People’s United Financial appoints John P Barnes as president and CEO

first_imgPeople’s United Bank,People’s United Financial, Inc (Nasdaq: PBCT), a diversified financial services company, today announced that it has named John P. (Jack) Barnes as President, Chief Executive Officer and a member of the Board of Directors effective immediately.  Barnes was also named President, CEO and a director of the Company’s subsidiary, People’s United Bank.  Barnes, 54, has served as interim President and CEO since the departure of former CEO Philip R. Sherringham in April. He was with Chittenden Bank Vermont until it was bought by People’s in 2008.The company’s announcement follows an extensive executive search involving internal and external candidates, which the Board of Directors conducted in partnership with Russell Reynolds, a leading executive search firm with substantial financial services sector expertise.”We are pleased to announce that, after a very thorough search process involving numerous external candidates, the Board unanimously determined that Jack is the right leader for the company in its next phase of growth,” said Chairman of the Board George P. Carter. “He has a broad banking background and extensive experience with bank acquisitions and integration ‘ both as a leader at People’s United and at Chittenden Corporation. He also brings to the role a unique and essential understanding of the commitment of People’s United to its customers, employees and communities throughout the franchise.”In the three months that Jack has led People’s United as interim President and CEO, he has clearly demonstrated his strong leadership skills and the ability to execute on our strategy of delivering growth and increasing shareholder value,” Carter added. “Along with our solid second quarter earnings results, we also announced last week two strategic acquisitions that extend our footprint as the largest bank headquartered in New England even further into the New York metro and Boston area markets,” Carter continued. “During the past six months Jack also has overseen the very successful conversion of our core banking systems and the process of rebranding all of our northern New England divisions to the People’s United Bank name.””I am delighted by the Board’s decision,” Barnes said. “I look forward to continuing to work closely with our Board, management team, and dedicated employees as we build on our strong strategic and financial foundation. People’s United benefits from a number of unique characteristics in the present environment, including our enviable footprint, strong balance sheet, solid asset quality and many growth prospects, and I am excited about the opportunity to fully realize the bank’s potential.”Barnes joined People’s United Financial as Senior Executive Vice President and Chief Administrative Officer following the acquisition of Chittenden Corporation in early 2008.  In this position, he managed Information Technology, Operations, Real Estate Services and Business Services.  Barnes joined Chittenden Bank in 1983 after five years with the FDIC in Boston. He became Senior Vice President and Chief Credit Policy Officer in 1988.  In 1990, he was named to head the Credit Policy and Administration division. In 2002, he was appointed Executive Vice President in charge of the newly formed Chittenden Services Group, which included Information Technology, Operations and other centralized services for the corporation. Forward-Looking Statements Disclosure and “Safe Harbor” NoteCertain statements contained in this release are forward-looking in nature.  These include all statements about People’s United Financial’s plans, objectives, expectations and other statements that are not historical facts, and usually use words such as “expect,” “anticipate,” “believe” and similar expressions.  Such statements represent the Board’s and management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed.  All forward-looking statements are subject to risks and uncertainties that could result in outcomes (including those affecting People’s United Financial’s actual operating results or financial condition) that differ materially from those expressed in or implied by such statements.  Factors of particular importance to People’s United Financial include, but are not limited to:  (1) changes in general, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) residential mortgage and secondary market activity; (7) changes in accounting and regulatory guidance applicable to banks; (8) price levels and conditions in the public securities markets; (9) competition and its effect on pricing, spending, third-party relationships and revenues; and (10) the successful integration of acquired companies.  People’s United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.People’s United Financial, Inc., a diversified financial services company with approximately $22 billion in assets, provides consumer and commercial banking services through its subsidiary, People’s United Bank, with nearly 300 branches inConnecticut, Vermont, New Hampshire, Massachusetts, Maine and New York. Through additional subsidiaries, People’s United provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.SOURCE: People’s United Financial, Inc. 7.22.2010/PRNewswire-FirstCall/last_img read more

Shumlin calls on Entergy Vermont Yankee to protect Vermont’s aquifers

first_imgDear Mr. Colomb,As Governor-elect, the integrity of Vermont’s aquifer is of the highest concern to me. I respectfully request that Entergy return its extraction wells to service and repeat my earlier request to increase the number of wells to prevent tritiated water from entering Vermont’s precious and irreplaceable aquifers.  It appears that ENVY made the decision to arbitrarily terminate the process of extracting tritiated ground water from the Vermont Yankee site as soon as 300,000-gallons of water had been removed.  The tritium concentration level of the remaining on site tritiated water after the 300,000-gallon cutoff was never provided to justify that decision.  On February 25, 2010, ENVY also made the decision to close its Construction Office Building (COB) well, which had been leaking tritiated water  into the underlying aquifer. ENVY’s February press release stated that if the well continued to operate, there was a ‘small possibility’ that its operation would draw tritium into the aquifer and cause ‘cross contamination’.  Therefore, shutting down the COB well was an appropriate precaution to avoid contaminating the aquifer.However, the October 8, 2010 hydrological COB well test results showed that the tritiated water had indeed contaminated the COB well even though it had been shut down seven months earlier.  This October 2010 discovery suggests that the likelihood of cross contamination of the COB well water was more significant than ENVY engineers had estimated in February.  The evidence shows that cross contamination of bedrock has apparently been occurring even after the COB well was shut down.  At that time, I recommended that the extraction wells remain in operation and their number be increased to avoid contamination of our aquifer. On October 13, 2010, Dr. William Irvin with the State Department of Health said,   â ¦the 300,000- gallon mark shouldn’t be an end point for the extraction process. He said cold weather is an impediment, but Entergy should continue to pump and store tritiated water through the winter. Irwin described the ‘extraction’ wells as ‘critical.’â ¦ ‘(Entergy) should make an effort to continue the extraction as long as tritium is in the water,’ Irwin said.  (Vermont Digger)Yet despite my suggestion and Dr. Irwin’s recommendation that the extraction wells remain operational, ENVY went ahead and on November 18, 2010 shut down these vital water safety devices.  The following day Entergy detected 500,000 pCi/l of tritium near the COB well and at bedrock.  This high radioactive concentration near the COB well and at bedrock is a further indication that the aquifer may be in serious jeopardy of contamination from tritium and other radioactive isotopes.Furthermore, I have been informed that since detecting tritium at a depth of 220 feet in the COB well in October, Entergy has not taken any radiation samples from the bedrock or aquifer via the COB well.  The COB well is the only source of data about what is happening in the aquifer under the site, so I also respectfully request that additional samples be taken regularly to allow the State of Vermont and Entergy to ascertain if one of Vermont’s essential aquifers has been or is being contaminated by tritiated water from this newest expansion of the tritium plume.  I also request that a formal schedule of testing of water, Connecticut River fish, and on-site vegetation be conducted for tritium, strontium and cesium.None of these requests should take any extensive effort and I would anticipate that recommended actions could be completed by the end of the week.  I would hope you would support these actions which I believe are in the public interest.  I look forward to hearing from you and to a productive working relationship.Sincerely,Peter ShumlinGovernor-Elect Northstar Vermont Yankee,Governor-elect Peter Shumlin sent a letter to Entergy’s Vermont Yankee Site Vice President, Michael Colomb today. Shumlin requests in the letter that Entergy return its extraction wells to service and repeated his request to increase the number of wells to prevent contaminated water from harming Vermont’s aquifers.The complete letter follows: December 7, 2010Michael Colomb, Site Vice President320 Governor Hunt RdVernon, Vt05304CC: Gregory Jaczko,  NRC Chairmanlast_img read more

GE Aviation Rutland shares energy reduction strategies, saved $1 million and 15 million kwh

first_imgSource: GE. RUTLAND, VT  ‘ May 18, 2011 ‘ Back Row, L to RMike Leonard, Efficiency VermontSenator Vincent IlluzziJim Merriam, Efficiency VermontLt. Governor Phil ScottSenator Bill CarrisDan DiBattista, GE Aviation GE Aircraft Engines – Rutland Operation,GE Aviation’s Rutland facility shared its energy reduction strategies with leading Vermont industrial businesses along with state and Congressional leaders at a special meeting on May 18 at the GE Aviation Rutland facility. GE has saved 15 million kilowatt hours of electricity and nearly 8,000 tons of CO2 in emissions reduced.Since 2006, the GE Aviation Rutland facility and Efficiency Vermont have worked together to identify and implement energy savings programs at the 400,000-square-foot Windcrest Road and 100,000-square-foot Columbian Avenue locations. The team has completed 16 projects that have reduced the annual electrical usage by more than 15 million kwh and reduced CO2 emission by close to 8,000 tons. GE Aviation estimates its annual electrical cost savings is more than $1 million for both Rutland locations. Examples of energy savings projects include:-          Lighting upgrades: Changing lighting from high pressure sodium fixtures to high performance T8 high bay fixtures. Annual savings of close to 2.5 million kWh in electricity and reduction of 1,000 tons of CO2 emissions, as well improved lighting in manufacturing areas.-          Right sizing equipment: Replacing eight over-sized rotary ovens with eight right-sized ovens and reduction in compressed air consumption.  Annual savings of nearly 1 million kWh in electricity and reduction of more than 450 tons of CO2 emissions.-          Aligning infrastructure to new processes: Changing two 100 HP ventilation systems to two 5 HP ventilation systems. Annual savings of more than 1 million kWh in electricity and reduction of more than 550 tons of CO2 emissions.-          Reducing compressed air consumption:Replacing 11 air diaphragm pumps with 11 electric pumps. Annual savings of more than 440,000 kWh in electricity and reduction of close to 230 tons of CO2 emissions.-          Creating employee energy awareness: Promoting energy conservation on the shop floor through employee awareness and simple equipment shut down and start up procedures in all production areas. This program, with little or no capital expense, yielded an estimated 12% electrical reduction in one year. ‘The team’s efforts have provided significant benefits to the site as well as the environment,’ said Dan DiBattista, plant manager for GE Aviation Rutland. ‘The energy savings is enough to power close to 900 Vermont homes annually and the CO2 emission reduction is the equivalent of removing close to 475 cars off the road each year.’‘GE Aviation is a leader in energy efficiency in the state of Vermont,’ said Mike Leonard, key account manager for Efficiency Vermont. ‘We’ve been pleased to partner with them as they’ve taken energy efficiency to a whole new level through process improvements and making energy use reduction a key part of operations.’ The energy efficiency efforts are part of GE’s ecomagination initiative, which includes a commitment by GE to reduce its absolute greenhouse gas (GHG) emissions by 25 percent, water usage by 25 percent and energy intensity reduction by 50 percent. For more information about GE’s ecomagination, visit:www.ecomagination.com(link is external).GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of jet and turboprop engines, components and integrated systems for commercial, military, business and general aviation aircraft. GE Aviation has a global service network to support these offerings. GE Aviation Rutland manufactures airfoils and vane for jet engines used in commercial and military aircraft. For more information, visit us at www.ge.com/aviation(link is external). Follow GE Aviation on Twitter athttp://twitter.com/GEAviation(link is external) and YouTube athttp://www.youtube.com/user/GEAviation(link is external). Efficiency Vermont was created by the Vermont Legislature and the Vermont Public Service Board to help all Vermonters reduce energy costs, strengthen the economy, and protect Vermont’s environment. Vermont Energy Investment Corporation (VEIC) operates Efficiency Vermont under an appointment by the Vermont Public Service Board. VEIC is a Vermont-based nonprofit organization founded in1986. For more information, contact Efficiency Vermont at 888-921-5990 or visit www.efficiencyvermont.com(link is external).Pictured: Front Row, L to RPaul Bender, GE AviationCharlie Barker, GE AviationDrew Hamer, GE Aviationcenter_img Middle Row, L to RRick Thibodeau, Efficiency VermontJonathan Aldrich, IBMKate Hunter, Efficiency Vermontlast_img read more

Vermont Farm Disaster Relief Fund to support farmers affected by Irene

first_imgThe Vermont Agency of Agriculture has partnered with the Vermont Community Foundation to create the Vermont Farm Disaster Relief Fund, which will assist Vermont farms that sustained damage from Tropical Storm Irene. The relief fund will pool contributions from donors and will make grants directly to farmers affected by the storm. ‘Following Tropical Storm Irene, the Agency of Agriculture received calls from many farmers seeking guidance about lost land, lost crops, and lost livestock, as well as calls from Vermonters interested in supporting farmers,’ said Chuck Ross, Secretary of the Vermont Agency of Agriculture. ‘Until now, there was no designated fund to which we could direct callers. The Farm Disaster Relief Fund creates a vehicle where we can connect the resources of concerned donors to the needs of affected farmers who have suffered damages from tropical storm Irene.’  The Community Foundation and Vermont Secretary of Agriculture Chuck Ross will work together in consultation with local organizations to distribute the funds, which will be used by farmers to replace infrastructure as well as help cover losses sustained from the storm. Representatives from the Foundation and the Agency of Agriculture will meet within the coming week to further define the guidelines of the application process to the Relief Fund. ‘People across the country are interested in helping Vermont farmers. As we all know, many of these farmers lost everything,’ says the Vermont Community Foundation’s President and CEO Stuart Comstock-Gay. ‘These resources will help them get through the next few months and allow them to begin to rebuild, restore, and get back on their feet.’ The Agency of Agriculture works to facilitate, support and encourage the growth and viability of Vermont agriculture while protecting the working landscape, human, animal and plant health and the environment. Visitwww.vermontagriculture.com(link is external) for more information. The Vermont Community Foundation has been helping donors give to the causes and organizations they care about since 1986. We are Vermont’s largest and leading homegrown grantmaker. Together, our family of over 600 funds provides more than $10 million in grants per year. In addition, we help keep Vermont’s nonprofit community vital by offering endowment management and planned giving services, and providing leadership in charitable giving of all kinds. Visit www.vermontcf.org(link is external) or call 802-388-3355 for more information.last_img read more

Burlington Electric, not Telecom, sparks mayoral race

first_imgBurlington Electric Department,Republican mayoral candidate Kurt Wright dropped the first bomb shell of the Burlington mayoral race yesterday with his suggestion that the city should sell the Burlington Electric Department. Wright explained that the sale would help pay for mounting debt in the city’s largest city, in particular a looming $50 million shortfall in the pension fun, a $17 million budget deficit and the on-going mess with Burlington Telecom, which along with being a financial failure to date is dragging the city’s, BED’s and Burlington International Airport’s credit rating down with it.Wright, a state representative and former chairman of the City Council, emphasized that this would not be a ‘fire sale.’ He said BED is a valuable city asset. If the city could not get a reasonable price, then it should not be sold. He said the utility could fetch more than $100 million net of debt and go a long way toward restory the city’s financial situation. BED employs about 130 and last year had revenues of $54.3 million. The McNeil generating facility is in the city’s Intervale section and its headquarters or on Pine Street. BED owns half of the 50 megawatt McNeil plant (for perspective, the Vermont Yankee nuclear plant is 605 MW).BED’s overall rates are 13.41 cents per kilowatt hour (state of Vermont, 2009), compared to the statewide average of 12.69 cents. Green Mountain Power was 11.89 cents and CVPS was12.67. The New England average was 15.86 cents; the US average was 9.98 cents.Along with paying off debt, shedding the city of BED would get rid of some risk for the city. BED has thrived in recent years as the price of natural gas has come down. The power it produces also looks relatively cheap compared to the rest of New England, which has high electric costs compared to most of the rest of the nation.Vermont in general has relatively lower rates than most other New England, and indeed Northeast, utilities, with only Maine having lower overall rates in the region for 2010 (For 2010, New England rates generally went down slightly and Vermont’s went up, putting Vermont second to Maine for 2010 where it was first in 2009). BED is lower than nearly all of them, giving ratepayers in Burlington a bit of a break.The McNeil generating plant burns wood or gas (and can burn fuel oil). When needed, BED contracts to buy power from sources that are in sync with the overall ethos of the city’s progressive politics. It does not have any contracts with nuclear plants.But this current rosy picture was not always the case and if the cost of wood or natural gas were to skyrocket, or other sources, such as nuclear is now seen doing, become much cheaper, then BED power could be relatively expensive.Needless to say, the reaction from the mayor’s office was swift.Progressive Mayor Bob Kiss said in a statement soon after Wright’s announcement that: ‘Kurt Wright’s proposal to sell the Burlington Electric Department is short-sighted and irresponsible. BED is a tremendous asset of the City. As a municipally-owned utility, it reflects important values of local rate-payer control and public accountability. BED is widely-acknowledged as one of the nation’s leading utilities with respect to the use of renewable energy sources. Selling an asset like BED for a one-time benefit undercuts Burlington’s future. It’s a short-term gimmick that lacks prudence and vision.‘The urgency suggested by this proposal is misplaced,” the mayor said. “The City is working towards constructive solutions for issues such as Burlington Telecom and the pension fund. Despite the national economy Burlington has been successful in attracting new businesses and jobs, strengthening the City’s infrastructure, and building sustainable municipal budgets that have continued to deliver quality services without the need for a general city tax increase over the last 6 years. Proposing to sell BED under these circumstances is an erratic solution to circumstances that require steadiness and careful consideration.’Vermont State Representative and Democratic mayoral candidate Jason Lorber also decried Wright’s suggestion to sell Burlington Electric.‘Kurt Wright is trying to sell out our city and Burlington values,’ said Lorber.‘Selling out Burlington Electric to private hands would be committing financial malpractice,’ he said. ‘Burlington Electric saves residents money, while reducing energy consumption. I believe that energy-independence and efficiency are paramount to sustainability. That’s what Burlington Electric does, while saving money. Burlington Values our people, our environment, and workers far above a fast buck.’last_img read more

Developer plans major PV plus battery storage project in Nevada

first_imgDeveloper plans major PV plus battery storage project in Nevada FacebookTwitterLinkedInEmailPrint分享Bloomberg:A $1 billion solar project near Las Vegas may help light up the Strip and other parts of Nevada, California and Arizona as early as 2020.The proposed Gemini solar project would be one of the largest in the western U.S., located on almost 44,000 acres of federal land about 25 miles (40 kilometers) northeast of downtown Las Vegas, according to a statement Monday from developer Quinbrook Infrastructure Partners. The company is planning to install 690 megawatts of solar and as much as 200 megawatts of batteries.A key element of the project is the batteries. Solar-storage projects are capable of delivering power when the sun has set. That’s become especially important across the western U.S. With battery costs falling, electricity buyers in California are increasingly seeking solar coupled with batteries as well.“In California, I’d sincerely doubt you’d build a solar project without a battery,” Jeff Hunter, senior managing director of Quinbrook, said in an interview.Quinbrook, with U.S. headquarters in Houston, said an environmental review is expected to be completed next year, with construction slated to begin in the third quarter of 2019. Arevia Power will oversee final development and construction, and the final cost will be dictated by the size of the project’s battery component, Hunter said.Gemini is among a spate of large U.S. solar projects proposed recently, in part to capture governmental incentives before they’re scheduled to wane, said Hugh Bromley, a New York-based analyst at Bloomberg NEF.More: A billion-dollar solar project may help power Las Vegaslast_img read more

Fluence announces largest Canadian battery storage project

first_img FacebookTwitterLinkedInEmailPrint分享Energy Storage News:A vast new energy storage system – thought to be the largest of its kind in Canada to date with 48 MW/144 MWh capacity, will be built in the city of Sault Ste Marie, Ontario.Fluence, the venture jointly owned by developer AES Corporation and Siemens, will provide energy storage technology and provide engineering, procurement and construction (EPC) services. The company has signed an agreement for the project with PUC Services, an affiliate of the city’s designated Local Distribution Company (LDC) for electricity, PUC Distribution.The Fluence-PUC partnership will be used to offer energy management solutions to PUC’s biggest customers. Through use of the battery, businesses with a large energy profile should be able to save money on their monthly energy costs.As often reported by this site, Ontario pays for grid upgrades and decarbonisation partly through the Global Adjustment Charge, a peak demand pricing mechanism which levies higher rates on commercial customers than residential. This has led to numerous C&I projects that have been used to ‘peak shave’ businesses’ energy demand from the grid in the province, but nothing on the scale of this latest project announcement to date.Local news outlet The Sault Star carried a report about the project late last week. A Fluence spokesman said today that broadly, the report was correct but did mistakenly state that the capacity was expected to be 45 MW/165 MWh, which the Fluence representative corrected. The report also put some numbers on potential savings businesses could make. Some 357 business customers could save a total of CA$3 million (US$2.29 million) to CA$5 million savings annually between them, amounting to around CA$100 million over the course of the project’s lifetime.   More: Fluence’s latest Ontario project will be 48MW/144MWh for C&I customers Fluence announces largest Canadian battery storage projectlast_img read more

Massachusetts starts process for second 800MW offshore wind purchase

first_imgMassachusetts starts process for second 800MW offshore wind purchase FacebookTwitterLinkedInEmailPrint分享The Herald News:The Baker administration and the state’s utilities are ready to go back to market and put another offshore wind contract out to bid.The state Department of Energy Resources (DOER) and electric distribution companies Eversource, National Grid and Unitil have filed documents with state regulators to initiate a procurement of up to 800 megawatts of offshore wind power, with the goal of executing a final contract by the end of 2019.A 2016 law authorized up to 1,600 megawatts of offshore wind power. Vineyard Wind secured the first contract and is advancing its 800-megawatt project.The timeframe for the next procurement, which is subject to Department of Public Utilities approval, calls for bids to be submitted in August, project selection in November and execution of a long-term contract by the end of the year, enabling the venture that secures the contract to secure federal investment tax credits.The 2016 renewable energy law requires bidders to come in with lower prices in the second procurement, compared to the first, but officials said they are trying to build some “flexibility” into that process because they view Vineyard Wind’s winning bid as reflective of a very competitive price.The offshore wind industry along the Massachusetts coast has the potential to be a more significant sector than “anybody ever imagined or appreciated,” Gov. Charlie Baker said this month, once energy-storage technology is further developed and deployed in tandem with clean energy from wind turbines.More: Mass. sets specifics for second offshore wind procurementlast_img read more

Coal-dependent Polish utility PGE commits to 100% zero emissions by 2050

first_img FacebookTwitterLinkedInEmailPrint分享Platts:Poland’s largest utility, PGE Polska Grupa Energetyczna SA, is planning to phase out coal and offer zero emission energy by 2050, CEO Wojciech Dabrowski said Sep. 15.“PGE, as the largest company in the sector, will play a key role in achieving zero emissions by Poland,” Dabrowski said at a Q2 results news conference. “Our strategic aspiration is to offer 100% green energy to PGE customers in 2050.”Dabrowski said the company is working on an updated strategy for release in late autumn that will detail PGE’s green transformation. In the second quarter, 88% of the company’s 13.22 TWh generation was produced in the company’s five lignite and hard-coal-fired plants and two CHPs. Just 5% was generated from renewable sources, the rest from natural gas. PGE is planning to invest huge amounts to have 2.5 GW each in offshore wind and solar capacity by 2030.PGE’s CEO said the company has decided to draw up a transformation plan for the company’s largest plant, the 4.93 GW lignite-fired facility in Belchatow. “Green investments can provide as many or even more jobs than current coal complexes,” he said. Dabrowski said PGE would also replace coal as the “basic fuel” for the company’s CHP and district heating plants with gas.In reaction to the European Commission’s proposal to increase the bloc’s emission cuts from 40% to at least 55% from 1990 levels by 2030, Dabrowski expressed confidence that PGE could cope with such a target and was hoping to access funds from the EU’s Just Transition fund.He said PGE supported the proposal to spin off the coal assets of the country’s three state-controlled utilities to a separate company that would be state-owned in order to help the power companies source funding for their green investments. He said the government had given preliminary agreement to the move and he expected a final decision following the cabinet reshuffle next month.[Adam Easton]More: Poland’s PGE targets zero carbon emissions by 2050: CEO Coal-dependent Polish utility PGE commits to 100% zero emissions by 2050last_img read more