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  • Thu, Nov. 17, 1:20 PM
    • SunPower (SPWR -3.9%) is downgraded to Neutral from Outperform with a $7 price target, slashed from $12, at Baird, which says it underestimated the extent and duration of the solar market oversupply, and now thinks the industry will continue to deteriorate and remain in a glut for at least four more quarters.
    • Baird believes rapid ASP declines could make it difficult for SPWR's highly efficient modules to command premium pricing.
    • SPWR shares also surely are weighed by First Solar's unexpectedly weak 2017 guidance and potential restructuring effects.
    • Separately, SPWR says it sold a controlling interest in the 100 MW Boulder Solar I Facility in Nevada to Southern Co. (SO -0.7%); no other financial details were provided.
    | Thu, Nov. 17, 1:20 PM
  • Mon, Nov. 14, 4:57 PM
    • 8point3 Energy Partners (NASDAQ:CAFD) agrees to acquire First Solar's (NASDAQ:FSLR) 34% stake in the 300 MW Stateline solar project in California for $329.5M.
    • Stateline, located in San Bernardino, began operations in August and is majority owned by Southern Co. (NYSE:SO); Southern California Edison is purchasing the power generated by the project under a 20-year power purchase agreement.
    • CAFD expects the project to generate ~$32M in average annual pre-tax cash distributions and has a 20-year contract life.
    | Mon, Nov. 14, 4:57 PM | 44 Comments
  • Mon, Nov. 7, 10:21 AM
    • Southern Co.'s (SO -1.1%) Mississippi Power says it continues to make progress toward completion of the Kemper County power plant but needs a one-month extension, pushing the facility's scheduled in-service date to Dec. 31.
    • The delay adds another $25M to the project's price tag, which will nearly hit $7B, vs. the original $2.9B cost estimate.
    • Mississippi Power says it must shut down one of the two units that turn coal into a burnable gas to improve ash removal systems, and that by Dec. 31 it will start the second gasifier, make the improvements on the first one and synchronize them.
    • According to SO's latest 10-Q, if the coal-fueled plant does not start commercial operation by Dec. 31, Mississippi Power would have to repay $250M of previously received tax benefits.
    | Mon, Nov. 7, 10:21 AM | 13 Comments
  • Mon, Oct. 31, 3:38 PM
    • Southern Co. (SO +2%) maintains strong gains after posting a solid Q3 earnings beat on a 16% Y/Y gain in operating revenue to $6.26B, citing warmer than normal weather, retail revenue effects at its traditional electric operating companies, and a stronger than expected performance of its Southern Power subsidiary.
    • EPS growth could have been even more robust if not for the adverse impact of an increase in shares outstanding.
    • SO says total Q3 electricity sales volume rose 5.7% Y/Y, with retail electricity sales rising 3.2% and wholesale volume gaining 18%.
    • Along with the positive Q3 report, SO offered reassuring guidance at its analyst day, seeing adjusted FY 2016 EPS at the very top of the $2.76-$2.88 guidance range and adjusted FY 2017 EPS of $2.in90-$3.02, which brackets analyst consensus.
    | Mon, Oct. 31, 3:38 PM | 1 Comment
  • Mon, Oct. 31, 7:16 AM
    • Southern (NYSE:SO): Q3 EPS of $1.28 beats by $0.11.
    • Revenue of $6.26B (+15.9% Y/Y) beats by $280M.
    • Press Release
    | Mon, Oct. 31, 7:16 AM | 7 Comments
  • Sun, Oct. 30, 5:30 PM
    | Sun, Oct. 30, 5:30 PM | 6 Comments
  • Wed, Oct. 26, 1:22 PM
    • Nuclear power will come to an end in the U.S. if the industry fails to obtain more government support, Carlyle Group predicts.
    • U.S. nuclear reactors need more subsidies to keep running, such as a federal carbon tax that would reward them for their zero-emissions power, according to Bob Mancini, co-head of Carlyle's power unit.
    • Mancini points to measures approved in New York as an example of the kind of help nuclear power plant owners will need to survive; in August, NY state regulators cleared ~$500M/year in subsidies as part of a clean energy plan to reduce greenhouse gas emissions.
    • Relevant tickers include EXC, ETR, DUK, D, NEE, SO, PCG, ED, EIX, AEP, PPL, DTE, FE, NRG, PNM, POR, SCG, WR, XEL, LNT, GE, URA, NLR
    | Wed, Oct. 26, 1:22 PM | 44 Comments
  • Mon, Oct. 17, 4:39 PM
    • Southern (NYSE:SO) declares $0.56/share quarterly dividend, in line with previous.
    • Forward yield 4.42%
    • Payable Dec. 6; for shareholders of record Nov. 21; ex-div Nov. 17.
    | Mon, Oct. 17, 4:39 PM | 13 Comments
  • Thu, Oct. 13, 11:09 AM
    • Southern Co. (SO +1.5%) subsidiary Mississippi power says its Kemper County clean coal power plant produced its first electricity generated by synthetic natural gas converted from lignite coal.
    • The $6.9B facility's first power generation is a major step toward starting full commercial operations after years of delays and cost overruns; once in service, Kemper County will be the first large-scale power plant in the U.S. to gasify coal and capture carbon before being released into the atmosphere.
    • Mississippi Power expects the project to be placed in service by Nov. 30.
    | Thu, Oct. 13, 11:09 AM | 31 Comments
  • Wed, Oct. 5, 7:05 PM
    • Utilities shares (NYSEARCA:XLU) fell today for the ninth straight session, marking their longest losing streak since 2002 and deepening the recent slide in income producing investments as investors warily watch central banks and interest rates.
    • The S&P Utilities sector has dropped 7.5% in the nine days, including a 0.3% fall today, trimming its YTD gain to 8.9%; during the period, AES -10%, EXC -8.8%, PPL -8.8%, PCG -8.2%, ED -8%, EIX -7.6%, SO -7.4%, NEE -7.4%, SRE -7.1%, AEP -6.8%, D -6.7%, DUK -6.5%.
    • “Trees don’t grow to the sky,” says Fred Alger's Management's Brad Neuman, “It was almost like the market was waiting for an excuse” to send high-yielding stocks back toward their historical valuations, adding that such stocks could have further to fall.
    • Even after the recent decline in share prices, utilities had a 12-month trailing P/E ratio of 21.4 as of Tuesday, vs. 19.8 for the S&P; at the beginning of the year, utilities had a lower ratio than the broader market.
    | Wed, Oct. 5, 7:05 PM | 70 Comments
  • Wed, Sep. 21, 12:23 PM
    • The Atlantic Coast Pipeline joint venture says it signed a contract with Spring Ridge Constructors - comprised of Quanta Services (NYSE:PWR), Primoris Services (NASDAQ:PRIM) and others - as the lead construction contractor for the proposed $4.5B-$5B natural gas pipeline project.
    • Atlantic Coast Pipeline expects to receive a FERC certificate in late summer or fall 2017, with construction beginning shortly thereafter, and anticipates completing construction and bringing the pipeline into service in late 2019.
    • The pipeline is composed of Dominion (NYSE:D), Duke Energy (NYSE:DUK), Piedmont Natural Gas (NYSE:PNY) and Southern Co. (NYSE:SO)
    | Wed, Sep. 21, 12:23 PM | 6 Comments
  • Tue, Sep. 20, 4:57 PM
    • 8point3 Energy Partners (NASDAQ:CAFD) agrees to acquire SunPower's (NASDAQ:SPWR) 49% stake in its 102 MW Henrietta Solar Project for $134M.
    • CAFD expects the acquisition to generate ~$10.9M in annual cash distributions and has a 20-year contract life.
    • The Henrietta project, located in California's San Luis Valley, will begin operations next month, and is majority owned by Southern Co. (NYSE:SO)
    • CAFD +1.9% AH, SPWR +0.5%.
    | Tue, Sep. 20, 4:57 PM | 16 Comments
  • Thu, Sep. 1, 4:22 PM
    • Southern Co. (NYSE:SO) acquired a 50% stake in the 7.6K-mile Southern Natural Gas pipeline system from Kinder Morgan (NYSE:KMI) for $1.47B.
    • KMI will continue to operate the system, and plans to use al proceeds from the sale to pay down debt.
    | Thu, Sep. 1, 4:22 PM | 35 Comments
  • Thu, Sep. 1, 9:20 AM
    • Located in Mankato, MN, the Mankato Energy Center will include two natural gas units - the existing 375-MW Mankato Energy Center I and the 345-MW Mankato Energy Center II.
    • The seller is Calpine.
    • With this purchase, Southern Company (NYSE:SO) will own 10 combined-cycle and combustion-turbine natural gas-fueled power plants across five states, representing 9.3K-MW of capacity.
    | Thu, Sep. 1, 9:20 AM | 3 Comments
  • Wed, Aug. 17, 9:18 AM
    • Southern (NYSE:SO) trades lower after pricing its 32.5M share offering at gross proceeds of $1.6B or about $49.23 per share.
    • Funds are earmarked to help pay for the acquisition of a 50% stake in one of Kinder Morgan's natural gas pipelines.
    • Previously: Southern commences 32.5M-share offering for ~$1.6B (Aug. 16)
    • SO -1.43% premarket to $50.22.
    | Wed, Aug. 17, 9:18 AM | 11 Comments
  • Tue, Aug. 16, 4:42 PM
    • Southern Co. (NYSE:SO) -1.5% AH after announcing an 32.5M-share public offering of common stock for ~$1.6B of expected gross proceeds, implying an offering price of ~$49.24/share.
    • SO says the proceeds from the offering will be used to fund part of the pending purchase of a 50% equity interest in Southern Natural Gas and for other general corporate purposes.
    | Tue, Aug. 16, 4:42 PM | 8 Comments