I-Bytes Utilities Industry

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I-Bytes
Utilities
November Edition 2019
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Table of Contents
1. Financial, M & A Updates..................................................................................................................................1
2. Solution Updates................................................................................................................................................34
3. Rewards and Recognition Updates..................................................................................................................36
4. Customer Success Updates................................................................................................................................45
5. Partnership Ecosystem Updates.......................................................................................................................47
6. Miscellaneous Updates......................................................................................................................................62
7. Event Updates....................................................................................................................................................63

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Financial, M & A
Updates Utilities Industry

Financial, M&A Updates
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AES (USA) Delivers Strong Third Quarter Results
• Third quarter 2019 Diluted Earnings Per Share from Continuing Operations (Diluted EPS) was
$0.32, an increase of $0.17 compared to third quarter 2018, primarily reflecting contributions
from new businesses, outages in the Mexico, Central America and the Caribbean Strategic
Business Unit (MCAC SBU) and related insurance recovery, a lower effective tax rate, and an
$0.11 impairment at Shady Point in Oklahoma in 2018. These contributions were partially offset
by unrealized foreign currency losses in Argentina in 2019.
• Third quarter 2019 Adjusted Earnings Per Share (Adjusted EPS, a non-GAAP financial
measure) was $0.48, an increase of $0.13 compared to third quarter 2018, primarily reflecting
contributions from new businesses, including AES Colon in Panama and US renewables,
improved performance at the South America SBU, outages in the MCAC SBU and related
insurance recovery, as well as a lower tax rate.
• Diluted EPS of $0.32, compared to $0.15 in Q3 2018
• Reaffirming 2019 guidance and 7% to 9% average annual growth target for Adjusted EPS and
Parent
• The Company reaffirms its 2019 Adjusted EPS guidance of $1.30 to $1.38. The Company also
reaffirms its average annual growth rate target of 7% to 9% through 2022.
• The Company also reaffirms its 2019 Parent Free Cash Flow expectation of $700 million to
$750 million and its average annual growth rate target of 7% to 9% through 2022.
Executive Commentary
"I am very pleased with the great progress we are making on our strategic plans, including
the alliance with Google, our growth in renewables and energy storage, and the Son My 2
CCGT and LNG project in Vietnam," said AES President and Chief Executive Officer. "All
of our current construction projects are on track and we signed more than 900 MW of
renewables under new Power Purchase Agreements in the third quarter."
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AGL (Australia) enters agreement offering to acquire Southern Phone
Company Limited
AGL Energy Limited (AGL) is pleased to announce it has entered into a
conditional agreement offering to acquire Southern Phone Company
Limited (SPC), one of Australia’s largest regional telecommunications
businesses with 100,000 customers nation-wide. The proposal is part of
AGL’s plans to pursue growth in the convergence of energy and data,
which we believe will bring significant benefits to our customers. The
offer, if accepted, would see the acquisition of all issued capital of SPC,
from its current 35 local council shareholders for $27.5 million. AGL
intends to maintain SPC’s business operations, brand and unique product
offerings focused on regional customers. This agreement is subject to a
number of conditions, including acceptance by SPC shareholders of
AGL’s offer.
AGL CEO and Managing Director, said the acquisition presents a
range of exciting opportunities for our residential and small business
customers. AGL’s first step into the broadband and data sector, which
is part of our growth strategy, builds on our strong regional presence
as an energy retailer and SPC’s telecommunication services and
capabilities. The acquisition allows us to create space for new
products and services that meet the needs of increasingly connected
customers as energy and data converge.We are focused on responding
to our customers’ evolving needs as we transform from a major
energy retailer to a major, broader essential service provider.We
believe the acquisition, as part of our broader strategy, will create
significant value for our connected customers and also for our
shareholders.”
Description
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Ameren (USA) Announces Third Quarter 2019 Results
• Third quarter 2019 GAAP and core net income attributable to common shareholders of $364 million, or $1.47
per diluted share, compared to third quarter 2018.
• GAAP net income attributable to common shareholders of $357 million, or $1.45 per diluted share. Excluding
the prior year tax-related item reflected in the table below, Ameren recorded third quarter 2018 core (non-GAAP)
net income of $370 million, or $1.50 per diluted share.
• Ameren recorded GAAP and core net income attributable to common shareholders for the nine months ended
Sept. 30, 2019, of $734 million, or $2.97 per diluted share, compared to GAAP net income attributable to
common shareholders for the nine months ended Sept. 30, 2018, of $747 million, or $3.04 per diluted share.
• Ameren narrowed its 2019 earnings guidance range to $3.23 to $3.33 per diluted share, compared to the prior
range of $3.15 to $3.35 per diluted share. Earnings guidance for 2019 assumes normal temperatures for the last
three months of this year and is subject to the effects of, among other things: 30-year U.S.
• Ameren Missouri third quarter 2019 GAAP and core earnings were $300 million, compared to third quarter
2018 GAAP and core earnings of $294 million and $298 million, respectively. Core earnings in 2018 excluded a
$4 million non-cash charge for the revaluation of deferred taxes.
• Ameren Illinois Electric Distribution third quarter 2019 GAAP and core earnings were $32 million, compared
to third quarter 2018 GAAP and core earnings of $35 million and $38 million, respectively. Core earnings in
2018 excluded a $3 million non-cash charge for the revaluation of deferred taxes.
• Ameren Illinois Natural Gas third quarter 2019 GAAP and core losses were $1 million, compared to third
quarter 2018, which had no GAAP earnings and core earnings of $1 million.
• Ameren Transmission third quarter 2019 earnings were $53 million, compared to third quarter 2018 earnings of
$48 million. The year-over-year improvement reflected earnings on increased infrastructure investments.
• Ameren Parent results for the third quarter of 2019 reflected a GAAP and core loss of $20 million, compared to
a third quarter 2018 GAAP and core loss of $20 million and $15 million, respectively. Core results for 2018
excluded a $5 million non-cash charge for the revaluation of deferred taxes.
"We continue to execute on all elements of our strategy, which includes significant investment in energy
infrastructure and disciplined cost management in each of our business segments. Due to the strong
execution of our strategy, we are narrowing our 2019 earnings guidance range to $3.23 to $3.33 per share
from our initial 2019 guidance range of $3.15 to $3.35 per share, while increasing the mid-point three cents
per share," said Chairman, president and chief executive officer of Ameren Corporation. "Looking ahead,
we will remain focused on executing our strategy in order to continue delivering superior value to our
customers, the communities we serve and our shareholders."
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AEP (USA) Reports Strong Third-Quarter 2019 Earnings
• American Electric Power reported third-quarter 2019 earnings, prepared in accordance
with Generally Accepted Accounting Principles (GAAP), of $734 million or $1.49 per share,
compared with GAAP earnings of $578 million or $1.17 per share in third-quarter 2018.
• Operating earnings for third-quarter 2019 were $722 million or $1.46 per share, compared
with operating earnings of $619 million or $1.26 per share in third-quarter 2018. Operating
earnings is a non-GAAP measure representing GAAP earnings excluding special items. The
difference between 2019 GAAP earnings and operating earnings for the quarter was
primarily driven by the mark-to-market impact of economic hedging activities.
• AEP raises and narrows full-year operating earnings (non-GAAP) guidance range to $4.14
to $4.24 per share
• AEP management increased and narrowed its 2019 operating earnings guidance range to
$4.14 to $4.24 per share from $4.00 to $4.20 per share. Operating earnings could differ from
GAAP earnings for matters such as impairments, acquisitions, divestitures or changes in
accounting principles.
• Reflecting special items recorded through the third quarter, the estimated earnings per
share on a GAAP basis would be $4.07 to $4.17. See the table below for a full reconciliation
of 2019 earnings guidance.
"We've increased and narrowed our 2019 earnings guidance range based on our strong
performance this year. That performance has been driven by strategic investments in our
regulated businesses to enhance service for our customers, as well as by favorable
weather," said AEP's chairman, president and chief executive officer.AEP's Board of
Directors also voted earlier this week to boost our quarterly dividend by 3 cents to 70
cents per share, an increase of 4.5%. Over the last two years, we've grown our dividend
by an average of 6.3%, in line with our 5% to 7% earnings growth range and well within
our targeted 60% to 70% payout ratio.Additionally, we are seeing the benefits of our
recent investments in contracted renewable generation. The wind facilities that we
added to our generation fleet earlier this year and the repowering of our Trent Mesa and
Desert Sky wind projects in Texas already are contributing positively to the earnings of
our generation business.Weather normalized retail sales were relatively flat for the
quarter, which is an improvement from the second quarter this year. Both residential and
commercial sales increased in the third quarter, reflecting higher employment and
wages. Although lower than the same period last year, our industrial sales have benefited
this quarter from the continued growth in the oil and gas sectors.
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Atmos Energy Corporation (USA) Reports Earnings For Fiscal 2019
• Fiscal 2019 consolidated net income was $511.4 million or $4.35 per diluted share, compared with consolidated net income of $603.1 million, or $5.43 per diluted share
for the same period last year. Adjusted net income for the year ended September 30, 2018, was $444.3 million, or $4.00 per diluted share, after excluding the effects of
implementing the Tax Cuts and Jobs Act of 2017 (TCJA) from the prior year.
• Capital expenditures rose 15 percent to $1.7 billion for the year ended September 30, 2019, with approximately 87 percent of that spending related to system safety and
reliability investments.
• Atmos Energy expects fiscal 2020 earnings to be in the range of $4.58 to $4.73 per diluted share. Capital expenditures are expected to be in the range of $1.85 billion
to $1.95 billion in fiscal 2020.
• The company's Board of Directors has declared a quarterly dividend of $0.575 per common share. The indicated annual dividend for fiscal 2020 is $2.30, which
represents a 9.5% increase over fiscal 2019.
• Fiscal 2019 fourth quarter net income was $58.4 million or $0.49 per diluted share, compared with adjusted net income of $45.5 million, or $0.41 per diluted share for
the same period last year, after excluding the effects of the TCJA in the prior-year quarter.
• Operating income increased $18.2 million to $746.1 million for the year ended September 30, 2019, compared to $727.9 million in the prior year, which primarily
reflects positive rate outcomes, customer growth in the distribution business and higher volumes and margins in our pipeline and storage segment, partially offset by
higher operation and maintenance, depreciation and property tax expenses in the current year.
• Distribution Contribution Margin increased $33.7 million to $1,476.9 million for the year ended September 30, 2019, compared with $1,443.2 million in the prior year.
Contribution Margin reflects a net $33.0 million increase in rates, primarily in the Mid-Tex, Mississippi, West Texas and Louisiana divisions. In addition, customer
growth increased $12.8 million, primarily in our Mid-Tex division. These increases were partially offset by decreases of $9.6 million in pass-thru taxes and consumption
of $2.3 million, primarily in our Mid-Tex division.
• Pipeline and storage Contribution Margin increased $61.7 million to $567.4 million for the year ended September 30, 2019, compared with $505.7 million in the prior
year. This increase is primarily attributable to a net $46.5 million increase in revenue from GRIP filings approved in fiscal 2018 and 2019. In addition, transportation
revenues increased Contribution Margin by a net $12.2 million due to wider spreads and positive supply and demand dynamics impacting the Permian Basin.
• Operation and maintenance expense for the year ended September 30, 2019 was $630.3 million, compared with $594.8 million for the prior year. The $35.5 million
increase primarily reflects increased pipeline maintenance and related spending as well as employee, training and software license expenses in the current year, partially
offset by the absence of expenses incurred for the Northwest Dallas outage in the prior year.
• Capital expenditures increased $225.9 million to $1,693.5 million for the year ended September 30, 2019, compared with $1,467.6 million in the prior year, due to
continued spending for infrastructure replacements and enhancements.
• For the year ended September 30, 2019, the company generated operating cash flow of $968.8 million, a $155.9 million decrease compared with the year ended
September 30, 2018. The year-over-year decrease is primarily attributable to working capital changes, particularly in our distribution segment resulting from the timing
of payments for natural gas purchases and deferred gas cost recoveries.
• Our equity capitalization ratio at September 30, 2019 was 59.0%, compared with 56.7% at September 30, 2018. The increase primarily reflects the effects of our fiscal
2019 financing activities and lower short-term debt at September 30, 2019.
“Our investment strategy continues to improve the safety and reliability of our system, provide value to our customers and drive our financial performance,” said
President and chief executive officer of Atmos Energy Corporation. “As we continue to modernize our natural gas distribution, transmission and storage systems,
we remain well positioned to continue delivering annual earnings per share growth in the six to eight percent range.”
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CenterPoint Energy (USA) Reports Third Quarter 2019 Earnings
CenterPoint Energy (USA) Reports Third Quarter 2019 Earnings
• CenterPoint Energy, Inc. reported income available to common shareholders of $241 million, or $0.47 per diluted share, for
the third quarter of 2019, compared with $153 million, or $0.35 per diluted share for the third quarter of 2018.
• On a guidance basis, third quarter 2019 earnings were $0.53 per diluted share, excluding certain impacts associated with the
Vectren merger (the merger). Third quarter 2018 earnings, on a guidance basis and excluding certain impacts associated with
the merger, were $0.39 per diluted share.
• The Houston electric - transmission & distribution segment reported operating income of $269 million for the third quarter of
2019, consisting of $261 million from the regulated electric transmission and distribution utility operations (TDU) and $8
million related to securitization bonds. Operating income for the third quarter of 2018 was $227 million, consisting of $214
million from the TDU and $13 million related to securitization bonds.
• The Indiana electric – integrated segment reported operating income of $48 million for the third quarter of 2019. These results
are not comparable to the third quarter of 2018 as this segment was acquired in the merger in February 2019.
• The natural gas distribution segment reported operating income of $27 million for the third quarter of 2019, compared with
$3 million for the third quarter of 2018. Operating income increased $7 million due to the gas utilities acquired in the merger
in February 2019.
• The energy services segment reported operating income of $2 million for the third quarter of 2019, which included a
mark-to-market loss of $2 million, compared with an operating loss of $9 million for the third quarter of 2018, which included
a mark-to-market gain of $1 million. Excluding mark-to-market adjustments, operating income was $4 million for the third
quarter of 2019 compared with an operating loss of $10 million for the third quarter of 2018.
• The infrastructure services segment reported operating income of $42 million for the third quarter of 2019. Operating income
includes $6 million of merger-related expenses.
• The midstream investments segment reported $77 million of equity income for the third quarter of 2019, compared with $81
million in the third quarter of 2018. For further detail, please refer to Enable's investor materials provided during its 3rd quarter
earnings call on November 6, 2019.
• The corporate and other segment reported operating income of $4 million for the third quarter of 2019, compared with $5
million for the third quarter of 2018.
“Our utilities delivered another strong performance this quarter, driven by solid customer growth, disciplined cost
management and favorable weather,” said President and chief executive officer of CenterPoint Energy. “This strong
performance is expected to drive our anticipated 2019 full year results towards the upper end of our guidance range.”
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CMS Energy (USA) Announces Third Quarter Earnings
• CMS Energy reported net income of $207 million or $0.73 per share, for the third
quarter of 2019, compared to $169 million or $0.59 per share for the same quarter in
2018.
• For the first nine months of 2019, the company reported net income of $513 million or
$1.81 per share, compared to $549 million or $1.94 for the comparable period in 2018.
The key drivers of CMS Energy's year-to-date financial performance were unfavorable
weather and storm activity, partially offset by investment recovery and favorable sales
mix.
• CMS Energy reaffirmed its guidance for 2019 adjusted earnings of $2.47 - $2.51 per
share or 6 to 8 percent annual adjusted earnings per share growth. Additionally, CMS
Energy introduced 2020 adjusted earnings per share guidance of $2.63 to $2.68,
reflecting continued strong growth of 6 to 8 percent.
• CMS Energy reaffirmed its guidance for 2019 adjusted earnings of $2.47 - $2.51 per
share or 6 to 8 percent annual adjusted earnings per share growth. Additionally, CMS
Energy introduced 2020 adjusted earnings per share guidance of $2.63 to $2.68,
reflecting continued strong growth of 6 to 8 percent.
• Received a gas rate case order, supporting $1.2 billion of gas infrastructure investment
to improve safety and reliability
"The company's third quarter results confirm our commitment to finish the year
strong both operationally and financially," said President and CEO of CMS Energy
and Consumers Energy. "As we look to 2020, we will continue to focus on the triple
bottom line of people, planet and profit."
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Con Edison (USA) Reports 2019 Third Quarter Earnings
• Consolidated Edison, Inc. reported 2019 third quarter net income for common
stock of $473 million or $1.42 a share compared with $435 million or $1.40 a
share in the 2018 third quarter.
• Adjusted earnings were $513 million or $1.54 a share in the 2019 period
compared with $489 million or $1.57 a share in the 2018 period.
For the first nine months of 2019:
• Net income for common stock was $1,048 million or $3.20 a share compared
with $1,051 million or $3.38 a share in the first nine months of 2018.
• Adjusted earnings were $1,149 million or $3.51 a share in the 2019 period
compared with $1,106 million or $3.56 a share in the 2018 period. Adjusted
earnings for the 2019 period exclude the effects of HLBV accounting for tax
equity investments in certain renewable electric production projects of the Clean
Energy Businesses.
• For the year of 2019, the company expects its adjusted earnings per share to be
in the range of $4.25 to $4.35 a share. The company's previous forecast was in the
range of $4.25 to $4.45 per share.
“We continue to strengthen our commitment to safety, reliability and pursuing
clean energy solutions for our customers,” said Chairman and CEO of Con
Edison. “We have reached an agreement with multiple parties on three-year
rate plans for Consolidated Edison Company of New York, Inc.’s electric and
gas delivery businesses that, if approved, will allow us to help achieve our
shared objectives. We will be making investments in electric and gas delivery
infrastructure, new technology, renewable energy, electric vehicle charging
stations and energy efficiency programs that will support New York’s clean
energy goals.”
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Dominion Energy (USA) Acquires Solar Project That Will Provide Power
to Dominion Energy South Carolina
Dominion Energy, Inc., announced that it has acquired a solar generating project
from First Solar. The facility, owned by the company's contracted generation arm, is
expected to enter service later this year and provide power and renewable energy
attributes under a Dominion Energy South Carolina contract that was previously filed
and accepted in South Carolina. Construction on the 72-megawatt solar facility has
already begun on about 630 acres of land in Beaufort County, S.C. When it is
completed, Seabrook Solar will be one of the largest solar arrays in the Palmetto
State. The company's contracted generation business also owns and operates two
facilities powered by the sun in Jasper County, S.C.Cayce, S.C.-based Dominion
Energy South Carolina, which serves 739,000 electric customer accounts primarily in
the Midlands and Low Country, has signed contracts for more than 1,000 megawatts
of solar capacity. About half of that capacity has entered service. The utility also
serves 384,000 natural gas customer accounts primarily in the Midlands, Low
Country and Pee Dee.
"South Carolina, through the General Assembly and Governor McMaster, has
expressed an interest in the benefits of renewable energy," said President-Electric
Operations. "Dominion Energy South Carolina already has 500 megawatts of
utility-scale solar projects that are operating in our service area. We are excited to
add to our supply of low-cost, clean energy with this post-merger solar project in
South Carolina. We look forward to continuing our work with developers to
collaboratively and cost-effectively create a lower-carbon future for our state."
Description
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Dominion Energy (USA) Announces Third-Quarter Earnings
• For the three months ended Sept. 30, 2019, of $975 million ($1.17 per share) compared with net
income of $854 million ($1.30 per share) for the same period in 2018.
• Operating earnings for the three months ended Sept. 30, 2019, were $967 million ($1.18 per share),
compared with operating earnings of $758 million ($1.15 per share) for the same period in 2018.
• Operating earnings are defined as reported earnings adjusted for certain items. Details of operating
earnings as compared to prior periods, business segment results and detailed descriptions of items
included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2,
3 and 4 of this release.
The $2.4 billion pre-tax net effect of the adjustments included in 2019 reported earnings, but
excluded from operating earnings, is primarily related to the following items:
• $2.0 billion of merger and integration-related costs associated with the SCANA Combination,
primarily reflecting $1 billion for refunds of amounts previously collected from retail electric
customers of Dominion Energy South Carolina (DESC) for the NND Project, $427 million associated
with a voluntary retirement program (which includes $112 million for employee benefit plan
curtailment), and $316 million associated with litigation.
• $805 million of charges at our regulated entities, primarily consisting of the retirement of electric
generation facilities in cold reserve and certain automated meters and a purchase power contract
termination.
• $113 million benefit from the revision of certain asset retirement obligations for ash ponds and
landfills at certain utility generation facilities, in connection with the enactment of Virginia legislation
in March.
• $364 million net gain related to our investments in nuclear decommissioning trust funds.
Chairman, president and chief executive officer, said: "Strong performance across our business
units, combined with favorable weather, resulted in operating earnings per share above the
midpoint of our quarterly guidance range. Weather-normalized results were also above the
midpoint of our guidance range. Year-to-date results and our fourth-quarter outlook are
supportive of a narrowing of our existing 2019 operating earnings guidance range to $4.15 to
$4.30 per share."
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DTE Energy (USA) reports strong third quarter 2019 results
• DTE Energy reported third quarter 2019 earnings of $319 million, or
$1.73 per diluted share, compared with $334 million, or $1.84 per
diluted share in 2018.
• Operating earnings for the third quarter 2019 were $351 million, or
$1.91 per diluted share, compared with 2018 operating earnings of $388
million, or $2.13 per diluted share.
• The DTE Energy Board of Directors declared a $1.0125 per share
dividend on its common stock payable Jan. 15, 2020, to shareholders of
record at the close of business Dec. 16, 2019. This is a seven percent
increase from the previous quarterly dividend of $0.945 per share. The
new annualized dividend per share is $4.05, up from $3.78. This
continues DTE Energy's consistent dividend history, having issued a
cash dividend for more than 100 years.
Financial outlook:
• DTE Energy increased its 2019 operating EPS guidance range from
$6.02 - $6.38 to $6.06 - $6.40.
• DTE Energy also provided 2020 operating EPS early outlook guidance
range of $6.47 - $6.75.
"This dividend increase reflects the company's strong performance
and ability to consistently achieve our goals," said DTE Energy
President and CEO. "The Board's approval of the increase signals
confidence in the company's performance and long-term strategic
plan."
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Edison International (USA) Reports Third Quarter and Year-to-Date
2019 Results
• Edison International reported third quarter 2019 net income of $471 million, or $1.36 per share,
compared to net income of $513 million, or $1.57 per share a year ago.
• Adjusted, third quarter 2019 core earnings were $519 million, or $1.50 per share, compared to core
earnings of $510 million, or $1.56 per share, in the third quarter 2018.
• Southern California Edison's (SCE) third quarter 2019 earnings per share (EPS) decreased by $0.19
from the third quarter 2018, consisting of lower core EPS of $0.03 and lower non-core EPS of $0.16.
• Edison International Parent and Other’s third quarter 2019 loss per share from continuing operations
increased by $0.02 compared to third quarter 2018, consisting of higher core loss per share of $0.03
and lower non-core loss per share of $0.01. The higher core loss per share was primarily due to higher
interest expense as a result of increased borrowings.
Year-to-Date Earnings:
• For the nine months ended September 30, 2019, Edison International reported net income of $1.1
billion, or $3.43 per share, compared to $1.0 billion, or $3.09 per share, during the same period in
2018.
• Adjusted, Edison International’s core earnings were $1.2 billion, or $3.73 per share, compared to
$1.0 billion, or $3.21 per share, in the year-to-date period in 2018.
• SCE's year-to-date 2019 EPS increased $0.22 from the same period prior year, consisting of higher
core EPS of $0.54, offset by higher non-core loss per share of $0.32.
• Edison International Parent and Other’s year-to-date 2019 loss per share from continuing operations
decreased by $0.12 compared to the same period in 2018, consisting of higher core loss per share of
$0.02 and lower non-core loss per share of $0.14.
“During the quarter, we filed our 2021 General Rate Case application that strikes a balance across
SCE’s core work of improving the reliability and security of electric service, helping California
meet its clean energy goals, and reducing the risk of catastrophic wildfires,” said President and
chief executive officer of Edison International. “Additionally, we continued to implement
elements of Assembly Bill 1054 by making our initial contribution of $2.4 billion to the wildfire
fund.”
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EnBW (Germany) continues positive earnings performance
• EnBW continued its successful performance with an operating result (adjusted EBITDA) of €1.69 billion in the first
nine months of 2019.
• Adjusted EBITDA was thus 7.4% up on the previous year (€1.57 billion). Revenue came to €14.37 billion (down
3.2%). The number of employees rose to 22,934, an increase of 6.7 percent on the previous year.
• Adjusted EBITDA for the 2019 financial year is expected to be in a range between €2.35 billion and €2.5 billion.
• Adjusted net profit attributable to the shareholders of EnBW AG went up from €397 million in the same period of the
previous year to some €507 million in the first nine months of 2019.
• Adjusted EBITDA in the Sales segment was €187.4 million in the first nine months of 2019, 7.5% below the same
period of the previous year. The difference is mainly due to higher procurement costs for electricity and gas. Plusnet,
the Cologne-based telecommunications company acquired in June 2019, has contributed to earnings from the beginning
of the third quarter.
• The Grids segment sustained its positive performance. Adjusted EBITDA came to €1,024.6 million, an increase of
4.6% in the first nine months of 2019 relative to the same period a year earlier. A major factor in the positive earnings
performance comprised higher grid revenue, notably due to necessary increased investment in grid security and
reliability.
• Adjusted EBITDA in the Renewable Energies segment rose substantially to €298.6 million in the first nine months of
2019. This corresponds to 38.5% earnings growth compared with a year earlier.
• At €192.6 million and with an increase of 0.6 percent in the first nine months of 2019, adjusted EBITDA in the
Generation and Trading segment is on a similar level to the previous year.
• At some €2.13 billion, capital expenditure in the EnBW Group doubled relative to the previous year (€1.02 billion).
This mainly relates to the acquisition of wind and solar company Valeco and of Plusnet GmbH.
“We are confirming our full-year earnings guidance unaltered”, CFO emphasised. “This is most of all with a view
to the new earnings contributions from our Hohe See and Albatros offshore wind farms beginning in the fourth
quarter together with the stable earnings contributions from the grids business. Against this backdrop, we are
confident that we will already attain our strategic target of €2.4 billion for 2020 this year, while remaining clear
that we must not let up in improving efficiency.”
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Entergy (USA) Reports Third Quarter Earnings
• For third quarter 2019, the company reported earnings of $365 million, or
$1.82 per share, on as-reported basis and earnings of $506 million, or $2.52
per share, on an adjusted basis. This compared to third quarter 2018 earnings
of $536 million, or $2.92 per share, on as-reported basis and earnings of $431
million, or $2.35 per share on an adjusted basis.
• For third quarter 2019, the Utility business reported earnings attributable to
Entergy Corporation of $578 million, or $2.88 per share, on both an
as-reported and an adjusted basis. This compared to third quarter 2018
earnings of $505 million, or $2.75 per share, on both an as-reported and an
adjusted basis. Drivers for the quarter included:
• For third quarter 2019, Parent & Other reported a loss attributable to Entergy
Corporation of $(72 million), or (36) cents per share, on both an as-reported
and an adjusted basis. This compared to a loss of $(73 million), or (40) cents
per share, on both an as-reported and an adjusted basis in third quarter 2018.
• Entergy updated its 2019 adjusted EPS guidance range to $5.25 to $5.45 per
share from $5.15 to $5.45 per share, raising the midpoint 5 cents and
narrowing the range.
“With another successful quarter, we are increasing the midpoint of our
2019 guidance and narrowing the range,” said Entergy Chairman and
Chief Executive Officer. “The fundamentals supporting our steady,
predictable growth are strong and give us confidence in our financial
outlooks.”
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Entergy Mississippi Acquires Choctaw County Generating Station
Entergy Mississippi, LLC has closed its purchase of the 810-megawatt Choctaw County
Generating Station. The transaction represents a major step toward modernizing the electric
grid and providing additional efficient, clean energy for customers. Located near French
Camp, Mississippi, the Choctaw County Generating Station entered commercial operation in
July 2003. It is a clean and modern combined-cycle natural gas turbine unit, consisting of
three combustion turbines, a steam turbine and an air-cooled condenser. The plant will
employ 27 people.In August 2018, Entergy Mississippi announced it had entered into a
purchase agreement with a subsidiary of GenOn Energy, Inc., to buy the plant for $314
million, subject to certain adjustments. That amount is significantly less than the cost to build
a comparable facility and provides more immediate benefits and savings for customers. The
facility’s technology uses natural gas and its steam byproduct to produce clean, affordable
electricity. It is also environmentally-friendly and furthers Entergy Corporation’s reputation
as one of the cleanest utilities in the country. The Choctaw County Generating Station is
another important milestone in Entergy’s broader plan to modernize and transform the
Entergy Utility’s existing generation fleet. Over the past 20 years, the Entergy Utility has
added approximately 8 gigawatts of clean, highly efficient generation, allowing for the
deactivation of over 6 gigawatts of older, less-efficient gas or oil units.
“This announcement is one more step toward modernizing our generating fleet and
moves us forward in our quest to provide greater reliability, lower emissions and cost
savings to our customers,” said Entergy Mississippi president and CEO.It also gives us a
presence in Choctaw County, and we’re excited about the partnership we’ll have with the
local community and its leaders and look forward to working with them as a corporate
partner.”
Description
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Exelon (USA) Reports Third Quarter 2019 Results
• GAAP Net Income of $0.79 per share and Adjusted (non-GAAP) Operating Earnings of $0.92 per share for the third quarter
of 2019
• Narrowing guidance range for full year 2019 Adjusted (non-GAAP) Operating Earnings from $3.00- $3.30 per share to $3.05
- $3.20 per share
• Announcing additional annual cost savings of $100 million; savings of $75 million of operating and maintenance expenses
and $25 million of other expenses; full run-rate savings to be achieved in 2022
• ComEd's third quarter of 2019 GAAP Net Income and Adjusted (non-GAAP) Operating Earnings remained relatively
consistent with the third quarter of 2018. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual
weather or customer usage patterns.
• PECO’s third quarter of 2019 GAAP Net Income increased to $140 million from $126 million in the third quarter of 2018.
PECO’s Adjusted (non-GAAP) Operating Earnings for the third quarter of 2019 increased to $141 million from $127 million
in the third quarter of 2018, primarily due to regulatory rate increases partially offset by unfavorable weather conditions and
volume.
• BGE’s third quarter of 2019 GAAP Net Income decreased to $55 million from $63 million in the third quarter of 2018. BGE’s
Adjusted (non-GAAP) Operating Earnings for the third quarter of 2019 decreased to $56 million from $64 million compared
with the third quarter of 2018, primarily due to an increase in various expenses, partially offset by regulatory rate increases.
Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
• PHI’s third quarter of 2019 GAAP Net Income increased to $189 million from $187 million in the third quarter of 2018. PHI’s
Adjusted (non-GAAP) Operating Earnings for the third quarter of 2019 increased to $209 million from $195 million in the third
quarter of 2018, primarily due to regulatory rate increases (not reflecting the impact of TCJA). 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 2019 GAAP Net Income increased to $257 million from $234 million in the third quarter of 2018.
Generation’s Adjusted (non-GAAP) Operating Earnings for the third quarter of 2019 increased to $352 million from $318
million in the third quarter of 2018, primarily due to increased revenue from ZECs in New York and New Jersey, decreased
nuclear outage days, and lower operating and maintenance expense, partially offset by decreased capacity prices and lower
realized energy prices.
“Ongoing infrastructure investment at our electric and gas companies is delivering solid financial and customer
satisfaction results, while our clean generation fleet continues to achieve best-in-class reliability and operational
efficiency,” said, Exelon president and CEO. “Exelon was named to the Dow Jones Sustainability Index for the 14th
consecutive year, ranking in the top 20 percent of North American companies in all industries. We continue to look for
ways to meet customer expectations for a cleaner and more resilient energy grid, teaming with the Exelon Foundation to
launch a new Climate Change Investment Initiative to fund startups focused on technologies to reduce emissions and
advocating for state policies that will properly value nuclear and other clean energy resources.”
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FirstEnergy (USA) Announces Third Quarter 2019
Financial Results
• FirstEnergy Corp. reported third quarter 2019 GAAP earnings of $391 million or $0.73 per basic share ($0.72 diluted),
on revenues of $3 billion. GAAP results include the impact of special items listed below. Operating (non-GAAP)
earnings* for the third quarter of 2019 were $0.76 per share.
• These results compare to a GAAP loss of $(512) million, or $(1.02) per basic and diluted share in the third quarter of
2018, which included charges related to FirstEnergy's settlement agreement in the FirstEnergy Solutions and
FirstEnergy Nuclear Operating Company bankruptcy cases and other special items listed below. Revenues for the third
quarter of 2018 were $3 billion. Operating (non-GAAP) earnings* during the period were $0.80 per share.
• FirstEnergy also refined its 2019 earnings guidance and provided guidance for 2020. For 2019, the company is
updating its GAAP earnings forecast range to $405 million to $1.02 billion, or $0.76 to $1.90 per share based on 535
million shares. Full-year 2019 operating (non-GAAP) earnings guidance is being narrowed to $2.50 to $2.60 per share.
• For 2020, the company is providing a GAAP and operating (non-GAAP) earnings guidance range of $2.40 to $2.60
per share.
• Third quarter 2019 cooling degree days were 22% above normal, but 9% lower than the third quarter of 2018.
• Total distribution deliveries decreased 2.2% compared to the third quarter of 2018. Residential sales decreased 2.2%,
while deliveries to commercial customers decreased 3.8%. Deliveries to industrial customers decreased 1% as lower
demand from the automotive, steel and chemical sectors offset continued growth in the shale gas industry.
• In the Regulated Transmission business, third quarter 2019 earnings increased as slightly higher net financing costs
were offset by higher rate base resulting from ongoing investments in the company's Energizing the Future initiative, as
well as a lower tax rate.
• In the Corporate/Other segment, results for the third quarter of 2019 improved due to lower expenses.
• For the first nine months of 2019, FirstEnergy's GAAP earnings were $1 billion, or $1.90 per basic share ($1.89
diluted) on revenue of $8.4 billion. This compares to GAAP earnings of $853 million, or $1.76 per basic share ($1.75
diluted), on revenue of $8.6 billion in the first nine months of 2018.
• Operating (non-GAAP) earnings* for the first nine months of 2019 were $2.04 per share, compared to $2.09 per share
in the first nine months of 2018.
"Our customer-focused, long-term infrastructure investment program drove solid third quarter financial results,"
saidFirstEnergy president and chief executive officer. "Based on our success with these initiatives and our outlook
for the future, we are affirming our projection for 6% to 8% compound annual growth from 2018 through 2021.
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Fortum (Finland) January-September 2019 Interim Report: Strong
results improvement and agreement on majority stake in Uniper
July-September 2019
• Comparable EBITDA was EUR 295 (230) million, +28%
• Comparable operating profit was EUR 153 (96) million, +59%
• Operating profit was EUR 124 (91) million, +36%
• Share of profits of associated companies and joint ventures was EUR 106 (12) million, mainly related to Fortum’s share of Uniper’s
profit
• Earnings per share were EUR 0.20 (0.05), of which EUR -0.02 (-0.01) related to items affecting comparability and EUR 0.10 (-) to
Uniper
• Cash flow from operating activities totalled EUR 262 (133) million
January-September 2019
• Comparable EBITDA was EUR 1,213 (1,051) million, +15%
• Comparable operating profit was EUR 793 (654) million, +21%
• Operating profit was EUR 666 (829) million, -20%
• Share of profits of associated companies and joint ventures was EUR 678 (82) million, mainly related to Fortum’s share of Uniper’s
profit
• Earnings per share were EUR 1.27 (0.73), of which EUR -0.11 (0.17) related to items affecting comparability and EUR 0.60 (-) to
Uniper. In 2018, the capital gain from the sale of the 10% stake in HafslundProduksjon was EUR 0.09
• Cash flow from operating activities totalled EUR 1,753 (767) million, mainly due to the change in settlements for futures and
dividends received
Events after the balance sheet date
• On 8 October 2019, Fortum announced it had entered into agreements with Elliott and Knight Vinke to acquire in excess of 20.5% in
Uniper, increasing Fortum’s ownership to more than 70.5%. The transaction is subject to regulatory clearances
Summary of outlook
• The Generation segment's Nordic generation hedges: approximately 80% hedged at EUR 33 per MWh for the remainder of 2019,
approximately 70% at EUR 33 per MWh for 2020, and approximately 35% at EUR 33 per MWh for 2021
• Capital expenditure, including maintenance but excluding acquisitions, is expected to be in the range of EUR 600-650 million in 2019.
In 2020, capital expenditure is expected to decline
Fortum's President and CEO: "The highlight of the third quarter was the doubling of the comparable operating
profit of the Generation segment. Hydro volumes returned to normal from the historically low level a year ago.
Nuclear volumes increased and were at a good level. In spite of the clearly lower spot prices we were able to
increase our achieved power price with successful hedging, which further strengthened the results. The
development of the Consumer Solutions and Russia segments continued to be positive, showing clear results
improvements. Unfortunately, the results of the City Solutions segment were a disappointment. Several
challenging external factors affected the results of the City Solutions segment, however, in order to improve the
performance, we are also reviewing internal corrective measures.
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Fortis (Canada) Inc. Reports Third Quarter 2019 Earnings¹
• The Corporation reported third quarter net earnings attributable to common
equity shareholders of $278 million, or $0.64 per common share, compared to
$276 million, or $0.65 per common share, for the same period in 2018.
• On a year-to-date basis, net earnings attributable to common equity
shareholders were $1,309 million, or $3.02 per common share, compared to $839
million, or $1.98 per common share, for the same period in 2018. The increase in
year-to-date earnings reflects a one-time after-tax gain on sale of the Waneta
Expansion Hydroelectric Project ("Waneta Expansion") of $484 million, or $1.12
per common share.
• Adjusted for the mark-to-market accounting of Aitken Creek derivatives, third
quarter adjusted net earnings attributable to common equity shareholders were
$287 million, or $0.66 per common share, compared to $277 million, or $0.65 per
common share, for the same period in 2018.
• Consolidated capital expenditures were $2.6 billion during the first nine months
of 2019 and the Corporation expects to invest $4.3 billion in 2019.
• Fortis is a leader in the North American regulated electric and gas utility
industry with 2018 revenue of $8.4 billion and total assets of approximately $53
billion as at September 30, 2019. The Corporation's 8,800 employees serve utility
customers in five Canadian provinces, nine U.S. states and three Caribbean
"We are optimistic about the trends occurring in our industry, including the
move to cleaner energy and electrification," said President and Chief
Executive Officer, Fortis. "Our focus on these areas along with our efforts to
strengthen our energy networks is driving growth in our business as reflected
in our new five-year $18.3 billion capital plan released in the third quarter."
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Naturgy(Spain) and Sonatrach sign an agreement with Mubadala for the acquisition of their
participation in Medgaz, which after the operation will become co-controlled by both
Naturgy and Sonatrach have reached an agreement with Mubadala for the acquisition of
42.09% of the stake in Medgaz. After the closing of the operation, Medgaz will become the
exclusive property of Sonatrach (with a 51% stake) and Naturgy (with the remaining 49%)
and a shareholder agreement that gives them joint control of the pipeline. The operation will
allow Naturgy to transform its current 14.95% stake in Medgaz, from being a financial
investment with very limited government rights to a strategic stake that will allow joint
control of the company along with Sonatrach. Naturgy will acquire 34.05% of Medgaz for
445 million euros through a vehicle (SPV), which can give entry to a financial partner, thus
reducing Naturgy's capital contribution. The SPV will be financed with a loan without
recourse of c. 260 million euros to optimize its capital structure. The transaction values 100%
of Medgaz's capital at 1,300 million euros with an “Enterprise Value” of approximately 1,900
million euros, equivalent to 6.9x the expected EBITDA in 2021, which includes the approved
2bcm / y expansion program of the Current gas pipeline, which will increase capacity by
25% to 10 bcm in volume and will be operational in 2021 with an investment of only c. €
67M. Medgaz is expected to distribute dividends above 130 million euros annually as of
2021.
“As a whole, it is a very attractive operation for Naturgy, both because it is a strategic
infrastructure asset, where we increase our control position significantly, as well as the
financial terms reached in the agreement, which represent an attractive price for stable
dividends and Long-term predictables that meet our criteria for generating shareholder
value, ”said President of Naturgy.
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Hydro One (Canada) Reports Third Quarter Results
• Earnings per share (EPS) of $0.40 and adjusted EPS of $0.40, compared to $0.33 and $0.38,
respectively, for the same period in 2018, an increase of 21% and 5%. This reflects the update to 2019
distribution rates, a decrease in operation, maintenance and administration (OM&A) costs due to
lower corporate support costs in the quarter, partially offset by lower revenues due to less favourable
weather.
• Hydro One released its updated corporate strategy which reaffirms its commitment to Ontario and
the provision of safe, reliable, and affordable electricity.
• Partnering with Six Nations of the Grand River Development Corporation and Mississaugas of the
Credit First Nation, Hydro One announced the completion of the 76 km double circuit, 230 kV
transmission Niagara Reinforcement Line.
• The Company moved forward with plans to build a new Ontario grid control centre in Orillia. This
new, state-of-the-art facility is expected to serve as one of the Company's technology hubs and will
ensure the safe, reliable delivery of electricity to communities across all of Ontario for years to come.
• In the third quarter of 2019, the distribution customer satisfaction score with residential and small
businesses continued to rise and averaged 86% year-to-date.
• Enhancing the framework around its sustainability objectives, the Company released its report on
the Carbon Disclosure Project (CDP) in which it outlined actions to address climate change.
• The Ontario Energy Association (OEA) presented two awards to Hydro One employees, for
Customer Service and for Contributor of the Year.
• Quarterly dividend declared at $0.2415 per share, payable December 31, 2019.
"The roll out of our corporate strategy will involve sticking to our strengths and continuing to
champion for our customers and the electricity sector in Ontario. Our main focus has been and
will remain operational excellence as we continue to drive performance," said President and
Chief Executive Officer of Hydro One. "We are a leader in Ontario and continue to build
relationships with all partners in our region. We are taking a focused lens on creating a brighter,
sustainable future for Ontarians, and are steadfast in improving the safety, reliability,
affordability, and environmental impacts of our operations."
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Iberdrola (Spain) is progressing its renewable strategy with the purchase
of 118 MW of wind power capacity from Siemens Gamesa in Spain
Iberdrola is progressing its plan to relaunch clean energies following its agreement with Siemens Gamesa for the
acquisition of three wind farm developments in Spain, with total installed capacity of 117.8 megawatts (MW): the BaCa
(Ballestas and Casetona) wind farm and the Puyloboproject.Located in the municipalities of Castrojeriz and Vallejera in
Burgos, the Ballestas and Casetona wind power facility has installed capacity of 69.3 MW and comprises twenty 3.4 MW
SG 3.4-132 wind turbines. These facilities have just come on stream and their output will provide clean energy to the
equivalent of 25,200 homes per year, preventing the emission of 40,000 tonnes of CO2 a year.Work on the Puylobo wind
farm, with installed capacity of 48.5 MW, will start in the coming weeks; this work will include installation of fourteen
SG 3.4-132 wind turbines. Located in the municipalities of Borja and Mallén in Zaragoza, its output will provide clean
energy to the equivalent of 20,000 homes per year, preventing the emission of 32,000 tonnes of CO2 a year.There is a
large local component in the construction of both projects, with practically all of the civil engineering work and the
components of the wind turbines -towers, blades, nacelles, hubs, generators, gearboxes and transformers - being
manufactured in Spain, at facilities in Asturias, Cantabria, Soria and Burgos.
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PJSC Inter RAO Announces RAS Financial Results for the First
9 Months of 2019
• Revenue of PJSC Inter RAO for the first nine months of 2019 amounts to 40.0 billion rubles, up 4.8 billion rubles (13.7%) as compared to the first nine months of 2018.
• Power export revenues amount to 33.6 billion rubles, up 8.9 billion rubles (35.9%) in comparison with the corresponding period of the previous year. This change is primarily attributed to increase in electricity export
and selling price to Lithuania and Finland.
• Revenue from WECM electricity and capacity sales decreased by 4.1 billion rubles (39.9%) and amounted to as much as 6.2 billion rubles in the first nine months of 2019. This decrease in revenue on the wholesale
market for electricity and capacity is related to the absence of commercial electricity import from Kazakhstan.
• Production cost in the first nine months of 2019 was 25.9 billion rubles, which is 1.6 billion rubles (6.5%) higher than in the corresponding period of the previous year. The change in production cost reflects several
multidirectional factors, including a 4.7 billion rubles (23.6%) increase in the cost of electricity and capacity purchased domestically due to the increase in electricity export mainly to Lithuania and Finland, 3.1 billion
rubles (69.5%) decrease in electricity import costs, largely as a result of decrease of commercial import from Kazakhstan.
• Gross profit for the first nine months of 2019 amounted to as much as 14.0 billion rubles compared to 10.8 billion rubles in the corresponding period last year.
• Selling costs for the first nine months of 2019 amounted 2.6 billion rubles, which is 0.8 billion rubles (45.2%) higher in comparison with the corresponding period last year. Major factor contributing to the increase
in the selling costs is the increased costs of infrastructure services which are mainly attributed to the increased exports to Lithuania and Finland, which was offset by an increase in business indicators.
• Administrative costs changed insignificantly – by 0.4 billion rubles (9.1%) – and amounted to 4.6 billion rubles for the first nine months of 2019.
• Sales profit in the first nine months of 2019 increased by 2.0 billion rubles (42.4%) and amounted to 6.8 billion rubles.
• Income from share ownership in other companies decreased by 3.8 billion rubles (72.0%) and amounted to 1.5 billion rubles, which was related to dividend payments from Group subsidiaries in smaller volume.
• Balance of interest receivable and payable changed insignificantly compared to the corresponding period of 2018 and amounted to 3.1 billion rubles.
• Balance of other income/expenses in the first nine months of 2019 was minus 2.8 billion rubles compared to 1.9 billion rubles in the corresponding period of 2018. This change was influenced primarily by
income/expenses related to foreign currency translation differences resulting from changes in the exchange rates.
• As a result, net profit for the first nine months of 2019 amounted to 7.0 billion rubles compared to 12.8 billion rubles in the same period of 2018. At the same time the Company's foreign economic activity saw positive
dynamics (2.0 billion rubles increase).
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NRG Energy, Inc. (USA) Reports Third Quarter 2019 Results
• NRG Energy, Inc. reported third quarter 2019 income from continuing operations of $374 million, or $1.45 per
diluted common share and Adjusted EBITDA for the third quarter of $792 million.
• Third quarter Adjusted EBITDA was $269 million, consistent with third quarter in 2018, driven by margin
enhancement and the acquisition of Stream Energy, offset by higher supply costs and weather.
• Generation: Third quarter Adjusted EBITDA was $524 million, $129 million higher than third quarter 2018,
driven by:
• Texas Region: $213 million increase due to higher realized power prices; and
• East/West1: $84 million decrease due to lower capacity revenues and lower generation volumes, driven by
lower power pricing in PJM combined with 2018 asset sales and the deconsolidation of projects.
• NRG cash was at $0.2 billion, and $1.3 billion was available under the Company’s credit facilities. Total
liquidity was $1.5 billion, including restricted cash. Overall liquidity as of the end of the third quarter 2019 was
$433 million lower than at the end of 2018 driven by share repurchases, the acquisition of Stream Energy and
debt reductions executed during the period.
• Through the third quarter of 2019, NRG realized $401 million of its cost savings target as part of the previously
announced Transformation Plan and is on track to realize $590 million in savings in 2019. Margin Enhancement
provided $53 million in uplift through the third quarter toward the $135 million 2019 target.
• On September 27, 2019, NRG contributed $95 million to Petra Nova to prepay a significant portion of the
project debt and fund operations. NRG also posted a $12 million letter of credit to cover certain project debt
reserve requirements. As a result, the $124 million of financial guarantees previously provided by NRG to the
project lenders have been canceled and the remaining project debt is now non-recourse to NRG.
• NRG has narrowed the range of its Adjusted EBITDA, Adjusted Cash From Operations and Free Cash Flow
before Growth Investments (FCFbG) guidance for 2019 and is initiating guidance for fiscal year 2020.
"In the third quarter, our integrated platform continued to deliver stable results amid a volatile summer," said
NRG President and Chief Executive Officer. "We continue to execute on our disciplined capital allocation
principles, including increasing the dividend and enhancing our long-term return of capital policy.”
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Pinnacle (USA) West Reports 2019 Third-quarter Earnings
• Reported consolidated net income attributable to common shareholders for the 2019 third
quarter of $312.3 million, or $2.77 per diluted share. This result compares with net income
of $315.0 million, or $2.80 per share, for the same period a year ago.
• Through the first nine months of this year, the company’s consolidated net income
attributable to common shareholders was $474.3 million, or $4.21 per diluted share of
common stock. The result compares with $485.0 million, or $4.31 per share, in earnings for
the first three quarters of 2018.
• APS’s rate application requests a return on equity of 10.15 percent and a total revenue
increase of $184 million to become effective Dec. 1, 2020. This amount includes cost
recovery of the Four Corners Power Plant selective catalytic reduction (SCR) project that is
the subject of a separate ACC proceeding.
• The proposed average bill impact for APS residential customers is slated to be an increase
of 5.4 percent, including an already pending adjustment for the SCR installations, which for
this case totals 2.2 percent.
Financial Outlook:
• Given the impacts from significantly below-normal-weather year to date, the company
anticipates its 2019 consolidated earnings will not reach the lower end of its previously
disclosed guidance range of $4.75 to $4.95 per diluted share.
• For 2020, the Company estimates its consolidated earnings will be within a range of $4.75
to $4.95 per diluted share, and expects to achieve a weather-normalized, consolidated earned
return on average common equity of more than 9.5 percent.
“The Company’s operating performance in the third quarter remained strong,” said
Chairman, President and Chief Executive Officer. “We serve one of the fastest growing
markets in the country and have demonstrated operational excellence in all aspects of
our core business, including safely and efficiently running the nation’s largest producer
of clean energy and ranking in the top quartile nationally for reliable service.
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Republic Services, Inc. (USA) Reports Third Quarter 2019 Results
• EPS was $0.93 per share. Adjusted EPS, a non-GAAP measure, was $0.91 per share, an increase of 11 percent over the prior
year.
• Cash provided by operating activities was $651 million and adjusted free cash flow, a non-GAAP measure, was $372 million.
Year-to-date cash provided by operating activities was $1.8 billion and adjusted free cash flow was $1.0 billion.
• Cash flow invested in acquisitions was $275 million, or $228 million net of divestitures. This brings the Company's
year-to-date acquisition investment to $490 million, or $441 million net of divestitures. The annual revenue acquired, net of
divestitures, in the third quarter was approximately $55 million. Year-to-date annual revenue acquired, net of divestitures, was
approximately $161 million.
• Total cash returned to shareholders through dividends and share repurchases was $271 million.
• Core price increased revenue by 4.7 percent. Core price consisted of 5.7 percent in the open market and 3.1 percent in the
restricted portion of the business. This is the highest level of core price the Company has achieved in over a decade.
• Average yield was 2.8 percent.
• Adjusted EBITDA, a non-GAAP measure, was $742 million and adjusted EBITDA margin was 28.0 percent of revenue, a
decrease of 40 basis points versus the prior year. Underlying margin expanded 60 basis points during the quarter but was more
than offset by a 50 basis point headwind from lower recycled commodity prices and a 50 basis point headwind from an
additional workday in the quarter relative to the prior year.
• SG&A expense as a percentage of revenue was 10.4 percent.
• The Company continued to convert CPI-based contracts to more favorable pricing mechanisms for the annual price
adjustment. The Company now has approximately $775 million in annual revenue, or 31 percent of its approximately $2.5
billion CPI-based book of business, tied to either a waste-related index or a fixed-rate increase of 3 percent or greater.
• The Company continued to reprice and de-risk its recycling collection and processing businesses. Through the end of the third
quarter, the Company repriced approximately 35 percent of its recycling collection contracts and 55 percent of its contracted
recycling processing volume.
• To help reduce recycling contamination rates and ensure local recycling programs remain sustainable for future generations,
Republic introduced a free, downloadable curriculum for pre-kindergarten through 12th grade. The curriculum is designed to
support students' real-world learning about sustainability and how to recycle properly.
• The Company was certified as a Great Place to Work® for the third consecutive year.
"We are pleased with our third quarter results. The team's continued ability to tightly manage costs and capitalize on
favorable solid waste trends enabled us to price in excess of cost inflation and expand underlying EBITDA margin by 60
basis points. During the quarter we invested $275 million in acquisitions, further strengthening our leading market
position and increasing the scale of our operations," said Chief executive officer. "We now expect to outperform our
original 2019 full-year adjusted EPS guidance and achieve the upper-end of our adjusted free cash flow guidance range.
The momentum in our business and stable economic backdrop position us well for continued growth in 2020."
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Sempra Energy (USA) Reports Strong Third-Quarter 2019 Earnings
• Reported third-quarter 2019 earnings of $813 million, or $2.84 per diluted share, up
from $274 million, or $0.99 per diluted share, in the third quarter 2018.
• On an adjusted basis, the company's third-quarter 2019 earnings were $425 million,
or $1.50 per diluted share, compared to $339 million, or $1.23 per diluted share, in
the third quarter 2018.
• Sempra Energy's earnings for the first nine months of 2019 were $1.61 billion, or
$5.74 per diluted share, compared with earnings of $60 million, or $0.23 per diluted
share, in the first nine months of 2018.
• Adjusted earnings for the first nine months of 2019 were $1.46 billion, or $5.23 per
diluted share, compared with $1.07 billion, or $4.00 per diluted share, in the first
nine months of 2018.
Earnings Guidance
• On a GAAP basis, the company's earnings-per-common-share (EPS) guidance
range for full-year 2019 is $6.50 to $7.00. Sempra Energy raised its 2019 adjusted
EPS guidance from a range of $5.70 to $6.30 to a range of $6.00 to $6.50.
• The company also issued its full-year 2020 GAAP EPS guidance range of $12.78
to $14.26 and affirmed its full-year 2020 adjusted EPS guidance range of $6.70 to
$7.50.
"At Sempra Energy, we laid out a plan last year to increasingly focus on core
markets where we can produce the best results for our stakeholders," said
Chairman and CEO of Sempra Energy. "With our recently announced
agreements to sell our South American businesses, it reflects our ongoing
commitment to simplify our strategy. Our year-to-date financial results are a
product of that more focused strategy, and the hard work and dedication of all of
our employees."
27

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Southern Company (USA) reports third-quarter 2019 earnings
• Southern Company reported third-quarter 2019 earnings of $1.32 billion, or
$1.26 per share, compared with $1.16 billion, or $1.14 per share, in the third
quarter of 2018.
• For the nine months ended September 30, 2019, Southern Company reported
earnings of $4.30 billion, or $4.12 per share, compared with earnings of $1.95
billion, or $1.92 per share, for the same period in 2018.
• Excluding the items described in the "Net Income – Excluding Items" table
below, Southern Company earned $1.40 billion, or $1.34 per share, during the
third quarter of 2019, compared with $1.16 billion, or $1.14 per share, during the
third quarter of 2018.
• For the nine months ended September 30, 2019, excluding these items,
Southern Company earned $2.97 billion, or $2.84 per share, compared with
earnings of $2.87 billion, or $2.83 per share, for the same period in 2018.
• Third quarter 2019 operating revenues were $6.0 billion, compared with $6.2
billion for the third quarter of 2018, a decrease of 2.7 percent.
• For the nine months ended September 30, 2019, operating revenues were $16.5
billion, compared with $18.2 billion for the corresponding period in 2018, a
decrease of 9.1 percent. These decreases reflect the sales of Gulf Power and other
assets that are no longer affiliated with Southern Company.
"We continue to be pleased with our operational performance through the first
three quarters of 2019, as our premier, state-regulated electric and gas
franchises provided reliable energy to customers despite the challenge of
record-breaking temperatures in our service footprint" said Chairman,
President and CEO. "Our electrical system demonstrated great resilience
during these conditions with strong generation availability and record
year-to-date transmission performance, resulting in exceptional reliability for
customers. Even amid these peak loads, a diverse fuel mix enabled the
Southern Company system to reduce carbon emissions by 35% compared to
the strongest demand of 2007 – our benchmark year for carbon emissions."
28

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Terna (Italy): Closing Signed with Construct Quebec To Acquire One
Of The Two New Licenses In Brazil
Terna confirms that through its subsidiary Terna Plus, it the operation refers to the acquisition of
two new electrical infrastructure licenses in the South American country.The closing finalized the
acquisition of the controlling companyThe agreement calls for the Terna Group to develop, build
and manage the assets, while entering Construtora Quebec with the EPC activities. The value of the
transaction, including development and construction costs, is around 60 million US dollars and will
be largely financed through a project financing transaction.
Description
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UGI (USA) Reports Fiscal 2019 Results
• GAAP EPS of $1.41 per diluted share and adjusted EPS of $2.28 per diluted share; amounts are net of $0.08 resulting from
the share impacts and seasonal loss associated with fourth quarter acquisitions
• GAAP net income of $256.2 million and adjusted net income of $412.9 million compared to $718.7 million and $485.6
million, respectively, in the prior year; reportable segments earnings before interest expense and income taxes of $978.1 million
compared to $1.08 billion in the prior year
• Completed the significant strategic acquisition of Columbia Midstream Group ("CMG") and the AmeriGas Merger
transaction
• Issued adjusted EPS guidance of $2.60 - $2.90 per diluted share for the fiscal year ending September 30, 2020
• UGI Utilities invested a record $355 million of capital, added approximately 14,000 residential and commercial heating
customers, filed and successfully settled its first combined Gas Utility rate case, increasing base rate revenue by approximately
$30 million (new rates went into effect in October), and completed the development and implementation of its ERP system.
• Midstream & Marketing completed its fourth expansion of the Auburn system in November 2019, expanded the Texas Creek
gathering system in northern Pennsylvania, began construction of the Bethlehem LNG storage and vaporization facility, and
acquired South Jersey Energy Company's natural gas marketing business.
• UGI International integrated four LPG distribution businesses located in Belgium, the Netherlands and the United Kingdom,
deployed technology-enabled solutions to enhance the customer experience, and refinanced its entire debt portfolio, which
included the first-time issuance of senior notes (€350 million) at an attractive rate of 3.25%.
• AmeriGas achieved record volumes from ACE and National Accounts programs, launched the barbecue cylinder home
delivery program, Cynch, and continued to expand its innovative cylinder vending solutions with large volume customers.
• Global LPG businesses launched business transformation initiatives to promote greater efficiencies, optimize the business
model, and leverage technology to increase profitability and deliver a better customer experience.
• UGI Corporation increased its dividend by 25%, from $0.26 to $0.325 on a quarterly basis, a compound average growth rate
of 9.4% over the last ten years. This marks the 32nd consecutive year that UGI Corporation has increased its dividend.
"We are pleased to report the progress we have made this year on a number of strategic initiatives," said President and
chief executive officer of UGI Corporation. "Fiscal 2019 was highlighted by the closing of the important AmeriGas
Merger transaction and the CMG acquisition in our fourth quarter. These transactions will be modestly accretive in Fiscal
2020 but highly cash positive. Both of these transactions align with our strategy and will support our long-term
commitments to shareholders.Our teams also made tremendous progress on our key initiatives and growth drivers. The
Utility had another year of record capital spending and completed its first combined Gas Utility rate case while the Energy
Services team continued to expand our asset base in the Marcellus. On the LPG side, AmeriGas achieved record ACE and
National Accounts volumes while the International team completed four tuck-in acquisitions. Our two strategic
acquisitions and continued progress on our key initiatives strengthen our foundation and position UGI to build on our
long history of delivering strong returns on capital and return of capital to our shareholders."
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Vistra Energy (USA) Reports Strong Third Quarter 2019 Results
• Delivered strong third quarter 2019 Ongoing Operations Adjusted EBITDA1 of $1,064 million and Net Income
from Ongoing Operations of $122 million—results in-line with management expectations for the quarter, which
already embedded an assumption of high wholesale power prices.
• Narrowed 2019 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow
before Growth (FCFbG) guidance ranges to $3.32 to $3.42 billion and $2.2 to $2.3 billion, respectively1—the
top half of Vistra's prior 2019 guidance ranges, reflecting higher guidance midpoints and an expected EBITDA
to free cash flow conversion of approximately 67%.
• Initiated 2020 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow
before Growth (FCFbG) guidance ranges of $3.285 to $3.585 billion and $2.160 to $2.460 billion, respectively.1
The midpoint of Vistra's2020 Ongoing Operations Adjusted EBITDA guidance range is above the higher 2019
guidance midpoint and represents an increase of more than 20%, or more than $600 million, as compared to the
2020 Adjusted EBITDA estimate for the business in connection with the Dynegy merger.
• Increased Operations Performance Initiative (OPI) target by an additional $150 million, reflecting an increase
of $50 million in EBITDA enhancements identified from Vistra's ongoing fleet operations and a net $100 million
EBITDA uplift from the retirement of four MISO coal plants as required under the Multi-Pollutant Standard rule
changes; expected to realize and achieve $715 million of merger value lever targets
• Executed approximately $1.415 billion of the previously authorized $1.75 billion share repurchase program
through Oct. 31, 2019, resulting in net shares outstanding of approximately 487 million as of the same date.
• Paid quarterly dividend of $0.125 per share on Sept. 30, 2019, to shareholders of record as of Sept. 16, 2019,
equivalent to $0.50 per share on an annual basis; Vistra management anticipates an annual dividend growth rate
in the range of approximately 6-8% per share.
Vistra's president and chief executive officer, commented, "As we have been saying all year, 2019 is the year
of execution—and we continue to demonstrate the benefits of our integrated model with strong third quarter
results. Our initial guidance range for 2019 was based on robust forward curves, in particular in ERCOT
which embedded material summer scarcity pricing, and we were able to execute and generate expected
EBITDA results despite mild June and July weather. We believe we are well-positioned to deliver strong,
stable EBITDA and free cash flow over the long term with our efficient and highly flexible, in-the-money
generation fleet and industry-leading retail operations. Our strong free cash flow should enable us to
continue to make attractive investments to grow our business, while also returning significant capital to
shareholders."
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Waste Connections (Canada) Reports Third Quarter 2019 Results
• Revenue in the third quarter totaled $1.412 billion, up from $1.281 billion in the
year ago period.
• Operating income was $236.6 million, which included $12.9 million in
impairments and other operating items primarily related to the Company's
termination of an E&P landfill development project in the Bakken, and $1.0
million in acquisition-related costs.
• Net income attributable to Waste Connections in the third quarter was $159.1
million, or $0.60 per share on a diluted basis of 264.6 million shares. In the year
ago period, the Company reported net income attributable to Waste Connections
of $150.8 million, or $0.57 per share on a diluted basis of 264.4 million shares.
• Adjusted net income attributable to Waste Connections* in the third quarter was
$192.9 million, or $0.73 per diluted share, versus $181.9 million, or $0.69 per
diluted share, in the prior year period.
• Adjusted EBITDA* in the third quarter was $443.6 million, as compared to
adjusted EBITDA* of $416.8 million in the prior year period.
"Strong organic growth in solid waste and a sequential increase in E&P waste
activity enabled us to deliver better than expected results in the period.
Continued price-led solid waste growth and a slight pull-forward of special
waste activity drove underlying margin expansion in solid waste collection,
transfer and disposal of an estimated 60 basis points in the quarter. More
importantly, adjusted free cash flow* of $763 million year-to-date, or 18.9%
of revenue and up almost 13% year-over-year, puts us firmly on track to meet
or exceed the adjusted free cash flow outlook for the full year that we
communicated in July," said President and Chief Executive Officer.
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Waste Management (USA) Announces Third Quarter Earnings
• Total Company operating EBITDA was $1.14 billion for the third quarter of 2019, an increase of $60 million from the third quarter of 2018.(c)
On an adjusted basis, total Company operating EBITDA was $1.14 billion for the third quarter of 2019, an increase of more than $30 million from
the third quarter of 2018.(b)
• Operating EBITDA in the Company’s collection and disposal business, adjusted on the same basis as total Company operating EBITDA,
increased $94 million, or 7.8%, in the third quarter of 2019 when compared to the third quarter of 2018. As a percentage of revenue, operating
EBITDA in the Company’s collection and disposal business increased 50 basis points.
• In the third quarter of 2019, organic revenue growth was driven by strong yield and volume growth in the Company’s collection and disposal
business, which contributed $198 million of incremental revenue.
• Core price for the third quarter of 2019 was 5.3%, compared to 5.4% in the third quarter of 2018.(d)
• Internal revenue growth from yield for the collection and disposal business was 2.6% for the third quarter of 2019 versus 2.5% in the third
quarter of 2018.
• For the full year, the Company expects the recycling line of business to be a $0.01 to $0.02 per diluted share headwind.
• Operating EBITDA from the sale of renewable natural gas credits declined approximately $8 million from the third quarter of 2018 due to lower
market values.
• For the full year, the Company expects the sale of its renewable natural gas credits to be a $0.03 to $0.04 per diluted share headwind.
• As a percentage of revenue, total Company operating expenses were 61.5% in the third quarter of 2019, compared to 62.1% in the third quarter
of 2018.
• As a percentage of revenue, SG&A expenses were 9.7% in the third quarter of 2019, compared to 9.0% in the third quarter of 2018. The increase
in SG&A expenses as a percentage of revenue was driven by the Company’s planned investments in people and technology.
• Net cash provided by operating activities was $952 million in the third quarter of 2019, an increase of $78 million, or 8.9%, when compared to
the third quarter of 2018.
• Capital expenditures were $483 million in the third quarter of 2019, a $79 million increase from the third quarter of 2018, due to an intentional
focus on accelerating certain fleet and landfill spending to support the Company’s strong collection and disposal growth.
• Free cash flow was $478 million in the third quarter of 2019 compared to $480 million in the third quarter of 2018.
• The Company paid $218 million of dividends to shareholders in the third quarter of 2019.
• The Company spent $76 million on acquisitions of traditional solid waste businesses during the third quarter of 2019.
• The Company’s effective tax rate for the third quarter of 2019 was approximately 19.4%.
“In the third quarter we continued to see our collection and disposal lines of business deliver strong revenue and earnings growth,
particularly in the segments of our business that reflect the resilience of the consumer,” said President and Chief Executive Officer of Waste
Management. “This strong operational performance led to growth in cash from operations of almost 9%.Another accomplishment in the
quarter that we are particularly proud of is our recognition as sector leader on the 2019 North America and World Dow Jones Sustainability
Indices for the second year in a row. This distinction is a reflection of our leadership in sustainability and recognizes the continued strides
we are making in this area.”
33

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Solution Updates
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EDP (Portugal) Renováveis joins a consortium to develop a floating wind
farm in South Korea
34
Solution Description
EDP Renováveis, the world's leading producer of wind power and Aker Solutions, a 40-year-old engineering and technology company specializing
in offshore projects, have decided to invest in Korea Floating Wind Power to develop a floating wind farm in South Korea.The two companies thus
join WindPowerKorea, the founding shareholder of KFWind. Principle Power played a key role in the development of KFWind's project portfolio
and will supply the project with its Windfloat technology. The new consortium is committed to supporting the ambitious renewable energy plans
of the South Korean government, which wants to install 13 GW of offshore wind power by 2030 and have at least 30% renewable production by
2040. KFWind signed a Memorandum of Understanding with Ulsan regional authority in January 2019, to cooperate in the development of
floating wind projects and to support industrial development in the Ulsan region as a production hub for the South Korean offshore wind market
and other countries.Ulsan region has the necessary conditions for thecommercialisation of floating wind power,due to the combination of market
leading shipyards, strong maritime technique and quality port facilities in the region.The consortium foresees that this project will contribute to
economic and environmental benefits for the region and Ulsan populations of Ulsan. The wind farm will make use of innovative WindFloat
technology, which allows the installation of hitherto inaccessible deep-water floating platforms, and where South Korea's best wind resources can
be tapped. The consortium is also committed to working with fisheries associations and local stakeholders to ensure that projects are well located
and developed responsibly.

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Sembcorp (Singapore) Launches ‘ezi’, A Recycling-Made-Easy
Mobile Application
35
Solution Description
Sembcorp Industries (Sembcorp) announced the launch of ‘ezi’, a mobile application that provides a more convenient way of
recycling in Singapore.The app offers a variety of features including interactive educational elements to recycle right as well as
doorstep collection services. For every successful collection, users will be rewarded for their recyclables.The ‘ezi’ app is a pilot
programme by Sembcorp to help boost local recycling rates as well as raise public awareness of recycling right. Its doorstep
collection feature will first be rolled out to households with postal codes starting with 73 in the Woodlands zone. As the first
government-contracted public waste collector company to launch a mobile application to recover more recyclables in Singapore,
Sembcorp will continue to do more public outreach and partnerships with schools and organisations to hold recycling collection
drives via the ‘ezi’ recycling mobile application.The app was officially launched by Senior Minister of State, Ministry of the
Environment and Water Resources, at an event held at Kampung Admiralty. The event was also graced byMayor of North West
District, Chief Executive Officer of the National Environment Agency, and partners such as DBS and Republic Polytechnic who
have supported and collaborated with Sembcorp on the development of this app.

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Updates Utilities Industry

R & R Updates
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Duke Energy (USA) ranked No. 1 among U.S. utilities for
investor transparency
36
Duke Energy has been ranked No. 1 among U.S. utilities for investor transparency by an independent financial communications firm.
Labrador Advisory Services reviewed the proxy statements, 10-K filings and website investor pages of the nation’s 250 largest
companies, based on market capitalization. The firm ranked Duke Energy’s investor disclosures No. 1 for transparency among the
nation’s utilities – and No. 16 among all companies – based on quality and completeness of information.Duke Energy, a Fortune 150
company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has
an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke
Energy Renewables unit.Duke Energy is transforming its customers’ experience, modernizing the energy grid, generating cleaner energy
and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities
and Infrastructure unit’s regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South
Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million
customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates
wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.
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Lucky number Seven: E.ON(Germany) and TfL energy-saving project
nominated for sustainability awards
37
A major energy efficiency savings programme by E.ON at Transport for London’s Palestra building has been shortlisted for four
energy and sustainability awards. The two-year project delivered significant carbon and cost savings at the central London
building, a key office and operational hub for the capital’s transport provider. Palestra has so far seen an improvement in energy
efficiency of more than 20%, producing savings on energy costs of around 42% or £470,000 each year and a carbon emissions
reduction of 7% or 227 tonnes a year. The project teams have secured nominations for seven industry awards and have already
won the prestigious CIBSE Facilities Management of the year award in February and the AEE Regional Energy Project of the
Year in September. Next are four further major awards in the coming weeks; from the Association of Decentralised Energy
(shortlisted in Commercial Building Project category), the Energy Institute (Energy Management), Building magazine (Building
Performance) and the Energy Awards.E.ON’s business energy efficiency experts focused on improving the running efficiency and
interoperability of existing systems such as the combined cooling, heat and power systems (CCHP) as well as optimising the
controls and remote operation of the building management systems. It allowed for the most efficient use of the on-site generation
systems including the CHP.
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EDF Energy(France) scoops major award for its contribution to
skills development
38
EDF Energy was among the brightest and best from the engineering and construction industry as it scooped the large employer of the
year award at the 2019 Engineering Construction Industry Training Board (ECITB) Skills Awards in London. The prestigious
national event celebrated the achievements and successes of individuals, companies and training providers from across the industry.
For EDF Energy in particular, it was recognition of the company’s contribution to skills development and learning – in turn ensuring
that the existing and new fleet of nuclear power stations are a catalyst for the long-term development of skills and economic growth
for the regions and for the UK as a whole. The award celebrated the work that is supporting the construction of the UK’s first new
power station for a generation at Hinkley Point C. Working across the HPC project and EDF Energy as a whole, the People
Development team are supporting a growing number of apprentices, assisting with on-boarding and providing advice and guidance
to the wider organisation as it meets the demanding skills requirements in building such an important part of the UK’s future low
carbon infrastructure. Also recognised was the innovative work carried out with the Nuclear Skills Academy on the coal to nuclear
transfer scheme. This saw 20 operational staff moving from the now decommissioned coal fired power station at Cottam to other
roles within EDF Energy’s nuclear fleet with ECITB supporting the delivery of the additional training.
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EDP (Portugal) is a finalist in three categories of the Best Event Awards
39
The brand activation in music and sports and the EDP Cool Jazz festival are running for the grand prize in Sustainability, Technological Innovation and Best Festival
categories. With a clear and continuous focus on music and sport, EDP has increasingly established itself as “the official energy of music” and “the official energy of
sport.” It was through this strategy that the new positioning of the brand in these sponsorship areas was realised in 2019: Let's Go. This communication motto became a
rallying invitation that led hundreds of people to the brand-supported music festivals and sporting competitions. From this position, EDP presented at the NOS Alive
festival the philosophy and unprecedented structure that accompanied the brand in all music and sports events. For the first time at a national festival, innovative trucks
were docked together, creating a unique space for sharing and fun, all home to EDP and its visitors at summer concerts. This space continues to provide memories for
those seeking fun and differentiating experiences at EDP-sponsored events.Sustainability is one of the company's priorities and, therefore, this event was developed with
concern for the environment negating the need for the building of additional structures and having to dismantle these before and after the festivals. Being self-sufficient
in this sense results in cost saving and reducing the environmental impact compared to the best known development methods generally used in these events. In order to
promote the use of renewable energies, another of EDP's pillars, photovoltaic films, were placed outside, which enabled energy supply to some equipment during the
events. For these reasons, which combine innovation, sustainability and support for culture and sport, EDP was chosen to be shortlisted in the categories of Sustainability
and Technological Innovation in the BEAAwards, a competition that will distinguish the best in the world in the area of events. In addition to brand activation, the EDP
Cool Jazz festival is also nominated for an award in the category of Best Festival.
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EGAT Mae Moh(Thailand) receives Smart City Promotion Zone Certificate in the Mae Moh
Pleasant City Project to develop Mae Moh into one of Thailand’s future smart cities
40
EGAT Mae Moh received the Smart City Promotion Zone Certificate in the Mae Moh Pleasant City Project. EGAT has cooperated
with all sectors to improve the quality of life of Mae Moh people and hopes for Mae Moh to become one of Thailand’s future smart
cities under the concept of “3 Smart” namely Smart Environment, Smart Energy, and Smart Economy.The Mae Moh Smart City
Development Project, under the Mae Moh Pleasant City Project, is a 20-year city development plan which began in 2019. The
objective is to improve the quality of life of Mae Moh people under the concept of “King’s Philosophy” and Sustainable Development
Goals (SDGs). Corporate Social Responsibility (CSR) was systematically integrated into Mae Moh District to develop an alliance
network which collectively designs and develops the Smart City Project in order to drive community and social enterprise as a whole.
It will be developed under the concept of “3 Smart” namely Smart Environment, Smart Energy, and Smart Economy which consists
of Smart Agriculture and Smart Tourism. The community will participate in the project which can be driven by the community itself.
As for the long-term plan, when the city is developed according to “3 Smart” and is ready to develop continuously, it will then be
followed by Smart People, Smart Mobility, Smart Governance, and Smart Living.
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