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TVA Board Votes to Retire Over 2,000 MW of Coal-fired Generation

LCG, February 14, 2019--The Tennessee Valley Authority (TVA) Board voted today to retire both the Paradise Unit 3 and Bull Run coal-fired power plants within the next few years. The closures will reduce the TVA fleet electric generating capacity by 2,031 MW.

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MHPS to Supply Three J Class Turbines for Power Project in Virginia

LCG, February 8, 2019--Balico, LLC and Gemma Power Systems selected Mitsubishi Hitachi Power Systems Americas (MHPS) and its J Class turbines for the 1,600-MW Chickahominy Power Station project in Virginia. The combined cycle power plant will deliver power into the PJM regional transmission grid and is scheduled for completion in 2022.

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Industry News

Former Executive Involved in Project Alpha at Dynegy Sentenced

LCG, Mar. 29, 2004--Jamie Olis, a former executive and tax-planning specialist at Dynegy Inc., was sentenced to prison for more than 24 years by a federal judge in district court in Houston last week.

Olis, 38, decided to plead not guilty to charges stemming from his role in setting up Project Alpha, which characterized a loan as cash flow. Project Alpha was said to make the company's financial condition appear better than it actually was. The sentence was based on recently imposed sentencing guidelines for business crimes. Under the earlier guidelines, Olis' conviction might have resulted in a seven-year sentence.

Prosecutors contended that Project Alpha should be considered for its impact on Dynegy shareholders, who experienced investment losses when the nature of the accounting scheme was revealed. Two others who took part in the accounting treatment, including Gene S. Foster, Olis' former boss, and Helen C. Sharkey, a former specialist in risk-assessment, submitted guilty pleas and are likely to receive sentences of less than five years. Mr. Olis' lawyer, David Gerger, was quoted in the New York Times as saying, "The government is on a witch hunt, and today the witch hunt netted a very small fish."
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