AM I NEXT? NO LOVE AT DTE ENERGY

Detroit, Michigan-based DTE Energy, a diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada, is implementing a voluntary layoff initiative.

According to Diane Antishin, vice president of Human Resources and chief diversity and inclusion officer, "DTE Energy has a new plan to trim its workforce and said it hopes to keep electric and gas bills affordable."

The power company is offering voluntary buyouts to 30% of its 10,000-employee workforce. Most of the targeted employees are primarily in corporate and staff roles.

The company-issued statement noted, "We’re taking action to further focus on what matters most to our customers: providing increasingly safe, reliable and cleaner energy while keeping their bills affordable during this time of massive investment in transforming the way we generate and distribute energy. At the same time, this voluntary program will enable us to provide new opportunities for our team members to learn, grow and contribute while keeping DTE a great place to work.

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 LUMINANT ENERGY

Irving, Texas-based Luminant, an energy business specializing in power development, generation, marketing, trading, and mining, operations, has announced that Luminant will completely cease operations at their Liberty Mine and lay off additional workers at their Martin Lake Beckville Mine and the Martin Lake Railroad.

Approximately 160-170 employees will be laid off on December 26, 2021.

According to a company statement, "As Luminant has planned for some time, the Liberty Mine that provided lignite to the Martin Lake Power Plant since 2014 will be closing by the end of 2021. The estimated 160-170 employees impacted were informed earlier this year. Luminant deeply thanks and appreciates the men and women who’ve worked at Liberty and their dedication to powering Texas."

"The Liberty Mine closure was a part of the company's long term fuel plan and the Martin Lake power plant will now operate on coal from the Powder River Basin which spans parts Wyoming, Montana and South Dakota."

Part of the decision was environmental as coal-fired power plants struggles to meet environmental regulations, and part economic as the company was losing market share to more efficient gas-power plants.

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. 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 DUKE ENERGY CORPORATION

Charlotte, North Carolina-based Duke Energy Corporation, an electric power and natural gas holding company, is under attack by New York, New York-based Elliott Management, one of the largest activist investment fund managers in the world.

Elliott Management has taken a large stake in Duke Energy, but the Duke Board of Directors shows little or no receptivity to Elliot's proposals for change at the utility.

The modus operandi of Paul Singer's Elliot Management is based on scaring the board with a letter demanding the company cut costs including a reduction in force, divest unprofitable and underperforming assets, buy back shares to increase the share price, and upstream dividends. Sometimes fighting to add designated directors to the board.

According to Duke Energy, "The new Elliott Management letter to the Board of Directors is the latest attempt to push its short-term agenda at the expense of long-term shareholder value as well as the interests of Duke Energy’s employees and the communities it serves.

This announcement is similar to earlier Elliott plans that failed to gain support. Elliott first proposed a preferential equity scheme in which the company would issue up to $7 billion of deeply discounted equity to Elliott and its hedge fund allies, which would materially dilute Duke’s existing shareholders. After that was rejected by the Duke Energy Board, Elliott then publicly advocated for an illogical, complex three-way breakup of the company.

Elliott’s 'shrink-the-company' break-up proposal collapsed immediately because it was financially unsound and ran counter to the strategic direction of the entire industry. Over the past several months, Duke Energy’s management team has been in active dialogue with the equity analyst community and institutional shareholders. Our largest investors, as well as analysts, public officials, and other stakeholders were near-universal in their rejection of the hedge fund’s unsound plan.

Now, Elliott is taking aim at Duke Energy’s leadership to find a way to force a shareholder-value-destroying plan that has no support."

For Duke employees, vendors, consultants, and others: change is afoot. Most companies will attempt to cut costs by implementing a reduction in force and tighten-up operations. The handwriting is on the wall.

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. 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?