I Bytes Utilities Industry

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I-Bytes
Utilities
November Edition 2020
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Table of Contents
1. Financial, M & A Updates..................................................................................................................................1
2. Solution Updates................................................................................................................................................42
3. Rewards and Recognition Updates..................................................................................................................45
4. Customer Success Updates...............................................................................................................................59
5. Partnership Ecosystem Updates......................................................................................................................68
6. Environment & Social Updates........................................................................................................................86

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Financial, M & A
Updates Utilities Industry

Financial, M&A Updates
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AES (USA) Attains Second Investment Grade Rating; Reduces Coal Generation to
Below 30%; Reaffirms Full Year 2020 Guidance and Growth Rates Through 2022
Strategic Accomplishments
• Attained a second investment grade rating from S&P in November 2020
• Retiring 1.2 GW of coal in the US and Chile, bringing coal generation to 29% of total generation on a
proforma basis
• Signed or awarded 556 MW of new renewables and energy storage, including 410 MW of Green Blend and
Extend, for a total of 2.1 GW in year-to-date 2020
• Total backlog of renewables awarded, under signed PPAs or under construction of 6.8 GW
• Fluence maintained its global lead in the energy storage market by signing 690 MW in year-to-date 2020,
bringing its total delivered or awarded to 2.4 GW
• Signed an agreement to sell a 35% interest in the Southland repowering for $424 million, bringing
year-to-date asset sale proceeds to $650 million
Q3 2020 Financial Highlights
• Diluted EPS of ($0.50), compared to $0.32 in Q3 2019, primarily reflecting expenses associated with
dispositions and impairments
• Adjusted EPS1 of $0.42, compared to $0.48 in Q3 2019
Financial Position and Outlook
• Reaffirming 2020 Adjusted EPS1 guidance range of $1.32 to $1.42 and now expecting to be at the top end
of this range
• Reaffirming 7% to 9% average annual growth target through 2022
• Remain committed to growing dividend by 4% to 6% annually, subject to Board approval
Executive Commentary
"I am pleased to announce that we have already achieved two of our top three priorities for 2020 by attaining
a second investment grade rating and reducing our coal generation to 29%. With our year-to-date
performance, we are on track to accomplish our third priority of delivering our guidance," said AES
President and Chief Executive Officer. "By leveraging our Green Blend and Extend strategy and our
development pipeline, we added 556 MW of renewables, bringing our year-to-date total to 2.1 GW and our
backlog to 6.8 GW. At the same time, Fluence continues to maintain its global leadership position in the
energy storage market, with 2.4 GW delivered or awarded and its recent acquisition of AMS, the leading
provider of AI-enabled bidding software for utility-scale storage and generation assets."
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Key Financial Highlights

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Alliant Energy (USA) Announces Third Quarter 2020 Results and Increased
Annual Common Stock Dividend Target for 2021
Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services,
Inc. (Corporate Services) operations generated $0.89 per share of GAAP EPS in the third quarter of
2020, which was $0.03 per share lower than the third quarter of 2019. The primary drivers of lower
EPS were higher depreciation expense, equity dilution, and lower sales due to the Derecho storm in
Iowa. These impacts were partially offset by higher earnings resulting from IPL’s and WPL’s
increasing rate base and timing of income taxes.
Non-utility and Parent - Alliant Energy’s Non-utility and Parent operations generated $0.06 per share
of GAAP EPS in the third quarter of 2020, which was a $0.07 per share earnings increase compared
to the third quarter of 2019. The higher EPS was primarily driven by an adjustment to the credit loss
liability related to legacy guarantees associated with an affiliate of Whiting Petroleum Corporation
(Whiting Petroleum) and timing of income taxes.
Earnings Adjustments - Non-GAAP EPS for the three months ended September 30, 2020 excludes
$0.04 per share related to the credit loss adjustment described above for Alliant Energy’s Non-utility
and Parent. Non-GAAP adjustments, which relate to material charges or income that are not normally
associated with ongoing operations, are provided as a supplement to results reported in accordance
with GAAP.
Temperature Impacts to Non-GAAP EPS - The estimated year-to-date impact of temperatures on EPS
compared to normal temperatures, is a $0.01 per share gain in 2020. The midpoint of the temperature
normalized non-GAAP EPS guidance for the full year 2020 is $2.42.
“As we continue to achieve major milestones on our purpose-driven plan -- such as completing
our 1,150 megawatts wind expansion -- we have kept focus on our customers and Powering
What’s Next. We recently released our Iowa Clean Energy Blueprint, which includes the addition
of up to 400 megawatts of new solar generation,” said Alliant Energy Chairman, President and
CEO. “We narrowed and raised our 2020 earnings guidance to a range of $2.40 to $2.46 per
share. I am also pleased to share that our Board of Directors has approved a 6% increase in our
annual common stock dividend target, raising it to $1.61 per share for 2021.”
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Ameren (USA) Announces Third Quarter 2020 Results
Earnings Guidance
• Ameren narrowed its 2020 earnings guidance range to $3.40 to $3.55 per diluted share compared to the prior range of
$3.40 to $3.60 per diluted share.
Ameren Missouri Segment Results
• Ameren Missouri third quarter 2020 earnings were $297 million, compared to third quarter 2019 earnings of $300
million. The year-over-year comparison reflected increased earnings due to new electric service rates, as well as lower
operations and maintenance expenses due to disciplined cost management.
Ameren Illinois Electric Distribution Segment Results
• Ameren Illinois Electric Distribution third quarter 2020 earnings were $34 million, compared to third quarter 2019
earnings of $32 million. The year-over-year comparison reflected increased earnings on infrastructure and energy efficiency
investments that were partially offset by a lower allowed return on equity due to a lower projected average 30-year U.S.
Treasury bond yield in 2020 compared to 2019.
Ameren Illinois Natural Gas Segment Results
• Ameren Illinois Natural Gas third quarter 2020 earnings were $2 million, compared to a third quarter 2019 loss of $1
million. The year-over-year comparison reflected increased earnings on infrastructure investments.
Ameren Transmission Segment Results
• Ameren Transmission third quarter 2020 earnings were $62 million, compared to third quarter 2019 earnings of $53
million. The year-over-year improvement reflected increased earnings on infrastructure investments.
Ameren Parent Results (includes items not reported in a business segment)
• Ameren Parent results for the third quarter of 2020 reflected a loss of $28 million, compared to a third quarter 2019 loss
of $20 million. The year-over-year comparison reflected increased interest expense primarily due to higher long-term debt
outstanding and the timing of income tax expense, which is not expected to impact full-year results.
"While we are operating our business during unprecedented times due to COVID-19, we continue our relentless focus on
the safety of our co-workers, customers and communities, as well as delivering reliable, affordable and cleaner electric
and natural gas services. We are executing on all elements of our strategy, including significant investment in energy
infrastructure and disciplined cost management across all of our business segments," saidchairman, president and chief
executive officer of Ameren Corporation. "Further, in September, the company announced its transformative plan that
accelerates Ameren's transition toward a cleaner energy future, including our goal of net-zero carbon emissions by 2050.
Our plan includes our largest-ever expansion of clean solar and wind generation while maintaining the reliability and
affordability that customers expect."
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AEP (USA) Reports Strong Third-Quarter 2020 Earnings
• American Electric Power reported third-quarter 2020 earnings, prepared in accordance
with Generally Accepted Accounting Principles (GAAP), of $749 million or $1.51 per share,
compared with GAAP earnings of $734 million or $1.49 per share in third-quarter 2019.
• Operating earnings for third-quarter 2020 were $728 million or $1.47 per share,
compared with operating earnings of $722 million or $1.46 per share in third-quarter 2019.
Operating earnings is a non-GAAP measure representing GAAP earnings excluding special
items.
• AEP management reaffirmed its 2020 operating earnings guidance range of $4.25 to
$4.45 per share. Operating earnings could differ from GAAP earnings for matters such as
impairments, divestitures or changes in accounting principles. AEP management is not able
to forecast if any of these items will occur or any amounts that may be reported for future
periods. Therefore, AEP is not able to provide a corresponding GAAP equivalent for
earnings guidance.
• Reflecting special items recorded through the third quarter, the estimated earnings per
share on a GAAP basis would be $4.25 to $4.45 per share. See the table below for a full
reconciliation of 2020 earnings guidance.
“We continue to execute on our strategy and achieve strong earnings performance in line
with our targeted guidance range for the year, despite the significant challenges
presented by the COVID-19 pandemic. Our employees have done an amazing job
adjusting to new ways of working over the last seven months and have remained focused
on delivering essential power to our customers safely and efficiently,” said AEP
chairman, president and chief executive officer. The critical investments we’ve been
making in the grid to enhance reliability and resiliency, replace aging equipment and
support renewable energy development have remained on track. Our Transmission
Holding Co. business contributed 28 cents per share in the quarter, an increase of 3 cents
from the same period last year. Net plant assets in our Transmission Holding Co.
business grew by $1.5 billion, or 16%, from September 2019.”
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AEP (USA) Energy Partners Signs Letter Of Intent To Purchase 50-Mw Output
From Columbus Solar Park
AEP Energy Partners, a subsidiary of American Electric Power has signed a letter of intent with BQ Energy
Development, LLC to purchase 100% offtake of the Columbus Solar Park being developed southwest of
downtown Columbus, Ohio. In July, New York-based BQ Energy announced plans to lease the site of a
former landfill owned by the Solid Waste Authority of Central Ohio and build a 50 megawatt (MW) solar
facility, pending a long-term power purchase agreement to underwrite the project. The solar energy facility
is scheduled to be operational by December 2022, and once completed, will have the capacity to power
5,000 homes. AEP Energy Partners will use the offtake from the project to meet its customers’ needs for
renewable energy, in addition to supporting potential future renewable energy needs for Columbus if the
City’s aggregation initiative is passed.AEP Energy, a subsidiary of American Electric Power is a certified
competitive retail electricity and natural gas supply provider operating in 28 service territories in six states
and Washington, D.C. AEP Energy supplies electricity and natural gas solutions for over 500,000
residential and business customers and takes pride in making it easy for customers to buy, manage and use
energy. Based in Columbus, Ohio and Chicago, AEP Energy is committed to excellence by delivering
value, innovative energy solutions and excellent customer service.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 5,300 megawatts of renewable energy.
“The Columbus Park Solar will bring a significant renewable energy generation resource to the local
power distribution network for the City of Columbus,” saidmanaging director of BQ Energy
Development. “As the residents of Columbus consider the bold step of increasing their use of
renewable energy, it will be important that they have confidence that the amount of local generation of
that clean power is really there. The Columbus Solar Park, which will be among the most visible solar
energy fields in the country, will play an important role in that renewable energy supply
transformation. We are proud to work with AEP on this important project.”
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Atmos Energy Corporation (USA) Reports Earnings For Fiscal 2020; Initiates
Fiscal 2021 Through Fiscal 2025 Guidance; Raises Dividend 8.7 Percent
Highlights
• Earnings per diluted share: $4.89 for the year ended September 30, 2020, $0.53 for the quarter
ended September 30, 2020
• Consolidated net income: $601.4 million for the year ended September 30, 2020, $65.3 million
for the quarter ended September 30, 2020
• Adjusted net income and adjusted diluted earnings per share, which excludes a $21.0 million
one-time tax benefit related to the remeasurement of net deferred tax liabilities was $580.5 million
and $4.72 for the year ended September 30, 2020.
• Capital expenditures rose 14 percent to $1,935.7 million for the year ended September 30, 2020,
with approximately 88 percent of capital spending related to system safety and reliability investments.
Outlook
• Earnings per diluted share for fiscal 2021 is expected to be in the range of $4.90 to $5.10.
• Capital expenditures are expected to be in the range of $2.0 billion to $2.2 billion in fiscal 2021.
• The company's Board of Directors has declared a quarterly dividend of $0.625 per common
share. The indicated annual dividend for fiscal 2021 is $2.50, which represents an 8.7% increase over
fiscal 2020.
“I am extremely proud of every employee for their commitment to deliver safe and reliable
natural gas service paired with exceptional customer service. The preparation and dedication of
our employees and leadership has served us and our customers well as we have continued to
perform at the highest levels on every facet of our business during this pandemic,” saidpresident
and chief executive officer of Atmos Energy Corporation. “As we continue to execute our
strategy of modernizing our natural gas distribution, transmission and storage systems to improve
safety, reliability and environmental performance along with providing exceptional customer
service at an affordable price, we remain well positioned to continue delivering annual earnings
per share growth in the six to eight percent range,”
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Cms Energy (USA) Announces Third Quarter Reported Earnings Of $0.76 Per
Share And Introduces 2021 Eps Guidance
• CMS Energy announced reported net income of $218 million, or $0.76 per share, for the third
quarter of 2020, compared to reported net income of $207 million, or $0.73 per share, for the same
quarter in 2019.
• The company's adjusted net income for the third quarter of 2020 was $221 million, or $0.77 per
share.
• For the first nine months of 2020, the company reported net income of $597 million, or $2.09 per
share, compared to reported net income of $513 million, or $1.81 per share for the same period in
2019.
• Adjusted net income for the first nine months of 2020 was $605 million, or $2.11 per share.
• CMS Energy reaffirmed its guidance for 2020 adjusted earnings of $2.64 - $2.68* per share
• Additionally, CMS Energy introduced 2021 adjusted earnings per share guidance of $2.82 to
$2.86, reflecting continued strong growth of 6 to 8 percent.
CMS Energy noted several accomplishments during the quarter:
• Consumers Energy settled its gas rate case and will not file another gas case prior to December
2021.
• Consumers Energy was named by Forbes Magazine as the best employer for women in the utility
sector.
• Consumers Energy committed $12 million to support Michigan residents and small businesses
affected by COVID-19 with energy bills.
• Consumers Energy joined a first-of-its-kind pledge with five other energy companies to build a
vast network of electric vehicle fast charging stations across the Midwest from Michigan to Kansas.
"The company's third quarter results confirm our commitment to finish the year strong both
operationally and financially and to continue to prioritize those who have been affected by the
pandemic," said President and CEO of CMS Energy and Consumers Energy. "As we look to
2021, we will continue to focus on the triple bottom line of people, planet and profit."
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Con Edison (USA) Reports 2020 Third Quarter Earnings
• Consolidated Edison, Inc. reported 2020 third quarter net income for
common stock of $493 million or $1.47 a share compared with $473 million
or $1.42 a share in the 2019 third quarter.
• Adjusted earnings were $495 million or $1.48 a share in the 2020 period
compared with $513 million or $1.54 a share in the 2019 period.
• For the first nine months of 2020, net income for common stock was
$1,058 million or $3.17 a share compared with $1,048 million or $3.20 a share
in the first nine months of 2019. Adjusted earnings were $1,147 million or
$3.43 a share in the 2020 period compared with $1,149 million or $3.51 a
share in the 2019 period.
• For the year of 2020, Con Edison expects its adjusted earnings per share to
be in the range of $4.15 to $4.30 a share. The company's previous forecast was
in the range of $4.15 to $4.35 per share. The change primarily reflects revised
expectations due to the effect of the COVID-19 pandemic on the Utilities.
"As North America's second-largest solar provider, Con Edison is
committed to delivering a clean energy future for all," said chairman and
CEO of Con Edison. "As part of our Clean Energy Commitment, we are
harnessing the power of over 33,000 customer solar installation projects.
We are also investing aggressively in Energy Efficiency and Electric
Vehicle Charging programs to bring renewable and reliable energy to run
New York's homes, businesses, and vehicles."
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Dominion Energy (USA) Closes on Sale of Majority of Gas Transmission &
Storage Assets
Dominion Energy announced that it has closed on the sale of the majority of its gas transmission and storage assets to Berkshire Hathaway
Energy, an affiliate of Berkshire Hathaway Inc, for approximately $2.7 billion in cash and the transfer of approximately $5.3 billion of related
indebtedness. These operations include more than 5,500 miles of interstate gas transmission pipelines, about 775 billion cubic feet (Bcf) of gas
storage that the company operates and an operating 25 percent stake in Cove Point. The sale of the company's interests in the Questar Pipelines,
also to Berkshire Hathaway Energy, is expected to be completed in early 2021 following receipt of Hart-Scott-Rodino clearance. The company
has received a cash payment of approximately $1.3 billion in anticipation of the sale of these interests, and will transfer approximately $430
million of related debt to Berkshire Hathaway Energy upon close of this follow-on transaction. The full transaction is expected to result in a nearly
$6 billion reduction in Dominion Energy debt. The company also expects total share repurchases of Dominion Energy common stock to be at
least $3 billion.More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion
Energy headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero
carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050.
Description
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Dominion Energy (USA) Announces Third-Quarter Earnings
• Dominion Energy announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the
three months ended Sept. 30, 2020, of $356 million ($0.41 per share) compared with a net income of $975 million ($1.17 per share) for the same period in 2019.
• Operating earnings for the three months ended Sept. 30, 2020, were $916 million ($1.08 per share), compared to operating earnings of $946 million ($1.15 per
share) for the same period in 2019.
• The company estimates that its third-quarter 2020 operating earnings were positively impacted by $0.04 per share due to better-than-normal weather in its utility
service areas.
• The difference between GAAP and operating earnings for the three months ended Sept. 30, 2020, was primarily attributable to the recognition of a customer credit
reinvestment offset for the benefit of customers in Virginia, charges associated with long-term contracted renewable portfolio outside the company's core service areas
and net gains on nuclear decommissioning trust funds.
Guidance
• Dominion Energy expects fourth-quarter operating earnings in the range of $0.73 to $0.87 per share.
• The company affirms its full-year 2020 operating earnings guidance range of $3.37 to $3.63 per share and expects weather-normal operating EPS for 2020 to be
above the guidance range midpoint.
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Dominion Energy (USA) Announces Third-Quarter Earnings
• Consolidated Edison, Inc. reported 2020 third quarter net income for
common stock of $493 million or $1.47 a share compared with $473 million
or $1.42 a share in the 2019 third quarter.
• Adjusted earnings were $495 million or $1.48 a share in the 2020 period
compared with $513 million or $1.54 a share in the 2019 period.
• For the first nine months of 2020, net income for common stock was
$1,058 million or $3.17 a share compared with $1,048 million or $3.20 a share
in the first nine months of 2019. Adjusted earnings were $1,147 million or
$3.43 a share in the 2020 period compared with $1,149 million or $3.51 a
share in the 2019 period.
• For the year of 2020, Con Edison expects its adjusted earnings per share to
be in the range of $4.15 to $4.30 a share. The company's previous forecast was
in the range of $4.15 to $4.35 per share. The change primarily reflects revised
expectations due to the effect of the COVID-19 pandemic on the Utilities.
"As North America's second-largest solar provider, Con Edison is
committed to delivering a clean energy future for all," said chairman and
CEO of Con Edison. "As part of our Clean Energy Commitment, we are
harnessing the power of over 33,000 customer solar installation projects.
We are also investing aggressively in Energy Efficiency and Electric
Vehicle Charging programs to bring renewable and reliable energy to run
New York's homes, businesses, and vehicles."
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Edison (USA) International Reports Third Quarter and Year-to-Date 2020
Results
• Edison International reported third quarter 2020 net loss of $288 million, or $0.76 loss per share, compared to net income of $471 million,
or $1.36 per share, in the third quarter 2019. As adjusted, third quarter 2020 core earnings were $632 million, or $1.67 per share, compared to
core earnings of $519 million, or $1.50 per share, in the third quarter 2019.
• Southern California Edison's (SCE) third quarter 2020 earnings per share (EPS) decreased by $2.15 from the prior year period, consisting
of higher core EPS of $0.14 and higher non-core loss per share of $2.29. Higher core EPS was primarily due to higher CPUC-related revenue due
to the escalation mechanism as set forth in the 2018 GRC decision and lower expenses from regulatory deferrals related to wildfire mitigation
activities. These were partially offset by higher operation and maintenance expenses, including customer uncollectibles resulting from the
COVID-19 pandemic and SCE's response to it, and the increase in shares outstanding related to the equity offerings in July 2019 and May 2020.
• SCE's higher non-core loss per share was attributable to a charge of $2.33 for the 2017/2018 Wildfire/Mudslide Events claims and
expenses, net of expected recoveries from FERC customers, and $0.02 from higher amortization of SCE's contributions to the Wildfire Insurance
Fund. These were partially offset by a gain of $0.06 recorded in third quarter 2020 for SCE's sale of San Onofre nuclear fuel.
• Edison International Parent and Other's third quarter 2020 loss per share decreased by $0.03 compared to third quarter 2019. The lower loss
per share was primarily due to higher tax benefits.
Year-to-Date Earnings
• For the nine months ended September 30, 2020, Edison International reported net income of $213 million, or $0.57 per share, compared to
$1,141 million, or $3.43 per share, during the same period in 2019. As adjusted, Edison International's core earnings were $1,235 million, or
$3.33 per share, compared to $1,240 million, or $3.73 per share, in the year-to-date period in 2019.
• SCE's year-to-date 2020 EPS decreased $2.75 from the same period prior year, consisting of lower core EPS of $0.36 per share and higher
non-core loss per share of $2.39. The decrease in SCE's core EPS was due to the increase in shares outstanding related to the equity offerings in
July 2019 and May 2020.
• SCE's higher non-core loss per share was mainly related to a charge of $2.40 for the 2017/2018 Wildfire/Mudslide Events claims and
expenses, net of expected recoveries from FERC customers, $0.35 from higher amortization of SCE's contributions to the Wildfire Insurance
Fund, and $0.21 lower income tax benefits related to changes in the allocation of deferred tax re-measurement between customers and
shareholders as a result of a CPUC resolution issued in February 2019.
• Edison International Parent and Other’s year-to-date 2020 loss per share increased by $0.11 compared to the same period in 2019,
consisting of higher core loss per share of $0.04 and higher non-core loss per share of $0.07.
“Edison International’s improved third quarter results were primarily due to higher CPUC-related revenue from the 2018 GRC escalation
mechanism and lower expenses from regulatory deferrals related to wildfire mitigation activities, partially offset by equity share dilution,”
saidpresident and chief executive officer of Edison International. “Reflecting our strong year-to-date performance and our confidence in
the outlook for the year, we are narrowing our 2020 guidance range to $4.47 to $4.62 by raising the low end.In preparation for this year’s
wildfire season, SCE’s mitigation efforts augment those of State and local agencies. SCE has made substantial progress in implementing
its wildfire mitigation plan. For instance, it is on track to meet or exceed the target of 700 miles of installed covered conductor set in the
2020 Wildfire Mitigation Plan. Further, the utility made significant enhancements over the past year to its Public Safety Power Shutoff
(PSPS) program. SCE has also enhanced communication and coordination with government and communities and improved its capabilities
to sectionalize circuits to reduce the number of customers impacted when a preventive de-energization is initiated.”
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Edison International (USA) Reports Third Quarter and Year-to-Date 2020
Results
• Edison International reported third quarter 2020 net loss of $288 million, or $0.76 loss per share, compared to net income of $471
million, or $1.36 per share, in the third quarter 2019.
• As adjusted, third quarter 2020 core earnings were $632 million, or $1.67 per share, compared to core earnings of $519 million,
or $1.50 per share, in the third quarter 2019.
• Southern California Edison's (SCE) third quarter 2020 earnings per share (EPS) decreased by $2.15 from the prior year period,
consisting of higher core EPS of $0.14 and higher non-core loss per share of $2.29.
• SCE's higher non-core loss per share was attributable to a charge of $2.33 for the 2017/2018 Wildfire/Mudslide Events claims and
expenses, net of expected recoveries from FERC customers, and $0.02 from higher amortization of SCE's contributions to the Wildfire
Insurance Fund. These were partially offset by a gain of $0.06 recorded in third quarter 2020 for SCE's sale of San Onofre nuclear fuel.
• Edison International Parent and Other's third quarter 2020 loss per share decreased by $0.03 compared to third quarter 2019. The
lower loss per share was primarily due to higher tax benefits.
Year-to-Date Earnings
• For the nine months ended September 30, 2020, Edison International reported net income of $213 million, or $0.57 per share,
compared to $1,141 million, or $3.43 per share, during the same period in 2019. As adjusted, Edison International's core earnings were
$1,235 million, or $3.33 per share, compared to $1,240 million, or $3.73 per share, in the year-to-date period in 2019.
• SCE's year-to-date 2020 EPS decreased $2.75 from the same period prior year, consisting of lower core EPS of $0.36 per share
and higher non-core loss per share of $2.39. The decrease in SCE's core EPS was due to the increase in shares outstanding related to the
equity offerings in July 2019 and May 2020.
• SCE's higher non-core loss per share was mainly related to a charge of $2.40 for the 2017/2018 Wildfire/Mudslide Events claims
and expenses, net of expected recoveries from FERC customers, $0.35 from higher amortization of SCE's contributions to the Wildfire
Insurance Fund, and $0.21 lower income tax benefits related to changes in the allocation of deferred tax re-measurement between
customers and shareholders as a result of a CPUC resolution issued in February 2019.
• Edison International Parent and Other’s year-to-date 2020 loss per share increased by $0.11 compared to the same period in 2019,
consisting of higher core loss per share of $0.04 and higher non-core loss per share of $0.07.
“Edison International’s improved third quarter results were primarily due to higher CPUC-related revenue from the 2018 GRC
escalation mechanism and lower expenses from regulatory deferrals related to wildfire mitigation activities, partially offset by
equity share dilution,” said president and chief executive officer of Edison International. “Reflecting our strong year-to-date
performance and our confidence in the outlook for the year, we are narrowing our 2020 guidance range to $4.47 to $4.62 by
raising the low end.”
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Exelon (USA) Reports Third Quarter 2020 Results
Earnings Release Highlights
• GAAP Net Income of $0.51 per share and Adjusted (non-GAAP) Operating Earnings of $1.04 per share for the third quarter of 2020
• Raising our guidance range for full year 2020 Adjusted (non-GAAP) Operating Earnings from $2.80 - $3.10 per share to $3.00 - $3.20 per
share
• Strong utility reliability and customer operations performance - every utility achieved top quartile in outage frequency & duration,
customer satisfaction, abandon rate, and gas odor response
• Generation’s nuclear fleet ran with a capacity factor of 96.0%
• Pepco filed the second multi-year plan in Maryland; filing proposes flat distribution rates for the first two years
• Conducting a strategic review of our corporate structure to determine how best to create value and position our businesses for success
Operating Company Results
• ComEd's third quarter of 2020 GAAP Net Income and Adjusted (non-GAAP) Operating Earnings remained relatively consistent with the
third quarter of 2019. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
• PECO’s third quarter of 2020 GAAP Net Income and Adjusted (non-GAAP) Operating Earnings remained relatively consistent with the
third quarter of 2019, primarily due to favorable weather conditions, offset by higher storm costs due to the August 2020 storm net of tax repairs.
• BGE’s third quarter of 2020 GAAP Net Income and Adjusted (non-GAAP) Operating Earnings remained relatively consistent with the
third quarter of 2019, primarily due to regulatory rate increases, offset by an increase in various expenses. Due to revenue decoupling, BGE's
distribution earnings are not affected by actual weather or customer usage patterns.
• PHI’s third quarter of 2020 GAAP Net Income increased to $216 million from $189 million in the third quarter of 2019. PHI’s Adjusted
(non-GAAP) Operating Earnings for the third quarter of 2020 increased to $220 million from $209 million in the third quarter of 2019, primarily
due to regulatory rate increases, partially offset by storm costs related to the August 2020 storm. Due to revenue decoupling, PHI's distribution
earnings related to Pepco Maryland, DPL Maryland, and Pepco District of Columbia are not affected by actual weather or customer usage
patterns.
• Generation's third quarter of 2020 GAAP Net Income decreased to $49 million from $257 million in the third quarter of 2019. Generation’s
Adjusted (non-GAAP) Operating Earnings for the third quarter of 2020 increased to $456 million from $352 million in the third quarter of 2019,
primarily due to higher capacity revenues and lower operating and maintenance expense, partially offset by a reduction in load due to COVID-19.
“Our financial results exceeded expectations, and our utility and generation operational performance remained strong despite the
challenges of the pandemic, record heat and extreme storms, including tropical storm Isaias on the East Coast and a hurricane-scale
derecho that spawned 13 tornadoes across our ComEd territory in the Midwest,” saidpresident and CEO of Exelon. “We also confronted
difficult strategic decisions on specific generation assets during the quarter, including our plans to prematurely retire our Byron and
Dresden nuclear stations in Illinois in 2021 due to broken energy policies that don’t fairly value clean energy resources. In addition, our
gas-fired Mystic plant in Boston will retire in 2024 when its cost of service agreement expires. We expect to finish the year strong as we
maintain our focus on safe, reliable operations, reducing costs, supporting clean energy policies and positioning the company for the
future.”
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FirstEnergy (USA) Announces Third Quarter 2020 Financial Results
• FirstEnergy Corp. reported third quarter 2020 GAAP earnings of $454 million, or $0.84 per
basic and diluted share of common stock, on revenue of $3 billion. In the third quarter of 2019,
FirstEnergy reported GAAP earnings of $391 million, or $0.73 per basic share of common stock
($0.72 diluted), on revenue of $3 billion. Third quarter 2019 results include the impact of special
items listed below.
• Operating (non-GAAP) earnings* for the third quarter of 2020 were also $0.84 per share,
one cent per share above the company's guidance range. In the third quarter of 2019, operating
(non-GAAP) earnings were $0.76 per share.
• FirstEnergy updated its full-year 2020 GAAP earnings forecast range to $700 million to
$1.16 billion, or $1.29 to $2.14 per share based on 542 million shares outstanding, and affirmed
its full-year operating (non-GAAP) earnings guidance of $2.40 to $2.60 per share.
• For the first nine months of 2020, FirstEnergy reported GAAP earnings of $837 million, or
$1.54 per basic and diluted share of common stock, on revenue of $8.3 billion. This compares to
GAAP earnings of $1 billion, or $1.90 per basic share of common stock ($1.89 diluted), on
revenue of $8.4 billion in the first nine months of 2019. Results for both periods reflect the
impact of special items listed below.
• Operating (non-GAAP) earnings* for the first nine months of 2020 were $2.07 per share,
compared to $2.04 per share in the first nine months of 2019.
"Our strong third quarter results reflect the hard work, resiliency and attention to safety
demonstrated by our employees during this year of unprecedented challenges," said
FirstEnergy's acting chief executive officer.While our Board initiated changes to our
leadership team last week, our company's primary focus remains the same: providing
reliable service to our customers and executing our growth initiatives.”
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Fortis Inc. (Canada) Reports Third Quarter 2020 Earnings
• The Corporation reported third quarter net earnings attributable to common equity shareholders of $292 million, compared to
$278 million for the same period in 2019.
• Year-to-date earnings as compared to 2019 reflect significant one-time items: (i) a $484 million gain on the disposition of the
Waneta Expansion hydroelectric generating facility in April 2019; and (ii) the reversal of a $13 million tax recovery, originally
recognized in 2019, due to the finalization in April 2020 of anti-hybrid regulations associated with US tax reform; partially offset by
(iii) a $27 million favourable base ROE adjustment at ITC as a result of a May 2020 FERC decision reflecting the reversal of liabilities
accrued in prior years.
• Notwithstanding these one-time items, earnings grew by $39 million during the first nine months of 2020, reflecting the factors
discussed above for the third quarter but further tempered by: (i) lower sales in the Caribbean and higher operational expenses, largely
incurred at Central Hudson, associated with the COVID-19 pandemic; and (ii) a decline in the market value of certain investments that
support retirement benefits caused by financial market volatility.
• On an adjusted basis, third quarter net earnings attributable to common equity shareholders were $302 million, or $0.65 per
common share, compared to $287 million, or $0.66 per common share, for the same period in 2019.
• Year-to-date adjusted net earnings attributable to common equity shareholders were $875 million, or $1.88 per common share,
compared to $838 million, or $1.93 per common share, for the same period in 2019.
• The capital plan is progressing well with $2.9 billion spent during the first nine months of 2020. Year- to-date expenditures are
consistent with expectations and in line with the Corporation's $4.3 billion 2020 annual capital plan. Currently, the Corporation does
not expect any material change in the 2020 capital plan; however, any reduction in 2020 capital expenditures is expected to be shifted
to subsequent years.
• The Oso Grande Wind Project at UNS Energy is 75% complete with turbine construction now finished and system testing in
progress. Once operational in 2021, the project will add 250 megawatts ("MW") of wind-powered electric generation to UNS Energy's
portfolio, increasing its total renewable generation capacity to over 500 MW.
• The Corporation's five-year capital plan for 2021 to 2025 is $19.6 billion, up $0.8 billion from the prior five-year plan.
"Our teams have been keeping the health and safety of employees, customers and communities top of mind as we continue to
deliver reliable service during the pandemic. The Fortis business model, with its use of local teams and focus on local decision
making, has never been more valuable," said President and Chief Executive Officer, Fortis. "With our new five-year capital plan
and substantially all of our assets focused on the transmission and distribution of energy, Fortis is in a strong position to continue
to grow and deliver on a cleaner energy future. We are excited by the opportunities ahead."
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Hydro One (Canada) Reports Third Quarter Earnings
Third Quarter Highlights
• High demand for electricity led to earnings per share (EPS) of $0.47, compared to EPS of $0.40, for
the same period in 2019.
• Hydro One continued to support its customers by extending its ban on residential electricity
disconnections and keeping in place its Pandemic Relief Program.
• A Silver level certification from the Canadian Council for Aboriginal Business and the Ontario Energy
Association's Leader of the Year award demonstrated the continued commitment to excellence.
• Hydro One announced that members of the Power Workers' Union (PWU) ratified the renewal of two
collective agreements.
• The Company's capital investments and in-service additions for the third quarter were $500 million
and $371 million, respectively, compared to $424 million and $433 million in the same quarter in 2019.
• Hydro One Limited announced that it will exercise its option to redeem all of its outstanding Series 1
Preferred Shares on November 20, 2020. The shares will be replaced by $425 million notes issued by the
Company in October 2020 at competitive rates.
• Subsequent to the quarter, Hydro One Inc. successfully issued $1.2 billion of Medium Term Notes at
competitive rates.
• The Company completed the purchase of the business and distribution assets of Peterborough
Distribution Inc. on August 1st, 2020 and completed the acquisition of Orillia Power Distribution
Corporation on September 1, 2020.
• Quarterly dividend declared at $0.2536 per share, payable December 31, 2020.
"Hydro One's team remains dedicated to delivering exceptional service and support to our customers,"
said President and CEO, of Hydro One. "By focusing on the priorities of the business and executing
against our plans, we continue to demonstrate long-term benefits to our customers, employees and
shareholders."
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PJSC Inter RAO Announces RAS Financial Results for the Nine
Months of 2020
• Revenue of PJSC Inter RAO for the nine months of 2020 amounted to 20.9 billion rubles, which is 19.1 billion rubles (47.8%) lower than in the same period of 2019.
• Power export revenues amounted to 15.2 billion rubles, which is 18.4 billion rubles (54.7%) lower in comparison with the corresponding period of the previous year. This change is primarily attributed to a decrease in
electricity export and selling price on power market Nord Pool in the nine months of 2020 in "Lithuania" and "Finland" zones.
• Following the results of the nine months of 2020, revenue from the sale of electricity and capacity in the wholesale electricity and capacity market decreased by 0.6 billion rubles (10.2%) and amounted to 5.5 billion rubles
mainly due to changes in the volume of flows in transit sections, as well as the volume of deviations within the framework of the parallel operation of the Russian and Kazakhstani power systems.
• Production cost in 9M of 2020 amounted to 16.1 billion rubles, which is 9.9 billion rubles (38.1%) lower in comparison with the corresponding period of the previous year. Underlying driver of change in production cost is
9.6 billion rubles (39.3%) decrease in the cost of electricity and capacity purchased domestically resulting from the decline in electricity exports to Finland and Lithuania.
• Gross profit in 9M of 2020 amounted to 4.8 billion rubles compared to 14.0 billion rubles in the corresponding period of the previous year.
• Selling expenses in the reporting period amounted to 1.7 billion rubles, which is 0.9 billion rubles (34.3%) lower in comparison with 9M of 2019. Major factor contributing to the decrease in the selling expenses is lowering
costs of infrastructure services which are mainly attributed to the decreased energy exports for the nine months of 2020 compared with the same period of 2019.
• Administrative costs increased by 0.2 billion rubles (3.7%) and amounted to 4.8 billion rubles in the reporting period.
• Sales loss for the nine months of 2020 amounted to 1.7 billion rubles compared to 6.8 billion rubles profit in the same period of 2019. At the same time the Company's foreign economic activity recorded a positive financial
result.
• In 9M of 2020, income from share ownership in other companies increased by 1.4 billion rubles (94.6%) and amounted to 2.9 billion rubles, which was related to dividend payments in higher volume from Group subsidiaries.
• Balance of interest receivable and payable decreased by 0.6 billion rubles (19.2%) compared to the corresponding period of 2019 and amounted to 2.5 billion rubles. The change in the balance is mainly attributed to raising
short-term loans from the group assets.
• Balance of other income/expenses for the nine months of 2020 amounted to 7.4 billion rubles compared to minus 2.8 billion rubles in the corresponding period of 2019. This indicator was influenced primarily by an increase
in the income/expenses ratio related to foreign exchange differences resulting from changes in the exchange rates.
• As a result, net profit for the nine months of 2020 amounted to 9.2 billion rubles compared to 7.0 billion rubles in the same period of 2019.
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National Grid (UK) Partners Invests in two Artificial Intelligence Startups to
Protect Critical Infrastructure
National Grid Partners (NGP), the investment and innovation arm of National Grid plc, announces two new
investments in data analytics startups that use artificial intelligence (AI) to protect critical infrastructure and
ultimately help reduce costs for customers. NGP led both funding rounds with $6M in combined
investment. Since its launch in November 2018, the utility industry's first Silicon Valley-based investment
and innovation firm now has put $175 million to work in emerging technology companies and specialty
venture funds. These innovators share National Grid’s commitment to developing a smarter, more
renewable energy future.
NGP’s newest portfolio additions are:
• Boston-based Aperio Systems, which uses AI and machine learning (ML) to analyze and monitor
industrial sensor data in real-time. Aperio’s data integrity platform enables customers in industries such as
energy, mining, and manufacturing to make better-informed decisions, reduce downtime, and boost safety
and security.
• Silicon Valley’s AiDash uses high-resolution satellite imagery coupled with AI to help utility and
energy customers transform operations and maintenance activities like vegetation management, remote
monitoring, and disaster management. Its technology helps protect distribution grids from overgrown plant
life that can spark disruptions or fires.
Founded to help National Grid disrupt and future-proof itself, NGP invests in early and expansion-stage
companies from its $300M initial funding allocation. Its focus areas include the Internet of Things, grid
modernization, security, cloud, AI, mobility, and analytics, among others. NGP also convenes the NextGrid
Alliance, a network of global utility companies that share innovation and investment best practices to solve
common problems and benefit customers.
“National Grid’s ambition is to become the most intelligent transmission network in the world,” said
the company’s Chief Technology and Innovation Officer and the founder and president of National
Grid Partners. “We are investing in and deploying technologies across our networks to enhance
resilience and reliability, while more easily integrating clean energy.”
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NextEra Energy (USA) announces agreements to sell interests in a long-term contracted
renewables portfolio, highlighting the value of its best-in-class development program
NextEra Energy, Inc. announced that a subsidiary of NextEra Energy Resources, LLC
has entered into agreements to sell a 90% interest in a 1,000 megawatt (MW) portfolio
of long-term contracted renewables assets (the portfolio) and a 100% interest in a
100-MW solar-plus-storage project for approximately $1.3 billion in total proceeds,
including tax equity, and subject to working capital and other adjustments. The portfolio
is being acquired by NextEra Energy Partners, LP and a consortium of private
infrastructure investors led by KKR (the investors) in two separate transactions. The sale
proceeds are expected to be redeployed into new wind, solar and battery storage growth
opportunities, including NextEra Energy Resources' more than 15,000-MW renewables
backlog. The attractive capital recycling opportunity provides significant value to
NextEra Energy Resources and highlights the value of its renewables development
platform. Over the operating life of the assets, NextEra Energy Resources is also
expected to receive ongoing annual fee income of approximately $7 million in year one
and escalating thereafter, from the investors for operations, maintenance and
management services, and the transaction is expected to be immediately accretive to
earnings.
"These transactions are expected to generate significant value for NextEra Energy
shareholders," said NextEra Energy chairman and CEO. "In addition to generating
attractive ongoing fee income, the sale provides an opportunity to take advantage of
the robust demand for high-quality, long-term contracted renewable energy assets
and efficiently recycle approximately $1.3 billion in total capital that can be
redeployed into new renewables growth opportunities. The transactions highlight the
value of NextEra Energy Resources' best-in-class development platform and position
us well to continue to capitalize on what we believe to be the best renewables
development environment in our history."
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NRG Energy, Inc. (USA) Reports Third Quarter 2020 Results
• NRG Energy, Inc. reported third quarter 2020 income from continuing operations of $249 million, or $1.02
per diluted common share and Adjusted EBITDA for the Third quarter of $752 million.
• Texas: Third quarter Adjusted EBITDA was $514 million, $67 million lower than third quarter of 2019. This
decrease is driven by a reduction of load due to weather and COVID-19 partially offset by lower supply costs
resulting from reductions in power and fuel prices.
• East: Third quarter Adjusted EBITDA was $146 million, $3 million higher than third quarter of 2019. This
increase is driven by higher gross margins and increased sales of portable power products; partially offset by
lower capacity revenues and higher operating expenses.
• West/Other: Third quarter Adjusted EBITDA was $92 million, $24 million higher than third quarter of 2019.
• As of September 30, 2020, NRG cash was at $0.7 billion, and $2.8 billion was available under the
Company’s credit facilities. Total liquidity was $3.5 billion, including restricted cash. Overall liquidity as of the
end of the third quarter 2020 was approximately $1.4 billion higher than at the end of 2019, driven by improved
cash from operations and the increase in credit facilities of approximately $0.9 billion during the third quarter.
• The Company will pay an aggregate purchase price of $3.625 billion in cash, subject to purchase price
adjustment, including a working capital adjustment. The Company updated its financing plan and is now
expecting to fund the purchase price using a combination of increased cash on hand and approximately $2.9
billion in newly-issued secured and unsecured corporate debt — a $0.5 billion increase from the previous
estimate. The portion of the purchase price previously expected to be funded by $750 million in
equity/equity-linked securities is now expected to be funded with a combination of the expected increases of
2020 cash on hand and debt to be repaid in 2021 with future targeted asset sale proceeds.
“Our business performed well during the important summer months, delivering stable results amid the
COVID-19 pandemic,” said NRG President and Chief Executive Officer. "As we move towards the end of
the year, we look forward to closing the Direct Energy acquisition and continue advancing our
customer-centric strategy.”
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Pinnacle West (USA) Reports 2020 Third-Quarter Earnings
• Pinnacle West Capital Corp. reported consolidated net income attributable to common
shareholders for the 2020 third quarter of $346.4 million, or $3.07 per diluted share. This result
compares with net income of $312.3 million, or $2.77 per share, for the same period a year ago.
• For a second consecutive quarter, hotter-than-normal weather was the primary driver in the
quarter-over-quarter improvement, increasing revenues, net of fuel and purchased power costs, by
$29.3 million (after-tax), or $0.26 per share, compared to 2019’s third-quarter. Strong customer
growth of 2.3% also contributed to the company’s revenues and bottom line.
• According to the National Weather Service, the average high temperature in the third quarter was
108.2 degrees – an increase of 2.7% over 2019’s quarter and 3.9% over 10-year historical averages.
• The number of residential cooling degree-days (a utility’s measure of the effects of weather)
increased 15.9% over the same period in 2019 and was 24.7% higher than historical 10-year averages.
Moreover, residential cooling degree-days for both July and August were the highest of any year since
data tracking began in 1974. Similarly, September had the third-highest cooling degree-days of any
year during this time span, with only 2001 and 2018 recording higher numbers.
Financial Outlook
• Given the impacts from significantly above-average weather year to date, the company increased
its 2020 consolidated earnings guidance to $4.95 to $5.15 per diluted share from a previously
disclosed range of $4.75 to $4.95 per share.
“The third quarter picked up right where the second quarter left off – with a historic run of record
heat that contributed to the hottest July and August on record. In fact, this summer proved to be
the hottest ever,” said Pinnacle West Chairman, President and Chief Executive Officer. “As a
result, our customers used more energy to cool their homes and businesses than under normal
weather conditions. The resulting increase in retail sales, taken together with our growing
customer base, led to stronger financial results.”
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RusHydro (Russia) announces 9M 2020 RAS results
• EBITDA – RUB 72,449 mn (+23%);
• Reported net profit – RUB 42,716 mn (+29%);
• Since July 1st 2017, a surcharge to capacity prices in 1st and 2nd price zones in order to attain base level of end-user tariffs in the Far East of Russia is reflected in PJSC RusHydro’s revenue
and operating expenses[1]. In 9M20, the surcharge totaled RUB 30,793 mn, in the 9M19 – RUB 26,245 mn; Adjusted for the surcharge revenue and expenses (here and below in the text) were:
• Revenue – RUB 104,852 mn (+17%);
• Operating expenses – RUB 45,633 mn (+6%).
• In the first nine months of 2020, revenue increased by 17% or RUB 15,466 mn including electricity sales growth of 14% following output growth by HPPs and capacity sales growth of 23%
primarily as a result of commissioning of Zaramagskaya HPP-1 and Verkhnebalkarskaya small HPP.
• Operating expenses in the first nine months of 2020 increased by 6% to RUB 45,633 mn as compared to the corresponding period last year. The increase is primarily due to commissioning of
Zaramagskaya HPP-1 and Verkhnebalkarskaya small HPP.
• Operating profit for the first nine months of 2020 increased by RUB 13,044 mn as compared to the same period last year and amounted to RUB 59,219 mn. EBITDA in the first nine months of
2020 increased by 23% to RUB 72,449 from RUB 58,801 in 9M’19. Net profit in the reporting period increased by 29% to RUB 42,716 mn.
• The Company's total assets increased by RUB 69,833 mn as of September 30, 2020, or 7% against the similar figure as of December 31, 2019, reaching RUB 1,134,027 mn.
• As of September 30, 2020, total liabilities increased by 13% or RUB 27,063 mn as compared to the similar figure as of December 31, 2019 and amounted to RUB 239,287 mn.
• The Company's debt portfolio decreased by 5% as compared to the beginning of the reporting year to RUB 137,330 mn. Long-term loans comprise 76% of the total portfolio.
• The Company's equity in the first nine months of 2020 increased by 5% to RUB 894,740 mn against RUB 851,970 mn as of the beginning of the reporting year.
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Sempra Energy (USA) Reports Third-Quarter 2020 Earnings Results
• Sempra Energy reported third-quarter 2020 earnings of $351 million, or $1.21 per
diluted share, compared to third-quarter 2019 earnings of $813 million, or $2.84 per diluted
share.
• On an adjusted basis, the company's third-quarter 2020 earnings were $380 million, or
$1.31 per diluted share, compared to $425 million, or $1.50 per diluted share, in the third
quarter of 2019. Sempra Energy's earnings for the first nine months of 2020 were $3.35
billion, or $11.43 per diluted share, compared with earnings of $1.61 billion, or $5.74 per
diluted share, in the first nine months of 2019.
• Adjusted earnings for the first nine months of 2020 were $1.8 billion, or $6.10 per
diluted share, compared to $1.46 billion, or $5.23 per diluted share, in the first nine months
of 2019.
Earnings Guidance
• As a result of the company's strong execution and financial results, Sempra Energy is
reaffirming and guiding to the high end of both its full-year 2020 GAAP
earnings-per-common-share (EPS) guidance range of $12.50 to $13.10 and adjusted EPS
guidance range of $7.20 to $7.80. Additionally, Sempra Energy is reaffirming its full-year
2021 EPS guidance range of $7.50 to $8.10.
"We are excited to advance our leadership position in the most attractive markets in
North America – California, Texas, Mexico and the LNG export market – with an
unrelenting commitment to safety and operational excellence. Our investments in
critical new energy infrastructure support economic prosperity, community wellbeing
and the energy transition," said chairman and CEO of Sempra Energy. "Our strategy of
investing in a high-growth infrastructure platform supports long-term, stable cash flows,
attractive economic returns and improved earnings visibility."
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Southern Company (USA) reports third-quarter 2020 earnings
• Southern Company reported third-quarter 2020 earnings of $1.25 billion, or $1.18 per
share, compared with $1.32 billion, or $1.26 per share, in the third quarter of 2019.
• For the nine months ended September 30, 2020, Southern Company reported earnings of
$2.73 billion, or $2.58 per share, compared with earnings of $4.30 billion, or $4.12 per
share, for the same period in 2019.
• Excluding the items described in the "Net Income – Excluding Items" table below,
Southern Company earned $1.29 billion, or $1.22 per share, during the third quarter of 2020,
compared with $1.40 billion, or $1.34 per share, during the third quarter of 2019.
• For the nine months ended September 30, 2020, excluding these items, Southern
Company earned $2.94 billion, or $2.78 per share, compared with $2.97 billion, or $2.84 per
share, for the same period in 2019.
• Third-quarter 2020 operating revenues were $5.6 billion, compared with $6.0 billion for
the third quarter of 2019, a decrease of 6.3 percent.
• For the nine months ended September 30, 2020, operating revenues were $15.3 billion,
compared with $16.5 billion for the corresponding period in 2019, a decrease of 7.6 percent.
These decreases were primarily due to lower fuel costs and a sales decline resulting from
milder weather and COVID-19.
"During the third quarter and much of this year, unprecedented circumstances, including
the COVID-19 pandemic and an exceptionally active storm season, have confronted our
customers and communities. Employees throughout the Southern Company system have
responded by continuing to deliver industry-leading reliability and service to those
customers we are privileged to serve," said Chairman, President and CEO. "Our
priorities moving forward include maintaining best-in-class service levels and cost
discipline at our utilities while continuing to work diligently to bring Vogtle Units 3 and
4 online by the November 2021 and November 2022 regulatory-approved in-service
dates."
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Vistra (USA) Reports Third Quarter 2020 Results Above Expectations And
Reaffirms 2020 And 2021 Guidance
Financial Highlights
• Delivered third quarter 2020 Net Income of $442 million and Net Income from Ongoing Operations1 of $502
million. Third quarter 2020 Ongoing Operations Adjusted EBITDA1 was $1,185 million—results above expectations
for the quarter.
• Reaffirmed 2020 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted Free Cash Flow
before Growth1 (FCFbG) guidance ranges, as raised and narrowed on Sept. 29, of $3,485 to $3,685 million and $2,375
to $2,575 million, respectively, an expected Adjusted EBITDA to Adjusted FCFbG conversion of ~69%. Full-year 2020
Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG currently tracking above raised
guidance midpoints despite pandemic tail event.
• Reaffirmed 2021 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance
ranges, initiated on Sept. 29, of $3,075 to $3,475 million and $1,765 to $2,165 million, respectively, an expected
Adjusted EBITDA to Adjusted FCFbG conversion of ~60%.
• Paid a quarterly dividend of $0.135 per share on Sept. 30, 2020, to shareholders of record as of Sept. 16, 2020, or
$0.54 per share on an annualized basis.
• Announced a long-term capital allocation plan, with expectation to return ~$2.7 billion to its financial stakeholders
over the next two years through debt repayment, dividends, and share repurchases, while simultaneously reinvesting to
transition its generation portfolio. Currently one notch below investment grade credit ratings and on positive outlook
with all three rating agencies, supporting potential for upgrades to investment grade in 2021.
• Projected to achieve nearly $700 million of the ~$760 million of identified Dynegy, Crius Energy (Crius), and
Ambit Energy (Ambit) transaction synergies and Operations Performance Initiative EBITDA value lever targets by
year-end 2020.
"Vistra's very strong performance during the first three quarters of the year has positioned the company to achieve
year-end results firmly above our recently raised 2020 guidance midpoint," said Vistra's president and chief
executive officer. "This will mark the fifth year in a row where Vistra has delivered financial results exceeding our
guidance midpoint, with 2020 results achieved despite a tail-event pandemic. We have a team that knows how to
operate cost-effectively and flexibly to extract the embedded option value from our portfolio. Since taking over
the company in 2016, we have meaningfully reduced our cost structure, strengthened the balance sheet to position
the business to achieve investment grade credit ratings, and enhanced the integrated model. We are now set-up to
reinvest in our business as we transform our generation fleet for a sustainable future, while providing double-digit
returns to our investors on an annual basis. Vistra has positioned the company to continue to transform our
operations to both succeed, and lead, as the country evolves to combat climate change, without sacrificing
reliability or financial performance, and with the right asset and business mix for and the right strategic direction
for the creation of long-term value and a sustainable future."
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Waste Connections (Canada) Reports Third Quarter 2020 Results
Q3 2020 Results
• Revenue in the third quarter totaled $1.390 billion, as compared to $1.412 billion in the year ago period. Operating income was $230.7
million, which included $7.9 million of costs primarily resulting from impairments and other operating items and acquisition-related costs. This
compares to operating income of $236.6 million in the third quarter of 2019, which included $13.4 million of costs primarily resulting from
impairments and other operating items.
• Net income attributable to Waste Connections in the third quarter was $158.0 million, or $0.60 per share on a diluted basis of 263.5 million
shares. In the year ago period, the Company reported net income attributable to Waste Connections of $159.1 million, or $0.60 per share on a
diluted basis of 264.6 million shares.
• Adjusted net income attributable to Waste Connections* in the third quarter was $188.6 million, or $0.72 per diluted share, versus $192.9
million, or $0.73 per diluted share, in the prior year period. Adjusted EBITDA* in the third quarter was $432.6 million, as compared to adjusted
EBITDA* of $443.6 million in the prior year period.
• Adjusted net income attributable to Waste Connections, adjusted net income attributable to Waste Connections per diluted share and
adjusted EBITDA, all non-GAAP measures, primarily exclude impairments and other operating items and acquisition-related items. For detailed
reconciliations, please refer to the attached tables.
Nine Months Year to Date Results
• For the nine months ended September 30, 2020, revenue was $4.048 billion, up from $4.027 billion in the year ago period. Operating
income, which included $453.1 million of costs primarily related to the decrease in property, plant and equipment at certain E&P landfills as a
result of the Company's impairment testing, was $215.3 million, compared to $643.6 million for the same period in 2019, which included $44.7
million of costs primarily resulting from impairments and other operating items.
• Net income attributable to Waste Connections for the nine months ended September 30, 2020, was $74.0 million, or $0.28 per share on a
diluted basis of 263.7 million shares. In the year ago period, the Company reported net income attributable to Waste Connections of $433.6
million, or $1.64 per share on a diluted basis of 264.5 million shares.
• Adjusted net income attributable to Waste Connections* for the nine months ended September 30, 2020, was $517.2 million, or $1.96 per
diluted share, compared to $538.1 million, or $2.03 per diluted share, in the year ago period. Adjusted EBITDA* for the nine months ended
September 30, 2020, was $1.235 billion, as compared to $1.255 billion in the prior year period.
"Sequential improvement in solid waste volumes and increased recovered commodity values drove better than expected results in the third
quarter and provide incremental momentum going forward. Our strong operating results, financial performance and frontline support
continue to differentiate Waste Connections during this year's unprecedented health, economic and social challenges," said President and
Chief Executive Officer."Higher margin flow-through from improving revenue during the quarter provided better than expected adjusted
EBITDA* margin and adjusted free cash flow* generation. Adjusted EBITDA* as a percentage of revenue in the period was approximately
40 basis points above our outlook in spite of 30 basis points higher than expected discretionary frontline and incentive compensation costs
impacting the quarter, which resulted from our more than $35 million commitment in incremental costs primarily directed to discretionary
supplemental pay for frontline employees. Solid waste margins expanded by almost 200 basis points compared to the year ago period, with
collection, transfer and disposal accounting for over 80% of that increase. Moreover, year-to-date adjusted free cash flow* of $778 million,
or 19.2% of revenue, increased year over year, putting us firmly on track to exceed the adjusted free cash flow* outlook for the full year
that we communicated in August and positioning us for double digit growth in adjusted free cash flow* in 2021."
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WEC Energy Group (USA) reports third-quarter results
• WEC Energy Group reported net income of $266.8 million, or 84 cents per share, for the third
quarter of 2020 — up from $234.3 million, or 74 cents per share, for last year's third quarter.
• For the first nine months of 2020, the company recorded net income of $960.9 million, or $3.04
per share — up from $890.1 million, or $2.81 per share, in the corresponding period a year ago.
• Consolidated revenues totaled $1.7 billion for the third quarter of 2020 and $5.3 billion for the
first nine months. Third-quarter revenues were up $43.0 million compared to the same quarter in
2019, while year-to-date revenues were down $267.3 million compared to the prior year.
• Retail deliveries of electricity — excluding the iron ore mine in Michigan's Upper Peninsula —
were down by 0.3 percent in the third quarter of 2020, compared to the third quarter of 2019.
• Electricity consumption by small commercial and industrial customers declined by 2.5 percent.
Electricity use by large commercial and industrial customers — excluding the iron ore mine —
dropped by 5.4 percent during the third quarter of 2020.
• At the end of September, the company was serving approximately 11,000 more electric
customers and 32,000 more natural gas customers than at the same time a year ago.
• In light of its strong performance, the company is narrowing and raising its earnings guidance for
2020 to a range of $3.74 to $3.76 per share with an expectation of reaching the top end of the range.
This assumes normal weather for the remainder of the year. Previous guidance was in the range of
$3.71 to $3.75 per share.
"A rebound in economic activity, warmer summer weather and efficiency gains throughout our
operations were the major factors shaping another strong quarter," said executive chairman. "Our
management team is resilient and focused on delivering value as we head into the closing months
of a challenging year."
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Pennsylvania American Water Expands Footprint With Acquisition Of Kane Borough
Authority Wastewater System
Pennsylvania American Water, a subsidiary of American Water, announced that it
has acquired the wastewater assets of the Borough of Kane Authority in McKean
County for approximately $17.5 million. The Authority’s wastewater system
serves nearly 2,100 customers in Kane Borough and Wetmore Township.The sale
of the wastewater system is expected to allow the borough to eliminate its existing
wastewater debt, fully fund borough pension plans, and invest in capital projects.
Effective, all four of Kane’s employees, represented by AFSCME District
Council 85, Local 3603, are now employees of Pennsylvania American Water.As
approved by the Pennsylvania Public Utility Commission (PUC), the company
has adopted Kane’s existing wastewater rates and will continue to bill customers
monthly. Pennsylvania American Water’s rates and rules of service are regulated
by the PUC and are posted on the company’s website.This is the fifth municipal
acquisition by the company under Pennsylvania’s Act 12 statute, which allows
municipalities to sell water and wastewater systems for a price based on the fair
market value of the facilities.
“We are very pleased to close another significant acquisition that further
expands our wastewater footprint in an area where we’ve been providing
drinking water for more than 100 years,” said Pennsylvania American Water
President. “The purchase provides a long-term wastewater solution to the
community and a way to better address the financial burdens associated with
increasing environmental requirements.”
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New Jersey American Water Invests $4.1 Million In Ocean City Infrastructure
New Jersey American Water will replace approximately 10,300 feet of aging water main in Ocean City beginning this week. The project also includes
replacing 12 fire hydrants and 406 utility-owned service lines along the pipeline route. The company will upgrade the aging 4-, 6-, 8- and 12-inch water
lines, installed as far back as the 1910’s, with new 8- and 12-inch ductile iron main along the following streets:
• Delaney Place from Atlantic Avenue to Corinthian Avenue
• Third Street from Atlantic Avenue to Corinthian Avenue
• James Place from Atlantic Avenue to Corinthian Avenue
• First Street from Atlantic Avenue to Corinthian Avenue
• Bay Avenue from 18th Street to 26th Street
This $4.1 million investment will continue to advance water service reliability and increase water flows for household consumption and fire protection in
this community. This improvement is part of New Jersey American Water’s multimillion-dollar initiative to accelerate the renewal of water infrastructure
that has reached the end of its useful life in more than 100 communities across the state.Work outside of these hours is not expected unless required to
maintain project schedule. Final street restorations will be completed in coordination with the city Ocean City and the Cape May County MUA in the spring
of 2021.
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New Jersey American Water Completes Acquisition Of Long Hill Township Sewer
System
New Jersey American Water completed its acquisition of the sewer assets of the Township of
Long Hill, N.J. for $12.7 million. This municipally owned sewer system serves
approximately 2,800 customers, most of whom already receive water service from New
Jersey American Water. The acquisition was approved by the New Jersey Board of Public
Utilities on May 20, 2020.The agreement to purchase the sewer system was approved by
voters in Long Hill Township by a two-to-one margin in a referendum held in November
2019. As part of the acquisition agreement, New Jersey American Water committed to invest
more than $13 million in critical sewer system improvements in the next five years. These
improvements include pump station upgrades, sewer main lining and replacements to reduce
the infiltration of stormwater, and treatment plant upgrades to reduce and ultimately
eliminate the release of partially treated wastewater during heavy rain events. Additionally,
the company will coordinate sewer and water pipeline replacements with the Township’s
road paving schedule to minimize disruption.Residents will receive additional information in
the mail from New Jersey American Water in the coming weeks. A new webpage, Long Hill
Sewer, has also been created on the company’s website at www.newjerseyamwater.com,
under Customer Service and Billing. New Jersey American Water will also hire five,
full-time employees to operate the sewer system.
“As Long Hill’s water company for more than 110 years, we are delighted to now also be
the sewer service provider for this community,” said president of New Jersey American
Water. “We look forward to getting started in making the needed improvements so that
the community’s sewer service is as safe, reliable and affordable as the water service we
provide.”
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New Jersey American Water Invests $2.4 Million In Somers Point
Infrastructure
New Jersey American Water will replace approximately 10,700 feet of aging water main in Somers Point beginning next week. The project also includes replacing seven fire hydrants
and 100 utility-owned service lines along the pipeline route. The company will upgrade the aging 6-inch water lines, installed in the 1950s, with new 8- and 12-inch ductile iron main
along the following streets:
• Village Drive from New Road to Lantern Lane
• South Holly Hills Drive from North Village Drive to South Village Drive
• South Village Drive from Village Drive to New Road
• North Village Drive from South Holly Hills Drive to Village Drive
• Violet Lane from West Laurel Drive to Village Drive
This $2.4 million investment will continue to advance water service reliability and increase water flows for household consumption and fire protection in this community. This
improvement is part of New Jersey American Water’s multimillion-dollar initiative to accelerate the renewal of water infrastructure that has reached the end of its useful life in more
than 100 communities across the state.New Jersey American Water’s local, qualified contractor, Pioneer Pipe Contractors, Inc. will begin work on or about October 26 and expects
to finish by the end of March 2021, weather permitting. Work hours will be from 7 a.m. to 4 p.m. Monday through Friday. Work outside of these hours is not expected unless required
to maintain project schedule. Final street restorations will be completed in summer 2021.For the public’s and workers’ safety, traffic restrictions and/or alternating traffic patterns are
likely to occur during work hours. All emergency vehicles and local traffic will be allowed access during construction. New Jersey American Water values the safety of its workers
and advises drivers and pedestrians to take caution in the vicinity of work sites.
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New Jersey American Water Invests $1.6 Million In Palmyra Infrastructure
New Jersey American Water will replace approximately 6,200 feet of aging 6-inch water main in Palmyra beginning this week. The project also includes replacing four
fire hydrants and 117 utility-owned service lines along the pipeline route. The company will upgrade the aging water lines, installed as far back as the 1950’s, with new
8-inch ductile iron main along the following streets:
• West Charles Street from Walnut Street to Public Road
• Hubbs Drive from West Charles Street to West Henry Street
• Walnut Street from West Charles Street to West Henry Street
• Park Avenue from West Charles Street to West Henry Street
• West Henry Street from Public Road to Cinnaminson Avenue
This $1.6 million investment will continue to advance water service reliability and increase water flows for household consumption and fire protection in this
community. This improvement is part of New Jersey American Water’s multimillion-dollar initiative to accelerate the renewal of water infrastructure that has reached
the end of its useful life in more than 100 communities across the state. For the public’s and workers’ safety, traffic restrictions and/or alternating traffic patterns are
likely to occur during work hours. All emergency vehicles and local traffic will be allowed access during construction. New Jersey American Water values the safety
of its workers and advises drivers and pedestrians to take caution in the vicinity of work sites.
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New Jersey American Water Invests $3.4 Million In Lakewood
Infrastructure
New Jersey American Water will replace approximately 11,000 feet of aging 6-inch water main in Lakewood beginning next week. The project also includes replacing 11 fire hydrants and
178 utility-owned service lines along the pipeline route. The company will upgrade the aging water lines, installed as far back as the 1930’s, with new 8-inch ductile iron main along the
following streets:
• 11th Street from Forest Avenue to Princeton Avenue
• 10th Street from Madison Avenue to Lawrence Avenue
• Ninth Street from Madison Avenue to Clifton Avenue
• Seventh Street from Madison Avenue to Lexington Avenue
• Park Avenue from Second Street to Main Street
• Lincoln Street from Martin Luther King Drive to Arlington Avenue
• Maple Avenue from East Seventh Street to Hackett Street
• Cardinal Court entire length
This $3.4 million investment will continue to advance water service reliability and increase water flows for household consumption and fire protection in this community. This improvement
is part of New Jersey American Water’s multimillion-dollar initiative to accelerate the renewal of water infrastructure that has reached the end of its useful life in more than 100 communities
across the state.For the public’s and workers’ safety, traffic restrictions and/or alternating traffic patterns are likely to occur during work hours. All emergency vehicles and local traffic will
be allowed access during construction. New Jersey American Water values the safety of its workers and advises drivers and pedestrians to take caution in the vicinity of work sites.
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New Jersey American Water Invests $800,000 In Allenhurst Infrastructure
New Jersey American Water will replace approximately 2,300 feet of aging water main in Allenhurst beginning next week. The project
also includes replacing two fire hydrants and 46 utility-owned service lines along the pipeline route. The company will upgrade the
aging 4-inch water lines with new, 8-inch ductile iron main along the following streets:
• Ocean Place from Spier Avenue to Allen Avenue
• Allen Avenue from Page Avenue to Ocean Place
This $800,000 investment will continue to advance water service reliability and increase water flows for household consumption and
fire protection in this community. This improvement is part of New Jersey American Water’s multimillion-dollar initiative to accelerate
the renewal of water infrastructure that has reached the end of its useful life in more than 100 communities across the state.For the
public’s and workers’ safety, traffic restrictions and/or alternating traffic patterns are likely to occur during work hours. All emergency
vehicles and local traffic will be allowed access during construction. New Jersey American Water values the safety of its workers and
advises drivers and pedestrians to take caution in the vicinity of work sites.
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New Jersey American Water Invests $1.2 Million In Oceanport
Infrastructure
New Jersey American Water will replace approximately 4,000 feet of aging 6-inch water main in Oceanport beginning next week.
The company will upgrade the aging water lines, installed in the 1970’s, with new 6- and 8-inch PVC main along Gooseneck Point
Road from Blackberry Bay Drive eastbound to the dead end as well as the entire length of Blackberry Bay Drive and Shore Road.
The project also includes replacing five fire hydrants and 44 utility-owned service lines along the pipeline route. This $1.2 million
investment will continue to advance water service reliability and increase water flows for household consumption and fire protection
in this community. This improvement is part of New Jersey American Water’s multimillion-dollar initiative to accelerate the renewal
of water infrastructure that has reached the end of its useful life in more than 100 communities across the state.For the public’s and
workers’ safety, traffic restrictions and/or alternating traffic patterns are likely to occur during work hours. All emergency vehicles
and local traffic will be allowed access during construction. New Jersey American Water values the safety of its workers and advises
drivers and pedestrians to take caution in the vicinity of work sites.
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New Jersey American Water Invests $50,000 In Carneys Point
Infrastructure
New Jersey American Water will replace approximately 500 feet of aging water main in Carneys Point beginning next week.
The company will upgrade the aging water lines, installed in the 1950’s, with new, larger main along South Golfwood
Avenue from Georgetown Road to approximately 45 South Golfwood Avenue. The project also includes replacing four
utility-owned service lines along the pipeline route. This $50,000 investment will continue to advance water service
reliability and increase water flows for household consumption and fire protection in this community. This improvement is
part of New Jersey American Water’s multimillion-dollar initiative to accelerate the renewal of water infrastructure that has
reached the end of its useful life in more than 100 communities across the state.For the public’s and workers’ safety, traffic
restrictions and/or alternating traffic patterns are likely to occur during work hours. All emergency vehicles and local traffic
will be allowed access during construction. New Jersey American Water values the safety of its workers and advises drivers
and pedestrians to take caution in the vicinity of work sites.
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American Water Reports Third Quarter 2020 Results
• In the third quarter of 2020, the Regulated Businesses’ net income was $261 million, compared to $236 million for the same
period in 2019. Included in the results is an estimated $10 million favorable impact from weather, and an estimated $6 million favorable
impact from improved customer demand revenue, primarily residential, attributable to more stay at home activities related to the
COVID-19 pandemic. Finally, results reflect the $2 million benefit related to depreciation not recorded as required by assets held for
sale accounting.
• Regulated revenue increased approximately $62 million from additional authorized revenues from infrastructure investments,
acquisitions and organic growth, the $14 million in estimated higher revenue from warmer than normal weather in the third quarter of
2020, and the $10 million in estimated higher net revenues from the impact of COVID-19, partially offset by higher O&M expenses of
$25 million to support growth in the Regulated Businesses. Depreciation increased by $6 million, mainly related to infrastructure
investment growth.
• For the first nine months of 2020, the Regulated Businesses’net income was $561 million, compared to $502 million for the same
period in 2019. Included in the net income results was an estimated $18 million favorable impact from weather year-over-year due to
hotter and drier weather in 2020 as compared to wetter weather in 2019, and an estimated $1 million unfavorable impact from the
COVID-19 pandemic, reflective of lower demand revenue in the second quarter with some recovery in the third quarter. Results also
reflect the $7 million benefit related to depreciation not recorded as required by assets held for sale accounting.
• Regulated revenue increased approximately $145 million from additional authorized revenues from infrastructure investments,
acquisitions and organic growth and $25 million in estimated higher revenue from warmer than normal weather in the third quarter of
2020 and unusually wet weather conditions during the second quarter of 2019, partially offset by higher O&M expenses of $57 million
to support growth in the Regulated Businesses and a decrease in other operating revenues due to the impacts of the Tax Cuts and Jobs
Act. Depreciation increased by $23 million, mainly related to infrastructure investment growth.
• The Company expects additional annualized revenues of approximately $57 million from general rate cases, including step
increases, and approximately $70 million from infrastructure surcharges. The Company is in various stages of general rate cases in five
jurisdictions and filed for infrastructure surcharges in three jurisdictions, for a total annualized revenue request of approximately $212
million.
“American Water continues to provide essential services to the communities we serve, and our employees again delivered a strong
third quarter with 2020 earnings up 9.8% per share compared to 2019 results,” said president and CEO of American Water. “Our
third quarter results demonstrate that we continue to grow our business through the consistent, disciplined execution of our
strategies.We invested a total of $450 million during the quarter, the majority of which was in our Regulated Businesses, to better
serve our customers, and added more than 47,000 customers to date through closed acquisitions and organic growth,” continued
Lynch. “We also have the honor of expanding our service to our nation’s military by being awarded the water and wastewater
contract with Joint Base Lewis-McChord, continuing our strong partnership with the Department of Defense.”
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New Jersey American Water Invests $512,000 In West Orange
Infrastructure
New Jersey American Water will replace approximately 1,170 feet of aging water main in West Orange beginning next week. The company will
upgrade the aging 6-inch water lines, installed in the 1920’s, with new, 12-inch ductile iron main along Bradley Terrace from Mount Pleasant Avenue
to Gregory Avenue and Jones Place from Mount Pleasant Avenue to Bradley Terrace. The project also includes replacing three fire hydrants and 32
utility-owned service lines along the pipeline route. This $512,000 investment will continue to advance water service reliability and increase water
flows for household consumption and fire protection in this community. This improvement is part of New Jersey American Water’s multimillion-dollar
initiative to accelerate the renewal of water infrastructure that has reached the end of its useful life in more than 100 communities across the state. New
Jersey American Water’s local, qualified contractor, Montana Construction, Inc., will begin work on or about November 11 and expects to finish
within approximately six weeks, weather permitting. Work hours will be from 7:30 a.m. to 4:30 p.m., Monday through Friday. Work outside of these
hours is not expected unless required to maintain project schedule. Final street restorations will be completed in the spring of 2021. For the public’s
and workers’safety, traffic restrictions and/or alternating traffic patterns are likely to occur during work hours. All emergency vehicles and local traffic
will be allowed access during construction. New Jersey American Water values the safety of its workers and advises drivers and pedestrians to take
caution in the vicinity of work sites.
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New Jersey American Water Invests $650,000 In Absecon Infrastructure
New Jersey American Water will replace approximately 2,250 feet of aging water main in Absecon beginning this week. The project also includes
replacing one fire hydrant and 34 utility-owned service lines along the pipeline route. The company will upgrade the aging 2- and 6-inch water lines,
installed as far back as the 1920’s, with new, 6- and 8-inch ductile iron main along the following streets:
• Alameda Avenue from Route Nine to Mill Road
• Osage Lane from Alameda Avenue to Seminole Avenue
• West Church Street from Route Nine to 12th Street
This $650,000 investment will continue to advance water service reliability and increase water flows for household consumption and fire protection
in this community. This improvement is part of New Jersey American Water’s multimillion-dollar initiative to accelerate the renewal of water
infrastructure that has reached the end of its useful life in more than 100 communities across the state. For the public’s and workers’ safety, traffic
restrictions and/or alternating traffic patterns are likely to occur during work hours. All emergency vehicles and local traffic will be allowed access
during construction. New Jersey American Water values the safety of its workers and advises drivers and pedestrians to take caution in the vicinity of
work sites.
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New Jersey American Water Invests $1.8 Million In Lakewood
Infrastructure
New Jersey American Water will replace approximately 8,000 feet of aging water main in Lakewood beginning next week.
The company will upgrade the aging 6-inch water lines, installed as far back as the 1930’s, with new 8-inch ductile iron main
along 14th Street from Hope Chapel Road to Madison Avenue. The project also includes replacing seven fire hydrants and
82 utility-owned service lines along the pipeline route. This $1.8 million investment will continue to advance water service
reliability and increase water flows for household consumption and fire protection in this community. This improvement is
part of New Jersey American Water’s multimillion-dollar initiative to accelerate the renewal of water infrastructure that has
reached the end of its useful life in more than 100 communities across the state.For the public’s and workers’ safety, traffic
restrictions and/or alternating traffic patterns are likely to occur during work hours. All emergency vehicles and local traffic
will be allowed access during construction. New Jersey American Water values the safety of its workers and advises drivers
and pedestrians to take caution in the vicinity of work sites.
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