Eversource Energy (ES) will release first-quarter 2015 earnings results before the market opens on Apr 30, 2015.
Eversource Energy (ES) has agreed to sell its Public Service of New Hampshire fossil fuel and hydroelectric power plants.
In afternoon trading on Friday, Utilities stocks are the worst performing sector, showing a 1.9% loss. Within that group, Exelon (NYSE: EXC) and Northeast Utilities (NYSE: NU) are two of the day's laggards, showing a loss of 3.6% and 3.1%, respectively. Among utilities ETFs, one ETF following the sector is [...]
Northeast Utilities downgraded at Credit Suisse on lack of clarity
The worst performing sector as of midday Thursday is the Utilities sector, showing a 0.4% loss. Within the sector, AGL Resources (NYSE: GAS) and Northeast Utilities (NYSE: NU) are two large stocks that are lagging, showing a loss of 4.7% and 1.9%, respectively. Among utilities ETFs, one ETF following the [...]
In fourth-quarter 2014, Northeast Utilities' (NU), currently known as Eversource Energy, earnings per share and revenues surpassed the Zacks Consensus Estimate.
Northeast Utilities (NU) is scheduled to report its fourth-quarter 2014 results on Feb 11, 2015.
A few years ago I co-wrote a book about a controversy centered on Nantucket Sound. The quasi-social comedy, called Cape Wind: Money, Celebrity, Energy, Class, Politics, and the Battle for Our Energy Future, told of how, since 2001, a company led by entrepreneur James Gordon has struggled to put up a wind farm in the sound in the face of opposition from the Alliance to Protect Nantucket Sound -- a long name for fossil-fuel billionaire Bill Koch, a member of the famous right-wing Republican family started by his very rich father. Bill's houses include a summer mansion in Osterville, Mass., from which he doesn't want to see wind turbines on his southern horizon on clear days. There's an entertaining movie about all this called Cape Spin, based a bjt on the book. Mr. Koch may now have won the battle, as very rich people usually do. Two big utilities, National Grid and Northeast Utilities, are trying to bail out of a plan, which they never liked, forcing them to buy Cape Wind electricity. They cite the fact that the company missed the Dec. 31, 2014 deadline in contracts signed in 2012 to obtain financing and start construction. Cape Wind said it doesn't "regard these terminations as valid'' since, it asserts, the contracts let the utilities' contracts be extended because of the Alliance's "unprecedented and relentless litigation''. Bill Koch has virtually unlimited funds to pay lawyers, and imaginative rhetoric supplied by his pit-bull spokeswoman, Audra Parker, to litigate Cape Wind to death, even though the project has won all regulatory approvals and is supported by a substantial majority of local and statewide residents. New Englanders are losing what could have helped diversify the region's energy mix - and smooth out price and supply swings -- with home-grown, renewable electricity. Cape Wind is far from a panacea for the region's dependence on natural gas, oil and nuclear, but it would add a tad more security. Some of Cape Wind's foes will say that the natural gas from fracking will take care of everything. But New England lacks adequate natural-gas pipeline capacity, to no small extent because affluent people along the routes hold up their construction. And NIMBY's have also blocked efforts to bring in more Canadian hydro-electric power. So our electricity rates are soaring, even as many of those who complain about the rates also fight any attempt to put new energy infrastructure near them. As for nuclear, it seems too politically incorrect for it to be expanded again in New England. Meanwhile, the drawbacks to fracking, including water pollution and earthquakes in fracked countryside, are becoming more obvious. And the gas reserves may well be exaggerated. I support fracking anyway, since it means less use of oil and coal and because much of the gas is nearby, in Pennsylvania. (New York, however, recently banned fracking.) It will take decades to get off fossil fuel, so we must make accommodations! New England better get ready for brownouts and higher electricity bills. As for oil prices, they are low now, but I have seen many, many energy price cycles over the last 45 years of watching the sector for a living. And they often come with little warning. Robert Whitcomb is a Fellow of the Pell Center for International Relations and Public Policy, a partner in Cambridge Management Group, a healthcare-sector consultancy (cmg625.com), a former editorial-page editor and vice president of The Providence Journal and a former finance editor of the International Herald Tribune. He oversees the news and commentary site newenglanddiary.com.
Exelon Corporation (EXC) inked the phase 2 of an energy efficiency agreement with The Port Authority of New York and New Jersey.
A PG&E Corporation (PCG) unit, Pacific Gas and Electric Company, has replaced its cast iron gas pipelines in California.
Northeast Utilities (NU) inked a supplemental agreement with Micromem Applied Sensor Technologies Inc., a subsidiary of Micromem Technologies Inc.
Looking at the sectors faring best as of midday Thursday, shares of Utilities companies are outperforming other sectors, higher by 0.5%. Within that group, Consolidated Edison (NYSE: ED) and Northeast Utilities (NYSE: NU) are two large stocks leading the way, showing a gain of 1.2% and 1.2%, respectively. Among utilities [...]
In afternoon trading on Thursday, Utilities stocks are the worst performing sector, higher by 0.5%. Within the sector, PPL (NYSE: PPL) and Northeast Utilities (NYSE: NU) are two large stocks that are lagging, showing a loss of 0.6% and 0.4%, respectively. Among utilities ETFs, one ETF following the sector is [...]
Northeast Utilities (NU) is processing to change its name to "Eversource Energy".
Regular readers of Natural Gas Europe are no doubt familiar with the struggles faced by natural gas-fired power generators in Europe, as they have seen dwindling returns on their investments because many utilities, for now, are burning much cheaper coal to back up the intermittency of renewables. In North America, however, natural gas has been steadily displacing coal-fired plants. Within that context, a session at the North American Gas Forum in Washington, DC was dedicated to the demand that could be expected given the growth of gas-fired generation. Session Chair Rick Smead, Director Energy, Navigant Consulting, provided an overview of what he termed a very dynamic market. For one, he stated that natural gas-fired capacity now made up 39% of total generating capacity, showing that gas had dominated new growth in capacity in the last 2 decades. He remarked, “Coal is less than 30% of capacity – that's before further retirements. "Meanwhile, gas has partnered in various ways with wind and solar; together they've really dominated new capacity growth. Also, because fast-ramping gas plants can be the thing to fill the gap for intermittent renewables,” he explained. Mr. Smead noted that environmental concerns had been putting lots of pressure on older coal-fired plants to retire, replaced to some extent by gas-fired generation. “From 1990 to 2013, natural gas-fired generation has represented 71% of what's been added; wind is another 14%; solar's another 1%. Overall, 86% of what's been added has been gas, wind or solar.” In terms of actual use, he said enterprise decided what would run based on the marginal costs, mostly of fuel. He explained: “What that means is, a lot of gas plants don't run very much – they don't run nearly as much as they could.” For gas to be used sustainably, he said, really required finding other ways to cause gas plants to run more. The power industry being very sensitive to price was very bad news for the gas industry, noted Mr. Snead. “Gas-fired generation acts in many markets as an automatic governor on the market: prices go up, a lot of gas drops off the grid; prices go down, a lot of gas comes back on.” He recounted an example from 2012, when very low gas prices caused gas-fired generation to surge and balance the market, which he said was not a bad function for assuring the market. While coal and gas had converged, coal was cheaper, but superior efficiency (50-60% higher) from combined cycle gas turbines meant that natural gas generation could be cheaper than Eastern coal in North America. Swings in demand, he explained, could result in demand differences of up to 6BCF/day – almost equivalent to the amount of LNG export anticipated from North America by the industry. Regarding retirement of old coal plants, he said, “If enough coal plants get pushed off the grid, the remaining coal plants can only run so much, so when they hit their upper operating limits that pushes load over to gas, which is what's tending to happens in some markets and is expected to happen in the winter, causing gas fired generation to be needed in the winter.” According to Mr. Smead, many utilities and market managers were nervous about having such a high reliance on natural gas. Meanwhile, pipeline capacity was a concern. A presentation by Jacob Hollinger, Partner, McDermott, Will & Emery and former Acting Air Chief for the Environmental Protection Agency's Region 2 law department, touched on how the EPA's rules/actions affect power plants. To set the context, he said there were three themes that stood out: 1) The regulations were harder on coal than on gas, as gas plants had any easier time complying; 2) there was a tremendous amount of uncertainty about what would happen (which was favorable to coal), including judicial uncertainty, or greenhouse gas regulations; 3) regulatory trends like petitions under the Clean Air Act, energy efficiency programs, and nuisance lawsuits. Emphasizing that there was no “war on coal,” Mr. Hollinger spoke of trends that could prove important, like downwind states' measures like those in Pennsylvania and New Jersey, when one state's power plant was harming the air quality of a neighboring state's. “The neighbors of a Pennsylvania power plant could sue that power plant under torte law - not under the Clean Air Act – saying that particulate emissions from the plant were landing on their property, damaging property values and they could bring a class action suite seeking money damages for that,” he explained, adding that the Clean Air Act had not pre empted such cases. He revealed, “There are enormous pressures on coal generators even without EPA.” Mr. Hollinger stated that there was an incredible amount of uncertainty as to how the EPA would act on existing power plant emissions of CO2 and whether that could survive judicial scrutiny. By June 2014, he reported, the EPA would issue a proposal on existing plants. “In the interim, there's a tremendous opportunity to get involved and influence the outcome,” he said. A representative from the largest utility in New England proceeded to weigh in. Mr. Camilo Serna, Vice President Corporate Strategy, Northeast Utilities, said that his company was primarily a transmission and distribution company with approximately 3.5 customers; only 600,000 of them were gas customers. He pledged to speak about what he termed this “significant gap.” He recounted: “About 5 years ago when we started seeing the trends in the gas prices, when we saw the shale resources that are in close proximity to the northeast, and saw that gas prices were disconnected from fuel oil, we saw there was an opportunity in New England for increasing the use of gas, especially because our customers still use a lot of fuel oil for their heating needs.” Residential customers, he showed, could save on average around USD 1,800 per year by switching to gas, yet, for example, only around 31% of residential heating market in Connecticut used gas; the figure for Massachusetts was somewhat higher. One of the cornerstones of the state's strategy was expansion of the gas system by about 50% over the next 10 years, according to Mr. Serna, who said that while the plan was flexible, there were barriers like the upfront costs to customers. “At the end of the day, we won't get to the numbers I've indicated unless we expand pipeline capacity,” he commented, showing the projected growth in demand coming with the addition of natural gas customers. But the benefits, he outlined, included savings, jobs and environmental benefits. “Cheaper, cleaner, reliable” was the mantra of Richard Kruse, Vice President of Regulatory Affairs and FERC Chief Compliance Officer, Spectra Energy, who said that those elements were the drivers needed for infrastructure build-out. His company, he said, was involved in developing infrastructure for its customers and that it was adding capacity in numerous US states. “The one area that is difficult from an electric generation standpoint is New England,” he reported. “It boils down to price signals.” In New England, he recalled, the Algonquin pipeline, which extended from Texas all the way up to Boston, delivered gas flow. “Ten years ago, New England thought it was going to be at the head of the pipeline, because we had gas coming in from maritimes, LNG imports coming in from Canada, Suez, and all of this gas was going to flow west to serve markets – major changes were made in Algonquin to facilitate that east to west flow. “And then the market changed,” he revealed. “Cheap gas is here and it's in the Marcellus shale. Basically, the market wanted to get their gas from the west to the extent they could.” Gas was seeing great growth as a fuel source in New England, according to Mr. Kruse. “In the year 2000, it counted for about 15% of the electricity; in 2012, 52% - a dramatic growth, which has resulted in records in terms of throughput for gas-fired generation.”
Northeast Utilities' top- and bottom-line results missed the Zacks Consensus Estimates in the third quarter of 2013.
Submitted by James Howard Kunstler of Kunstler.com blog, Now that Lawrence Summers has removed himself from consideration as Federal Reserve chairman, President Obama is free to launch him into Syria as the first human rehypothecation weapon of mass destruction, where he can sow enough confusion between Assad’s Alawites and the Qaeda opposition to collateralize both factions into contingent convertible capital instruments buried in the back pages of Goldman Sachs’s balance sheet so that the world will never hear of them again — and then the Toll Brothers can be brought in to develop Syria into a casino / assisted living complex that will bring hundreds of good jobs to US contractors in the region. No doubt the stock markets will fly like eagles today. Nobody knew what monkeyshines Mr. Summers might have pulled over at the Fed and it was making investors nervous, as well as the big banks who employed Mr. Summers occasionally as some kind of policy bagman. So a big sigh of relief blew over the Northeast Region of the nation like the gusts of autumn air that swept away a fetid hump of stale, wet tropical weather that ruined all the ladies’ party hair in the Hamptons this month. Now that Syria has been disposed of — that is, indefinitely consigned to failed state purgatory — the world can focus its remaining attention on the almighty taper. I’m with those who think we’ll get a taper test. That is, the Fed will cut back ten or fifteen percent on its treasury bond purchases to see what happens. What happens is perfectly predictable: interest rates shoot above 3 percent on the ten-year and holders of US paper all the world round fling them away like bales of smallpox blankets and… Houston, we’ve got a problem. After a month (or less) of havoc in the bond market, and the housing market, Mr. Bernanke will issue an advisory saying (in more words than these) “just kidding.” Then it will be back to business as usual, which is to say QE Forever, which might as well be saying “game over.” One must feel for poor Mr. Bernanke. He’s tried to run a long-distance foot-race against reality and now it’s breathing down his neck near finish line. The idea was to pump enough artificial “money” into the economy to give it the appearance of motion, but all he accomplished in the words of my recent podcast guest, Eric Zencey, was a commotion of money, and the commotion was pretty much limited to a few blocks of lower Manhattan, two ribbons of real estate running up the East Side and Central Park West, and a subsidiary disturbance out on the South Fork of Long Island. Everybody else in the country was left to stew in a tattoo-and-malt-liquor torpor at the SNAP Card application office. The Fed can only pretend to try to get out of this self-created hell-hole. The stock market is a proxy for the economy and a handful of giant banks are proxies for the American public, and all they’ve really got going is a hideous high-frequency churn of trades in conjectural debentures that pretend to represent something hidden in the caboose of a choo-choo train of wished-for value — and hardly anyone in the nation, including those with multiple graduate degrees in abstruse crypto-sciences, can even pretend to understand it all. When reality crosses the finish line ahead of poor, exhausted Mr. Bernanke, havoc must ensue. All the artificial props fall away and the so-called American economy is revealed for what it is: a surreal landscape of ruin with nothing left but salvage value. Very few people will get a living off of the salvage operations, and there will be fights and skirmishes everywhere by one gang or another for control of the pickings. The utility of money itself may be bygone, along with the legitimacy of anyone or anything claiming institutional authority. This is what comes of all attempts to get something for nothing. By the way, for those of you still watching the charts, notice that gold and silver may bob up and down week-by-week, but the price of oil remains stubbornly above $105-a-barrel no matter what happens. That is the only number you need to know to predict the fate of industrial economies.
Northeast Utilities' unit Yankee Gas has entered into a 1-year agreement with Envista Corporation, to utilize latter's right-of-way Co-ordination Platform.