Wed, Apr. 1, 12:26 PM
- Dynegy (DYN -2.1%) and NRG Energy (NRG -5.6%) are sharply lower after the FERC declined to approve a capacity performance plan submitted by the PJM Interconnection consortium and asked for answers to additional questions about the initiative.
- PJM operates a wholesale electricity market in the eastern U.S.; DYN is involved in the PJM and is looking to boost its share within the Regional Transmission Organization with proposed asset purchases, and a small part of NRG's capacity is within PJM.
- Deutsche Bank analyst Jonathan Arnold notes that FERC did not reject the proposal, but says FERC's action prolongs uncertainty for investors in the electric utilities that belong to PJM, which also include Exelon (EXC -1.8%), Public Service Enterprise (PEG -1.9%), American Electric (AEP +0.2%), PPL (PPL -0.4%) and FirstEnergy (FE -1.3%).
Tue, Mar. 17, 12:00 PM
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Mon, Feb. 16, 5:35 PM
Tue, Jan. 20, 2:06 PM
Dec. 22, 2014, 2:53 PM
- FirstEnergy (FE -1.4%) says it is working on ~$100M in new transmission projects and evaluating additional system upgrades to support West Virginia's expanding Marcellus Shale gas industry, and will enhance electric service reliability for Mon Power customers.
- FE says the new gas customer facilities account for projected load growth of ~400 MW through 2019, or the equivalent of ~200K new homes in Mon Power's system.
- FE says that among the new projects, the 18-mile, $55M Oak Mound-Waldo Run transmission project is expected to be placed into service by year-end 2015.
Dec. 16, 2014, 4:48 PM| Comment!
Nov. 4, 2014, 8:36 AM
Nov. 3, 2014, 5:30 PM
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Sep. 16, 2014, 1:24 PM
Aug. 9, 2014, 8:25 AM
- Investors who had flocked to utility stocks now may be wondering what went wrong, after the sector was the S&P's worst performer in July.
- Fears of rising interest rates have recently sent dividend-paying stocks and high-yield junk bonds tumbling; utility stocks also have been hurt by the power sector's growing exposure to volatile natural gas prices, which have dropped ~19% since mid-June.
- Some analysts think dividend growth among utilities could slow or even stop, with power demand falling and utilities being forced to spend record amounts on replacing and upgrading aging plants and meeting stricter emission standards; Exelon (NYSE:EXC) and FirstEnergy (NYSE:FE) are big utilities that have cut dividends this year.
- Utilities that auction the power they generate - and are most exposed to moves in gas prices - have fallen the most; NRG and EXC have lost 20% and 13%, respectively, since the end of June.
- Regulated utilities such as Southern Co. (NYSE:SO) and Duke Energy (NYSE:DUK), whose rate changes are more closely controlled, haven't been hit as hard.
- ETFs: XLU, IDU, VPU, NLR, JXI, NUCL, UPW, RYU, DBU, IPU, FUTY, FXU, SDP, UTLT
Aug. 5, 2014, 11:29 AM
- FirstEnergy (FE +1.2%) moves higher despite a drop in Q2 operating earnings due to higher expenses and investments in maintenance, as it continues to increase reliance on regulated companies.
- Q2 sales to residential customers fell 2%, while deliveries to commercial customers rose 1% and sales to industrial customers climbed 2%.
- Operating earnings from the distribution business fell, primarily due to an increased focus on maintenance and vegetation management work this year.
- For H1, FE's net income was $0.65/share on sales revenues of nearly $7.7B, vs. H1 2013 net income of $0.08/share on revenues of $7.2B.
- The results come a day after the company filed a new rate plan with state regulators which included an unusual provision to allow FE's regulated Ohio distribution companies to buy all of the power, on a cost basis, generated by two of the company's large Ohio-based power plants.
Aug. 5, 2014, 8:33 AM
Aug. 4, 2014, 5:30 PM
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Jul. 30, 2014, 12:53 PM
- FirstEnergy (FE -1.6%) is downgraded to Sell from Neutral with a $26 price target, down from $31, at UBS, which sees the halo effect from the rally in power and gas as having faded.
- While investors can look through its distressed IPP business - which is itself a liability - UBS sees continued distribution rate filings as a broad overhang, justifying a discount to peers.
- The firm believes the M&A bid from which many peers have benefited does not apply for FE.
Jul. 15, 2014, 12:07 PM
FE vs. ETF Alternatives
FirstEnergy Corp FirstEnergy Corp. is the holding, directly or indirectly, of all of the outstanding common stock of its principal subsidiaries. It is a diversified energy company dedicated to safety, reliability and operational excellence.
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