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Tue, Apr. 21, 12:39 PM
- Eversource Energy (ES -1.6%) is downgraded to Neutral from Buy with a $53 price target, lowered from $57, at UBS, which reduces its 2017 EPS estimate by $0.11 with the Northern Pass in-service date delayed toward the end of 2018, although the firm still assumes the project is approved and its estimates for 2018 and later are unaffected.
- UBS also reduces its 2017 estimate by an additional $0.04 for the impact of the divestiture of New Hampshire generation, with ~$731M of ratebase earnings at 8.59% return on equity being replaced with debt reduction at 5%.
- To achieve 6%-8% earnings growth through 2019, the firm says it is clear that both Northern Pass and the Access Northeast pipeline are required.
Fri, Feb. 13, 12:59 PM
- Northeast Utilities (NU -2.7%) is downgraded to Neutral from Outperform with a $56 price target at Credit Suisse, following Q4 earnings results that beat estimates but lowered earnings clarity for several months into 2015.
- With NU's updated and extended 6%-8% growth rate, including the Northern Pass Transmission and Access Northeast projects, the firm says its estimates have retrenched modestly, and the timeline to finding confidence that these projects convert into expected earnings now extends over much of 2015.
- Credit Suisse says it likes NU's strategy but prefers other high growth utilities that offer arguably better visibility today.
Thu, Feb. 12, 7:21 PM
- Stocks "take the stairs up and the elevator down," and the recent performance of the utilities sector is a prime example.
- In just two weeks, the sector's fortunes have reversed and has given up nearly all of its outperformance vs. the S&P 500; the Utilities Sector ETF set an all-time intraday high on Jan. 28, coinciding with the trough in Treasury yields; rising yields since the end of January have killed the allure of a 3% dividend yield on the Utility Sector ETF.
- Even today, as the market moved broadly higher, utilities fell; AGL Resources (NYSE:GAS) and Northeast Utilities (NYSE:NU) were two of the major laggards.
- ETFs: XLU, IDU, VPU, RYU, FUTY, UPW, PUI, FXU, SDP, PSCU
Wed, Feb. 11, 4:28 PM
Tue, Feb. 10, 5:35 PM
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Wed, Jan. 7, 4:45 PM
- National Grid (NYSE:NGG) and Northeast Utilities (NYSE:NU) subsidiary NStar say they are pulling out of a plan to buy most of the power that was expected to be generated by the proposed Cape Wind turbine project in Massachusetts, dealing a major blow to the long-delayed wind farm at Nantucket Sound.
- The state's two largest electric utilities were scheduled to buy a combined 77.5% of the output from the 468 MW wind project, which is not yet under construction, but they say the project had missed financing and construction commitments it was supposed to hit by Dec. 31.
- The project had been on track to be the first offshore wind farm in the U.S. but has faced repeated delays over the last 14 years amid protracted legal fights with its opponents.
Nov. 6, 2014, 5:53 PM
Sep. 16, 2014, 8:56 AM
- Spectra Energy (NYSE:SE) and Northeast Utilities (NYSE:NU) announce plans for a $3B pipeline expansion to meet rising demand for natural gas for power and heating in New England.
- The proposed $3B Access Northeast project would boost capacity on the Algonquin and Maritimes pipeline systems by as much as 1B cf/day.
- The project includes the expansion of existing pipelines, partnerships with regional storage facilities to supply natural gas for power plants and home heating, and additional Algonquin and Maritimes delivery points for local distribution companies; the companies hope to complete the project by late 2018.
Jul. 31, 2014, 4:21 PM
May 16, 2014, 5:03 AM
- The White House is considering forcing power plants to cut carbon emissions by 25% over a 15-year period, Bloomberg reports.
- The problem is that owners can only cut so much of a facility's emissions by increasing efficiency, so a lot of the reduction could have to come by "going outside the fence," such as by deepening the use of renewable energy, improving grid efficiency and encouraging customers to use less electricity.
- Trying to compel operators to rely on such external measures could run afoul of what the government is allowed to do under the Clean Air Act.
- ETFs: KOL, XLU, IDU, VPU, RYU, PUI, UPW, FXU, SDP, PSCU, FUTY, UTLT
- Coal Tickers: PCXCQ, BTU, WLT, CNX, ACI, ANR, JRCC, YZC, ARLP, AHGP, NRP, PVR, PVG, PVA, OXF, CLD, WLB, RNO
- Utilities: ED, POM, PEG, FE, NST, UTL, ETR, EXC, D, NU, PCG, DUK
May 1, 2014, 4:36 PM
Feb. 6, 2014, 9:05 AM
ES vs. ETF Alternatives
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