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New Jersey Steps Forward to Add 1,100 MW of Offshore Wind

LCG, September 20, 2018--The New Jersey Board of Public Utilities (NJBPU) on Monday approved an order opening an application window for a record setting 1,100 MW of offshore wind capacity.

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Duke Energy Carolinas Files IRP

LCG, September 6, 2018--Duke Energy Carolinas excluded new nuclear construction in its recently filed Integrated Resource Plan (IRP), which includes its 15-year plan for new power generation.

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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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