Aggreko Pulls New Executive Pay Plan Ahead of Investor Meeting
Aggreko Plc, the world's largest temporary power provider, said on Thursday it had withdrawn a proposed executive pay policy after some investors disapproved of a new restricted share plan (RSP). The company has been looking to switch its remuneration policy to more "fairly align" shareholder and management interests as it contends with challenging market conditions. Against this backdrop, the company said on Thursday the RSP plan was supposed to reduce the amount of annual bonus and awards under a Long Term Incentive Plan, while increasing the amount of Aggreko shares management members have to hold.
Aggreko reviews N.America Oil & Gas Fleet
Aggreko Plc, the world's largest temporary power provider, said it was reviewing the value of its North American fleet of oil and gas generators after further weakness in that market dragged down its third-quarter underlying revenue. Shares in Aggreko, whose kits power major events and cover electricity shortfalls, were down 3.8 percent at 771.5 pence at 1236 GMT on Wednesday, making its stock one of the top percentage losers on London's midcap index. The British company said underlying revenue fell 7 percent year-on-year in the quarter ended Sept.
Aggreko Extends 200 MW Ivory Coast Power Project
The Aggreko plant provides critical power to Ivory Coast and surrounding countries interconnected to the Ivory Coast grid. Aggreko has announced a three year contract extension to its 200 MW gas-fired power project in Ivory Coast, with an option to extend this by a further two years. The Aggreko plant in the Vridi area of Abidjan provides critical power to Ivory Coast and surrounding countries interconnected to the Ivory Coast grid. The facility was installed in 2010 with the first phase of the project producing 70 MW. This was later increased to 100 MW in 2011 and again increased in June 2013 to 200 MW.
Centrica Boardroom Reshuffle Continues
Britain's largest energy supplier Centrica will next month promote one of its managing directors to temporarily head up its British Gas business, progressing with a board reshuffle that started earlier this year. Ian Peters, currently managing director of British Gas residential energy, will start his new role on Dec. 1, replacing outgoing international downstream leader Chris Weston, but only on an interim basis and not as a member of the board. "Ian ... is well placed to assume this role on a transitional basis…
Hydropower Struggles, Tanzania Turns to Natural Gas
After decades of relying on supplemental private power generating plants to make up hydropower shortages, Tanzania will replace them with natural gas-fired turbines as the nation taps its big reserves of natural gas to generate cheap electricity. Amid recurring droughts that have crippled the operations of the country's major hydropower facilities, the East African nation is trying to diversify its energy sources - but potentially at the price of higher carbon emissions. The move to turn off furnace oil-powered generators is likely to save TANESCO…
Decom North Sea Hosts Lunch and Learn
Decom North Sea (DNS) is unique – it is the only organization dedicated to bringing operators, the supply chain and other stakeholders together to collaborate, innovate and uncover efficient solutions for offshore asset decommissioning. Hundreds of industry professionals have benefited from this ethos by attending DNS’ program of regular Lunch and Learn sessions. This month’s session takes place on Wednesday 20 August, at Doubletree by Hilton, Aberdeen from 12 – 2pm and will include topical presentations from power generation specialists Aggreko…
Centrica Loses Second Executive in Five Months
Weston to join power provider Aggreko as CEO. Resignations potentially create leadership problems. Britain's Centrica said the head of its British Gas division was leaving the company, the second big-name departure to be announced in five months as it battles public anger over soaring energy bills. Chris Weston, who will become the new boss of power provider Aggreko next year, joins Centrica's Finance Director Nick Luff in announcing his intention to leave. Media have speculated that Chief Executive Sam Laidlaw may also soon quit.
Oil Firms Opt for Stability, Urge Scotland to Stay in UK
Reuters - Royal Dutch Shell has become the second energy heavyweight to urge Scotland to stay in the United Kingdom as the campaign for Scottish independence battles mounting opposition from businesses. Shell is a key player in the North Sea oil and gas fields off Scotland and its Chief Executive Ben van Beurden said a vote for independence on Sept. 18 would mean greater uncertainty for the energy industry. Last month, the boss of BP warned Scottish independence could cause "uncertainties" for his company.