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SCANA (SCG)
Scana reported for the full year 2009 earnings of $348 million, or $2.85 per share, on sales of $4.237 billion. That compares to the prior year earnings of $346 million, or $2.95 per share, on sales of $5.319 billion.
The company announced that for fiscal 2010, it expects earnings per share to be in the range of $2.85 to $3.05. The Company continues to target an average annual earnings growth rate of 4% to 6% over the next 3-5 years.
Feb 11 · 3:34:00 PM · Source: Company News Release
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by Michael Oliveto
Progress Energy (PGN)
Progress Energy reported for the full year 2009 earnings of $767 million, or $2.75 per share, on sales of $9885 million. That compares to the prior year earnings of $830 million, or $3.17 per share, on sales of $9167 million.
The company announced that for fiscal 2010, it affirms ongoing earnings guidance range of $2.85 to $3.05 per share. The ongoing earnings guidance excludes the impact, if any, from discontinued operations, CVO mark-to-market adjustments, potential impairments, valuation allowances and plant retirement charges.
Feb 11 · 3:29:00 PM · Source: Company Press Release
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by Michael Oliveto
Pacific Gas & Electric (PCG)
Pacific Venture Capital, a subsidiary of PG&E, will provide $60 million in tax equity financing for the installation of 1000 solar power systems on residential and commercial buildings.
The investment will allow SolarCity to use its SolarLease® and power purchase agreement financing options where building owners adopt solar energy with no upfront investment.
In return for providing the upfront investment for the solar power systems, Pacific Venture Capital will receive lease revenues from SolarCity customers, along with the benefits of federal investment tax credits and local rebates for solar energy projects.
Feb 11 · 3:11:00 PM · Source: Renewable Energy Focus
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by Michael Oliveto
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
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