to begin engineering and design work to expedite procurement of long-lead components and to initiate the manufacturing process for the power conversion system. Oklo’s expertise in advanced fission technology will be combined with Siemens Energy’s extensive industry experience with steam turbine and generator systems, with the ultimate goal of generating carbon-free, reliable electricity.

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NERC's New Winter Reliability Assessment Raises Concerns for Elevated Risk of Insufficient Supplies to Meet Demand in Extreme Operating Conditions

LCG, November 19, 2025--NERC yesterday released its 2025–2026 Winter Reliability Assessment (WRA), which concludes "much of North America is again at an elevated risk of having insufficient energy supplies to meet demand in extreme operating conditions." The WRA does state that resources are adequate for normal winter peak demand, but extended, wide-area cold snaps will be challenging.

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Industry News

AES in Takeover Bid for Chile's Edelnor

LCG, Aug. 6, 2001--AES Corp. of the U.S. said on Friday that it would attempt to take over Chilean power generation company Empresa Electrica del Norte Grande S.A., or Edelnor, by making a $128 million cash offer for the company's debt.

Edelnor, which is 82 percent owned by Mirant Corp., also of the U.S., operates in northern Chile's mining area and consists of 716 megawatts of generation, 1,056 kilometers of transmission and it is also an electric marketing and sales company selling to distribution and large industrial companies.

AES said the offer to acquire Edelnor's debt, for which it will require a 62.5 percent discount, is contingent upon 100 percent participation by bondholders and also upon Mirant's willingness to virtually give the company away. AES says it wants all 375,844,194 shares for a total price of $1,000.

Mirant may be willing to shrug off Edelnor. In a statement Friday, the company said it will not invest any more money in the Chilean firm unless it can see how it will be repaid. And Ray Hill, Mirant's chief financial officer, said "It is difficult at the present time to envision how we would receive such assurances of repayment in the absence of an advanced sales agreement for the company."

The AES offer of $375 per $1,000 of Edelnor debt is higher than a $322 offer made last month by Electroandina, a Chilean power firm controlled by Tractebel of Belgium.

Naveed Ismail, president of AES Andes, said, "This step by AES is further evidence of our confidence in Chile and the business climate we currently experience. We believe our offer is fair for the existing bondholders and is also an attractive investment for AES."

Edelnor on Friday announced first half losses of 22.28 billion pesos ($$33 million U.S.), but Ismail said he believed that with reduced debt the company could be turned around.

"The only way for the company to survive is at a reduced level of debt. Our offer is based on the level of debt the company can support," he told a news conference in Santiago.

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