This document brings together a set
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Utilities Industry. We are very
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believe that readers will benefit from
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August Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................29
3. Rewards and Recognition Updates...................................................................................................................31
4. Customer Success Updates................................................................................................................................39
5. Partnership Ecosystem Updates.......................................................................................................................41
6. Miscellaneous Updates......................................................................................................................................60
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Financial, M & A
Utilities Industry
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Financial, M&A Updates
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AES (USA) Announces Acceleration of Future Payments of $720 Million from Two
Long-Term Contracts at AES Gener
The AES Corporation announced that its subsidiary, AES Gener, reached an agreement
for the early termination of two tolling agreements with the 558 MWAngamos coal-fired
plant in Chile. Per this agreement, the PPAs will cease in August 2021. This year,
Angamos will receive a payment of $720 million, primarily reflecting the present value
of fixed charges through 2029, as stipulated in the PPAs. As of 2022, Angamos will be
fully merchant and once the system no longer requires the plant to ensure the reliability
of the grid, AES Gener will proceed to shut it down, having fully recovered its expected
return and investment. This agreement is subject to certain conditions to be satisfied by
August 31, 2020 and Angamos receiving the net sum of $720 million this year. AES is
reaffirming its 2020 guidance, expectations and average annual growth rate target
through 2022. The AES Corporatiois a Fortune 500 global power company. They
provide affordable, sustainable energy to 14 countries through their diverse portfolio of
distribution businesses as well as thermal and renewable generation facilities. their
workforce is committed to operational excellence and meeting the world's changing
power needs. Their 2019 revenues were $10 billion and they own and manage $34 billion
in total assets.
Executive Commentary
"As a result of this agreement, AES Gener is accelerating all future payments from
two of its long-term coal generation contracts, for a total of $720 million, said AES
President and Chief Executive Officer. This transaction also expedites the timeline of
AES Gener's decarbonization program, while providing additional funding for AES
Gener's current backlog of 2 GW of renewable projects."
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7. Financial, M&A Updates
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AES (USA) Delivers Strong Second Quarter Financial Performance
• During the second quarter, agreed to sell 2.0 GW of capacity, reducing generation from
coal by 11 percentage points to 34% of total generation and expect to be below 30% by
year-end 2020
• Signed or awarded 852 MW of new renewables and energy storage, for a total of 1.5
GW in year-to-date 2020
• Total backlog of renewables awarded, under signed PPAs or under construction of 6.2
GW
• Fluence maintained its global lead in the energy storage market with a total backlog of
1.6 GW as of the end of the second quarter
• Overall market demand trends better than expected and collections remain in line with
historic levels
• Maintained strong liquidity of $3.5 billion
• Diluted EPS of ($0.13), compared to $0.02 in Q2 2019
• Adjusted EPS1 of $0.25, compared to $0.26 in Q2 2019
Company comfortably exceeded targeted investment grade ratios and is on track to
attain a second investment grade rating by year-end 2020
Reaffirming 2020 guidance and expectations, as well as 7% to 9% average annual
growth target through 2020
Executive Commentary
"Our strong quarterly results demonstrate the resiliency of our core business model
of long-term contracted generation with credit-worthy offtakers, said AES President
and Chief Executive Officer. Since our last call, we added 852 MW to our pipeline
of renewable projects, increasing our backlog to 6.2 GW. At the same time, we
consolidated our global lead in energy storage through Fluence, which launched its
sixth-generation product. Finally, by growing renewables and signing agreements to
sell 2.0 GW of coal-fired generation, we are well on our way toward reducing our
total generation from coal to less than 30% by the end of this year."
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Key Financial Highlights
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AES (USA) Announces Agreement to Acquire 18.5% Interest in AES Tietê, Increasing
Ownership to 43%
The AES Corporation announced that its wholly-owned subsidiary, AES
Holdings Brazil Ltda's has agreed to acquire an 18.5% economic interest in AES
Tietê S.A from BNDES Participações S.A.'s. Under the terms of the acquisition,
AES Brasil will purchase for a total consideration of BRL $1.27 billion. This
transaction will be funded primarily with already secured non-recourse debt
financing from a consortium of Brazilian banks. This acquisition is expected to
be $0.01 to $0.02 per share accretive to AES' annual earnings in 2020 and
thereafter. Once this transaction closes, AES will own 42.85% of the shares of
AES Tietê. This transaction will strengthen AES' renewable portfolio and
reinforces the substantial progress the Company is making toward achieving its
aggressive decarbonization targets. Following closing, AES will propose the
migration of AES Tietê to the Novo Mercado, the listing class with the highest
governance level on the Brazilian stock market, in order to gain greater liquidity
and value for the shares.
Executive Commentary
"By increasing our ownership in AES Tietê's 3.7 GW platform of renewables,
we are reinforcing our commitment to reduce our total generation from coal to
less than 30%, said AES President and Chief Executive Officer. Following
this transaction, we plan to move AES Tietê's listing to the Novo Mercado, the
highest corporate governance segment of companies listed on the Brazilian
stock exchange, which is expected to further unlock the value of AES Tietê for
the benefit of all shareholders."
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9. Financial, M&A Updates
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Alliant Energy (USA) Announces Second Quarter 2020 Results
• Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. operations generated
$0.48 per share of GAAP EPS in the second quarter of 2020, which was $0.10 per share
higher than the second quarter of 2019.
• Alliant Energy’s Non-utility and Parent operations generated $0.02 per share of GAAP EPS
in the second quarter of 2020, which was a $0.03 per share earnings increase compared to
the second quarter of 2019. The higher EPS was primarily driven by the timing of income
taxes.
• IPL recognized $0.12 per share increase in the second quarter of 2020 due to the higher
revenue requirements from increasing rate base. Increasing rate base at IPL is primarily
attributed to its new wind generation projects. These investments have increased
depreciation expense and reduced fuel costs.
• WPL recognized $0.05 per share in the second quarter of 2020 due to the retail electric and
gas revenue requirement increase primarily due to increasing rate base. Increasing rate base
at WPL is primarily attributed to its West Riverside expansion project. This investment has
increased depreciation expense and reduced fuel costs.
• Alliant Energy’s retail electric and gas sales increased in the second quarter of 2020 due to
impacts of temperatures on customer demand. The estimated temperature impacts on retail
electric and gas sales was a $0.02 per share increase in the second quarter of 2020, and was
a $0.02 per share decrease in the second quarter of 2019.
• Alliant Energy’s consolidated EPS guidance of $2.34 to $2.48 for 2020 remains
unchanged.
Executive Commentary
“Our purpose-driven strategy has once again delivered solid results. We recently
released our new Corporate Responsibility Report highlighting dozens of stories of how
we are living our values as we deliver on our environmental goals and serving the social
needs of the communities we call home, which have been even more important during
the first half of this year, said Alliant Energy Chairman, President and CEO. With
continued focus on cost management to offset COVID-19 impacts on sales, we are
affirming our 2020 earnings guidance range.”
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Key Financial Highlights
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Ameren (USA) Announces Second Quarter 2020 Results
• Second quarter 2020 net income attributable to common shareholders of $243
million, or $0.98 per diluted share, compared to second quarter 2019 net income
attributable to common shareholders of $179 million, or $0.72 per diluted share.
• Ameren recorded net income attributable to common shareholders for the six
months ended June 30, 2020, of $389 million, or $1.57 per diluted share,
compared to net income attributable to common shareholders for the six months
ended June 30, 2019, of $370 million, or $1.50 per diluted share.
• Ameren reaffirmed its 2020 earnings guidance range of $3.40 to $3.60 per
diluted share. Earnings guidance for 2020 assumes normal temperatures for the
last six months of the year and is subject to the effects of, among other things
• Ameren Missouri second quarter 2020 earnings were $152 million, compared to
second quarter 2019 earnings of $107 million.
• Ameren Illinois Electric Distribution second quarter 2020 earnings were $36
million, compared to second quarter 2019 earnings of $37 million.
• Ameren Illinois Natural Gas second quarter 2020 earnings were $9 million,
compared to second quarter 2019 earnings of $1 million.
Executive Commentary
"We continue to effectively manage through an unprecedented time in our
country's and company's history due to COVID-19. We remain relentlessly
focused on the safety of our co-workers, customers and communities, as well
as delivering safe, reliable and affordable electric and natural gas
services,said Chairman, president and chief executive officer of Ameren
Corporation. "While COVID-19 has presented certain financial challenges,
we are executing on all elements of our strategy, including significant
investment in energy infrastructure and disciplined cost management in each
of our business segments. As a result, we remain on track to deliver within our
2020 earnings per share guidance range of $3.40 to $3.60."
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Key Financial Highlights
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Ameren (USA) Illinois providing $8 million in bill payment assistance for qualified customers
Ameren Illinois has allocated $8 million in bill payment assistance to help qualified residential
customers reduce or eliminate a past-due account balance. Under the "Fresh Start" program, up
to $700 is available for customers struggling to pay energy bills as a result of the COVID-19
pandemic. Since the program opened on July 9, nearly 5,000 Ameren Illinois customers have
received bill payment assistance. Income Guidelines are on a sliding scale based on family size.
Visit AmerenIllinois.com/Recovery for detailed income eligibility guidelines. Customers with an
outstanding balance can work with Ameren Illinois to establish an extended payment schedule.
Repayment terms may be extended up to 24 months. Call 800.755.5000 for details.The Fresh
Start program is designed to help those customers impacted most by the coronavirus.
Income-qualified Ameren Illinois customers with past-due account balances may be eligible for
funding. For example:
• A family of four with a monthly income of up to $4,367 may be eligible to receive up to $400
for electric bills and up to $300 for natural gas bills. Customers in this income range must first
receive assistance from the Illinois Low Income Home Energy Assistance Programbefore
applying for Fresh Start funding.
• A family of four with a monthly income between $4,367 and $7,642 may be eligible to receive
up to $200 for electric bills and up to $150 for natural gas bills. Fresh Start funds for past-due
customers in this income range are administered by the Energy Assistance Foundation.
Executive Commentary
"This has been a very difficult stretch for many of our customers, said Chairman and
President, Ameren Illinois. While we're seeing some indications that the economy is
improving and people are getting back to work, the need for assistance remains high. We're
glad to be in a position to provide additional financial support and offer a fresh start for
customers who are most in need."
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CenterPoint Energy (USA) Reports Q2 2020
• Reported income available to common shareholders of $59 million, or $0.11 per
diluted share, for the second quarter of 2020, compared to income available to common
shareholders of $165 million, or $0.33 per diluted share, for the second quarter of 2019.
• On a guidance basis, second quarter 2020 earnings were $0.21 per diluted share, with
$0.18 per diluted share from utility operations, inclusive of $0.06 unfavorable
COVID-19 impact, and $0.03 per diluted share from midstream investments.
• Second quarter 2019 earnings, on a guidance basis, were $0.23 per diluted share from
utility operations and $0.09 per diluted share from midstream investments.
• The Houston electric - transmission & distribution segment reported net income of $87
million for the second quarter of 2020, compared with $100 million for the second
quarter of 2019.
• The Indiana electric - integrated segment reported net income of $19 million for the
second quarter of 2020, compared with $16 million for the second quarter of 2019.
• The natural gas distribution segment reported net income of $33 million for the second
quarter of 2020, compared with $23 million for the second quarter of 2019.
• The midstream investments segment reported net income of $24 million for the second
quarter of 2020, compared with $50 million for the second quarter of 2019.
• The corporate and other segment reported a net loss of $28 million for the second
quarter of 2020, compared with a net loss of $38 million for the second quarter of 2019.
Executive Commentary
“Our second quarter results demonstrate our employees’ resilience and dedication to
safely serving our customers during these unique and challenging times, said
President and Chief Executive Officer of CenterPoint Energy. “I would especially
like to thank our operations personnel for their unwavering commitment and tireless
efforts to deliver on CenterPoint Energy’s brand promise of being ‘Always There’
for our customers.”
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Key Financial Highlights
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Centrica (UK) Interim results for the period ended 30 June 2020
• Adjusted operating profit down 14% or £56m compared to H1 2019. Negative impacts of
Covid-19, low commodity prices and warm weather largely offset by mitigating actions and
improved underlying performance.
• Adjusted EPS up slightly to 2.5p, reflecting a reduction in the Group adjusted effective tax rate
from 47% to 35% with a shift in profit mix away from highly taxed E&P activities.
• Resilient performance overall against the backdrop of Covid-19. Focus has been on protecting
the business and keeping customers warm, safe and supplied with energy.
• Good customer service levels maintained and continued high customer retention. Total
customers down 0.8% since the start of the year with a number of sales channels unavailable in
Q2.
• Net exceptional charge of £1,036m, including restructuring costs of £251m, and impairments
of E&P and power assets totalling £785m which reflect a reduction in commodity price forecasts
and nuclear plant availability issues. Statutory operating loss of £135m.
• Robust cash flows and liquidity. Net debt down £0.4bn since the start of the year to £2.8bn,
reflecting working capital inflows and prompt actions taken to reduce cash expenditure in
response to Covid-19.
• No interim dividend declared.
• No specific full year guidance provided given continuing Covid-19 related uncertainties.
• Prompt actions already taken and the Group’s cash flow flexibility leave us well positioned to
navigate current and future uncertainties.
Executive Commentary
Group Chief Executive, “Centrica delivered a resilient performance against the
unprecedented backdrop of the Covid-19 crisis during the first half of the year. That is due
to the response of colleagues across the Group to keep our customers warm, safe and
supplied with energy and services during the pandemic. I am truly grateful for their efforts.
Our mission now is to turn around the Company by putting customers at the heart of
everything we do and creating a simpler, leaner, more modern and more sustainable
company. The sale of Direct Energy is a fundamental step towards this, and although we
have a lot more to do, we have the people, the brands and the market positions to deliver a
successful turnaround.”
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Key Financial Highlights
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Dominion Energy (USA) Acquires Central Virginia Solar Project
Dominion Energyannounced that it has acquired the 62.5-megawatt Madison Solar
generating facility in Orange County, Va., from Cypress Creek Renewables. The project,
which will be owned by Dominion Energy's contracted assets arm and which has
received all applicable state and local permits, is expected to enter service in the second
quarter of 2022. Falls Church, Va.-based Northrop Grumman Corporation will take the
electricity generated at Madison Solar as well as the renewable energy credits, under
long-term agreements. Northrop Grumman anticipates that the facility will provide
enough renewable power to the grid to match 100 percent of its Virginia manufacturing
and office operations' electricity use.As part of the Virginia Clean Economy Act's
requirement for zero-carbon electricity by 2045, over the next 15 years Dominion
Energy plans to add about 16,000 megawatts of solar generating capacity through
company-owned projects and power purchase agreements signed with third-party
developers in Virginia. It has also met its stated 2018 goal of bringing online, beginning
development on, or signing contracts for 3,000 megawatts of solar and wind generating
capacity in Virginia by the beginning of 2022. The company's solar portfolio was
recently ranked third by S&P Global Market Intelligence among utility holding
companies in the U.S.
Executive Commentary
"If we can help our customers – both large and small – add more renewables and
provide cleaner electricity, said Dominion's executive vice president and co-chief
operating officer, "that's a win for our customers and the Commonwealth of
Virginia."
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Edison International (USA) Reports Second Quarter and Year-to-Date 2020
Results
• Net income of $318 million, or $0.85 per share, compared to net income of $392 million,
or $1.20 per share, in the second quarter 2019.
• As adjusted, second quarter 2020 core earnings were $375 million, or $1.00 per share,
compared to core earnings of $515 million, or $1.58 per share, in the second quarter 2019.
• Southern California Edison's second quarter 2020 earnings per share decreased by $0.26
from the prior year period, consisting of lower core EPS of $0.56 and lower non-core loss
per share of $0.30.
• Lower core EPS was primarily due to the increase in shares outstanding related to the
equity offerings in July 2019 and May 2020, the adoption of the 2018 GRC decision in the
second quarter of 2019, and the timing of O&M expenses, partially offset by higher
CPUC-related revenue due to the escalation mechanism as set forth in the 2018 GRC
decision.
• SCE's lower non-core loss per share was mainly attributable to the absence of $0.38 of
disallowed historical capital expenditures in SCE's 2018 GRC decision recorded in the
second quarter 2019, and a charge recorded in 2020 of $0.16 from the amortization of
SCE's contributions to the Wildfire Insurance Fund.
• Edison International Parent and Other's second quarter 2020 loss per share increased by
$0.09 compared to second quarter 2019, consisting of higher core loss per share of $0.02
and higher non-core loss per share of $0.07.
Executive Commentary
“We are confident in our 2020 earnings guidance, although the timing of operations and
maintenance expenses and deferrals of certain wildfire-related costs negatively
impacted our core earnings per share for the quarter. These comparisons should improve
in the second half of the year, said President and chief executive officer of Edison
International. I am proud of our team’s steadfast performance during this COVID-19
pandemic, focusing on practices to ensure the safety and health of employees and critical
operations for customers’ benefit, including those laid out in SCE’s 2020–2022 Wildfire
Mitigation Plan.”
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Key Financial Highlights
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FirstEnergy (USA) Announces Second Quarter 2020 Financial Results
• Reported second quarter 2020 GAAP earnings of $309 million, or $0.57 per
basic and diluted share of common stock, on revenue of $2.5 billion.
• In the second quarter of 2019, FirstEnergy reported GAAP earnings of $308
million, or $0.58 per basic and diluted share of common stock, on revenue of $2.5
billion.
• Second quarter results include the impact of special items listed below.
Operatingearnings* for the second quarter of 2020 were $0.57 per share, near the
top end of the company's guidance.
• In the second quarter of 2019, operating earnings were $0.61 per share.
• For the third quarter of 2020, FirstEnergy is providing a GAAP and operating
(non-GAAP) forecast range of $395 million to $450 million, or $0.73 to $0.83
per share based on 542 million shares outstanding.
• The company is affirming its full-year 2020 GAAP earnings forecast range of
$1.02 billion to $1.13 billion, or $1.88 to $2.08 per share, based on 542 million
shares, as well as its full-year operating guidance of $2.40 to $2.60 per share.
Executive Commentary
"I am extremely proud of the performance by our employees during the
COVID-19 pandemic, said FirstEnergy chief executive officer. They have not
missed a beat as they adapted to new work protocols to keep each other safe
and continued delivering energy to our customers. At the same time, our fully
regulated business model and rate structure are providing a measure of
stability through the economic slowdown, and we remain on track to meet our
commitments to the investment community."
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Key Financial Highlights
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Hydro One (Canada) Reports Second Quarter Results
• Second quarter earnings per share was $1.84 and adjusted EPS was $0.39, compared to EPS and
adjusted EPS of $0.26, for the same period in 2019.
• Hydro One partnered with GlobalMedic to deliver 10,000 kits of food and safety supplies to First
Nations communities across Ontario. The Company also provided scholarships for young Indigenous
leaders and support for the Indigenous economy.
• Measures taken by Hydro One during the early parts of the COVID-19 pandemic to ensure employee
and customer safety remain in place. Since the beginning of June, the Company returned effectively
all of its field crews to work on the capital and maintenance programs where it is safe to do so.
• The Company's capital investments and in-service additions for the second quarter were $429
million and $165 million, respectively, compared to $370 million and $276 million in the same
quarter in 2019.
• Ongoing productivity savings of approximately $86 million represent a 61.7% increase
year-over-year compared to the second quarter of 2019.
• Improved reliability in the transmission segment with an approximate 38% reduction in System
Average Interruption Duration Index (SAIDI) in comparison to the second quarter of 2019.
• In the second quarter, distribution customer satisfaction score with residential and small businesses
was 86%, a 2% increase over 2019.
• Hydro One, as part of its commitment to enhance its customer experience through new and
innovative services and tools, launched its new online outage reporting tool.
• Reversal of the previously recognized impairment charge of the deferred income tax regulatory asset
for both the transmission and distribution businesses on account of the Ontario Divisional Court
decision led to a one-time net income increase of $867 million.
• Quarterly dividend declared at $0.2536 per share, payable September 30, 2020.
Executive Commentary
"Hydro One is helping to build a brighter, more sustainable future for all Ontarians by focusing
on safety and social responsibility at this critical time. Since the pandemic began, we've found
new ways to collaborate, we've developed innovative solutions and we're more in-tune than ever
with the needs of our employees, customer and communities, said President and CEO, on Hydro
One's release of its 2019 sustainability report. We also remain steadfast in our rejection of racism
and our commitment to build a more inclusive and diverse team that promote different
perspectives, ideas and insights."
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Key Financial Highlights
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Hydro One (Canada) completes acquisition of business assets of Peterborough Distribution Inc.
Hydro One Limited announced the legal closing of the acquisition of the business
assets of Peterborough Distribution Inc. by its wholly-owned subsidiary, Hydro
One Inc. Peterborough Distribution customers will immediately benefit from the
sale. Customers can expect to see a 1 per cent rate reduction to the base
distribution portion of their bills starting with their August electricity use. The
base distribution portion of the bill will be frozen at this rate for the next five
years. Additionally, Hydro One has committed to making investments in the local
community, including the development of a new regional operations centre and
fleet maintenance facility. Hydro One will continue to be active and present in the
community through its support of important local initiatives. Hydro One Limited,
through its wholly-owned subsidiaries, is Ontario's largest electricity
transmission and distribution provider with approximately 1.4 million valued
customers, approximately $27.1 billion in assets as at December 31, 2019, and
annual revenues in 2019 of approximately $6.5 billion.
Executive Commentary
"We are thrilled to become part of Peterborough, Lakefield and Norwood and
to continue energizing life in these communities for years to come, said
President and CEO, Hydro One. At Hydro One, we believe we have a deep
responsibility to support families, businesses and the local economy in the
communities where we work and live, and we look forward to finding more
ways to give back."
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Iberdrola (Spain) speeds up investment to €3.58 billion and posts €1.84 billion net profit in the
first half, up by 12.2%
Iberdrola has accelerated its investments to €3.58 billion in the first half of the year, 2.3%
more than in the same period in 2019 and despite the lockdown situation due to the
COVID-19. Driven by this investment effort and despite an adverse impact of €153 million
from the pandemic, net profit stood at €1.84 billion at the end of June, up by 12.2%. The
group's gross operating profit amounted to €4.91 billion, 1.4% below that of the first six
months of the previous year, posting growth in renewables and generation and supply but a
lower contribution from the networks business. Adjusted Ebitda, after removing the
pandemic impacts on this account, grew by 4.2% to €5.07 billion. With regard to the
management of the pandemic, Iberdrola has put all its stakeholders at the centre of its
strategy. The group's action protocols for COVID-19 have been the first to be certified by
AENOR worldwide and the incidence rate of the disease among its employees is much lower
than the average for the countries where Iberdrola operates, with the company's professionals
in continental Europe already working from offices. In the rest of the countries, progress is
being made in accordance with current regulations.
Executive Commentary
CEO of Iberdrola, “We are making steady progress in our commitment to invest €10
billion by 2020, demonstrating that the only way to a rapid and sustained recovery is the
green economy.”
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PJSC Inter RAO (Russia) Announces RAS Financial Results for the First Six
Months of 2020
• Revenue of PJSC Inter RAO for the first half of 2020 amounted to 13.2 billion rubles, which is 15.7 billion rubles lower than in the same period of 2019.
• Power export revenues amounted to 9.2 billion rubles, which is 15.1 billion rubles lower in comparison with the corresponding period of the previous year.
• Production cost in H1 2020 amounted to 10.3 billion rubles, which is 8.1 billion rubles (44.0%) lower in comparison with the corresponding period of the previous year.
Underlying driver of change in production cost is 7.9 billion rubles (45.1%) decrease in the cost of electricity and capacity purchased domestically resulting from the decline
in electricity exports to Finland and Lithuania.
• Gross profit in H1 2020 amounted to 2.8 billion rubles compared to 10.5 billion rubles in the corresponding period of the previous year.
• Selling expenses in the reporting period amounted to 1.1 billion rubles, which is 0.8 billion rubles lower in comparison with H1 2019.
• Administrative costs increased by 0.3 billion rubles (9.8%) and amounted to 3.3 billion rubles in H1 2020.
• Sales loss in H1 2020 amounted to 1.5 billion rubles compared to 5.5 billion rubles profit in the same period of 2019.
• In H1 2020, income from share ownership in other companies increased 2.2 times and amounted to 2.2 billion rubles, which was related to dividend payments in higher
volume from Group subsidiaries.
• Balance of interest receivable and payable decreased by 0.8 billion rubles compared to the corresponding period of 2019 and amounted to 1.6 billion rubles.
• Non-current assets decreased insignificantly by 4.8 billion rubles in comparison with the beginning of the year and amounted to 377.5 billion rubles.
• As of June 30, 2020, current assets increased by 25.3 billion rubles amounting to 200.9 billion rubles, due to increased financial investments
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NRG Energy, Inc. (USA) Reports Second Quarter 2020 Results
• Second quarter 2020 income from continuing operations of $313 million, or $1.27
per diluted common share
• Adjusted EBITDA for the second quarter of $574 million.
• Texas: Second quarter Adjusted EBITDA was $378 million, $52 million higher
than second quarter of 2019. This increase is driven by the acquisition of Stream
Energy and lower supply costs resulting from reductions in power and fuel prices.
• East: Second quarter Adjusted EBITDA was $138 million, $45 million higher
than second quarter of 2019. This increase is driven by the acquisition of Stream
Energy, lower supply costs due to reductions in power and natural gas prices and
lower operating costs; partially offset by lower capacity revenues.
• West/Other: Second quarter Adjusted EBITDA was $58 million, $8 million higher
than second quarter of 2019, driven by higher margin from Sunrise facility due to
improved availability and an increase in California resource adequacy pricing in
2020; partially offset by Canal 3 completion payment earned in 2019.
Executive Commentary
“NRG delivered strong results in the first half of 2020, and our platform
continues to demonstrate resilience during these critical summer months,
saidPresident and Chief Executive Officer. “We are excited by the recently
announced Direct Energy acquisition and the regional diversity and expanded
products and services the combination will bring to our integrated platform.”
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NRG Energy Inc. (USA) to Acquire Direct Energy
NRG Energy Inc.announced it has entered into a definitive agreement with Centrica PLC
under which NRG will acquire Direct Energy, a North American subsidiary of Centrica PLC
for $3.625 billion in an all-cash transaction.The transaction builds on NRG’s status as a
growing, customer-driven integrated energy provider, adding more than three million retail
customers across 50 states and Canada. The transaction on closing is expected to generate
approximately $740 million in annual run-rate Adjusted EBITDA1, while enhancing free
cash flow strength and stability and providing earnings diversification.With operations in all
50 U.S. states and 6 Canadian provinces, Direct Energy is one of North America’s leading
retail providers of electricity, natural gas, and home and business energy-related products and
services. For NRG, the acquisition builds on and complements its integrated model, enabling
better matching of power generation with customer demand. It also broadens NRG’s
presence into states and locales where it does not currently operate, supporting NRG’s
objective to diversify its business. The combination will deliver greater efficiencies and
enable continued investment in NRG’s award-winning customer service, operational best
practices and reliability. With NRG’s decades of participation in electricity markets
throughout the U.S., NRG has broad insights into energy market dynamics and trends to
inform innovative solutions and products for the combined company’s customers.
Executive Commentary
“This combination improves NRG’s status as one of North America’s premier integrated
power companies, bringing the power of energy to people and organizations through our
diverse generation platform and leading retail brands, said President and Chief Executive
Officer of NRG. The acquisition aligns with our broader strategy of perfecting our
integrated business model and drives significant value creation for our customers and
stakeholders. Direct Energy ’s complementary assets, talented team and excellent
customer service make it a natural fit for our portfolio, and we look forward to
welcoming Direct Energy to the NRG team.”
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Origin energy (Australia) Full year results 2020
• Profit of $83 million for the full year ended 30 June 2020, reflecting stable
underlying profit of $1,023 million and year-end impairments and adjustments
primarily driven by revised oil and LNG price assumptions over the medium and
long term.
• Underlying EBITDA was $3,141 million, $91 million lower than the prior year,
largely reflecting softer electricity gross profit in Energy Markets following the
introduction of retail price regulation.
• Free cash flow increased by $105 million to $1,644 million, driven by record
production by Australia Pacific LNG and a record cash distribution to Origin of
$1,275 million, up $301 million from the previous year.
• Adjusted net debt decreased by $773 million during the year to $4,644 million
excluding the recognition of lease liabilities under the new accounting standard.
• After recognition of $514 million in lease liabilities, adjusted net debt was $5,158
million at the end of the period.
• The board determined an unfranked final dividend of 10 cents per share, bringing
total dividends for the year to 25 cents per share.
Executive Commentary
Origin CEO said, “We have faced significant challenges as a community this
year amid bushfires, ongoing drought, and the COVID-19 pandemic.
Throughout, our focus has been on maintaining reliable energy supply, keeping
our people safe, supporting our customers who have been financially impacted,
as well as supporting the broader community.”
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Pinnacle West (USA) Reports 2020 Second-Quarter Results
• Reported consolidated net income attributable to common shareholders of $193.6 million,
or $1.71 per diluted share of common stock, for the quarter ended June 30, 2020. This result
compares with earnings of $144.1 million, or $1.28 per share, in the same 2019 period.
• According to the National Weather Service, the period’s average high temperature was 97.4
degrees – an increase of 4.5% over 2019’s quarter and 2.2% over 10-year historical averages.
By comparison, second-quarter 2019 included the mildest month of May Arizona had
experienced in 40 years, which was reflected in customers’ lower energy use and a
significant decrease in operating revenues.
• The number of residential cooling degree-days (a utility’s measure of the effects of
weather) increased 57% versus the year-ago period and were 14.1% higher than historical
10-year averages.
• With some businesses still closed or operating at partial capacity, retail energy sales were
down 1.3%, or $0.10 per share, compared to last year’s second quarter.
• On July 30, customers set an all-time record peak demand of 7,659 megawatts, eclipsing
the previous record of 7,363 MW set in June 2017.
• In addition to the effects of weather, 2020 second-quarter results positively reflect
customer growth of 2.4% and lower O&M expenses.
Executive Commentary
“Like many electric utilities, weather is a major factor in our business. The dramatic
contrast between Arizona’s temperatures in second-quarter 2020 compared to the same
time last year is reflected in the results we are reporting today, said Pinnacle West
Chairman, President and Chief Executive Officer. Excluding the substantial impact of
weather on our results, sales were down year-over-year primarily due to declines in retail
energy sales and business closures amid the pandemic. During this challenging time for
Arizona, our employees continue to innovate and lower costs, and we are making more
support and pandemic relief available to our customers and communities.”
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SNAM (Italy) First Half 2020 Results
• Total revenue: 1,346 million euros;
• Adjusted gross operating margin: 1,107 million euros, in line with the first half of 2019;
• Adjusted net profit: 578 million euros, in line with the first half of 2019;
• Technical investments: 457 million euros, including 111 million euros SnamTec
investments in innovation and energy transition;
• Net financial debt: 12,888 million euros, including the outlay related to the acquisition of
interest in OLT and share buyback activity, with an average gross debt cost of 0.9%;
• 2020 net profit guidance: confirmed at approx. 1.1 billion euros;
• International development: completed the acquisition of 49% of ADNOC Gas Pipelines in
consortium with five international funds;
• Energy transition: contracts signed for the acquisition of 50% of IniziativeBiometano and
of 70% of Mieci and Evolve, with closing expected by the third quarter;
• Sustainable mobility: Snam4Mobility continues its international expansion thanks to
Cubogas, which has been awarded a third tender for public transport in Paris;
• Sustainable finance: first issue of a 500 million euros Transition Bond successfully
completed.
Executive Commentary
CEO of Snam, commented:"The results of the first half of 2020 are in line with those of
the same period of 2019, and the guidance on net profit of approx. 1.1 billion euros at
year-end is confirmed despite the effects of Covid, thanks to the reduction of financial
expenses, the performance of our international associates and the cost control
measures.In the past few months Snam has not stopped, continuing to uphold its
essential energy security service, increasing investments and laying the foundations for
a quick restart. Since the beginning of June, we have resumed operations in 100% of our
construction sites and by the end of the year we are aiming for a substantial recovery of
delays caused by the lockdown. At the same time, we have continued our international
expansion with the entry into the Abu Dhabi networks and boosted new business
growths, through acquisitions in energy efficiency and biomethane as well as
agreements and experiments in the hydrogen sector. We have also strengthened our
commitment to sustainable finance with the issue of the first Transition Bond.”
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UGI (USA) Reports Strong Third Quarter Results and Increases Fiscal 2020
Guidance
• Q3 GAAP EPS of $0.41 and adjusted EPS of $0.08 per diluted share compared to GAAP
EPS of $(0.01) and adjusted EPS of $0.13 per diluted share in the prior-year period;
year-to-date GAAP EPS of $2.49 and adjusted EPS of $2.81 per diluted share compared to
GAAP EPS of $1.73 and adjusted EPS of $2.38 per diluted share in the prior-year period.
• Q3 reportable segments earnings before interest expense and income taxes1 of $80.4
million compared to $52.6 million in the prior-year period.
• Colder-than-normal weather experienced by UGI's domestic businesses and disciplined
expense management partially offset the negative earnings impact of the COVID-19
pandemic driven primarily by decreased demand from commercial customers.
• UGI Utilities filed a joint petition seeking Pennsylvania Public Utility Commission
approval of a settlement of its rate case filed in January 2020. Pending approval, the
settlement would permit a two-step, $20 million annual distribution rate increase beginning
January 1, 2021 and future rate recovery of defined COVID-19 related costs.
• As of June 30, 2020, UGI Corporation had available liquidity of $1.6 billion compared to
$1.2 billion in the quarter ended March 31, 2020.
• Increased Fiscal 2020 adjusted EPS guidance to a range of $2.45 - $2.552 per share due to
strong third quarter performance and tax benefits, inclusive of the anticipated negative
impact of the COVID-19 pandemic.
• The tax benefits are expected to contribute an incremental $0.10 per share to the updated
EPS guidance range.
Executive Commentary
"We are pleased to deliver very strong third quarter results despite the challenges that the
COVID-19 pandemic placed on our operations, said President and Chief Executive
Officer of UGI Corporation. "Before I comment on our earnings, it is important to note
that many of our customers, employees, and communities are facing unprecedented
challenges as the world struggles with both a global pandemic and the fight to end
systemic racism. The pandemic changed the way we do business, but we adjusted
quickly to safeguard the health and safety of our employees, customers, and
communities. We remain focused on taking all precautions and continue to do our part
in the fight against COVID-19. We also remain committed to being a positive force in
addressing the impact of systemic racism in our society.”
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Waste Connections (Canada) Reports Second Quarter 2020 Results
• Revenue of $1.306 billion, exceeding preliminary expectations
• Incurs $417.4 million non-cash impairment charge for certain E&P waste
assets
• Net loss attributable to Waste Connections of $227.1 million, or $0.86 per
share
• Adjusted net income attributable to Waste Connections* of $158.0 million,
or $0.60 per share
• Adjusted EBITDA* of $394.3 million, or 30.2% of revenue, exceeding
preliminary expectations
• YTD net cash provided by operating activities of $753.2 million
• YTD adjusted free cash flow* of $494.6 million, or 18.6% of revenue
• Signs or closes acquisitions YTD with approximately $100 million total
annualized revenues
Executive Commentary
"Strong operational execution and continued recovery in solid waste
volumes drove better than expected results in the second quarter. Adjusted
EBITDA margin for solid waste collection, transfer and disposal expanded
year over year in spite of significant COVID-19-related costs incurred
during the quarter. In fact, the reported year-over-year margin decline in
the period was entirely attributable to reduced E&P waste activity, as
underlying solid waste margin expansion more than offset over $20
million in incremental COVID-related costs, primarily related to frontline
supplemental wages, and the margin dilutive impact of acquisitions in the
quarter. These results reflect the resilience of our underlying solid waste
business as well as the dedication and commitment of our employees, who
have maintained a focus on the health, safety and welfare of their
colleagues, service continuity, expense management and community
support, all while enduring the many challenges and hardships resulting
from the pandemic," said President and Chief Executive Officer.
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WEC Energy Group (USA) reports second-quarter results
• Reported net income of $241.6 million, or 76 cents per share, for the
second quarter of 2020 up from $235.7 million, or 74 cents per share, for the
second quarter last year.
• For the first six months of 2020, the company recorded net income of
$694.1 million, or $2.19 per share — up from $655.8 million, or $2.07 per
share, in the corresponding period a year ago.
• Consolidated revenues totaled $3.7 billion for the first six months of 2020,
down $310.3 million from revenues for the first half of 2019.
• The company is reaffirming its earnings guidance for 2020 in the range of
$3.71 to $3.75 per share with an expectation of reaching the top end of the
range. This assumes normal weather for the remainder of the year.
• At the end of June, the company was serving approximately 11,000 more
electric customers and 27,000 more natural gas customers than at the same
time a year ago.
Executive Commentary
"We delivered solid results despite the significant challenges presented by
the COVID-19 pandemic, said Executive chairman. Our focus on
operating efficiency and warmer-than-normal weather that drove
residential energy use higher were major factors in our second-quarter
performance. Our management team is experienced, resilient and focused
on executing the fundamentals of our business. I'm confident we will
continue to shine through the challenges ahead."
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WEC Energy Group (USA) to acquire 85% ownership in Tatanka Ridge Wind Farm
WEC Energy Group announced that the company has agreed to acquire an 85%
ownership interest in Tatanka Ridge Wind Farm, under construction in Deuel County,
South Dakota.The project is being developed by Avangrid Renewables, LLC, a
wholly-owned subsidiary of Avangrid, Inc. Commercial operation is expected to begin
by early 2021. The project has long-term offtake agreements for 100% of the energy
produced with a multinational investment grade company and a well-established electric
cooperative that serves utilities in multiple states.The Tatanka Ridge site will consist of
56 wind turbines with a combined capacity of 155 megawatts. WEC Energy Group's
investment is expected to total $235 million for the 85% ownership interest and
substantially all of the tax benefits.The company's principal utilities are We Energies,
Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities,
Minnesota Energy Resources and Upper Michigan Energy Resources. Another major
subsidiary, We Power, designs, builds and owns electric generating plants. In addition,
WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the
Midwest.
Executive Commentary
"This is the latest in a series of investments that fit exceptionally well with our
strategy of deploying capital in renewable energy assets that will serve strong,
vibrant customers for years to come," said Executive chairman.
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Veolia 2020 (France) First Half Results
• Revenue was €12 412 million compared to €13 324 million in H1 2019, a
decrease of -6.8% at current exchange rates, of -6.1% at constant exchange rates
and of -5.6% at constant scope and exchange rates
• At constant scope and exchange rates, Q1 was nearly flat at -0.5%. Q2 revenue
was down by 10.8%, recovering since May, followed by a strong improvement in
June. June revenue was down by 2.7%.
• Exchange rate variations unfavorably impacted revenue growth by -€106
million and scope impact by -€65M, mostly due to the divestiture at the end of
2019 of our municipal energy business in the US.
• Energy prices had a positive impact of +€25M on revenue, and recycled
material prices weighed for -€98M, largely due to recycled paper average selling
price decrease. Weather effect was neutral +€2M.
• EBITDA reached €1 599M vs. €2 002M in H1 2019 (-17.3% at constant scope
and exchange rates
• Current EBIT was €438M vs. €857M in H1 2019, -43.1% at constant scope and
exchange rates.
• Current net income group share reached €7M vs. €352M in H1 2019.
• Net financial debt was €11 850M at 30 June 2020, down by €628M vs. June
2019.
Executive Commentary
Veolia’s Chairman and CEO indicated: “Facing the sanitary crisis which hit
all the world’s economies in the 1st half, we reacted swiftly and strongly in
order to limit its consequences on Veolia. I have immediately launched a
specific 2020 adaptation plan targeting €200 million of additional cost
savings, a target which has been increased to €250 million, and a €500 million
capex reduction while maintaining growth capex. Despite the crisis, we have
maintained our commercial efforts. The Group has therefore been in a
position to absorb the shock and to rebound very quickly. The recovery has
started in May, followed by a very strong rebound of our revenues and results
in June. Utilization rates of all our facilities have almost recovered nominal
level. The strong mitigation measures put in place as well as the very
encouraging recent business trends allow us to target to recover 2019
operational performance in Q4 2020. Our objective is thus to begin 2021
having offset the entire remaining COVID consequences and to pursue the
implementation of our Impact 2023 strategic program at a sustained rhythm.”
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American Water (USA) Reports Second Quarter 2020 Results
• Second quarter 2020 GAAP diluted earnings were $0.97 per
share, compared to $0.94 per share in 2019, a 3.2% increase;
• year-to-date 2020 GAAP diluted earnings were $1.65 per
share, compared to $1.56 per share in 2019, a 5.8% increase
• Quarter and year-to-date results reflect an estimated $0.05 per
share unfavorable impact from the COVID-19 pandemic
• Continued essential services during the COVID-19 pandemic,
while focusing on safety, customer service, and liquidity
• 2020 GAAP earnings guidance range of $3.79 to $3.89 per
share
Executive Commentary
“With safety as our top priority, American Water continues
to provide essential services in every community we serve,”
said President and CEO of American Water. We adjusted
how we work, we developed and implemented new safety
measures, we took proactive steps by discontinuing service
shut offs and collection of late fees, and we increased
communications with our customers and public officials.”
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Veolia (France) enters into exclusive negotiations to acquire Osis
Veolia has announced the signature of an agreement with the Suez Group to acquire its subsidiary Suez RV OSIS, which specializes in the
maintenance of sanitation networks and infrastructure and on-site industrial services. The agreement is in the form of a unilateral purchase
undertaking subject to an exclusivity period of 150 days, during which the parties are expected to finalize their agreement.Veolia has considerable
know-how in the area of industrial and sanitation maintenance, through its subsidiary Société d’AssainissementRationnel et de Pompage. SARP
operates mainly in France and has consolidated revenue of EUR 470 million and about 3,850 employees.The merger of SARP and Suez RV OSIS
would position the Veolia Group as a major player in this field and would enable both entities to offer new services to their public, service and
industrial sector customers and to cover the whole country.The transaction price is expected to be EUR 298 million, subject to the signature of
final agreements between the parties. It would take place in accordance with the applicable obligations concerning the consultation of staff
representative bodies and would be subject to prior authorization by the competent merger control authority.Veolia group is the global leader in
optimized resource management. With nearly 178 780 employees worldwide, the Group designs and provides water, waste and energy
management solutions which contribute to the sustainable development of communities and industries. Through its three complementary
business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them.
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Terna (Italy): Closing Signed for The Acquisition of a New Power Line in
Brazil
Terna, through its subsidiary Terna Plus, the Group company responsible for international activities, has finalized the closing with Construtora
Quebec, a construction company in the energy sector that operates in Brazil, for the acquisition of the Linha Verde I power line, the second of two
concessions acquired by Terna in the South American country, announced to the market in April 2019.Specifically, with this transaction, Terna
has acquired the controlling stake in the company that is the subject of the transaction, holder of the concession for the construction of the 500
kV "Governador Valadares-Mutum" power line, approximately 150 km long, and located in the State of Minas Gerais, in central-eastern Brazil.
The new infrastructure will make it possible to increase the efficiency, safety and sustainability of the Brazilian electricity grid and to further
exploit the potential of production from renewable sources.With this agreement - which took place after authorization from the regulator ANEEL
and the Antitrust CADE- all the development and management activities of the assets have been entrusted to Terna, and EPC activities have been
entrusted to Construtora Quebec. The transaction, which includes development and construction costs, is worth approximately US $ 50 million
and will be largely financed through a project financing operation.Terna is already building the 150 km long Linha Verde II
"PresidenteJuscelino-Itabira" power line in Minas Gerais acquired, again from Construtora Quebec, with finalization of the closing in November
2019. Overall, the contractual value of the two thirty-year concessions obtained by Terna in Brazil, for around 300 km of electricity grid
infrastructures, is approximately $ 100 million.
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Solutions Updates
Utilities Industry
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Origin (Australia) to launch EV smart charging trial
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Solution Description
Origin Energy will launch an electric vehicle smart charging trial to gain insights to help drive the take-up of EVs in the Australian
market.Origin has received a $838,000 grant from the Australian Renewable Energy Agency to fund a trial to roll out 150 smart
chargers to EV owners and fleets.The smart chargers will connect to Origin’s Virtual Power Plant platform, which enables multiple
devices to be orchestrated remotely using artificial intelligence with benefits for customers, such as lower running costs, as well as
for wholesale energy markets and distribution networks more broadly. The objective of the trial will be to improve the economics and
appeal of EVs by shifting charging from times of the day when energy is more expensive to off-peak periods and when wholesale
prices are low – typically when wind and solar are generating strongly.The 150 participants will comprise fleet and residential
customers in New South Wales, Victoria, Queensland and South Australia.Origin will partner with Hyundai, Nissan, Custom Fleet,
Schneider Electric, GreenFlux and Ausgrid and United Energy to deliver the trial.Findings from the two-year trial will be made
available to help the industry develop customer offers that improve the economics and appeal of EVs to Australian drivers, as well as
deliver benefits to the broader energy market.
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Georgia Power (USA) launches new Customer-Connected Solar Program
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Solution Description
Georgia Power continues to grow renewable energy in Georgia through its new Customer-Connected Solar Program, a
25-megawatt Distributed Generation customer-sited program.Georgia Power will purchase 100% of the solar energy generated
by directly paying the customer. Renewable Energy Credits will be retired by Georgia Power on behalf of participating customers,
allowing the customer to claim the renewable benefits of the local solar energy.The CCSP program will accept applications on a
first-come, first-served basis until the 25 MW AC portfolio is filled, or until January 2022, whichever comes first. Customers can
choose agreement terms between 10 and 30 years and projects can be sized from 1 kW up to 3 MW.The company also encourages
customers who are not eligible to participate in CCSP to consider additional renewable programs such as Georgia Power
Community Solar and Simple Solar. Community Solar gives residential customers who subscribe the opportunity to earn an
energy credit on their bill based on actual solar energy production at Georgia Power's Community Solar facilities. The Simple
Solar program is a solar REC purchase program available to all customers that allow participants to claim solar benefits for either
50 percent or 100 percent of their energy usage.
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Rewards & Recognition
Utilities Industry
38. R & R Updates
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AES (USA) Ranked Among the Top US Companies for Innovators
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The AES Corporation was named to Fast Company's2020 edition of Best Workplaces for Innovators, recognizing AES' commitment to encouraging and supporting
its people in the pursuit of leading-edge energy technologies and business development. The Fast Company list, which is online today and will be published in a
special September print issue of the magazine, places AES among 100 major global corporations, including Google, Amazon, Ørsted, Siemens, and Pfizer. AES
pursues advances in the energy sector through internal programs that foster innovations and, in turn, by expanding our portfolio of carbon-free, 24/7 renewable
energy solutions. AES programs such as APEX provide our people with opportunities to generate the next big idea that can expand our businesses, operations, and
the services we provide to our customers. Over the past 14 years, systems created within the APEX program have made AES a more resilient, sustainable and
competitive company. Through APEX, our people have implemented more than 4,400 unique and innovative projects, delivering more than $1.1 billion in financial
benefits to the company. AES Next, our business and technology incubator, works toward identifying new and innovative business ventures that provide
leading-edge and greener energy solutions. AES Next initiatives have led to the creation or acquisition of game-changing subsidiaries such at Fluence and Uplight.
Fluence, a company created in partnership with Siemens, is the global leader in scalable energy storage technology and services. AES' investment in Uplight has
allowed AES customers to implement digital technology and data to manage energy use, resulting in greater efficiency and lower customer costs.
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AEP (USA) Recognized as One of America's Best Employers for Women
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American Electric Power has been named one of America’s Best Employers for Women by Forbes and Statista. The company is one of 300 organizations identified
as being well-liked by female employees. The list is based on an independent survey from a sample of 75,000 U.S. employees working for companies employing
at least 1,000 people in their U.S. operations. Forbes and Statista also considered the diversity of executive leadership roles within candidate companies. AEP also
was included for the second consecutive year in the 2019 Bloomberg Gender-Equality Index for its commitment to gender reporting and advancing women’s
equality. AEP is a member of Paradigm for Parity®, a coalition of employers committed to promoting gender parity, and a signatory of the CEO Action for
Diversity & Inclusion pledge. American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new
technologies and custom energy solutions to our customers. AEP’s approximately 17,400 employees operate and maintain the nation’s largest electricity
transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11
states. AEP also is one of the nation’s largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 5,200
megawatts of renewable energy. AEP’s family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power, AEP Appalachian Power, Indiana
Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company.
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GAIL (India) included in prestigious Global Sustainability Index “FTSE4GOOD
Index Series”
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GAIL Limited has been included in the prestigious FTSE4Good Index Series for the fourth time in a row, affirming the Company’s
strong commitment towards Environmental, Social and Governance practices in the Oil & Gas Sector. Created by the global index
and data provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating
strong ESG practices. The FTSE4Good indexes are used by a wide variety of market participants to create and assess responsible
investment funds and other products. FTSE Russell evaluations are based on performance in areas such as Corporate Governance,
Health & Safety, Anti-Corruption and Climate Change. Businesses included in the FTSE4Good Index Series meet a variety of
environmental, social and governance criteria. The FTSE4Good Index Series ranks the largest global companies based on
environmental, social and governance performance and transparency in information disclosure. The FTSE4Good indexes are used by
investors to create and assess responsible investment funds and other products.
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41. R & R Updates
IT Shades
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Iberdrola (Spain) is the first company in the world to obtain AENOR certification
for its COVID-19 protocol
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34
Iberdrola is the first company to obtain global certification from AENOR for its COVID-19 protocol. This certification has been
extended to all group companies - Iberdrola España, ScottishPower, Avangrid, Neoenergia, Iberdrola México and Iberdrola
EnergíaInternacional after the holding company was approved in June this year, becoming the first Ibex 35 multinational to certify its
excellent measures against the pandemic.The certification granted by AENOR, dated 15 July, guarantees the system implemented by
Iberdrola to deal with the coronavirus, ensuring the health and safety of people and maintaining the quality of the electrical energy
supply.This highlights the efficacy of the more than 150 measures implemented by Iberdrola around the world to support all
stakeholders during the health emergency: employees, suppliers, shareholders and society.To do this, AENOR considers several
aspects, such as management of specific risks in the organization, occupational health management, good cleaning and hygiene
measures, organizational measures, protective measures, training, information and communication, crisis management and
uninterrupted operations. In terms of the group business, the certificate has also been validated for production, transport, distribution
and energy retailing and other activities undertaken by Iberdrola group companies, which currently have more than 35,000 employees
in 23 countries. These measures include purchasing and donating essential healthcare products worth around €25 million and
reinforcing the grid to secure a reliable power supply for hospital facilities.
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NTPC (India) awarded with prestigious FICCI “Jury Commendation Certificate”
for Women Empowerment
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35
NTPC has been conferred with the prestigious FICCI "Jury Commendation Certificate" under the Category
"Women Empowerment". The award has been received for NTPC's flagship "Girl Empowerment Mission" Project.
NTPC is the only PSU to receive the FICCI Award this year. GEM has been launched by NTPC to provide holistic
education to girl children in the age group of 10-12 years. The programme prepares the girl child to become a
well-rounded adult; instills curiosity and helps them develop better communication and social skills. Furthermore,
it encourages girl children to get connected to a subject with their creative skills; develops psychological, social &
emotional growth, makes learning natural, engaging, and a fun and meaningful experience.
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PXiSE Energy (USA) Solutions Earns World’s First IEEE 2030.5 Server Certification
for Distributed Energy Resource Management Systems
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PXiSE Energy Solutions, developer of next-generation grid control technology, announces that it has received the world’s first
certification for a fully functional Institute of Electrical and Electronics Engineers Standard 2030.5TM server from the SunSpec
Alliance. The PXiSE 2030.5/SEP2 Server is designed to coordinate hundreds of thousands of customer DERs securely using the
public network (Internet). The server implements a strong security profile including Transport Layer Security for point to point
security similar to those in banking for online transactions. PXiSE has pre-integrated this communications server with the built-in
PI data platform within the DERMS solution, helping to save time and lower the overall integration cost for utilities.Enabled by
the 2030.5 Server, the PXiSE DERMS software stack creates an optimal execution schedule for controllable generation, storage
resources, and loads by considering historical, forecasted, and real-time data available to the utility. This breakthrough technology
provides utilities with a new, powerful ability to better manage DERs. Utilities can also stabilize and optimize grids that struggle
or expect challenges with vast numbers of intermittent renewable resources, energy storage systems, electric vehicles, and other
new energy appliances coming online every day.The internationally recognized Smart Energy Profile 2.0 standard is an
interoperable protocol that connects smart energy devices in the home to the smart grid. In order to achieve SunSpec Certification,
PXiSE utilized QualityLogic’s and PCTest’s IEEE 2030.5/Common Smart Inverter Profile testing tools and services to
demonstrate interoperability and conformance to over 70 testing criteria.
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Georgia Power (USA) Smart Neighbourhood recognized by SEPA for innovation,
research and collaboration
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Georgia Power's Smart Neighbourhood Initiative has been recognized by the Smart Electric Power Alliance as part of its annual
awards that celebrate innovation and collaboration of utilities, industry players and individuals shaping the future of energy. The
initiative was included in Southern Company's designation as a 2020 SEPA Utility Business Models Power Player of the Year.The
2020 SEPA Utility Business Models Power Player of the Year award recognizes unique innovation and leadership in efforts to
create new utility business models that advance the adoption of clean energy resources and help to achieve carbon reduction and
clean energy goals.Georgia Power has been a leader in Smart Home innovation, helping bring new technologies to homebuilding
in the state. The company's Smart Neighbourhood™ initiative provides customers with state-of-the-art home construction,
distributed energy resources including solar, battery energy storage and smart home appliances and technologies. Southern
Company was recognized by SEPA for its Smart Neighbourhood initiatives. Georgia Power is a wholly owned subsidiary of
Southern Company.Georgia's first-of-a-kind Smart Neighborhood, located in Atlanta, includes 46 technology-enhanced
townhomes in the Georgia Power Smart Neighborhood developed at Altus at the Quarter. Each home is served by Georgia Power
and supplemented by rooftop solar installations and in-home battery energy storage.
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Southern Company (USA) recognized as 2020 SEPA Utility Business Models Power
Player of the Year
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38
Southern Company has been named the 2020 Smart Electric Power Alliance Utility Business Models Power Player of the Year. The announcement
comes as part of SEPA's annual awards that celebrate innovation and collaboration of utilities, industry players and individuals shaping the future
of energy.The Utility Business Models Power Player of the Year award recognizes organizations, project teams and/or individuals who have
demonstrated unique innovation and leadership in efforts to create new utility business models that advance the adoption of clean energy resources
and help to achieve carbon reduction and clean energy goals.Southern Company's first-of-its-kind Smart Neighbourhood Initiative is a real-world
R&D project designed to help inform how energy could be produced, delivered and consumed in the future. In Smart Neighbourhoods designed
and developed by the Southern Company system and its project partners, homeowners agree to allow data collection on power usage and
environmental information from their homes which, along with data from the distributed energy resources, will provide researchers valuable
operational experience as the company continues to evaluate microgrids, residential battery storage and rooftop solar. Data collected from the
HVAC systems, heat pump water heaters and other technologies will help inform new programs and services that will better meet customer needs.
The state-of-the-art homes and latest technologies benefit customers through improved comfort and convenience as well as lower operating costs.
Additionally, the Southern Company system's renewable energy subscription programs and grid investment plan demonstrate its commitment to
building the future of energy.
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Hydro One (Canada) and the Power Workers' Union reach tentative settlements
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Hydro One Inc. is pleased to announce the achievement of tentative settlements for two collective agreements with the Power Workers' Union covering
approximately 3,800 regular employees and approximately 1,400 casual employees in critical front-line roles across the company's operations in Ontario.
Negotiations covered the renewal of two collective agreements: the main collective agreement, which includes front-line staff, and the Customer Service
Operations collective agreement, which includes staff in customer facing roles. Hydro One Limited, through its wholly-owned subsidiaries, is Ontario's
largest electricity transmission and distribution provider with approximately 1.4 million valued customers, approximately $27.1 billion in assets as at
December 31, 2019, and annual revenues in 2019 of approximately $6.5 billion. Their team of approximately 8,800 skilled and dedicated employees proudly
build and maintain a safe and reliable electricity system, which is essential to supporting strong and successful communities. In 2019, Hydro One invested
approximately $1.7 billion in its transmission and distribution networks and supported the economy through buying approximately $1.5 billion of goods and
services. They are committed to the communities where they live and work through community investment, sustainability and diversity initiatives. They are
designated as a Sustainable Electricity Company by the Canadian Electricity Association. Hydro One Limited's common shares are listed on the TSX and
certain of Hydro One Inc.'s medium term notes are listed on the NYSE.
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SSE (UK) Renewables Secures Contract in Ireland Renewables Auction
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SSE Renewables is delighted to announce its proposed 30.5MW Lenalea onshore wind project in Co. Donegal, a 50/50 joint venture project with partners
Coillte Renewable Energy, has received the green light for development after it provisionally won a contract for low carbon power in Ireland’s first
competitive auction for onshore wind.The provisional results of the first round of Ireland’s new Renewable Electricity Support Scheme, published today, are
subject to Irish Government approval with the final results due in September.Lenalea is one of 19 onshore wind projects in Ireland which have won contracts
for an average of 15 years of new renewable energy generation under RESS-1. The development, which will comprise seven turbines with a maximum tip
height of 135m, is expected to enter construction in 2021 ahead of delivery in 2022/23. When complete it will have an installed capacity of 30.5MW and will
generate enough low carbon renewable energy to power 20,000 homes annually and offset 24,500 tons of carbon per annum, contributing significantly to
Ireland's 2030 renewable energy targets. The provisional contract win means Lenalea will now receive guaranteed revenue for the low carbon electricity it
generates for the duration of the RESS contract.In total 2,237GWh of the 2,557GWh bids submitted by developers have been identified as provisional
winners. This accounts for approximately 10% of the amount required to meet Ireland’s 2030 targets and equates to approximately 479MW of onshore wind
and 796MW of solar.
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AES (USA) and 5B Accelerating World's Transition to Solar Energy
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41
The AES Corporation announced that it has made a strategic investment in 5B, a solar technology innovator based in Sydney, Australia. 5B's
revolutionary MAVERICK design enables customers to add solar resources at a pace that is three times faster while providing up to two times more
energy within the same footprint of traditional solar facilities. Together, AES and 5B will help clients accelerate their use of solar energy. The total
global investment in the solar energy market between 2021-2025 is projected to reach $613 billion as companies transition to greener sources of
energy. 5B's MAVERICK design enables companies to make that transition more quickly and while using less land. The MAVERICK design is a
pre-wired, prefabricated solar solution that is folded up, shipped to site and rolled out. The 5B approach streamlines engineering, procurement and
construction for ground-mounted solar facilities. MAVERICK also removes common barriers for organizations to deploy solar resources,
including the availability of land and ground penetration, making solar possible in more places while providing the flexibility to easily relocate the
resources in some applications. AES will benefit from the use of 5B's MAVERICK technology across many of the projects in its expected 2 to 3
GW of annual renewables growth. This year, AES Panama will fast-track the delivery of a 2 MW project utilizing the MAVERICK solution. In
Chile, AES Gener will deploy 10 MW of MAVERICK technology as a part of the expansion of its Los Andes solar facility in the Atacama Desert
in the north of the country.
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AGL (Australia) kicks on with Melbourne Victory partnership for another two
years
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42
AGL announced it has renewed its partnership with four-time A-League champions the Melbourne Victory. AGL General Manager
Customer Channels Jane Morwick said AGL was proud to be Melbourne Victory’s Major Partner, by extending a relationship that
dates back to 2014. As part of a new two-year deal, AGL will remain the naming rights partner of the club’s Victory in Business
networking functions as well as the Chairman's Function on match-days. AGL is proud to support Australian businesses through the
work that Melbourne Victory does to encourage networking and business partnership growth. To recommit to the club in the current
environment speaks volumes of the leadership at AGL, and behalf of the entire football club they thank CEO and his staff for their
ongoing loyalty and support. AGL has been a wonderful supporter of our strategic vision, both on and off the pitch, and have also
provided our members and fans with genuine value through their products and services.
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Ameren Illinois(USA), Google Partner to Help Customers Save
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43
Ameren Illinois is partnering with Google for a limited time to provide residential customers with access to a Google Nest Thermostat
E smart thermostat at a drastically reduced price, and in some instances free of charge. Ameren Illinois launched its COVID-19
Economic Hardship Recovery Program, which provides customers who are struggling to pay their energy bills with flexible payment
options and direct bill payment assistance. By partnering with Google, the company is taking it a step further – helping customers
reduce their overall energy consumption and lower future energy bills. According to Google, Nest Thermostat E users save an average
of up to 15 percent on cooling costs and up to 12 percent on heating costs, depending on usage. Based on typical energy usage, this
translates to an estimated average savings of $131 - $145* each year. In addition to saving money, smart thermostats are a great tool
for customers to better manage energy usage and costs. The devices enable customers to adjust settings on the go via smartphone
apps. Additionally, many smart thermostat models can sense when the homeowner and/or residents are away from home and
automatically modify the temperature, further reducing energy usage. This limited-time offer is valid until Sept. 15 and only on the
Ameren Illinois Marketplace. Residential customers who have an Ameren Illinois heating source are also eligible to receive a variety
of other smart thermostat brands for little to no cost.
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CenterPoint Energy (USA) announces Indiana Electric and Houston Electric to
combine into one Electric organization
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CenterPoint Energy's focus on unlocking the power and potential within its premium regulated utilities, the company is combining Indiana Electric
and Houston Electric into one Electric organization, effective immediately. The alignment of CenterPoint Energy's generation, transmission,
distribution and engineering areas into one organization will allow for greater ability to share best practices for service, reliability and technology
across its footprint, as well as deliver on opportunities for long-term efficiencies in service to customers. In addition, in order to support the
ongoing advancement of its corporate identity, value to customers, and clarity to shareholders, CenterPoint Energy will rebrand Vectren as
CenterPoint Energy. The rebrand will include new signs and markings, but the same employees will be seen representing the organization, working
in neighborhoods to restore and maintain service, and continuing to volunteer in the communities where they have for many years. As the only
investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. is an energy delivery company with electric transmission &
distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Arkansas, Indiana,
Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. As of March 31, 2020, the company owns approximately $33 billion in assets and
also owns 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master
limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets. With approximately 9,600
employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years.
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Centrica (UK) and NEC announce energy service partnership
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Centrica and NEC announce energy service partnership. Work is underway on a major energy project at the NEC, Birmingham, which will see the
UK’s leading events venue generate its power needs onsite. Centrica Business Solutions will provide heat and power to the NEC site through the
design, installation, operation and maintenance of three gas generators, including an 850 kWe Combined Heat and Power unit. It’s the first deal of
its type for Centrica Business Solutions, which will finance the delivery of the project - repaid from the energy savings made over the asset life.
British Gas Business will supply the top up electricity for the site. The deal will see the NEC reduce its energy costs and improve energy resilience
on site, as a result of being less reliant on grid power. It will also future proof the site to take advantage of Demand Side Response activity including
operating on the capacity market. Centrica Business Solutions’Energy as a Service bundle includes design, installation and financing of electricity
supply, monitoring of energy usage and energy optimization.
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Centrica (UK): Cornwall’s first smart-grid wind turbine to generate renewable
energy
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46
Cornwall Council partners with Centrica to meet local green energy challenge. Construction on Cornwall’s first, smart
grid-connected wind turbine which will create enough power for over 1,440 homes per annum and help cut carbon emissions is
nearing completion. Rotor blades spanning 40m in length have now been fitted to the 2.3-megawatt turbine at Ventonteague,
near Carland Cross, on the A30. The turbine is the first to be built in Cornwall since 2016 and the only one to have been
installed in the South West this year. It is set to start generating renewable electricity from September. The smart grid-connected
turbine will help Cornwall better manage its energy supply and reduce Cornwall’s greenhouse gas emissions by more than 3,300
tonnes a year over the next two decades. The new wind turbine is part of an EU-funded trial and forms part of energy company
Centrica’s innovative Cornwall Local Energy Market which aims to help increase the amount of renewable energy that can be
deployed by managing the electricity network more efficiently.
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Chubu Electric Power (Japan) signs a basic agreement with Medical Data Card, a provider of services for
centrally managing medical and health information, to turn it into a consolidated subsidiary
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47
Chubu Electric Power Co., Inc. has announced that it has signed a basic agreement with Medical Data Card, Inc. on acquiring
MDC shares to turn it into a consolidated subsidiary. The two companies entered into a capital and business partnership in
October 2019, and are now in talks on the terms of share acquisition so that Chubu Electric Power can obtain a majority stake in
MDC by the end of the second quarter.MDC is a venture business originating from a medical school. It is partnered with
numerous hospitals and other medical institutions in offering the smartphone app “MeDaCa,” which allows patients to centrally
manage their medical and health information including the results of medical tests. By turning MDC into a consolidated
subsidiary, Chubu Electric Power plans to accelerate its efforts to build a platform that enables smooth communication between
patients and medical institutions, while also developing and offering other services including online medical consultations.
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Duke Energy (USA), S.C. Chamber of Commerce partner to support small businesses impacted by
COVID-19
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48
Duke Energy is teaming up with the South Carolina Chamber of Commerce to start a new program aimed at helping small businesses
rebound and survive during the ongoing COVID-19 crisis. The Chamber will use a $100,000 grant from the Duke Energy Foundation to
provide support to 56 small businesses in the counties Duke Energy serves in the state, with half of those owned by minorities and women.
The program will provide mentoring over six months from experts in the fields of marketing, legal support, advocacy training,
governance, sustainability, finance and taxes. Participants will also receive a $1,000 microgrant to help with expenses related to the
pandemic. Additionally, the Chamber will offer online classes taught by subject-matter experts on these and other topics to small
businesses across South Carolina. The Duke Energy Foundation provides philanthropic support to meet the needs of communities where
Duke Energy customers live and work. The Foundation contributes more than $30 million annually in charitable gifts, and is funded by
Duke Energy shareholder dollars. Duke Energy, a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energies
holding companies in the U.S. It employs 29,000 people and has an electric generating capacity of 51,000 megawatts through its regulated
utilities and 2,300 megawatts through its nonregulated Duke Energy Renewables unit.
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Duke Energy (USA)teams with SustainRNG to develop renewable natural gas on dairy farms
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Duke Energy announced a partnership with SustainRNG to harness renewable natural gas on dairy farms, starting in the southeastern
United States. Duke Energy has invested in a minority share of the company and retains the option to invest in future operating projects.
SustainRNG will engineer, finance, construct and operate RNG sites in collaboration with dairy farmers. By capturing and processing
methane from farms into RNG, Duke Energy and SustainRNG will be able to provide a locally generated renewable energy source to end
users nationwide via injection into the existing natural gas pipeline network. Renewable natural gas is methane that has been captured
from the breakdown of organic waste and processed to remove contaminants and meet natural gas pipeline quality standards. Trane
Technologies invented the advanced methane generation technology and has exclusively licensed its system to SustainRNG for use in the
agricultural sector. The advanced technology employed in SustainRNG’s projects uses specialized anaerobic digestion units, or parallel
flow digesters, that stratify the flow of particles by size, facilitating the breakdown of the organic materials in manure. SustainRNG is
initially targeting use of the technology to deploy digesters on dairy farms of 3,000 to 6,000 head that use water wash-down manure
management, which is currently an underserved niche in the dairy digester market.
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Duke Energy (USA)Florida and the Rays Powering Through Together to help Tampa Bay
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Duke Energy Florida and the Rays Powering Through Together to help Tampa Bay. Thanks to the Powering Through Together partnership
between Duke Energy Florida and the Tampa Bay region’s Major League Baseball team, Duke Energy Florida will donate $1,000 per
home run to support 211 Tampa Bay Cares. The company has committed to contributing a minimum of $50,000 to the organization, which
connects the community with important health and social services during these difficult times. The 211 Tampa Bay Cares free service can
help people find local community agencies that provide assistance to meet a wide range of needs, including housing, food, child care,
medical expenses and utility bills.Duke Energy Florida, a subsidiary of Duke Energy, owns a diverse generation mix of natural gas, coal
and renewables, providing about 10,200 megawatts of owned electric capacity to approximately 1.8 million customers in a
13,000-square-mile service area. The Tampa Bay Rays mission is to energize the community through the magic of Rays baseball. The
organization is committed to building a strong community bond through meaningful interactions and charitable donations, and has
proudly represented Major League Baseball since 1998.
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Duke Energy(USA), Buncombe County, N.C., to partner on solar project
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51
Duke Energy and Buncombe County will team up to build a new solar power plant on a retired landfill in the town of Woodfin.Duke
Energy will own and operate the 5-megawatt solar power plant located on the closed Buncombe County landfill – near Interstate 26
and the French Broad River.The new solar plant will help meet the county’s 2030 renewable energy goals, while providing energy to
all Duke Energy customers in the Carolinas. The plant is expected to come online in the second half of 2021 and will produce enough
energy annually to power about 1,000 homes and businesses.Sourcing its renewables from local generation was identified as a top
priority during the county’s renewable energy community engagement process. This project will allow the county to reach nearly
20% of its renewable goal with locally sourced clean energy. The landfill stopped operating in 1996. To avoid disturbing the ground
covering, the solar racking system will be built on concrete blocks instead of being anchored into the ground. Underground cabling
will be kept to a minimum.
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GAIL (India) and Carbon Clean Solutions sign a MoU for Compressed Biogas projects
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52
GAIL Limited and Carbon Clean Solutions Limited have signed a Memorandum of Understanding for exploring project development
opportunities in Compressed Biogas value chain in India. The MoU aims at building a closer strategic partnership between the two
companies by jointly working on CBG projects. GAIL and CCSL will explore various issues in the CBG value chain, such as inter
alia feedstock arrangements, suitable technology for the most efficient and high efficiency CBG production, gas off-take
arrangements, exploration of various funding models, transportation, marketing and distribution of CBG. CCSL’s proven technology
for CBG production with specific patents and know how on waste conversion were a natural fit for GAIL’s vision to support the
development of the CBG business in India. Through the MoU, CCSL will initially build four CBG plants using their own funding,
technology, and expertise. These plants will be based on 10-year CBG off-take agreements with GAIL as the off-taker in line with the
Sustainable Alternative Towards Affordable Transportation initiative of the Government of India. With the Government of India’s
support for the clean energy transition, this partnership will play a crucial role in furthering technological advancements in production
of CBG from organic waste, which will be critical in this transition.
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Naturgy(Spain) collaborates with the Royal Theater in its Plan for the Promotion of the
Opera
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53
Naturgy and the Royal Theater have signed a collaboration agreement whereby the energy company will collaborate with the Opera
Development Plan of this institution, declared an Event of Exceptional Public Interest. Naturgy also chose this theater in January
2019 to commemorate the company's 175th anniversary with a classical music concert presided over by His Majesty the King, who
was accompanied by the president of the energy company, Francisco Reynés, as well as the Board of Directors and the Naturgy
Steering Committee, which was attended by more than a thousand guests. Naturgy develops its commitment to society through four
priority lines of action, aligned with key areas of the company: sponsorships, patronage and donations; social action, volunteer and
worker participation programs; relationship with communities; and, especially, energy vulnerability. The company has always
developed a proactive policy against energy poverty that was reinforced in 2017 with the launch of a specific Energy Vulnerability
Plan. In 2019, Naturgy managed and answered more than 73,000 calls from vulnerable clients and more than 128,000 inquiries from
social services, and had more than 176,000 clients benefiting from the social bonus. For its part, and since the Vulnerability Plan
began, the Naturgy Foundation has helped more than 90,000 people in vulnerable situations by rehabilitating their homes or training
them to reduce their electricity and gas bills, among other actions.
Description