Utilities

Oil

Factory output falls for third straight month in February

WASHINGTON (AP) — Output at U.S. factories fell for a third straight month in February, driven by a big drop in production at auto plants.

The Federal Reserve said Monday that manufacturing output fell 0.2 percent in February, following a decline of 0.3 percent in January. Overall industrial production edged up a slight 0.1 percent in February, as unusually cold weather in many parts of the country led to a surge at utilities.

Duke Energy to pay $146M to settle lawsuit over CEO ouster

RALEIGH, N.C. (AP) — America's largest electric company said Tuesday that it is settling a lawsuit that claimed shareholders lost millions of dollars when Duke Energy surprised investors by ousting its CEO hours after a long-anticipated buyout of its smaller neighbor.

Charlotte-based Duke Energy said its insurers and shareholders would pay $146 million to end the lawsuit filed after the company completed its July 2012 buyout of Raleigh-based Progress Energy Inc. The company set aside $26 million for the amount not covered by insurance and said consumers would not pay the cost.

GOP lawmaker in Michigan seeks return to regulated utility market

Source: 
The Associated Press

Republican Aric Nesbitt, chairman of the Michigan House Committee on Energy Policy, has proposed ending the state's 15 years of electricity market competition, but his plan was immediately greeted by a chorus of criticism, The Associated Press reports.

Exelon-Pepco offers Maryland customers bigger incentive to support merger

Source: 
The Washington Post

A day after Maryland’s attorney general recommended that regulators reject the proposed merger between Exelon and Pepco Holdings, the companies announced that they’ll more than double the money set aside to benefit utility customers, The Washington Post reports.

Berkshire Hathaway's 4Q profit declines 17 percent

OMAHA, Neb. (AP) — Berkshire Hathaway Inc. said Saturday that its fourth quarter profit slid 17 percent because of declines in the paper value of its investments and derivative contracts, although its utility subsidiaries generally performed well.

Berkshire's quarterly profit declined to $4.16 billion, or $2,529 per Class A share, on $48.3 billion in revenue. That's down from $4.99 billion, or $3.035 per share, on $47 billion in revenue.

Power generation helps save NRG from red ink

Source: 
FuelFix

The $575 million in earnings from NRG Business, which includes NRG Energy’s wholesale power generation operations, helped save the company from a loss in the fourth quarter, FuelFix reports.

Spanish company buying US utility serving northeast for $3B

MADRID (AP) — Spain's leading electricity and natural gas company, Iberdrola, will buy the northeastern U.S. utility UIL Holdings Corp. in a deal valued at about $3 billion, the companies said Thursday.

The combined company will serve 3.1 million electric and natural gas customers in Connecticut, Maine, Massachusetts and New York.

Ohio regulators reject AEP power purchase agreement

Source: 
Columbus Business First

Ohio's Public Utilities Commission has rejected a proposal from American Electric Power Company Inc. that would have guaranteed the utility a profit on its stake in a coal-fired plant, although the regulators didn’t question the plan’s legality, Columbus Business First reports.

Oil

Dow ekes out another record close, oil rebounds

The Dow Jones industrial average notched its third record high close in a row Wednesday, even as other market indexes ended lower.

Trading was relatively subdued as investors reviewed the latest corporate earnings news. Utilities stocks were among the biggest decliners. Energy stocks rebounded as oil prices broke a five-day slide and climbed back above $50 a barrel.

Correction to report about Dynegy earnings

Source: 
EnergyGuardian

An item published in EnergyGuardian this morning, citing The Wall Street Journal, incorrectly stated that Dynegy Inc. made a profit in the fourth quarter, when the company actually had a net loss of $104 million, according to its own report.

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