Mon, Sep. 21, 6:28 PM
- Atlantic Coast Pipeline, whose partners plant to construct a $5B, 564-mile natural gas transmission pipeline to transport as much as 1.5B cf/day from West Virginia to eastern Virginia and North Carolina, have applied to the FERC for permission to build.
- The pipeline - owned by Dominion (NYSE:D) 45%, Duke Energy (NYSE:DUK) 40%, Piedmont Natural Gas (NYSE:PNY) 10%, and AGL Resources (NYSE:GAS) 5% - could begin construction in H2 2016, pending regulatory approvals, for a Q4 2018 in-service date.
- Utility subsidiaries and affiliates of all four companies plus PSNC Energy have signed on as customers of the pipeline, subscribing 96% of the pipeline’s capacity.
Tue, Sep. 8, 8:48 AM
- SunEdison (NYSE:SUNE) +5.9% premarket after announcing a strategic partnership with J.P. Morgan's infrastructure investment group to fund renewable energy projects in both operating and construction stages, an initial investment of which will be a 33% interest, valued at $300M, in a 425 MW portfolio of domestic solar assets owned by Dominion (NYSE:D).
- SUNE has an option to acquire the remaining stake in the portfolio, which includes 24 projects in California, Connecticut, Georgia, Indiana, Tennessee and Utah; 15 of the projects entered service in 2013 and 2014, and the remaining projects either have been completed or have expected in-service dates in 2015.
- The companies also announce a joint venture for the 210 MW Three Cedars solar project in Utah, developed by SUNE, in which D will invest $320M to acquire 50% of the cash equity and 99% of the tax equity in Three Cedars.
Wed, Aug. 12, 8:02 PM
- SunEdison (NYSE:SUNE) +3.7% AH on news of a joint venture with Dominion (NYSE:D) to develop a new 420 MW solar project in Utah.
- Dominion will invest $500M to acquire 50% of the cash equity and 99% of the tax equity in the Four Brothers project, while SUNE will contribute $150M.
- The companies say the project, which is expected to produce enough electricity to power more than 90K homes, already is under construction and should be operating commercially by mid-2016; the project is contracted under a long-term agreement for 20 years with Berkshire Hathaway subsidiary PacifiCorp.
Wed, Aug. 5, 7:34 AM
Tue, Aug. 4, 5:30 PM
- AMSC, ANSS, ARIA, ARQL, ATHM, ATRO, AVA, AVT, BLT, CEQP, CHK, CLDT, CLH, CMLP, CONE, CRK, CRME, CSTE, CSTM, CTSH, D, DAVE, DISCA, DISH, DNOW, DNR, EE, ENBL, FI, GDP, GTN, HCA, HFC, HSC, ICE, INXN, KATE, KELYA, KERX, LDOS, LG, LINC, LIOX, LL, LPLA, MEMP, MSI, MSO, MWE, PCLN, PWR, RDC, RL, SALE, SBGI, SCMP, SE, SNAK, SODA, SPAR, SPB, SUP, TMHC, TWX, USAC, VC, VLP, VOYA, VSI, WCG, WD, WEN, WIX
Tue, Aug. 4, 4:48 PM
Mon, Jun. 29, 11:38 AM
- Coal stocks (KOL +0.3%) are rallying after the Supreme Court threw out the EPA’s first-ever rules requiring coal-fired power plants to cut emissions of mercury and other toxic air pollutants, saying the agency should have weighed the cost of compliance in deciding whether to regulate.
- The ruling means the EPA must go back to the drawing board, which possibly could push any new emissions rules past Pres. Obama’s time in office.
- Coal companies are enjoying hefty gains: WLT +28.2%, ACI +15.1%, BTU +11.2%, ANR +5.4%, CLD +5.2%, RNO +3.9%, WLB +1.9%, CNX +1.4%.
- Select utility names also are seeing some strength: AEP +1%, PCG +0.9%, D +0.6%, NEE +0.6%, EXC +0.3%.
Wed, Jun. 10, 9:57 AM
- PJM Interconnection, the largest U.S. electricity grid, wins approval from U.S. regulators for a plan to increase reliability at power plants and avoid a repeat of the shutdowns and price spikes during the unseasonably cold winter of 2014.
- Under the plan, which takes effect in 2018 after a capacity auction this year, generators that promise to be available during peak demand periods will receive higher payouts than other plants and will be penalized for failing to meet the commitments; the auction, planned for May, was delayed after FERC declined PJM’s initial proposal and asked for more information.
- The largest generators in PJM are trading higher at the open: NRG +4.2%, AEP +1.4%, EXC +3.1%, PEG +1.1%, DYN +7.2%.
- Also: TLN +4%, NEE +1.2%, PCG +0.7%, EE +1.5%, SO +0.5%, D +0.2%, DUK +0.9%, XLU +0.9%.
Wed, Jun. 3, 7:25 PM
- Opponents of Dominion's (NYSE:D) Cove point liquefied natural gas export facility file an appeal in federal court to halt construction until it can hear their case against the project's approval.
- In a motion filed Monday with the D.C. Circuit Court of Appeals, lawyers for three environmental groups say residents in the area of the terminal already are suffering from dust, noise and heavy truck traffic with preliminary construction activity.
- Dominion has said it expects to finish work on the $3.8B project by 2017 and begin liquefying natural gas piped to the site; Cove Point won final authorization last month from the U.S. Energy Department to export LNG to non-free trade agreement countries.
Thu, May 28, 10:55 AM
- Norway’s $900B sovereign wealth fund - the world’s biggest - will drop its holdings in companies and utilities that have heavy exposure to coal, according to a deal reached in the parliament that calls for the fund to exit companies with more than 30% of their revenue from coal.
- By excluding coal companies, the fund joins a growing divestment movement targeting fossil fuels.
- The fund previously exited companies that produce tobacco, nuclear weapons, cluster bombs and land mines. The Norwegian fund has stakes in a number of major utilities, including Duke Energy (NYSE:DUK), Dominion Resources (NYSE:D), the U.K.'s SSE (OTCPK:SSEZF), Italy's Enel (OTCPK:ENLAY) and Germany’s RWE (OTCPK:RWEOY) and E.ON (OTCQX:EONGY).
Wed, May 20, 4:58 PM| Wed, May 20, 4:58 PM | 9 Comments
Wed, May 13, 11:30 AM
Mon, May 11, 12:19 PM
- Electric utility stocks look more attractive after a 10%-plus decline since late January, with total annual return potential of 8%-9% in the next few years, according to a Barron's weekend analysis.
- "The relative attraction of utilities has increased in an environment of slower economic growth, when earnings growth is being suppressed by a stronger dollar and energy prices,” Bernstein utilities analyst Hugh Wynne, favoring two California utilities, PG&E (NYSE:PCG) and Edison International (NYSE:EIX), because of above-average growth and a favorable regulatory environment.
- "Utilities and the overall market may provide the same total return, but one offers a lower-risk package,” says Credit Suisse utility analyst Dan Eggers, who is partial to American Electric Power (NYSE:AEP), NextEra Energy (NYSE:NEE) and PG&E.
- Also discussed: SO, ED, DUK, D.
Thu, May 7, 2:31 PM
- The U.S. Energy Department gives final approval for Dominion Resources (D +0.5%) to export liquefied natural gas from its $3.8B Cove Point plant in Maryland.
- The terminal is authorized to export LNG up to the equivalent of 770M cf/day of natural gas for a period of 20 years.
- At the same time, the Sierra Club and other groups file suit in the D.C. Circuit court over the FERC's recent decision to approve the terminal.
Mon, May 4, 2:59 PM
- Dominion Resources (D +0.4%) edges higher after Q1 operating EPS of $0.99 fell from $1.04 a year ago but came in at the high end of its expectation for $0.85-$1 in per-share profit.
- D attributed the decline mostly to the absence of a gain on asset sales to Blue Racer, which knocked $0.06 off the bottom line, with lower merchant generation margins and a higher effective tax rate as other factors.
- Dominion Virginia, which provides electric service to ~2.5M customers, was the company’s best performer in Q1, with profit rising to $140M from $131M a year earlier; Dominion Generation was the biggest drag, with profit falling ~9% to $282M.
- D reaffirmed guidance for FY 2015, seeing EPS of $3.50-$3.85 vs. $3.69 analyst consensus estimate, but issued downside guidance for Q2, seeing operating EPS of $0.65-$0.75 vs. $0.79 consensus.
Mon, May 4, 7:33 AM
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