Mon, Apr. 18, 7:44 AM
Tue, Apr. 5, 6:58 PM
- The utilities sector (NYSEARCA:XLU) fell twice as hard as the overall S&P in today's trade, and the best guess from Barron's Ben Levisohn in explaining the move is a NYC rate change instituted by New York Independent System Operators.
- UBS analysts say NYISO's summer 2016 capacity prices declined substantially in the NYC Zone-J to $10.99/KW-month from $15.50/KW-month, which the firm attributes primarily to the latest parameters which showed a substantial reduction of in-city requirements; the wider regions continued to clear at relatively comparable levels.
- UBS sees the results as supportive of upstate generators Dynegy (NYSE:DYN) and Talen Energy (NYSE:TLN), but more cautious for NRG Energy (NYSE:NRG) due to the fickle nature of highly-sensitive NYC capacity prices.
- Now read Electric utilities: Powerful uptrend, or 'lights out' for the stocks?
Wed, Mar. 23, 3:39 PM
- TransCanada (TRP -0.5%) is working with JPMorgan Chase to find buyers for more than $7B in assets to help finance its acquisition of Columbia Pipeline Group (CPGX +0.1%), Bloomberg reports.
- Assets reportedly for sale include a portfolio of U.S. Northeast merchant power plants, including the Ironwood natural gas power plant in Pennsylvania, the Ravenswood gas- and oil-fired generation plant in New York, hydroelectric power assets in New England, the Kibby wind power operation in Maine, and Ocean State Power gas generation facilities in Rhode Island; a minority stake in TRP’s Mexican natural gas pipeline business also is up for sale.
- The power plants could attract interest from P-E investors such as Blackstone, D.E. Shaw, Macquarie and Riverstone Holdings, as well as strategic peers including Calpine (CPN -2.8%) and NRG Energy (NRG -5.7%), Morningstar's Travis Miller says.
Thu, Mar. 17, 4:37 PM
- California regulators award more time for the struggling Ivanpah solar plant to generate the electricity it is required to produce under contracts with PG&E (NYSE:PCG).
- The California Public Utilities Commission today approved without discussion forbearance agreements that would give the owners of the plant, NRG Energy (NYSE:NRG), BrightSource Energy and Alphabet's Google, up to a year to work out the problems.
- PG&E’s California utility had asked the PUC to approve the agreements, saying the plant otherwise would be in danger of shutting down if it failed to meet contractual requirements.
- The plant, located ~50 miles southwest of Las Vegas in California’s Mojave Desert, cost ~$2.2B and received ~$1.5B in federal loans.
Thu, Mar. 17, 10:17 AM
- PG&E (PCG +0.4%) says the U.S.-backed $2.2B Ivanpah solar project in California may have to shut down if it does not receive a break from state regulators, because it is not producing the electricity it is contractually required to deliver.
- The unconventional solar-thermal project - owned by NRG Energy (NRG +0.7%), BrightSource Energy and Alphabet's Google, and financed with $1.5B in federal loans - so far has failed to produce the expected power.
- PG&E wants permission from the California Public Utilities Commission to overlook the shortfall and give Ivanpah another year to sort out its problems, warning that allowing its power contracts to default could force the facility to shut down.
- The extension request is opposed by some consumer groups, who say the cost of the electricity from the struggling plant is exorbitant.
Mon, Feb. 29, 9:19 AM
- NRG Energy (NYSE:NRG) -4.2% premarket after reporting a Q4 loss and announcing a 79% cut in its annual dividend to $0.12/share from $0.58, which it says will provide the company with an extra $145M/year.
- NRG's Q4 loss totaled $6.4B, primarily from writedowns including the loss of value of its struggling Texas coal plants; Q4 EBITDA fell 5.4% Y/Y to $625M, which NRG says shows it is still operating very efficiently.
- NRG says it is reincorporating its NRG Renew solar business for commercial and industrial customers back into NRG, but still plans to spin off or sell much of its stake in its home solar and electric vehicle charging businesses in the spring as previously planned.
Mon, Feb. 29, 6:37 AM
Sun, Feb. 28, 5:30 PM
Tue, Feb. 16, 6:57 PM
- George Soros, who has warned of a repeat of the 2008 financial crisis but this time with China as the focus of most problems, exited stakes in several energy-related companies and took a position in Pfizer (NYSE:PFE) during Q4.
- According to a 13-F filing, the Soros fund disclosed it had exited stakes in Chevron (NYSE:CVX), Chesapeake Energy (NYSE:CHK) and NRG Energy (NYSE:NRG), and reduced its position in Dow Chemical (NYSE:DOW); Soros bought ~685K shares in Baker Hughes (NYSE:BHI), which is merging with Halliburton (NYSE:HAL), as well as 50.7K shares in Kinder Morgan (NYSE:KMI).
- Soros also closed his stake in Olin Corp. (NYSE:OLN) and cut his stake in Vista Outdoor (NYSE:VSTO), and took a position valued at $216M in Synchrony Financial (NYSE:SYF), which was spun off from GE.
- Overall, the value of Soros’ holdings fell to $6.05B as of Dec. 31, from $6.61B at the end of Q3.
Mon, Jan. 25, 11:18 AM
- EnerNOC (ENOC +53.1%) surges more than 50% after the U.S. Supreme Court upholds a federal rule that pays large users to conserve power.
- The Court says the FERC acted within its authority with its Demand Response Rule, which helps large consumers reduce their power use.
- "This case has been an overhang for the industry of demand response for a number of years, so to have a final resolution at the highest court in the land is a huge victory," ENOC President David Brewster tells Bloomberg.
- U.S. power producers that sell into competitive markets such as include NRG Energy (NRG -6.7%), Exelon (EXC -2.1%), Dynegy (DYN -9.1%), Calpine (CPN -5.7%) and American Electric Power (AEP -0.9%) would have benefited if the rule was eliminated.
Mon, Jan. 18, 2:27 PM
- NRG Energy (NYSE:NRG) declares $0.145/share quarterly dividend, in line with previous.
- Forward yield 5.74%
- Payable Feb. 16; for shareholders of record Feb. 1; ex-div Jan. 28.
Tue, Jan. 12, 3:02 PM
- Morgan Stanley upgrades the regulated utilities industry to In-Line from Cautious, believing the market will better differentiate high-growth names from others in 2016 and that the valuation gap between undervalued public companies and overvalued private companies will begin to close.
- The firm names Dynegy (DYN -2.7%) its top overall pick in the space, but also remains Overweight on NRG Energy (NRG -2.7%) and Calpine (CPN -4.5%), while maintaining its Underweight rating on Consolidated Edison (ED -1.5%), Southern Co. (SO -0.9%) and Public Service Enterprise (PEG -0.5%).
- Stanley also downgrades Laclede (LG -1.9%) and Pinnacle West (PNW -2.4%) to Underweight from Equal Weight.
Dec. 16, 2015, 5:38 PM
Dec. 10, 2015, 5:36 PM
Dec. 9, 2015, 5:40 PM
Dec. 7, 2015, 4:44 PM
- NRG Energy (NYSE:NRG) bounced off 52-week lows and finished with a 6% gain following the disclosure of insider purchases made today by CEO Mauricio Gutierrez and two other top company execs of 30K shares worth ~$266K (I, II, III).
- NRG was one of the energy sector's few gainers in an otherwise disastrous day for the group; shares fell 18% on Friday, capping a 27% decline since the resignation of former NRG CEO David Crane
NRG Energy, Inc. engages in the production, sale, and distribution of energy and energy services in major competitive power markets. Its wholesale operations include plant operations, commercial operations, EPC, energy services and other critical related functions. It operates through the... More
Industry: Electric Utilities
Country: United States
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