AM I NEXT? NO LOVE AT GE VERNOVA

Cambridge, Massachusetts-based GE Vernova, the energy spin-off from General Electric, has announced a reduction in force as a response to poor market conditions and technical issues in the offshore wind business.

Approximatel 900 employees are targeted.

The company told a government commission that its new plan reflected “industrywide challenges for wind” and aimed to create “a smaller, leaner and more profitable business.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall; why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT AMERICAN ELECTRIC POWER (08/05/24)

AUGUST 5, 2024 — 6% ACCEPT VOLUNTARY BUYOUTS

"Approximately 1,000 employees participated, and I'm thankful for their contributions to our company and financial outcomes," stated interim CEO Ben Fowke in the company's earnings report. "We expect to see the program's benefits in the latter half of the year, which will help counterbalance rising interest rates and other inflationary pressures as we continue to reinvest in our business to serve our customers." The company noted that the majority of the employees departed on July 1.

Now we wait to see if the voluntary buyouts produce acceptable results or if the company will implement stronger measures.

JANUARY 29, 2024 — Original post…

Columbus, Ohio-based American Electric Power. a major generator and distributor of electric power, has announced a major reduction in force.

The personnel realignment will impact between 270 and 350 employees in multiple operations in AEP's 11-state territory that stretches from Michigan to Texas. It appears that a number of remote workers, including employees in IT and cyber-security roles were impacted.

According to a company statement, "We are committed to supporting them through this transition. This staff reduction is necessary as we look at the roles needed to best meet the expectations of our customers in the face of higher costs of providing reliable service."

Many are wondering how many IT roles were outsourced to TCS (Tata Consultancy Services).

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT NUSCALE POWER CORPORATION

Portland, Oregon-based NuScale Power Corporation, a nuclear engineering company that designs and markets small modular nuclear-based power generation reactors, announced a 28% reduction in the company's headcount.

The reduction in force impacts 154 employees. The decision to reduce headcount appears to be part of a companywide cost reduction initiative. Possibly to compensate for the loss of a major project.

According to John Hopkins, NuScale President and Chief Executive Officer...

NuScale Power Corporation, the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, announced certain strategic actions to better position itself commercially, financially, and strategically.

Currently, NuScale is taking steps to transition from R&D to commercialization and aims to focus resources in key strategic areas as part of its growth and to strengthen its position going forward.

These strategic actions reinforce NuScale’s business as the leading SMR technology provider and align resources with core priorities, which include advancing revenue-generating projects, securing new orders, and positioning NuScale toward long-term success.

NuScale’s strategic actions are projected to result in approximately $50-60 million in annualized savings, which includes a workforce reduction of 154 full-time employees, representing approximately 28 percent of full-time staff. We continue to invest in our future, including work needed for the near-term deployment of our SMR power plants powered by our 77 MWe NuScale Power Modules.”

NuScale continues to be deeply committed to its mission of delivering safe, clean, and cost-effective nuclear energy solutions.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?