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Chevron VP Goes Under Oath in $6 Billion Rainforest Lawsuit

Chevron Executive Ricardo Reis Veiga is under investigation in Ecuador on fraud charges for his role in a botched environmental clean-up, and is scheduled to be put under oath today by Ecuador’s government as part of a multi-billon dollar civil case in U.S. federal court to determine who pays for what experts believe is the world’s worst oil-related contamination. Vice President Reis Veiga will be questioned about his role in covering up an environmental disaster 30 times larger than the Exxon Valdez spill. The U.S. the Securities and Exchange Commission is probing whether the company failed to disclose its Ecuador liability, estimated at $6 billion, to shareholders. Representatives of 30,000 rainforest residents are releasing a detailed 17-page report today outlining his possibly illegal behavior in Ecuador’s rainforest. In a civil trial in Ecuador brought by the residents, Chevron has admitted that it dumped 18 billion gallons of toxic waste directly into Ecuador’s Amazon region from 1964 to 1992. At the same time in the U.S., the company was treating its toxic waste and re-injecting it into deep wells. Ecuador’s residents claim Chevron’s practices and subsequent cover-up have forced two indigenous groups to the brink of extinction and caused thousands to […]

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Dell's Paper Use Becoming More Sustainable

Computer maker Dell (NASDAQ:DELL) has achieved some milestones in its use of recycled and FSC-certified paper. Its marketing publications now use an average of 50% recycled content paper – and in many publications up to 90% – exceeding a five-year company goal to use 50% recycled content by 2009. Dell established a Forest Products Stewardship Model in October 2004 after consultation with a number of stakeholders. The document is available at www.dell.com/paper. The model sets two primary goals for the company: – Increasing use of recycled-content paper, specifically, using 50% recycled-content paper in all marketing catalogues and publications within five years from the effective date of the policy. – Responsible sourcing including purchasing 25% of all paper requirements from Forest Stewardship Council (FSC) sources by 2010. Dell’s newspaper inserts are currently printed on paper with 90-100% recycled-content. Catalogues for small- and medium-sized business customers are printed on more than 80% recycled-content and catalogues for consumers on 30% recycled-content paper. Globally, Dell’s average recycled content use in marketing publications is 50%. Dell is currently sourcing between 15-20% of paper from FSC-certified sources exceeding an interim goal to source 10% of paper requirements with FSC certification by 2006 and quickly closing in […]

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Ormat Reports Q3 Results: Revenues, Income Up

ORMAT Technologies, Inc. (NYSE: ORA) announced financial results for the quarter ended September 30, 2006. For the third quarter, total revenues were $77.8 million compared to $69.3 million for the same quarter in 2005, an increase of 12.4%. Net income for the quarter ended September 30, 2006 was $13.9 million or $0.39 per share of common stock, as compared with net income of $12.3 million or $0.39 per share of common stock for the same quarter in 2005. Ormat’s gross margin slid to 41.6% compared to 45.3% for the same quarter in 2005. Operating income for the quarter ended September 30, 2006 was $24.9 million as compared with $25.3 million for the same quarter in 2005. Gross margin was impacted by a reduction in Electricity Segment margins, which were lower due to the repair cost of the Puna wells and an increase in the operating costs, some of which were related to new power plants that came on line during the quarter but did not yet contribute fully to revenues. Adjusted EBITDA for the quarter ended September 30, 2006 was $39.7 million as compared with $37.7 million for the same quarter in 2005. For the nine months ended September 30, […]

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Distributed Energy Q3 Revenues & Losses Up

Distributed Energy Systems Corp. (Nasdaq: DESCs reported that revenues for the third quarter of 2006 were a record $14.8 million, up 20% from 2005’s third quarter revenues of $12.3 million. For the third quarter ended September 30, 2006, the company posted a net loss of $6.3 million, or $0.16 per share, including approximately $0.03 per share attributable to required compliance with Statement of Financial Accounting Standard 123®, which took effect in 2006. One year ago, Distributed Energy reported a third-quarter net loss of $3.6 million, or $0.10 per share. “Results for the third quarter represented another step forward this year,” said Ambrose L. Schwallie, Distributed Energy’s chief executive officer. “As the year progressed, business improved throughout the company, and we expect the fourth quarter to be stronger than the third quarter, and to continue building our backlog as we enter 2007.” Distributed Energy’s current backlog is approximately $40 million, about 20% higher than the $33 million the company reported in early August. He noted that the company’s two businesses — Northern Power’s energy systems, products and services and Proton’s commercial hydrogen products and its Hydrogen Technology Group — posted increases in revenues and quarter-over-prior-quarter improvements during 2006. “There has been […]

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