Last year, networking giant Cisco Systems worked with one of its contract manufacturers in Malaysia to deploy 1,500 energy and temperature sensors on its manufacturing equipment. These more “intelligent assets” read performance data, giving Cisco a detailed view of energy consumption — one that had not been available before. Last week, at an internal Cisco meeting, the company’s VP of Supply Chain, John Kern, proudly reported that the project had identified ways to cut energy use by approximately 30%, which will likely save $1 million per year. (Disclosure: I was at the meeting as a paid speaker on sustainability strategy.) When Cisco rolls out the sensors globally, these savings will add up. But to me, the most fascinating thing about the whole initiative is the organizational mindset shift it’s creating: a realization about the value of getting smarter about how — and where — operations use energy. As Kern put it, “We always manage costs so closely, but we weren’t really measuring energy — we didn’t know how much we spent! Through digitization initiatives such as this, we now have a way to measure, monitor, and manage energy…this is huge since energy is typically a factory’s largest variable cost.” In many of the most sophisticated companies with top tier operational practices, energy has mostly been treated as a cost line item, watched only by mid-level managers or execs, if at all. This black box approach can’t last. It’s time to move energy into the C-suite so executives can manage this critical component of operational performance in a more strategic way. In addition, with the global climate accords signed now by 175 countries, the world is clearly turning attention to carbon emissions. How a company manages its carbon footprint and approach to energy in general is becoming a top-tier operational issue — and a big deal to regulators, customers, employees, and investors. Insight Center Operations in a Connected World Sponsored by Accenture The technologies and processes that are transforming companies. Some sectors have woken up already. In the tech world, for example, energy is now the largest component of variable costs for running a datacenter. Logically then, many of the companies investing most heavily in renewables are tech giants like Google, Apple, and Facebook. Heavy industry is also diving in, and companies like 3M and Dow have bought many megawatts of renewable energy and found billions of dollars in energy savings. In agriculture, carbon emissions and energy use throughout the value chain are increasingly a core operational issue as well. Every sector should be taking energy this seriously. Even if it’s not a large cost or risk issue in direct operations, it certainly is somewhere else in the value chain. The importance of energy to the global economy, to geopolitics, and to corporate bottom lines — plus the pressing need to tackle carbon emissions to ensure a stable planet and global wellbeing — all combine to make a powerful case for managing energy much more strategically at all levels, from facilities to total operations to strategy. This basic argument, and its repercussions, are laid out in a new strategy guide that I co-authored with PwC’s George Favaloro and Tim Healy, the CEO of EnerNOC, a leader in energy intelligence software. For our paper, Energy Strategy for the C-Suite, we analyzed research and data on energy use at hundreds of companies, and included perspectives from an advisory council that included corporate energy executives and government and academic thought leaders (I also sit on that advisory group). Aside from describing the mega-trends coming to bear on companies — such as climate change; new expectations of increased transparency about business operations; tech breakthroughs like big data and the internet of things; and dramatic shifts in how energy markets work and how to source energy — we identified 15 emerging best practices that can help companies create more value. Here are a few examples of what we recommend in this new framework: Develop a global energy strategy with C-suite and cross-functional accountability. We believe energy could be viewed in many organizations as a “keystone metric” — i.e., a primary indicator that aligns the whole organization around the pursuit of operational excellence. Optimizing energy and slashing carbon can drive overall operational improvements. Set ambitious, science-based goals for energy and carbon. Dozens of leaders, from many sectors have set goals to cut carbon 40 to 100% in line with climate science (Cisco, Disney, Alcoa, Sony, J&J, EMC, and many more). Track energy data at all levels, from the enterprise down to the product, using new tools to understand better how energy connects to overall business performance and metrics (like cost of goods sold). For example, Saint Gobain’s Ohio factory produces 30,000 different products, each with its own energy demands. Much finer energy intelligence data has helped the company understand its true cost per product line. It has adjusted its product prices accordingly, improving margins or just finding a more competitive price point in the marketplace Use advanced financing mechanisms to expand energy project options. In addition to power purchasing agreements (PPAs) for corporate renewables, companies are increasingly able to buy energy as a service, not a product. Consider McCormick & Co, a Fortune 1000 spice manufacturer. When the company needed to replace old air conditioning units, it contracted with Constellation Energy Group to build a brand new chiller plant. Constellation owns the chiller and charges McCormick for cold air, freeing up McCormick’s capital to invest in other operational improvements and the business itself, not in energy infrastructure. In total, energy is one of the largest components of company cost structure, and it’s a complicated operational issue. But it’s rarely seen as something that can provide deeper strategic insight. With new tools in a much more connected world, executive can better manage this most basic of inputs into the economy. Energy is just too important to be managed as a line item.
New York ISO Zone A West day-ahead wholesale power prices have bounced around this March as maintenance and generation outages have increased congestion in the region. This price volatility appears to have spilled onto the prompt-month forward power contract as the spread between West and other New York zones has widened. NYISO Zone A day-ahead prices […] The post Congestion reverses power price trends in New York ISO appeared first on The Barrel Blog.
Constellation Energy Resources, LLC., a subsidiary of Exelon Corporation (EXC), inked a 25-year competitive electricity supply agreement with the National Aquarium.
Компания "Constellation Energy Nuclear Group" (CENG) предупредила власти штата Нью-Йорк (США) о возможном останове АЭС "R.E.Ginna" в случае срыва переговоров по отпускной цене электроэнергии с её крупнейшим потребителем. АЭС "Р.И.Гинна" (Robert E. Ginna) состоит из одного блока с реактором PWR, введённого в эксплуатацию в 1970 году. Проектная мощность блока 470 МВт(эл.), фактическая 580 МВт(эл.), реакторная установка двухпетлевая по проекту от "Westinghouse". Станция названа в честь ныне покойного исполнительного директора компании "Rochester Gas and Electric Company" Роберта Гинны, выступившего в своё время спонсором строительства АЭС в округе Уэйн штата Нью-Йорк. Здания станции выкрашены в зелёный цвет, что подчёркивает ирландское происхождение Гинны. Компания "Rochester Gas & Electric" (RG&E) остаётся крупнейшим потребителем электроэнергии от АЭС "R.E.Ginna". По иронии судьбы, именно с ней нынешние владельцы станции не могут найти общего языка. читать далее
Nuclear giant Exelon's CEO, Christopher Crane, wants Congress to kill a wind energy tax break, despite the fact the nuclear industry wouldn't be economically viable today without five decades of massive federal subsidies. Corporate executives often tout the benefits of competition in a free-market economic system, but it's striking just how much large corporations don't like it. In fact, some companies will do all they can to squash it, lobbying for favors and subsidies while working to deny them to their competitors. The squabble over a key federal tax break for the wind industry is a case in point. Called the production tax credit (PTC), it has helped quadruple the wind industry's generation capacity over the last five years, and six states now have enough wind turbines to meet more than 15 percent of their annual demand. Unlike most coal, nuclear, and oil and gas subsidies, the PTC -- which has been around only since the mid-1990s -- is not permanent. Congress has to renew it periodically. Last December, Congress let it expire yet again, and lawmakers likely will not restore it until after the November mid-term elections, if at all. The PTC represents roughly $1.2 billion in annual tax savings to the wind industry. Wind's more-established competitors want the PTC dead. ExxonMobil, the Koch brothers and their front groups, for example, want Congress to let it die. Never mind that the oil and gas industry has been receiving an average of $4.86 billion annually in today's dollars in subsidies and tax breaks since 1918. Or the fact that Congress exempted natural gas developers from key provisions of seven major environmental laws, including the Clean Air Act and Clean Water Act. The nuclear power industry doesn't like the wind tax break, either. Its most outspoken critic is Exelon, the nation's largest nuclear plant owner with 23 reactors at 14 plant sites. The Chicago-based utility contends Midwest wind installations are cutting into its profit margins by driving down electricity prices, and it blames the PTC. The company has been lobbying Congress to terminate it, and as I reported earlier this week, it recently launched a front group, Nuclear Matters, to generate public support for keeping all U.S. reactors running. "If the government believes that they're improving the environment by subsidizing wind, they are wrong," Exelon CEO Christopher Crane told the Chicago Tribune in late April. "It is going to shut nuclear plants down." Around the same time, Exelon Senior Executive Vice President William Von Hoene Jr. clarified the company's position. Exelon is not "anti-wind," he told trade reporters, "but anti-subsidy." Anti-subsidy?! The nuclear industry is awash in subsidies. In fact, the industry wouldn't be economically viable without subsidies underwriting every stage of the nuclear fuel cycle, according to a 2011 report by the Union of Concerned Scientists (UCS). Altogether, those subsidies have often exceeded the average market price of the power produced. What makes Exelon's opposition to the PTC complicated is it is much more than a nuclear power company. The largest supplier of wholesale power in the country, it gets 55 percent of its electric generation capacity from nuclear, 28 percent from natural gas, 6 percent from hydro, 4 percent from coal, and 3 percent from oil. The remaining 4 percent comes from landfill gas, solar and ... wind. Although wind represents a tiny percentage of Exelon's capacity, it's the 12th largest wind farm owner in the country. It was even on the board of the American Wind Energy Association -- until it got kicked off two years ago for slamming the PTC. No matter. Given that nuclear power and natural gas represent more than 80 percent of its generating capacity, Exelon is against subsidies -- but only for wind and other renewables. Exelon officials don't mention the fact that natural gas is heavily subsidized, and they actually claim with a straight face that nuclear power is not subsidized at all. Scapegoating Wind There's no question that nuclear power's future isn't looking as rosy as it did 10 years ago. Back then, U.S. utilities were banking on a nuclear renaissance. Some proponents were calling for as many as 100 new reactors. Now the industry likely will get at most five built in the next 10 years, and the economic viability of some operating reactors is now in question. "Merchant" plants in deregulated markets, which are not guaranteed an annual profit, are particularly at risk. In any case, four reactors closed last year, and Vermont Yankee's lone reactor will shut down this fall. Investment research firm Morningstar has identified six reactors that may be next in line. And Exelon, which plans to shut down New Jersey's Oyster Creek plant in 2019, is threatening to close some of its Illinois reactors if market conditions don't improve. But how much of the industry's plight is due to the growth of wind power? The website of Exelon's new front group, Nuclear Matters, identifies some of the factors undermining the industry's prospects, including depressed electricity demand, cheap natural gas, an outdated transmission system, and the fact that electricity markets don't provide preferential treatment for low- and carbon-free sources -- which is equally true for wind and other renewables. Exelon executives, however, are most exercised about what the website identifies as "federal and state policies [that] subsidize less reliable electricity sources, distorting competitive markets and causing otherwise economical, clean electric generators to operate at a loss." Joseph Dominguez, an Exelon senior vice president, translated that last bullet point into plain English for the Chicago Tribune in March. "Natural gas prices are impacting nuclear assets, there's no doubt about that," he said. "We would be able to survive that problem -- and survive low demand for electricity -- absent this phenomenon of subsidized wind." Dominguez cited a 2012 Exelon-sponsored study by the Northbridge Group that concluded the PTC encourages wind developers to keep their turbines spinning when electricity demand is low, particularly at night, allowing them to sell power at a loss and drive down the price other generators in the area can charge. In Illinois and other wind-rich regions of the country, there are times when demand is so low, wind, coal and nuclear plant owners have to pay grid operators to take their power. Utilities call it "negative pricing." Exelon claims its entire nuclear fleet experiences negative pricing 14 percent of the time. A March analysis by the American Wind Energy Association (AWEA), however, documents that negative pricing at Exelon nuclear plants occurs much less frequently and is largely unrelated to wind. Most of the negative pricing, the report found, happened when wind output was extremely low. The more credible culprits, according to AWEA, were local transmission outages and bottlenecks -- which caused more than half of the incidents -- low electricity demand, and Exelon reactors' inability to ramp down when demand drops -- which natural gas and even renewables can do. Steve Clemmer, UCS's director of energy research and analysis, concurs. The Northbridge study "wildly exaggerates wind's contribution to negative pricing," he said, "and completely ignores the fact that Exelon's nuclear plants themselves may be responsible." Even executives at Xcel Energy and NextEra Energy -- which both own nuclear plants -- aren't buying Exelon's argument. "Negative pricing is not driven primarily by wind," Xcel's vice president of policy and strategy, Frank Prager, told Greentech Media in early April. Prager should know. Xcel owns wind farms and two nuclear plants in Minnesota. NextEra Energy CEO James L. Robo, meanwhile, took a swipe at Exelon in a column in the April 7 issue of Roll Call, a political trade publication. "Blaming the wind industry for the challenges in the merchant nuclear business may be politically expedient," he said, "but it will not help any company or technology operate more successfully in a low natural gas price environment." NextEra is the largest U.S. wind and solar developer, but it also owns eight nuclear reactors and a slew of hydro-, gas- and oil-powered generating facilities. The Real Culprits So what's really responsible for nuclear power's economic woes? Besides cheap natural gas, transmission is a key factor, said Mike Jacobs, a UCS energy analyst. "It's a classic supply and demand equation," he explained. "If there were more transmission lines, utilities could dispatch power from places with a glut to where there's higher demand. "It's a problem for both nuclear and wind," he added. "Both contribute to an oversupply at night when demand drops, winds blow stronger, and nuclear plants can't cut their power. Exelon is essentially saying that it's OK for our nuclear plants to generate more power at night, but it's not OK for wind farms." Exelon CEO Chris Crane knows transmission is a big problem. In late April, he told the Chicago Tribune that his company is considering building a $1.6 billion high-voltage transmission line linking its reactors to customers from northern Illinois through Indiana to Ohio. True to form, however, he also made it clear that Exelon doesn't support a proposed 500-mile transmission line, now pending state approval, that would deliver wind-generated electricity from Iowa to Illinois and compete with Exelon's nuclear plants. Jacobs, who used to work at AWEA and the National Renewable Energy Laboratory, pointed out that the industry is also hampered by high operating costs and a legacy of neglected safety improvements. "Wind and solar," he said, "are not what's cramping Exelon's style." To be sure, renewables were not a factor in shuttering four reactors last year. The Kewaunee nuclear plant, near Green Bay, had been relicensed in 2011 to run for 20 more years, but the Wisconsin utilities that had been buying its electricity declined to continue, citing the low price of natural gas. The other three reactors -- one at the Crystal River plant in Florida and two at San Onofre in California -- were done in by botched steam generator replacements. Crystal River was facing a $2-billion repair job, while San Onofre's $700-million steam generator replacement system failed in less than two years. It was more than enough to force both utilities to pull the plug. A fifth reactor, Vermont Yankee -- one of the nation's oldest and smallest-- is slated to close later this year. The reason? According to the owner, the plant fell victim to low natural gas prices and the structure of New England's wholesale power market. Note that nobody blamed wind. What Does Exelon Want? To shore up its profits, Exelon has been buying up regulated utilities, which are guaranteed a rate of return by state regulators, unlike the company's deregulated merchant nuclear plants in the Midwest that sell their power on the open market. Its the merchant plants that are in trouble. In 2012, Exelon bought Constellation Energy, which added three dozen power plants in 11 states, including the state-regulated Baltimore Gas and Electric Company, to its portfolio. And just last month, Exelon announced an agreement to buy Potomac Electric Company (Pepco), a regulated utility based in Washington, D.C., that owns electric and gas utilities in New Jersey, Delaware and the nation's capital. If the deal goes through, approximately 65 percent of the Exelon's revenues would come from regulated utilities, and at least one energy business analyst predicts Exelon CEO Crane will eventually try to sell or spin off the company's reactors. Exelon is also pushing its home state of Illinois to provide relief, and asking all states to consider nuclear power's low-carbon benefits when developing policies to comply with the new draft EPA carbon emission rule for existing power plants that was announced on Monday. In response, leading legislators in Illinois, including the speaker of the house, just adopted a resolution calling on federal and state agencies to craft new policies to ensure Exelon's reactors keep running. The resolution asks the Illinois Commerce Commission to produce a report on building more transmission lines to export nuclear-generated electricity to other states and calculate the impact of nuclear plant closures on the state's carbon emissions. That resolution raised some eyebrows among Illinois renewable energy proponents. "Nuclear power is less and less competitive with renewable energy and energy efficiency," the Illinois Environmental Council (IEC) said in a May 27 blog. "When the carbon pollution standards for existing coal plants are introduced..., Illinois' state implementation plan should absolutely prioritize renewable energy and energy efficiency." Given that Exelon has operations in eight states, the company wants a lot more than a resolution in Illinois. Currently 29 states and the District of Columbia have standards that require utilities to increase the share of electricity they generate from renewable sources over time. Illinois, for instance, has a renewable standard of 25 percent by 2025. Crane has proposed that states implement the new EPA carbon emissions rule by adopting a broader "clean energy" standard that would include nuclear power. Crane was likely buoyed by comments the EPA made when it announced its draft rule. "Policies that encourage development of renewable energy capacity and discourage the premature retirement of nuclear capacity," the agency said, "could be useful elements of [carbon dioxide] reduction strategies...." But the EPA rule won't go into effect until sometime next year after a public comment period, and already it has raised hackles among coal state Republicans and Democrats in Congress. In the meantime, expect Exelon to continue its specious campaign against wind energy and remain mum about what's really threatening nuclear power: natural gas. Exelon won't criticize the industry's massive federal subsidies, which have been in place for nearly 100 years, or its environmental law exemptions, even though they both keep gas prices low. After all, why would Exelon call attention to that when the company is in that game, too? Also expect Exelon--and its new front group, Nuclear Matters--to continue go cup in hand to state and federal authorities, all the while insisting that the nuclear industry isn't subsidized at all. As one would expect, Exelon's brazenly dishonest campaign against wind and other renewables has outraged environmentalists and nuclear watchdog groups. But it also has aroused the ire of some of its own industry fraternity members. David Crane, the chief executive of NRG Energy, a conglomerate with coal, gas, nuclear, oil, solar and wind facilities (and no relation to Exelon's Chris Crane), didn't mince words when asked about Exelon's actions by a Chicago Tribune reporter. "The public policy position of Exelon is to oppose subsidies for wind and solar while the company itself purports to be this super-green company and also wants more subsidies for nuclear," he said. "That's just hypocritical." Elliott Negin is the director of news and commentary at the Union of Concerned Scientists.
Когда человек выбирает между работой, которая ему нравится, и работой, за которую хорошо платят, он должен помнить, что всегда есть возможность и рыбку съесть, и в воду не лезть. Во втором годовом списке лучших работодателей Америки, составленном PayScale и Business Insider, компании были оценены с точки зрения предлагаемых ими зарплат и условий для личного благополучия. Вот уже второй год подряд биотехнологическая компания из Нью Джерси Celgene Corporation возглавила список лучших работодателей Америки. В действительности, многие компании-лидеры списка связаны с индустрией заботы о здоровье. В прошлом году наблюдался подъем технологической индустрии с типичными для нее топовыми компаниями, такими как Google (второе место) и Yahoo (восьмое место). В этом году технологический сегмент значительно упал в рейтинге: теперь Google — компания № 8 среди других работодателей, а Yahoo находится всего лишь на 17 месте. Компания Microsoft, которая в прошлом году была 14-ой, вообще вышла из списка. При составлении рейтинга компании из Fortune 500 были проранжированы с использованием исследовательской и рыночной баз данных PayScale. Окончательные позиции компаний определялись, исходя из шести критериев: удовлетворенности работой, низкого уровня стресса, высокой гибкости рабочего графика, высокой осмысленности работы, средней заработной платой и дельты по рынку, которая определяется через разницу между финансовым вознаграждением по одной и той же позиции у разных компаний. Поскольку авторы исследования полагают, что зарплата является одним из наиболее важных факторов, они удвоили ее удельный вес в своих расчетах. Компания Ожидаемая зарплата($) Довольны работой Гибкость графика 1 Celgene Corp. 116,000 90.90% 96.80% 2 Biogen Idee 596,100 73.90% 87.00% 3 Celanese Corp. 5103,000 79.30% 85.70% 4 Colgate-Palmolive Co. 5101,000 87.50% 78.60% 5 Anadarko Petroleum Corp. 588,800 82.60% 81.80% 6 PPL Corp. 584,800 80.00% 85.70% 7 Huntsman Corp. 599,400 73.90% 87.00% 8 Google Inc. 5127,000 81.30% 82.80% 9 PG&E Corp. 5108,000 86.80% 68.40% 10 Gilead Sciences Inc. 5105,000 78.00% 68.40% 11 Marathon Petroleum Company, LLC 594,100 92.60% 70.40% 12 Williams Companies Inc. 579,400 81.60% 80.60% 13 Qualcomm Inc. 5113,000 79.60% 92.80% 14 MasterCard Worldwide 5109,000 81.80% 83.90% 15 Bristol-Mysers Squibb Co. 5106,000 77.80% 83.50% 16 NetApp 5118,000 78.80% 94.10% 17 Yahoo Inc. 5125,000 71.50% 90.10% 18 Hershey Foods Corp. 574,500 86.40% 85.70% 19 Blackrock Inc. 5115,000 80.50% 82.10% 20 Amgen Corp. 5107,000 73.50% 77.00% 21 Broadcom Corp. 5125,000 68.30% 85.70% 22 FMC Technologies Inc. 590,400 76.90% 80.60% 23 Dominion Resources Inc. 581,400 79.50% 88.40% 24 Occidental Petroleum Corp. 5106,000 83.30% 68.80% 25 Baxter International Inc. 586,200 78.60% 75.00% 26 Constellation Energy Group Inc. 588,800 68.60% 91.40% 27 NRG Energy Inc. 591,700 76.10% 77.80% 28 Texas Instruments Inc. 5105,000 75.10% 85.40% 29 Chevron Corp. 5113,000 81.00% 75.00% 30 Xcel Energy Inc. 580,600 78.80% 84.80% 31 St. Jude Medical Inc. 584,300 75.30% 74.10% 32 Symantec Corp. 5102,000 71.00% 91.50% 33 FirstEnergy 582,500 83.30% 69.20% 34 AGCO Corp. 580,700 82.40% 75.00% 35 NiSource 580,700 72.00% 79.20% 36 Abbot Laboratories 590,400 75.30% 81.80% 37 Johnson & Johnson 5102,000 73.70% 83.40% 38 Campbell Soup Co. 577,400 75.80% 78.80% 39 NextEra Energy Inc. 590,800 71.40% 70.00% 40 Allergan Inc. 593,400 64.10% 82.50% 41 Mosaic 572,100 82.40% 76.50% 42 Dow Chemical Co. 596,400 78.90% 80.90% 43 Pfizer Inc. 599,100 71.20% 85.30% 44 Fannie Mae Corp. 5106,000 65.20% 83.00% 45 Autoliv Inc. 579,500 75.80% 74.20% 46 eBay Inc. 5114,000 69.40% 85.90% 47 ConocoPhillips Co. 5103,000 73.60% 66.70% 48 Medtronic Inc. 588,500 74.90% 80.60% 49 ExxonMobil Corp. 5104,000 77.00% 73.00% 50 Pacific Life 591,100 60.00% 86.70%
Electricite de France (OTC:ECIFF) says it has finalized a deal with U.S. partner Exelon (EXC -0.4%) that paves the way for the French power company to start withdrawing from its foray into the U.S. nuclear power sector. EDF will delegate to EXC the operational management of the five nuclear reactors owned by their jointly owned energy company Constellation Energy Nuclear Group. Post your comment!
Constellation Energy saw a big move last session on pretty good volume with far more shares changing hands than in a normal session; shares fell over 6% on the day.
Constellation Energy Partners LLC was a big mover last session, as the company saw its shares rise nearly 13% on the day.
Goldman Sachs и Deutsche Bank постепенно выходят из бизнеса, участие в котором никогда не афишировалось: оба финансовых конгломерата занимались торговыми поставками уранового сырья, известного как желтый кек (закись-окись урана), передает Reuters. За последние четыре года запас радиоактивного сырья, принадлежащий обоим банкам, превысил общий запас Ирана, достигнув объема, достаточного для работы 20 стандартных АЭС (это весь атомно-энергетический сектор КНР) в течение года, или для создания 200 атомных бомб. По мере нарастания критических настроений в адрес Уолл-стрит в связи с участием в торговле сырьем, а также в силу падения спроса после катастрофы АЭС "Фукусима", компании выставили принадлежащие им урановые запасы на продажу, но другие банки уже выстраиваются в очередь, чтобы занять их место. По данным британских властей и источников в ядерной индустрии, запасы уранового сырья, принадлежащего банкам, оцениваются в 5 тыс. т стоимостью более 400 млн долл. Деятельность Уолл-стрит на урановом рынке демонстрирует, как далеко зашло вмешательство банков в сырьевую торговлю за последние 10 лет, пока длился бум сделок с природными ресурсами. Существуют обоснованные сомнения, следует ли позволять банкам торговать сырьем, играющим столь важную роль в мировой политике. Хотя мировая торговля ураном находится под контролем властей, спецслужб и МАГАТЭ, ни один компетентный орган не в состоянии проследить за каждой сделкой. "Атомная промышленность десятилетиями ведет кампанию с целью приравнять торговлю ураном к прочим сырьевым сделкам, но она должна находиться под более строгим контролем", - считает профессор Мичиганского университета Габриэль Хехт. На фоне растущего давления на ФРС со стороны Вашингтона с целью ограничить роль Уолл-стрит в сырьевой торговле, ряд банков, в том числе G.P.Morgan и Morgan Stanley, сообщили о планах продать все или часть своих сырьевых сделок, совершенных за последние полгода. В декабре 2013г. Deutsche Bank заявил о масштабном сворачивании активности на сырьевом рынке. Между тем Goldman Sachs, по заявлениям руководства, не намерен расставаться со своим сырьевым подразделением J.Aron & Company, где многие из топ-менеджеров банка, в том числе генеральный директор Ллойд Бланкфейн, начинали карьеру. Пока неизвестно, почему Goldman Sachs решил выйти из уранового бизнеса. История вопроса Goldman Sachs и Deutsche Bank вышли на урановый рынок в 2009г., когда цены на сырье взлетели из-за сокращения поставок. Позже их активность возрастала, и совокупный объем урановых сделок с участием банков, по данным отраслевых источников, составил около трети всех урановых торгов на спотовом рынке. Эти банки были не первыми финансовыми трейдерами, вышедшими на рынок радиоактивного сырья. Некоторые специализированные хедж-фонды начали скупать желтый кек еще в середине 2000-х годов, когда мир стоял на пороге так называемого ядерного ренессанса: считалось, что ядерная энергетика должна получить новый импульс к развитию в связи с попыткой международного сообщества сократить выброс парниковых газов. В 2007г. цена на уран взлетела почти до 140 долл. за фунт. Всего за пять лет до этого она не превышала 20 долл. за фунт. Новый, более скромный, рост цен был зафиксирован в 2010г.: тогда сырье подорожало с 40 до 65 долл. за фунт. Некоторые потребители обвиняют фонды и банки в том, что они скупают сырье с целью добиться роста его стоимости, но основными причинами ценового бума все равно признается растущий спрос в сочетании с ограничением поставок. NUFCOR Ltd. (Nuclear Fuels Corporation of South Africa Limited), подразделение Goldman Sachs, отвечающее за торговлю ураном, ведет свое начало со времен апартеида в ЮАР. В 1968г. группа частных золотодобывающих предприятий учредила торговую компанию с целью поставлять на рынок урановое сырье - побочный продукт добычи золота. В 1975г. NUFCOR Ltd. заключила договор на поставку низкообогащенного урана шахскому режиму в Иране, положив начало спорной иранской ядерной программе. По условиям соглашения, компания обязалась поставить в Иран 2,4 тыс. т желтого кека, и в течение следующих лет страна получила 775 т сырья, пока исламская революция 1979г. не положила конец поставкам урана. Повторное обсуждение возможности урановой сделки между Ираном и ЮАР произошло в 1984г.: тогда речь шла о закупке 1,485 тыс. т желтого кека, но правительство ЮАР в итоге запретило поставку. Девять лет спустя сырье, не попавшее в руки иранских властей, было продано нью-йоркской торговой компании, а деньги возвращены Тегерану. Сделка между NUFCOR и шахским режимом была единственным подтвержденным случаем крупномасштабной легальной закупки ядерного сырья властями Ирана. Считается, что именно этот материал применяется в программе по обогащению урана, которую, по мнению международного сообщества во главе с США, нынешнее иранское правительство проводит с целью создания ядерного оружия. Кроме того, в стране ведется добыча уранового сырья в небольших количествах. Не исключена вероятность, что власти Ирана смогли закупить несколько дополнительных партий у неизвестных партнеров. Пресс-секретарь иранской Организации по ядерной энергетике не комментирует подробности сделки с NUFCOR, но подчеркивает, что страна "тесно сотрудничает" с МАГАТЭ. В 1998г. NUFCOR полностью перешла в собственность AngloGold Ashanti и FirstRand Bank, спустя 10 лет была продана американской компании Constellation Energy. Годом позже корпорация вошла в состав активов Goldman Sachs. В 2010-2012гг. AngloGold Ashanti поставляла NUFCOR около 600 т сырья в год. Согласно документам британской Регистрационной палаты, в конце 2012г. запасы низкообогащенного урана, принадлежащие NUFCOR, оценивались в 232 млн долл. против 160 млн долл. годом ранее. По тем ценам объем запасов должен был составлять около 2,5 тыс. т. С тех пор, по данным отраслевых источников, объемы возросли. Урановый бизнес Deutsche Bank был создан бывшим трейдером Lehman Brothers Роем Адамсом, который ранее управлял аналогичным подразделением прогоревшего американского банка. В декабре 2013г., после объявления об уходе с сырьевого рынка, Deutsche Bank начал предварительные переговоры с потенциальными претендентами на покупку уранового бизнеса. В числе активов, предназначенных к продаже, торговый портфель, включая долгосрочные контракты с АЭС, а также запас низкообогащенного урана стоимостью около 200 млн долл., что в пересчете на текущую цену составляет около 2,6 тыс. т желтого кека. Яра: может быть, уран уже закончился, а резаная бумага давно распродана? Скоро придется отвечать, а не хочется. Яра Читать полностью:http://top.rbc.ru/economics/12/02/2014/904613.shtml
Exelon Corporation's business unit, Constellation Energy Resources, LLC, has provided an update on its 2013 solar portfolio.
Constellation Energy Partners (CEP -15.9%) plunges after warning that legal costs related to its defense against litigation by PostRock Energy (PSTR -2.4%) may have a material effect on available cash, which could impact its ability to make distributions. CEP says the allegations contained in PSTR's lawsuit are without merit, and it will vigorously defend itself against the claims raised. 1 comment!
ByClayton Rulli: Backround: Constellation Energy Partners LLC. (CEP) is a speculative upstream oil and gas MLP which was first IPO'd in 2006 for about $26/share. Following the IPO, shares reached as high as $50, but have since tanked as low as $1.15/share. Needless to say, the company has been a major disappointment. The company is considered an MLP which is suprising since it hasn't paid a distribution since June of 2009, and up until recently has had no firm source of drop downs, which are critical for small upstream E&P MLPs like CEP. Since 2009, the company has been struggling to find its way, let alone reinstating distributions for unit holders, as high debt and lack of support from a parent has left the company in shambles. Today, the company stands at just $2.00/share with a market cap of $48.6M, and is still jousting debt concerns and a tapering of production dueComplete Story »
This won't end well: Islamists call Cairo protest march as Egypt death toll mounts (Reuters) JPMorgan Said to Expect Multiple Fines for Whale Loss (BBG) Ex-bosses at JPMorgan unlikely to face charges in 'Whale' scandal (Reuters) China could target oil firms, telecoms, banks in price probes (Reuters) For once, it's not the weather's fault: U.K. Retail Sales Increase More Than Forecast on Heatwave (BBG) Japanese visits to shrine on war anniversary anger China (Reuters) India Fighting Worst Crisis Since ’91 Seeks to Buoy Rupee (BBG) Japan Signals Corporate Tax Cut a Long Shot as Deflation Eases (Reuters) Indonesia Tackles Graft in Energy Sector (Reuters) Merkel Touts Strength of German Economy (WSJ) and... British stuntman who parachuted into London Olympics opening ceremony as James Bond dies in fall (AP) Overnight Media Digest WSJ * Lawyers for American Airlines and US Airways Group Inc spelled out the arguments they would use to defend their proposed merger, one day after the Justice Department sued to block the deal. The suit ignored several benefits the merger would offer, including more flights to more destinations, reduced airlines' costs, lower fares and better service, they said. * Network equipment maker Cisco Systems Inc on Wednesday said it would cut 4,000 jobs, or 5 percent of its workforce, despite reporting an 18 percent jump in profit in the fourth quarter. Chief Executive John Chambers said the job cuts were due to a disappointing economic recovery that is affecting particular countries and product lines in different ways. * Many of the new health insurance marketplaces will include relatively few choices of doctors and hospitals. The big reason behind these limited plans: Cost. Insurers are betting that consumers will be willing to trade some choice and flexibility in order to get cheaper premiums. * The television industry is anticipating an advertising bonanza related to the rollout of the federal health overhaul, with as much as $1 billion expected to be spent on ads by insurers alone, according to TV executives and a broadcasters' trade group. * Activist investor Nelson Peltz's Trian Fund Management LP has taken a $1.3 billion stake in DuPont Co, said people familiar with the New York investment firm, and will push the venerable chemical maker to improve its long term growth prospects. * A United Parcel Service Inc plane approaching the Birmingham, Alabama, airport crashed about a mile short of the runway early Wednesday, killing the pilot and co-pilot. * Activist hedge fund manager William Ackman exited his stake in snack maker Mondelez International Inc in the second quarter and reduced his position in Matson Inc. Ackman has been under pressure recently, with his Herbalife Ltd and JC Penney bets working against him. * Samsung Electronics Co is facing a lawsuit that alleges dangerous work conditions at its factory in Brazil. Federal prosecutors said that the company is subjecting employees to the risk of disease by repetitive activity and intense pace of work on the assembly line at its Manaus plant, which employs 6,000 workers producing electronics for Latin American markets. FT Two former JPMorgan Chase traders face criminal charges for allegedly falsifying the bank's books to hide its multibillion dollar "London whale" trading losses. A German court has blocked Liberty Global's completed 3 billion euro ($4 billion) purchase of KabelBW, putting in doubt latest attempts to consolidate the country's cable industry. Chinese authorities announced on Wednesday they would widen their investigation into drug pricing and corruption in the healthcare sector in the country. An independent foundation that can block a takeover of Dutch telecoms group KPN wants Mexican billionaire Carlos Slim to set out his strategy for KPN or risk a poison pill defence of his 7.2 billion euro bid. International Airlines Group announced an order with Airbus for 62 narrow-body passenger jets as it embarks on an aggressive expansion plan for Vueling, its new budget airline. Spain's Telefonica SA emerged as the preferred bidder for two smart metering contracts in the United Kingdom. NYT * After a decade of rapid consolidation in the U.S. airline industry, the Justice Department filed a lawsuit on Tuesday to block the proposed merger between American Airlines parent AMR Corp and US Airways Group Inc, which would create the world's largest airline. It underscores a newly aggressive approach by the Justice Department's antitrust division, which has been more closely scrutinizing proposed mergers as the economy recovers. * Hedge fund titan William Ackman resigned this week from the board of J.C. Penney Co Inc, just days after he began a public rebellion against his fellow directors over the future of the company. At the same time, he has made a very public bet against Herbalife Ltd, the nutritional supplements company, that has not gone his way over the last several months. By some counts, Ackman has lost about $1 billion on both companies. * Private equity firm Kohlberg & Co, which offered last month to buy Steinway Musical Instruments Inc, said on Tuesday that it would not seek to raise its bid in the face of a rival offer. That puts Steinway in a position to complete a buyout deal with the rival bidder, which offered this week to buy the company for $38 a share, or about $475 million. The rival bidder, which has not been publicly identified, is the hedge fund Paulson & Co, according to a person briefed on the matter. The Senate's committee on homeland security sent a letter this week to the major financial regulators and law enforcement agencies asking about the threats and risks related to virtual currency like bitcoin. These currencies, whose popularity has grown in recent years, are often used in online transactions that are not monitored by traditional financial institutions. * The Public Company Accounting Oversight Board is proposing a major overhaul of how company audits are reported to the public, a move that could provide investors with deeper insights into the health of corporations. * On Wall Street, strange financial products sometimes exist not because they are good for investors or companies, but because they offer their promoters a way to profit. Silver Eagle is a special purpose acquisition company, or SPAC, which raises money through an IPO and then casts a wide net in search of a private company to buy. Silver Eagle's IPO is the largest in the past seven years for a SPAC and sure to earn its promoters millions, but the outcome is not so clear for its investors or even the company itself. * Private equity firm Advent International agreed on Tuesday to sell Domestic and General, an extended warranty company, to CVC Capital Partners for about $1.2 billion, according to a person with direct knowledge of the matter. Canada THE GLOBE AND MAIL * Two Canadian Conservative MPs who hosted fundraising events featuring Senator Pamela Wallin say they didn't know she had billed taxpayers for travel costs. Wallin attended events for Harold Albrecht and Kellie Leitch that were flagged by auditors in a report released this week. All told, the report found Wallin claimed C$121,000 ($117,200) in improper expenses, some of it for partisan work. * Canada has so weakened its environmental laws that it is "in violation" of its obligations under the North American free trade agreement, the West Coast Environmental Law association says. The non-profit legal foundation asked the Commission for Environmental Cooperation to take a hard look at Canada's actions, saying the government has exposed the environment to undue risk to give Canadian industry an edge over the U.S. and Mexico. Reports in the business section: * Verizon Communications Inc is putting off the potential acquisition of two small wireless companies, Wind Mobile SA and Mobilicity, a shift that may signal the U.S. carrier is cooling on the idea of entering Canada despite moves by Ottawa to entice foreign players into the market. * The deadly oil-by-rail disaster in Quebec has done little to quell plans to move more crude on trains in Canada, with the third announcement of a new loading terminal unveiled in as many weeks. Proposals to ratchet up capacity to move oil to market on rails, the latest being a C$100 million terminal planned for Saskatchewan, are coming as major pipeline projects, including TransCanada Corp's Keystone XL conduit to Texas refineries from Alberta. NATIONAL POST * Ongoing hostilities are likely to flare up as new defense minister Rob Nicholson is forced to make some unpalatable decisions on resource allocation, including the possibility of reducing the size of Canada's 68,000 regular forces by chopping one or more of its nine infantry battalions. * Concerns are rising about several government proposals for flood recovery, chief among them, a plan to brand homes that take disaster recovery program money from the government. Homeowners who take the cash and fail to adhere to the government's pricey flood mitigation standards will have it noted on their property titles. Those properties will never again be allowed to access disaster recovery funds. The regulatory changes could affect hundreds of Calgary homes on flood fringes. FINANCIAL POST * Canadian home prices rose in July from June to an all-time high, but the modest monthly gain suggests the robust housing market may be cooling again, according to data from the Teranet-National Bank Composite House Price Index on Wednesday. The report echoes data on both sales activity and prices that suggest Canada's housing market has recovered well after the government tightened mortgage rules in July 2012, causing a sharp slowdown in demand in the second half of 2012. * Toronto's thunderstorm last month set a record for the most expensive natural disaster in Ontario's history, with insured property damage estimated at more than C$850 million, in what has been one of the worst summers for insurers in recent memory, according to the Insurance Bureau of Ontario China CHINA SECURITIES JOURNAL - China's use of electricity in July increased by 8.8 percent year-on-year, according to data released by the National Energy Administration. - China's micro-stimulus policies, such as railway and airport construction, are important for local economies, but must be dealt with caution in order to control risks inherent in local financing platforms, the paper said in a front-page editorial. CHINA DAILY - Chinese millionaires' confidence in the country's economy in the next two years has fallen for a second year in a row, according to a report released by the GroupM Knowledge and Hurun Wealth Report on Wednesday. PEOPLE'S DAILY - China plans to increase the value of information technology consumption to above 3.2 trillion yuan ($522.91 billion) by 2015, which would mean a yearly increase of over 20 percent, according to an opinion adopted by the State Council at an executive meeting on Wednesday. Fly On The Wall 7:00 AM Market Snapshot ANALYST RESEARCH Upgrades BRF Brasil Foods (BRFS) upgraded to Buy from Neutral at BofA/MerrillBaker Hughes (BHI) upgraded to Outperform from Sector Perform at RBC CapitalCarnival (CCL) upgraded to Buy from Neutral at GoldmanCisco (CSCO) upgraded to Neutral from Cautious at ISI GroupITC Holdings (ITC) upgraded to Buy from Neutral at ISI GroupIntegra LifeSciences (IART) upgraded to Overweight from Neutral at Piper JaffrayJinkoSolar (JKS) upgraded to Buy from Neutral at Roth CapitalM.D.C. Holdings (MDC) upgraded to Buy from Neutral at Sterne AgeeMartin Midstream Partners (MMLP) upgraded to Outperform at Raymond JamesNational Oilwell (NOV) upgraded to Outperform from Sector Perform at RBC CapitalNexstar (NXST) upgraded to Overweight from Equal Weight at EvercoreSunTrust (STI) upgraded to Buy from Hold at Drexel HamiltonThe Medicines Co. (MDCO) upgraded to Buy from Neutral at BofA/Merrill Downgrades Anixter (AXE) downgraded to Market Perform from Outperform at William BlairAvago (AVGO) downgraded to Hold from Buy at Brean CapitalGreen Dot (GDOT) downgraded to Neutral from Buy at Compass PointHSBC (HBC) downgraded to Neutral from Buy at MizuhoHelmerich & Payne (HP) downgraded to Sector Perform from Outperform at RBC CapitalHouston Wire & Cable (HWCC) downgraded to Market Perform at William BlairOceaneering (OII) downgraded to Sector Perform from Outperform at RBC CapitalPulteGroup (PHM) downgraded to Outperform from Top Pick at RBC CapitalSmith & Wesson (SWHC) downgraded to Underweight from Hold at KeyBancSynovus (SNV) downgraded to Hold from Buy at Drexel Hamilton Initiations ArcelorMittal (MT) initiated with an Underweight at BarclaysBazaarvoice (BV) initiated with a Buy at B. RileyCole Real Estate Investments (COLE) initiated with an Outperform at JMP SecuritiesQuantum (QTWW) initiated with a Strong Buy at AscendiantWestport Innovations (WPRT) initiated with a Sector Perform at RBC Capital HOT STOCKS American Safety Insurance (ASI) holder Catalina offers $30.75 per shareCorpBanca (BCA) acquired control of Helm Bank through subsidiary CorpBanca ColumbiaCisco (CSCO) announced workforce reduction of about 4,000 employeesSaid comfortable with 5% to 7% revenue growth “over the long run”Cisco (CSCO) CEO Chambers: "My confidence in our ability to be the number one IT company is increasing.”Dean Foods (DF) announced 1-for-2 reverse stock splitIBM (IBM) acquired Trusteer, terms not disclosedPlains All American (PAA) discontinued joint pursuit with KeyeraPrecision Castparts (PCP) announced additional $750M share repurchase plan EARNINGSCompanies that beat consensus earnings expectations last night and today include:Constellation Energy (CEP), NetEase.com (NTES), Vertex Energy (VTNR), WidePoint (WYY), Dillard's (DDS), Agilent (A), Cisco (CSCO), Vermillion (VRML), NetApp (NTAP) Companies that missed consensus earnings expectations include:Alexco Resource (AXU), Silver Wheaton (SLW), Bluebird Bio (BLUE), Hyperion Therapeutics (HPTX), Vipshop (VIPS), Summer Infant (SUMR), Atossa Genetics (ATOS) Companies that matched consensus earnings expectations include:CUI Global (CUI) NEWSPAPERS/WEBSITES As details emerge about the coverage available through the new consumer marketplaces created by the federal health law, many of the plans (WLP, UNH) will include relatively few choices of doctors and hospitals. In some cases, plans will layer on other limits, such as requirements that patients get referrals to see specialists, or obtain insurer authorization before pricey procedures, the Wall Street Journal reports Billionaire investor John Paulson, who has been one of the most bullish investors in gold, cut his hedge-fund firm's exposure to the precious metal by more than half in Q2, according to a securities filing, the Wall Street Journal reports Exxon Mobil (XOM) and Royal Dutch Shell (RDS.A) are among the suitors advancing to the next round of bidding for Newfield Exploration’s (NFX) Malaysian and Chinese oil and gas fields valued at about $1.2B, sources say, Reuters reports China Mobile (CHL) Chairman Xi Guohua said talks with Apple (AAPL) have been progressing smoothly and both sides are positive about reaching a possible agreement, Reuters reports BP (BP) asked a federal judge in Houston to deny U.S. investors the right to pursue a class action, or group, lawsuit claiming the company misled them before and after the 2010 Gulf of Mexico oil spill, Bloomberg reports Lenovo Group (LNVGY) CEO Yang Yuanqing said the company is looking for acquisitions in PCs and smartphones as expanding share for those products boosted quarterly profit 23%, Bloomberg reports SYNDICATE Diamondback Energy (FANG) 4M share Secondary priced at $40.25Hyperion Therapeutics (HPTX) files to sell 8.73M shares of common stockMedical Properties Trust (MPW) to sell 10M shares of stockThird Point Reinsurance (TPRE) 22.222M share IPO priced at $12.50ZELTIQ Aesthetics (ZLTQ) files to sell 12.5M shares of common stock
Constellation Energy (CEP): Q2 EPS of $0.05 beats by $0.09.Revenue of $15.4M beats by $1.87M. (PR) Post your comment!
One of the most commonly cited barriers to investments in energy efficiency and renewable energy in the built environment is that the payback is too long. Private‐sector capital commonly chases investments with paybacks between three and five years in the commercial property space and financing terms rarely exceed 10 years. Building owners on average prefer a 3.4-year payback time on energy efficiency investments when investing their own capital, according to Johnson Controls. On-bill financing and property assessed clean energy (PACE) are two prevalent program strategies for expanding access to long-term financing for clean energy investments in the built environment. The secret sauce for both strategies is the collection mechanism. In both cases, the strategies strike to "de-risk" the investment by recovering the capital on bills customers almost always pay: utility bills and property tax bills. An emerging battle in the energy efficiency space is about which bill is "better." On‐bill financing allows customers to pay back the capital costs of an energy efficiency retrofit as part of their monthly electric bill. Utilities have offered customers on-bill financing programs for various energy efficiency retrofits for years. The utilities use their capital to cover the upfront costs of projects. Customers then pay back the cost of these projects over time through a charge on their utility bills. More recently, the on-bill financing vehicle has migrated from traditional utilities to third party capital providers. For example, in January, Constellation Energy rolled out the so-called "In-Electric Rate Funding" program, which bakes the cost of energy efficiency investments into a power contract. Like on-bill financing, PACE programs recover the capital investment in energy efficiency as part of an existing payment stream. Rather than the utility bill, PACE programs rely on the property tax bills as the principal collection mechanism. One of the advantages of PACE financing is that it is not treated as a loan. If the property is sold or transferred, the tax payment obligation may be transferred with the property to the new owner. The first PACE programs were established in 2008 in Berkeley and Palm Desert, CA and focused primarily on the residential sector. In 2010, the collapse of the housing market and concerns about the PACE lien seniority over mortgages brought residential PACE programs to an abrupt halt. During the same time that residential PACE stalled, commercial PACE programs did the opposite. As of February 2013, 16 commercial PACE programs in seven states are accepting applications to finance building efficiency projects. Ygrene Energy Fund, the Santa Rosa, CA-based pioneer of privately-funded PACE programs, provides low-risk capital for commercial and residential property owners to upgrade their facilities without high upfront costs. The capital investment in these energy efficiency retrofits are repaid through annual property assessments over a period as long as 20 years. Ygrene recently launched Florida's the first PACE program in Florida and is actively pursuing similar programs for property owners in California and Georgia.
Constellation Energy ([[CEP]] +11.7%) shares surge after the company announces it has refinanced its reserve-based credit facility and expanded its borrowing capacity.
Constellation Energy (CEP +11.7%) shares surge after the company announces it has refinanced its reserve-based credit facility and expanded its borrowing capacity. Post your comment!
Constellation Energy (CEP): Q1 EPS of -$0.55. Revenue of $5.1M. (PR) 1 comment!