Wed, Apr. 22, 3:10 PM
- Norges Bank Investment Management, the pension fund fueled by Norway's oil revenue, says it will oppose power company AES Corp. (AES +1.6%) on four corporate governance proposals.
- The fund says it will support a proxy access proposal to let big shareholders list competing board candidates on official AES corporate ballots, as well as a proposal to let holders of at least 20% of the company's shares call a special shareholder meeting.
- The proposal furthers a movement that has gained steam as several major companies have granted the power to shareholders that could open the way to more fights over board seats.
Wed, Apr. 8, 8:43 AM
- Bulgaria’s state-owned National Electricity Company agrees to reduced long-term power-purchase prices with the local coal-fired plants of U.S. power producers AES Corp. (NYSE:AES) and ContourGlobal to avoid default.
- The country's energy minister says the renegotiated agreements will help save 1B lev ($556M) by the time they expire in 2026 with AES and 2024 with ContourGlobal; capacity prices were cut by 14% for AES and 17% for Contour.
- National Electricity has a total deficit of 3.3B lev as it bought electricity at prices higher than current market rates under long-term power-purchase agreements with solar and wind power producers, AES and ContourGlobal.
- AES +1.4% premarket.
Thu, Feb. 26, 6:07 AM
Wed, Feb. 25, 5:30 PM
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Wed, Jan. 28, 7:15 PM
- Merrill Lynch makes the case in a new report that many fundamentals still favor keeping a position in the utilities sector even after a period of gains, and 24/7 Wall Street screened for the firm's top five Buy-rated utilities with the highest yields.
- The list is headed by Edison International (NYSE:EIX), which makes Merrill's US 1 list; EIX raised the quarterly dividend paid to shareholders by 17.6% back in December, signaling a strong commitment to investors.
- Dominion Resources (NYSE:D) is expected to grow its dividend by 7% this year, in line with the past four; the report says many Wall Street analysts believe new EPA regulations actually could provide a boost for the company.
- Also named: AES, PPL, UIL.
Dec. 15, 2014, 8:43 AM
- AES Corp. (NYSE:AES) agrees to sell a minority stake in its AES US Investments unit for $244M to La Caisse de depot et placement du Québec, or CDPQ.
- The deal will leave AES with an 85% stake in AES US, which is the sole owner of IPALCO Enterprises; in turn, AES US will hold an 82.35% stake in IPALCO after the deal.
- Additionally, CDPQ will invest $349M in IPALCO through 2016 in exchange for a nearly 18% stake in Indianapolis Power & Light.
Dec. 15, 2014, 7:13 AM
Nov. 6, 2014, 6:13 AM
Nov. 5, 2014, 5:30 PM
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Oct. 15, 2014, 5:18 PM
Oct. 13, 2014, 8:33 AM
- AES Corp. (NYSE:AES) agrees to sell its interest in a Turkish joint venture for $125M, as the global utility company attempts to further streamline its business.
- The assets involved in the sale consist of 364 MW in operating natural gas and hydroelectric facilities, as well as an interest in a coal-fired development project.
- Including this deal, AES says it would have received $2.4B in proceeds from asset sales in the past three years; it says that while the sales have helped cut overhead costs by $200M, or about a third, it still has more MW under construction than at any time in its history.
Aug. 7, 2014, 7:07 AM
Aug. 6, 2014, 5:30 PM
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Jul. 15, 2014, 5:36 PM
Jun. 25, 2014, 4:40 PM
- AES Corp. (AES) agrees to sell 45% of its stake in the Masinloc power plant as well as development projects in the Philippines to EGCO Group for $453M; after the sale, AES will own a 51% stake in Masinloc and will continue to manage and operate the plant.
- Separately, AES says recent actions by Bulgaria's energy regulator limiting the ability of the country's national electric company to pass through certain costs to the regulated market could hurt the financial performance of its 690 MW Maritza plant.
Jun. 17, 2014, 5:19 PM
- SunEdison (SUNE) is buying AES' 50% stake in Silver Ridge Power (SRP) for an undisclosed sum. The deal gives SunEdison 50% ownership of 336MW of operating solar projects, and 40% ownership of a 183MW CA solar project to be finished in 2016. (PR)
- The remaining 50% stake in SRP will continue to be owned by Riverstone Holdings. But Riverstone and SunEdison expect SRP to contribute a 266MW operating CA solar project in its possession to SunEdison's TerraForm Power (TERP) YieldCo unit.
- SunEdison also expects to buy Riverstone's share of SRP's interest in the 183MW project, and to contribute a 40% interest in the project to TerraForm in 2016.
- Earlier: Solar stocks jump following SolarCity, Yingli news
The AES Corporation is a power generation and utility company. The Company operates in two business lines; Generation & Utilities; through its six market-oriented Strategic Business Units in United States, Andes, Brazil, MCAC, EMEA and Asia.
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