Generation mPower ex-CEO to get $910,000 severance payment

[bananas]

Source: Charlotte Business Journal

Former Generation mPower CEO Chris Mowry will receive $910,000 in severance as part of a retention agreement he signed with The Babcock & Wilcox Co. late last year as it looked for a buyer for a majority share of the mPower joint venture.

That is in addition to an equity award of $800,000 he received when he signed the agreement. And a number of long-term incentives will vest following his termination this week as a part of B&’s restructuring of Generation mPower.

The restructuring means significantly less spending this year on development of the 180-megawatt mPower small nuclear reactor and plans to push back development three to five years to the mid-2020s.

Layoffs coming

It will also mean layoffs at the joint venture — 90 percent owned by Charlotte-based B&W (NYSE:BWC) and 10 percent owned by Bechtel Corp. Generation mPower does not know how deep those cuts are likely to be until it works out a new plan for developing the proposed reactor with the U.S. Department of Energy, which has agreed to invest up to $226 million in it, and the Tennessee Valley Authority, which has agreed to install the first of the reactors.

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Read more: http://www.bizjournals.com/charlotte/blog/energy/2014/04/generation-mpower-exceo-seeing-910-000-severance.html?page=all

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[bananas]

1. DOE won the Golden Fleece Award for this boondoggle

http://www.democraticunderground.com/?com=view_post&forum=1016&pid=82734

DOE won the Golden Fleece Award for this boondoggle

http://www.taxpayer.net/media-center/article/watchdog-group-doe-support-for-small-modular-reactors-is-fleecing-taxpayers

Watchdog group: DOE support for small modular reactors is ‘fleecing’ taxpayers
Original Publication: SNL Energy, February 27, 2013

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The group, Taxpayers for Common Sense, gave the DOE its "Golden Fleece Award" for the small modular reactor program, singling it out for what the group sees as particularly reckless spending.

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In 2012, the DOE awarded Generation mPower LLC, a joint effort between Babcock & Wilcox Co. and Bechtel Corp., with access to a $450 million funding opportunity to help license and develop the 180-MW small modular reactor, or SMR, it hopes to eventually install at a site owned by the Tennessee Valley Authority.

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Further government investment is worrisome for taxpayers, the group said, because SMRs may never be a cost-effective source of electricity. "In the Department of Energy's materials on SMRs, the agency argues there is a 'need and a market' in the United States for SMRs," a report released alongside the Golden Fleece Award said. "In reality, no one is clamoring to buy an SMR because there is no assurance the electricity will be remotely competitive with power from other sources."

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[House of Roberts]

2. Guy's a piker,

he couldn't get at least five million? He's a small fish.