Corporate News: Page 2

After ComEd bribery case, Illinois groups push for changes to clean energy bill

The groups want to undo recent rate increases from Ameren Illinois and ComEd, but the state Chamber of Commerce will not support the update if it still protects Exelon's nuclear plants.

By Iulia Gheorghiu • Aug. 06, 2020

Sempra Energy bullish on hydrogen as California navigates natural gas future

The company sees opportunities in power generation, industrial processes and fueling heavy-duty transportation, an executive said. 

By Kavya Balaraman • Aug. 05, 2020

bp targets $5B annual renewables spending, 50 GW by 2030

The international oil company gave greater insight into its plan to reach carbon neutrality by 2050 after taking a $16.8 billion hit in Q2 of this year.

By Catherine Morehouse • Aug. 05, 2020

WEC Energy Group targets carbon neutrality by 2050 after hitting emissions goals a decade early

The Wisconsin-based electric provider plans to nearly double existing emission reductions over the next decade with a $900 million investment in renewable energy.

By Emma Penrod • Aug. 04, 2020

Dominion shakes up leadership, focuses on renewables after pipeline cancellation

CEO Tom Farrell is transitioning to a new role in a "long designed succession process" as the company takes a $2.8 billion charge related to the canceled Atlantic Coast Pipeline. 

By Iulia Gheorghiu • Aug. 03, 2020

PG&E faces soaring insurance costs, leadership changes in rest of 2020

PG&E Corp. recorded a $1.97 billion loss in the second quarter of 2020, compared to a $2.55 billion loss during the same period last year.

By Kavya Balaraman • July 31, 2020

GE's renewables division reports nearly $200M in Q2 losses due to COVID-19 delays

GE Renewable Energy reported year-over-year orders down 19%, but revenues for the first half of 2020 have increased slightly, hinting at a gradual recovery after cost-saving measures.

By Emma Penrod • July 31, 2020

ComEd CEO says no ratepayer funds involved in alleged bribery, misconduct

While Illinois regulators pledge to investigate ComEd's actions, recent reports of Chair Carrie Zalewski's connections to the scandal led to requests for her to resign or recuse herself.

By Iulia Gheorghiu • July 30, 2020

Tesla sues Rivian alleging trade secret theft as companies jockey for EV dominance

Tesla says Rivian persuaded employees to misappropriate specific confidential information before leaving Tesla, according to the company’s filing in California Superior Court.

By Guy Burdick • July 30, 2020

Citi, Bank of America join Morgan Stanley in carbon disclosure group

Citi also pledged $250 billion over the next five years to finance low-carbon solutions in renewable energy, water quality and conservation, sustainable transportation, green buildings and sustainable agriculture.

By Dan Ennis • July 30, 2020

Ohio political scandal nicks AEP stock price, FirstEnergy CEO clarifies defense as shares languish

AEP supported passage of Ohio HB 6 bailing out FirstEnergy’s nuclear plants but denies any direct involvement with the dark money group that is now the target of $61 million federal racketeering probe.

By John Funk • July 29, 2020

FirstEnergy CEO counters alleged company role in $61M bribery scheme during Q2 earnings call

Despite a profitable second quarter, FirstEnergy's share price struggled to reach $30 after a brutal decline last week.

By John Funk • July 27, 2020

Ohio governor says nuclear bailout bill 'tainted' by alleged bribery, calls for repeal

FirstEnergy's shareholders are facing huge losses as the FE share price tumbles. A dozen nationally ranked investor-oriented law firms announced intentions Wednesday to file class action lawsuits against FE on behalf of shareholders.

By John Funk • UPDATED: July 23, 2020 at 3:30 p.m.

Top Ohio lawmaker charged with accepting $61M bribe in scheme to pass nuclear bailout

FBI agents arrested Ohio House Speaker Larry Householder and four high-powered political consultants yesterday on bribery charges, following an investigation into how he allegedly engineered controversial legislation in 2019.

By John Funk • July 21, 2020

Morgan Stanley joins group aiming to measure, reduce climate impact

The move comes less than two weeks after JPMorgan Chase, Bank of America, Goldman Sachs and Wells Fargo were revealed as backers of a renewable energy group's Center for Climate-Aligned Finance.

By Dan Ennis • July 21, 2020

COVID-19 puts spotlight on equity considerations in utility clean energy, efficiency and relief efforts

Utilities are engaging in programs and actions, including cost shifting, that can bring benefits to low-income customers, according to participants of the NARUC summer policy summit.

By Iulia Gheorghiu • July 21, 2020

ComEd admits to bribery charge in Illinois, agrees to pay $200M fine

One advocacy group will formally ask PJM Interconnection to revoke parent company Exelon's voting privileges based on the deferred prosecution agreement.

By Iulia Gheorghiu • July 20, 2020

PG&E faces further investigation after California officials blame utility for Kincade Fire

Damages from the fire did not factor into the $25.5 billion payout that PG&E negotiated to resolve its wildfire liabilities. 

By Kavya Balaraman • July 20, 2020

PREPA CEO sees bright future for embattled utility, but funding, grid mod challenges remain

PREPA plans to develop 1,800 MW of new renewable generation and signed a private sector partnership to manage its grid more efficiently.

By Robert Walton • July 20, 2020

'Absolute lack of preparation:' PG&E sued over 2019 fire weeks after bankruptcy exit

The utility, which exited Chapter 11 bankruptcy earlier this month, previously said it could face a $600 million loss related to the fire.

By Kavya Balaraman • July 16, 2020

JPMorgan, Bank of America, Wells Fargo, Goldman Sachs back launch of climate finance center

Banks are increasingly seeing the value — not just in optics but in revenue — of environmentally responsible investment.

By Dan Ennis • July 15, 2020

Duke, Southern plan path for Southeast Energy Imbalance Market

For utilities in the region, such a market could "improve how we can jointly operate growing solar resources on our systems," a Duke spokesperson said.

By Iulia Gheorghiu • July 14, 2020

New McDonald's flagship runs 100% on renewable energy

The new restaurant, located near Disney's All-Star Resorts in Orlando, Florida, is part of the brand's push to reduce greenhouse gas emissions 36% by 2030.

By Alicia Kelso • July 14, 2020

Natural gas pipeline developers aim to differentiate from Atlantic Coast and avoid its fate

The Constitution Pipeline and Atlantic Coast Pipeline have been abandoned within months of each other, and natural gas developers are working to establish differences between themselves and the unsuccessful projects.

By Iulia Gheorghiu • July 08, 2020

Sunrun buys Vivint Solar for $3.2B

With the acquisition of the residential solar provider, to be completed in the fourth quarter of 2020, Sunrun seeks to consolidate costs and realize scale benefits, saving about $90 million annually.

By Iulia Gheorghiu • July 07, 2020