Utility stocks take a beating amid rising rates October 3, 2023 Utility stocks took a breather on Tuesday following the sector’s worst daily performance since April 2020. The SPDR S&P 500 Utility Sector ETF (XLU) fell 4% on Monday and recovered to end the next day higher. Year-to-date the ETF is down a whopping 21%.…
NRC approves transfer of three Energy Harbor nuclear plants to Vistra 10.3.2023 The Nuclear Regulatory Commission (NRC) approved the transfer of the operating licenses of Energy Harbor’s three nuclear plants to Vistra. In March 2023, Vistra reached an agreement to acquire Energy Harbor in a $3.4 billion deal, including debt. Read more
Hawaiian Electric Industries Hires Utility Bankruptcy Expert As CFO September 20, 2023 A utility dealmaker with experience in mergers, restructuring and bankruptcy will become chief financial officer for Hawaiian Electric Industries next month as HEI and its subsidiaries address legal, financial and political issues related to the deadly Maui wildfires. HEI plans to pay investment…
United Illuminating lawsuit claims electric rates approved by CT will force it to operate at a loss Sep. 18, 2023 Arguing that an August decision by Connecticut regulators on utility rates will force it to operate at a loss, United Illuminating Co. filed a lawsuit on Monday in New Britain Superior Court asking for the…
Indigenous tribes urge federal officials to deny loan request for Superior, WI natural gas plant September 11, 2023 Indigenous tribes in Minnesota, Michigan and Wisconsin have asked federal officials to deny a utility’s request for a loan to help build a natural gas-fired power plant on the shores of Lake Superior, calling the project unthinkable…
CMP accused of overspending $53.6 million in storm recovery efforts Sep 8, 2023 Maine’s advocate for utility customers wants state regulators to withhold more than $50 million that it says Central Maine Power Co. overspent in violation of staffing guidelines when restoring power to customers during a dozen storms in 2022. The Office of the…
Losing member co-ops, Tri-State seeks to sell its electricity on the wholesale power market Energize Weekly, September 13, 2023 Tri-State Generation and Transmission Association, a wholesale power supplier for rural electric cooperatives, is seeking to sell excess power on the open market as it loses some of its biggest members. The association is offering energy…
FirstEnergy subsidiaries file settlement with the Pennsylvania PUC September 05, 2023 FirstEnergy Corporation’s announced Thursday its subsidiaries – Met Ed, Penelec, Penn Power, West Penn Power, Keystone Appalachian Transmission Company (KATCO), and Mid-Atlantic Interstate Transmission, LLC (MAIT) – had filed settlement agreements with the Pennsylvania Public Utility Commission (Pa PUC) in regard to their application…
Florida raises eyebrows with decision on $377 million of crucial federal funding: ‘Negative implications for Florida residents’ August 19, 2023 Last month, Florida Governor Ron DeSantis rejected $377 million in federal energy-efficiency funding despite the Sunshine State experiencing record-setting heat. Bloomberg reported the money included “hundreds of millions of dollars for energy-efficiency rebates and electrification…
APS says rate hike vital to keep homes in Phoenix powered, recover infrastructure costs Aug 4, 2023 As a rate increase for Arizona Public Service customers is on the horizon, the president of the company said it is necessary to recover infrastructure costs and to continue powering Phoenix homes. Regaining infrastructure costs, coupled with flat…
Maine’s electric rates expected to rise through 2024 until solar subsidies ease July 13, 2023 Mainers can expect more rate hikes for electricity through the end of next year until the solar subsidies that have driven up rates for consumers wind down. The Legislature is reining in its costly net energy billing program, which was…
Avangrid agrees to pay $48m to terminate offshore wind deal Jul 17, 2023 Avangrid and the State’s three major utilities on Monday agreed to terminate a power purchase agreement they signed just last year, with the offshore wind developer agreeing to pay a total of $48 million to put the contract for Commonwealth Wind behind…
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