Corporate News: Page 33
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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 -
Explore the Trendline➔
Kevork Djansezian via Getty Images
TrendlineSustainability
Companies are pursuing increasingly ambitous sustainability goals around clean energy, but integrating rising amounts of renewables, minimizing environmental impacts, and achieving carbon reduction targets can be challenging.
By Utility Dive staff -
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 -
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 -
National Institute of Allergy and Infectious Diseases. (2020). “Novel Coronavirus SARS-CoV-2” [Image]. Retrieved from https://www.flickr.com/photos/nihgov/49565662436/in/album-72157713108522106/.
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 -
Courtesy of McDonald’s
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 8, 2020 -
Sunrun closes $3.2B Vivint Solar acquisition
After completing the acquisition in October, Sunrun said it is now working to consolidate costs and realize scale benefits to save about $90 million annually.
By Iulia Gheorghiu • Updated Oct. 8, 2020 -
National Institute of Allergy and Infectious Diseases. (2020). “Novel coronavirus SARS-CoV-2” [Microscope image]. Retrieved from https://www.flickr.com/photos/nihgov/49535193876/in/album-72157713108522106/.
Regulators reject utility moves to recover revenue lost to COVID-19 as analysts, advocates see trend continuing
After swift dismissals in Indiana and Wisconsin, analysts say utilities’ requests to raise rates could have a disproportionately negative impact on ratepayers, especially if load decreases become permanent.
By Emma Penrod • July 7, 2020 -
PG&E exits bankruptcy, but long-term wildfire risk could put it ‘back in the soup’
The utility’s near-term financial risk has been mitigated, “but they’ve got a huge amount of work to do to be financially successful again in the long run,” according to a former regulator.
By Kavya Balaraman • July 6, 2020 -
Duke, Dominion cancel $8B Atlantic Coast Pipeline
As the behind-schedule project is put to rest, Dominion announced the sale of its natural gas transmission and storage assets for nearly $10 billion to Berkshire Hathaway.
By Iulia Gheorghiu • Updated July 7, 2020 -
Hitachi completes acquisition of ABB power grid business, launches joint venture
The new entity will use Hitachi’s artificial intelligence and machine learning capabilities to leverage data from ABB’s grid operations while exploring opportunities in mobility, smart cities, energy storage and data centers.
By Guy Burdick • July 2, 2020 -
Florida’s customer-sited solar reaches new heights as regulators oppose federal petition to upend net metering
The Florida Public Service Commission joined other states to oppose a national petition in support of state-led net metering policies.
By Iulia Gheorghiu • July 1, 2020 -
Opinion
How utilities can support diverse business entities impacted by the COVID-19 crisis
Diverse business entities are facing financial uncertainty, reductions in allowable work and cash flow crises due to the pandemic, the authors write.
By Ronnette Anderson and Laura Orfanedes • July 1, 2020 -
‘Backstop’ bill to turn PG&E into non-profit headed to California governor’s desk
PG&E said it intends to become “a new and transformed company” and render the legislation unnecessary.
By Kavya Balaraman • June 29, 2020 -
Tesla program aims to cut costs, sell solar like a household appliance
Tesla promises the lowest-cost solar on the market with standardized sizing, but analysts say the program’s success will hinge on consumer acceptance.
By Emma Penrod • June 29, 2020 -
Late-stage changes to Vogtle nuclear construction activities are credit negative: Moody’s
The ratings agency’s decision comes as the Vogtle expansion grapples with a variety of unforeseen issues due to the COVID-19 pandemic.
By Iulia Gheorghiu • June 29, 2020 -
Deep Dive
A COVID-19 hit to public power? For some, it’s not all bad
Municipal utilities and other public power entities have unique challenges, and some advantages, when dealing with the financial impacts of the pandemic and recession.
By Matthew Bandyk • June 25, 2020
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