AES sees $50 billion battery storage opportunity in India

first_imgAES sees $50 billion battery storage opportunity in India FacebookTwitterLinkedInEmailPrint分享PV Magazine:India presents a potential investment opportunity of $50 billion for battery storage facilities that could help integrate renewable energy into the grid, replace polluting diesel-fueled power and boost electric mobility, according to Andres Gluski, CEO of American energy firm AES Corp.“Battery-based energy storage has an essential role to play in helping India realize its vision for a more sustainable energy future,” Gluski said in an interview with Bloomberg.Gluski was in India to launch the country’s first utility-scale battery storage system, which has been installed to support the grid in New Delhi. The 10 MW system, at Tata Power Delhi Distribution’s Rohini substation, was built by AES with Mitsubishi for almost $9 million. It uses the Advancion energy storage platform from Fluence, a joint venture between Siemens and AES.India has set a target of reaching 175 GW of renewable power generation capacity by 2022. The ability of the grid to integrate intermittent renewables and the huge investment required to upgrade the nation’s transmission and distribution infrastructure, are key challenges for India to meet its ambitious target.Energy storage can help better integrate renewables by providing multiple services to the grid system, such as optimizing transmission and distribution investment, addressing forecasting errors associated with wind and solar generation for more accurate scheduling, solving local reliability issues by providing reactive power support, equipping end users to manage peak loads, and enabling more efficient utilization of distributed renewable generation.More: India a $50bn market for energy storage, says US energy firm chieflast_img read more

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Virginia Is For Bike Lovers Giveaway

first_imglogo_113x50Enter our Virginia is for Bike Lovers Giveaway for your chance to win a biking vacation to Abington, Virginia or a new bike!Enter to win one of two great prizes:Grand Prize:Virginia Vacation Getaway to Abingdon, Va. including:Two-night stay in a wonderful Abingdon B&BEnjoy local cuisine at Abingdon’s most popular restaurantsBike the Creeper Trail with rentals and shuttle to Whitetop StationFirst Prize:Trek 8.2 DS from East Coasters Bike ShopsThis contest is now closed! Thanks to all who entered!  DON’T FORGET TO ENTER ALL OUR OTHER GREAT GIVEAWAYS!Rules and Regulations: Package must be redeemed within 1 year of winning date. Entries must be received by mail or through the www.blueridgeoutdoors.com contest sign-up page by 12:00 noon EST on October 15th, 2013. One entry per person. One winner per household.  Sweepstakes open only to legal residents of the 48 contiguous United  States and the District of Columbia, who are 18 years of age or older.  Void wherever prohibited by law. Families and employees of Blue Ridge Outdoors Magazine and participating sponsors are not eligible. No liability is assumed for lost, late, incomplete, inaccurate, non-delivered or misdirected mail, or misdirected e-mail, garbled,  mistranscribed, faulty or incomplete telephone transmissions, for technical hardware or software failures of any kind, lost or unavailable  network connection, or failed, incomplete or delayed computer  transmission or any human error which may occur in the receipt of  processing of the entries in this Sweepstakes. By entering the  sweepstakes, entrants agree that Blue Ridge Outdoors Magazine, the town of Abingdon, and East Coasters Bike Shops reserve the right to contact entrants multiple times with special information  and offers. Blue Ridge Outdoors Magazine reserves the right, at their  sole discretion, to disqualify any individual who tampers with the entry  process and to cancel, terminate, modify or suspend the Sweepstakes.  Winners agree that Blue Ridge Outdoors Magazine and participating  sponsors, their subsidiaries, affiliates, agents and promotion agencies  shall not be liable for injuries or losses of any kind resulting from  acceptance of or use of prizes. No substitutions or redemption of cash,  or transfer of prize permitted. Any taxes associated with winning any of  the prizes detailed below will be paid by the winner. Winners agree to  allow sponsors to use their name and pictures for purposes of promotion. Sponsors reserve the right to substitute a prize of equal or greater  value. All Federal, State and local laws and regulations apply.  Selection of winner will be chosen at random at the Blue Ridge Outdoors  office on or before October 30th, 6:00 PM EST 2013. Winners will be contacted by  the information they provided in the contest sign-up field and have 7  days to claim their prize before another winner will be picked. Odds of  winning will be determined by the total number of eligible entries received.last_img read more

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Is a sub-two-hour marathon possible?

first_imgEver since Roger Bannister broke the famed four-minute-mile in 1954, runners have been dreaming about a sub-two-hour marathon. The current marathon record is 2:02:57, set by Kenyan Dennis Kimetto at the Berlin Marathon in 2014. Is it humanly possible to break two hours? A team of East African runners thinks so.Nike’s Breaking2 team consists of Eliud Kipchoge of Kenya, Lelisa Desisa of Ethiopia, and Zersenay Tadese of Eritrea. Nike’s scientists and developers have been working on specialized racing shoes and apparel for a historic attempt at the sub-two marathon that is set to take place this spring.The sub-two-hour marathon will not be part of any major marathon but will be run on a Formula One racing track. The runners will follow a Tesla electric car that will have a clock showing elapsed time, splits, and projected finish time on the back of the car.Team Breaking2 recently attempted a test run where all three runners ran a half-marathon on the Formula One course. Two of the three athletes went under one hour for the 13.1 miles, with Kipchoge running 59:17 and Tadese in 59:41, Desisa fell behind to finish in 62:55. In order to break the two-hour barrier, these men are going to have to put together two back-to-back sub-60-minute half marathons, which is about 4:34 per mile for 26 miles.Read more here.last_img read more

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Schumer to Secret Service: Stem Flow of Counterfeit Cash on Long Island

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York U.S. Sen. Chuck Schumer (D-NY) on Wednesday called on the Secret Service to stem the recent uptick in counterfeit money flooding Long Island, a troubling increase in circulation of funny money that he claimed the beleaguered agency has failed to keep up with.Speaking inside Churchill’s restaurant and bar in Rockville Centre, which suffered nearly $400 in losses due to phony money that passed through the charming establishment during the height of the holiday season last December, Schumer told reporters that there has been 566 counterfeit money cases in Suffolk County since 2012 and 160 cases in Nassau County. The most recent counterfeit-related arrest came last month when three Uniondale High School students were nabbed for allegedly distributing fake $20 bills to other students on school property, Nassau County police said.“Counterfeit transactions have hit alarming” rates, said Schumer, who was flanked by village officials and members of the local Chamber of Commerce. But Schumer said he could not provide a reason for the increase in incidents.The senator called on the Secret Service, the federal agency created in the 19th century specifically to investigate counterfeit crimes, to stem the tide, saying it needs to step up its efforts and collaborate more openly with local law enforcement. He also pressed upon the agency to educate small business owners who can’t afford to suffer losses that inevitably come when they accept counterfeit cash.“Our Long Island stores need to know the tricks of the trade,” Schumer said.Officials estimate that $3 million in counterfeit money was circulated on LI last year, up from $2 million in previous years, Schumer said.There are several ways in which counterfeit currency is circulated on the Island. The phony notes are either produced locally or arrive through area airports such as John F. Kennedy International, where travelers attempt to conceal thousands of fake dollar bills in suitcases and other items with hopes of distributing the dollar bill doppelgangers in the metropolitan area. On March 24, Customs and Border Protection agents found $65,200 in counterfeit $100 bills concealed in placemats and a shoe bag inside JFK’s cargo facility. The packages had originated from Ecuador.Determining whether money is genuine or not is particularly difficult for employees at local businesses, especially bars and restaurants like Churchill’s, where cash is the most common form of payment, and the hustle and bustle on a busy night could throw off unsuspecting bartenders or wait staff.Oftentimes, as attendees of the press conference attested to, business owners and their employees are the first line of defense against those determined to essentially get a product or service for free by using fake money.Churchill’s owner Kevin Culhane said the restaurant counted $360 in counterfeit money over the course of one week in December.“The problem has gotten bigger this past year,” he told reporters.Culhane said he’s taken steps to educate his employees, but acknowledged they have yet to detect a counterfeit in the middle of a transaction. In fact, he said, even his bookkeeper had difficulty determining the authentication of a fake note.The most common form of funny money used at the restaurant is the Andrew Jackson-emblazoned $20 bill, Culhane said.Schumer noted that business owners may not know they accepted counterfeits until they go to the bank, which holds on to the fakes until law enforcement comes and places the bogus bucks into evidence. Business owners thinking they made money on a transaction are then forced to take a loss.Culhane said it’s “very embarrassing” to walk into the bank and be told his business was depositing counterfeit money.Stemming the circulation of counterfeit cash is not as easy as stopping a suspect red-handed, officials acknowledged.“One thing that makes it difficult is a lot of these people are innocent victims,” said Village of Rockville Centre Police Commissioner Chuck Gennario, because someone using fake cash may genuinely be unaware they’re holding it. “What we’re looking for, and the Secret Service is looking for, is the big fish, the people that are manufacturing it and the people that are distributing it,” he said.Counterfeiters are also adept at profiting off of transactions by using fake cash, Gennario added.“In a lot of cases there’s violent street gangs that are distributing it,” he said. “They’ll send runners out with $20 bills, and just look to get a $3 item or $2 item and put out a $20 bill. That’s how they launder it.”The Federal Reserve has attempted to deter counterfeiters by redesigning notes, as it did when it unveiled a new version of the $100 bill in October 2013.The latest redesign includes a blue 3-D security ribbon with images of bells and a color-changing bell in an inkwell.Over the last 20 years, the Federal Reserve released redesigned notes for every bill except for the dollar. The redesigned $100 note unveiled in 1996 marked the first major change to it in 67 years. That modification was followed by currency redesigns of the $50 in 1997, the $20 in 1998 and both the $5 and $10 bill in 2000. Each note has been modernized to varying degrees over the last decade.But dispersing overhauled bills also contributes to the confusion, officials said Wednesday, because older designs are still being circulated, meaning various forms of the notes are making the rounds.Despite the difficulties in catching counterfeits, business owners like Culhane want the Secret Service to act immediately.“Put an end to it!” he pleaded.The Secret Service office in Melville did not immediately respond to requests for comment.Nationally, the Secret Service has been recently ridiculed for several scandals and security lapses that have embarrassed the once prestigious agency.As the Press has previously reported, counterfeit currency has been circulating in this country for centuries, even going back to the founding of the nation, when it was used as a war-time tactic by the British who plotted to devalue the then-Continental Currency by dispersing fake ones in the colonies. The scheme, according to historians, was actually uncovered by Robert Townsend, who went by the alias Samuel Culper Jr., the most-decorated member of then-Gen. George Washington’s Long Island-based Culper Spy Ring.last_img read more

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Compliance, BSA 101, audits lead new CUNA compliance eSchool

first_imgCUNA continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrcenter_img CUNA announced its new Introduction to Compliance eSchool, which will take place for three Monday sessions April 27-May 11, 2020.“Staying current on ever-evolving rules and regulations is challenging even for seasoned compliance professionals,” says Melisa Kallestad, director of compliance & lending education at CUNA. “This eSchool is designed especially for professionals new to compliance to quickly build a comprehensive compliance foundation to succeed in their role. It’s also a great resource for a thorough review for seasoned professionals.”Attendees will cover need-to-know compliance information that includes an overview of major credit union compliance issues, key considerations for risk assessments, critical regulations and resources to solve compliance challenges.Sessions include:last_img read more

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See WarnerMedia CEO Jason Kilar’s memo on impending layoffs

first_imgAT&T‘s WarnerMedia is beginning thousands of layoffs Tuesday as the company formerly known as Time Warner restructures around streaming video.The job cuts are part of AT&T’s plan to eliminate redundant positions within WarnerMedia and refocus the company around growing HBO Max, the company’s flagship streaming video service. Many of the top executives at Time Warner’s HBO, Turner and Warner Bros. production studio have already departed before Tuesday’s announcement, including ex-HBO chief Richard Plepler, ex-Turner president David Levy and ex-Warner Bros. Entertainment CEO and Chairman Kevin Tsujihara.- Advertisement – WarnerMedia CEO Jason Kilar, who took the job earlier this year after running Hulu from 2007 to 2013, has been evaluating the company and working to break down old Time Warner silos, along with AT&T CEO John Stankey. Stankey was WarnerMedia’s CEO before elevating to AT&T’s top job and passing on his role to Kilar.A WarnerMedia spokesman declined to comment on the exact number of layoffs, though a person familiar with the matter said it was in the thousands. AT&T’s stock jumped 1.4% on the news but is trading near a five-year low. The wireless carrier spent $67 billion on DirecTV five years ago and is now entertaining final bids for a minority stake sale in the company’s broader pay-TV business at a valuation near $15 billion. AT&T paid more than $100 billion for Time Warner in a deal that closed in 2018.- Advertisement – I’ve previously shared how critical it is for us to evolve how we operate in the context of best serving customers. As I mentioned a few months ago, this entails simplifying how we are organized, partnering with the very best storytellers, and leaning into world class product and technology as we share our stories directly with audiences across the globe. Our journey entails continuing to excel in our large, core businesses while at the same time investing in emerging businesses where we have the opportunity to meaningfully delight customers.Today, we have arrived at a number of difficult decisions that are resulting in a smaller WarnerMedia team. This is a function of removing layers and the impact of consolidating previously separate organizations. Starting today in North America, we will be sharing which jobs are being eliminated and which roles have changed. We are continuing to review proposed changes in other countries across our non-US businesses, the timing of which will vary according to local regulatory requirements. Nothing about this is easy. But please know, these reductions are not in any way a reflection of the quality of the team members impacted, nor their work. It is simply a function of the changes I believe we must make in order to best serve customers. For those impacted, we will be offering severance and healthcare packages, in addition to professional services and team member assistance programs.While I anticipate that organizationally, things will settle down materially in the weeks and months to come (we’ve worked hard to make this a process with a beginning, middle and an end), I don’t want to suggest that our future is static. Rather, our future is about inventing ever better ways to move the world through story … which entails embracing change. I have every confidence in this world class team to do just that.To our colleagues who are leaving, I wish there were words to lessen today’s pain. Your contributions are a permanent part of this great company and today’s news does not change that. I am extremely thankful for all that you have done for this team and this mission. I hope that at some point you will look back on all of it with immense pride.Until then, please stay well and safe.JasonDisclosure: NBCUniversal is the parent company of CNBC.- Advertisement –center_img The WarnerMedia moves follow similar restructurings at large traditional media companies including Disney and NBCUniversal.This is a very painful email to write. And for a number of you reading this, I realize it will be even more painful to receive. For this, I am sorry.In August, I first shared news about how we were going to meaningfully change the organizational structure of WarnerMedia (which entailed, among other items, simplifying how we organize our entertainment studios, elevating HBO Max, and consolidating our commercial activities into one organization). Many of you have patiently waited to hear how the reorganization would affect you personally, which is both uncomfortable and stressful. Reducing this period of uncertainty was one of the many reasons we pushed so hard to get through this work as quickly and as thoughtfully as possible, although it probably didn’t feel fast enough. I want to thank you all for continuing to contribute your best, despite this challenging period and the additional pressure of everything else that has been going on in the world.- Advertisement –last_img read more

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BMW eliminates longevity risk with shift from DB to DC scheme

first_imgThe company is paying a set amount in basis contribution to the pension scheme, and any contribution made by employees is matched in full.The assets will be invested in Fidelity target funds according to a life-cycle-model, Degel said.People retiring 20 years from now will be allocated 100% to equity funds with the exposure decreasing to almost zero on retirement.The pension plan is backed by a CTA and insured against insolvency, an “absolutely necessity” with DC plans, according to Degel.“The deal is, BMW no longer has new lifelong pension payouts on its balance sheet, and, in turn, the accrued assets can be passed on to one’s heirs,” he said.The company also guarantees 1.75% in minimum return on the pension assets, which is fixed and Degel “expects to outperform”. If not, the company will pay the difference, he said.He added: “I am a fan of guarantees entered into with consideration.”Degel pointed out that a similar promise has been made since 2001 on the company’s deferred compensation scheme (Entgeldumwandlung), into which employees can transfer part of their salaries without any employer contribution.In this other scheme, the first entries were made with a 3.25% minimum return promise, the minimum guarantee for life insurers at that time.“In the meantime, we have a mix of interest rates averaging at around 2.6%,” Degel said.BMW is currently considering how to transfer some of its existing employees into the new scheme or something similar.Degel added that setting up an external pension plan such as a Pensionsfonds would not have allowed the inclusion of all employees into the scheme, and that on-book reserves afforded the company “more flexibility”.“It also is a kind of tradition,” he said. “We have always done Direktzusage, and we think it is the best way.” Any employee joining BMW’s pension fund in Germany this year will be signed up for a new defined contribution pension plan into which they can opt-out on a monthly basis via the company’s intranet.To eliminate the longevity risk in its on-book pensions promise – the so-called Direktzusage – BMW has also switched from paying out a lifelong pension to paying instalments over 20 years.Retirees can withdraw up to 30% of their accrued pension assets on retirement. The rest is then calculated to last for 20 years of payout and continues to be invested.Speaking at the Handelsblatt conference in Berlin, Wolfgang Degel, head of the retirement competence centre at BMW, said: “A standard adjustment of 1% per year is assumed in the plan, but any return on the investments above this 1% increases the pension assets and extends the payout phase.”last_img read more

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Denmark allocates €59M for green energy calls in 2019

first_imgDanish government has set aside €58.5 million (DKK 437 million) to support innovation in green energy sector that will be distributed via two calls for projects over the course of 2019.The projects will be financed through the Energy Technology Development and Demonstration Program (EUDP), which plans to launch the call for first round of applications on March 1, 2019.According to EUDP, a ‘good project’ for the program highly innovative, run by private companies, and with global outlook and potential to promote Denmark.The specific assessment criteria with more details for the applications will follow in the December 2018, EUDP noted..EUDP was established to support research, development and demonstration of new energy technologies that contribute to energy policy objectives, increase security of supply and create growth and employment.The second round for applications will be launched in the autumn 2019, according to EUDP.The latest evaluation of the EUDP has shown the program creates 1.2 jobs, DKK 2.7 million increase in turnover, and DKK 2 million increase in exports for every DKK 1 million it invests in projects.The program’s funding for green energy initiatives in 2019 has been increased for almost €5 million from last year, when the green innovation was supported with €53.7 million.At that time, the Danish government stated plans to increase funding for EUDP green energy support program to over €67 million (DKK 500 million) by 2020.last_img read more

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Divorce Hurts U.S. Economic Growth – Research

first_imgMSN.com 16 March 2012Today the Marriage and Religion Research Institute (MARRI), a project of the Family Research Council, released a new paper looking at a major player in macroeconomic growth – intact marriage. Titled, “The Divorce Revolution Perpetually Reduces U.S. Economic Growth: Divorce Removes a Fourth of Head-of-Household Productivity Growth,” the paper shows divorce causes men to become less productive. Thus, acculturated divorce is undermining America’s prospects for recovery and prosperity. The paper is authored by MARRI Senior Fellow Henry Potrykus, Ph.D., and MARRI Director Patrick Fagan, Ph.D.Of the paper, Dr. Potrykus said:“Marriage causes economic growth. Married men experience greater rates of income increase than single men, and the rate of income increase for a newly divorced man drops almost to that of his always-single counterparts through the divorce. Because of this, the explosion of divorce in this country has resulted in a loss in productivity growth. The divorce revolution has undermined growth in the U.S. economy.“Besides population effects originating in the 1960s and 1970s, there are no other consequences of policy change that have had a greater effect in slowing economic growth than the divorce revolution.”To read the paper, “The Divorce Revolution Perpetually Reduces U.S. Economic Growth: Divorce Removes a Fourth of Head-of-Household Productivity Growth,” click here: http://marri.us/productivity-divorcehttp://money.msn.com/business-news/article.aspx?feed=PR&Date=20120316&ID=14899597&topic=TOPIC_ECONOMIC_INDICATORS&isub=3last_img read more

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Doc arrested for ‘cursing’ police

first_imgThe physician was detained in the lockupcell of Police Station 3, facing charges for oral defamation and resistance anddisobedience to a person in authority or the agents of such person./PN This prompted the doctor to utterdefamatory words to the police around 4:20 p.m. on April 4, a police reportshowed. The doctor was looking to have hisbicycle fixed in the city but was denied entry by the policeman.center_img BACOLOD City – For allegdly cursing apolice officer, a doctor was arrested at a quarantine checkpoint in BarangayBata.Police withheld the name of the 44-year-old physician from Talisay City, NegrosOccidental.last_img

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