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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

Watkins' Letter Reveals Off-Balance Sheet Entities

LCG, Jan. 17, 2002--Enron Corp. depended on outside partnerships for hundreds of millions of dollars in revenue which never appeared on Enron's own income statements, according to a letter by an Enron vice-president, Sherron Watkins, to Ken Lay, Enron chairman.

Instead, the earnings from entities previously unknown to the public, called Condor and Raptor, may have been used to offset losses in other ventures. Raptor generated revenue through trading in the stock of public companies; some of the stocks were in companies of which Enron was a customer, such as the Enron subsidiary New Power Company, and Avici Systems, which deals in data networking equipment.

Analysts who have reviewed the substance of Watkins' letter say that $500 million generated by Raptor, as well as $800 million generated by Condor, may need to be deducted on Enron's income statements, and cause earnings to be revised downward by an additional $1.3 billion. In October, $1.2 billion was written off due to criticism that outside partnerships' activity was not explicitly included on Enron's own financial issuances.

Watkins expressed concern in her letter that when Condor produced revenue, the transaction between Condor and Enron should most likely have been characterized as an exchange of stock for cash, rather than increased cash flow. She wrote, "if Enron stock did well, the stock issuance to these entities would decline, and the transactions would be less noticeable. All has gone against us."

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