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Firstenergy (FE)

FirstEnergy and Allegheny Energy announced that both companies' boards of directors have unanimously approved a definitive agreement in which the companies would combine in a stock-for-stock transaction. Under the terms of the agreement, Allegheny shareholders would receive 0.667 shares of FirstEnergy common stock in exchange for each share of Allegheny they own. Based on the closing stock prices for both companies on February 10, 2010, Allegheny shareholders would receive a value of $27.65 per share, or $4.7 billion in the aggregate. FirstEnergy will also assume approximately $3.8 billion in Allegheny net debt. The price per share represents a premium of 31.6 percent to the closing stock price of Allegheny on February 10, 2010, and a 22.3 percent premium to the average stock price of Allegheny over the last 60 days ending February 10, 2010. Following the completion of the merger, it is anticipated that FirstEnergy shareholders would own approximately 73 percent and Allegheny shareholders would own approximately 27 percent of the combined company.
The transaction is anticipated to be accretive to FirstEnergy earnings in the first year following the close. The companies expect to complete the transaction within 12-14 months. The combination creates a leading regional energy provider with approximately $16 billion in annual revenues and $1.4 billion in annual net income.

Feb 11 · 1:57:00 PM · Source: Company Press Release · Related: Allegheny Energy
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by Michael Oliveto

Southern Company (SO)

Southern Company announced that its earnings estimate for the first quarter of 2010 is $0.42 per share. For fiscal 2010, the Company expects earnings per share to be in the range of $2.30 to $2.36.
According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.47 for the first quarter of 2010; EPS of $2.43 for fiscal 2010.

Feb 11 · 1:47:00 PM · Source: Reuters
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by Michael Oliveto

Northeast Utilities (NU)

Northeast Utilities declared a regular quarterly dividend in the amount of $.25625 per share payable March 31, 2010 to shareholders of record on March 1, 2010.
At today's $24.99 stock price the dividend yield is 4.10%.

Feb 10 · 5:26:00 PM
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by Michael Oliveto

Firstenergy (FE)

FirstEnergy’s Pennsylvania Power Company (Penn Power) has filed a plan with the Pennsylvania Public Utility Commission (PaPUC) to procure electric generation supply to serve customers beginning in June 2011.
The company, which does not own any electric generating plants, serves approximately 160,000 customers in western Pennsylvania.

Feb 10 · 5:19:00 PM · Source: Company Press Release
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by Michael Oliveto

Constellation Energy (CEG)

Constellation Energy Group has sold the New York and Pennsylvania portions of its NewEnergy Gas Division to a partnership between Buffalo, NY energy entrepreneurs Gary Marchiori and Timothy Wright and the energy marketing business of South Jersey Industries.
MW Energy, a partnership that includes Marchiori and Wright, has run the energy marketing business under a variety of owners, beginning with Texaco followed by Dynegy, Noco Energy Marketing and Constellation, which acquired the firm in 2006.

Feb 10 · 5:06:00 PM · Source: Buffalo News
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by Michael Oliveto

AES Trust (AES)

Greenhouse Gas Services, a venture of GE Energy Financial Services and The AES Corporation announced it has expanded into renewable energy and into Canada by acquiring StormFisher Ltd.
The acquisition of Toronto-based StormFisher-which builds, owns, and operates projects in North America that turn food or agricultural byproducts into natural gas and electricity-enables Greenhouse Gas Services to grow in markets outside the U.S. and particularly where governments support renewable energy, such as Ontario. In the transaction, Denham Capital, an energy and commodities-focused private equity firm, becomes an investor in Greenhouse Gas Services by exchanging its stake in StormFisher for ownership in Greenhouse Gas Services. Greenhouse Gas Services will retain the StormFisher brand as its biogas business line. Other terms of the transaction were not disclosed.

Feb 9 · 4:02:00 PM · Source: Reuters
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by Michael Oliveto