GE has received and is reviewing the engineering performance standards issued December 17 by the U.S. Environmental Protection Agency for the second phase of the Hudson River dredging project, one of the largest environmental cleanups ever conducted in the United States.
“GE made a public commitment eight years ago to cooperate with EPA on this project,” the company stated in a press release. “We designed and conducted the first phase of dredging in 2009. For months, GE and EPA have worked constructively together to address the technical and logistical issues in the next phase of the project. GE will carefully evaluate EPA’s plan. If we determine that the plan is consistent with our technical discussions with EPA, that it is based on sound science, and that it is feasible to achieve, we expect to move forward with Phase 2. We will advise EPA of our decision by mid-January.”
Earlier this week, GE told securities analysts it would review the details of EPA’s decision and adjust its reserves as appropriate in 2010. As stated to analysts, this is expected to take the matter of Hudson dredging costs off the table as an issue for investors.
For more information on the Hudson River dredging project, see http://www.hudsondredging.com.