80.73 0.00 (0.00%)
After hours: 5:11PM EDT
|Bid||75.00 x 2200|
|Ask||80.95 x 1000|
|Day's Range||78.04 - 81.09|
|52 Week Range||62.03 - 95.10|
|Beta (5Y Monthly)||0.31|
|PE Ratio (TTM)||19.79|
|Earnings Date||Apr 29, 2020 - May 03, 2020|
|Forward Dividend & Yield||3.06 (3.93%)|
|Ex-Dividend Date||Feb 17, 2020|
|1y Target Est||86.67|
WASHINGTON/NEW YORK, March 20 (Reuters) - The U.S. electric industry may ask essential staff to live on site at power plants and control centers to keep operations running if the coronavirus outbreak worsens, and has been stockpiling beds, blankets, and food for them, according to industry trade groups and electric cooperatives. The contingency plans, if enacted, would mark an unprecedented step by power providers to keep their highly-skilled workers healthy as both private industry and governments scramble to minimize the impact of the global pandemic that has infected more than 227,000 people worldwide. “The focus needs to be on things that keep the lights on and the gas flowing,” said Scott Aaronson, vice president of security and preparedness at the Edison Electric Institute (EEI), the nation’s biggest power industry association.
The SPDR Utilities Select Sector ETF had its best day ever on Tuesday, as the defensive sector benefited from increased fears that an economic recession was inevitable. The utilities sector tracker (XLU) shot up 12.8% to $57.66 to be the best performer among SPDR ETFs tracking the S&P 500's 11 key sectors. The gain surpassed the ETF's previous record gain of 12.1% on Oct. 13, 2008, in the midst of the financial crisis. The ETF started trading in December 1998. Tuesday's gain was in the face of a sharp selloff in Treasury prices (rise in yields), with the yield on the 10-year Treasury note climbing basis 26.9 basis points to 0.997%. Utilities often act as a bond proxy, given their relatively high dividend yields and relatively stable stock prices, resulting from their relatively stable earnings streams. Among the XLU's best performers Tuesday, shares of Southern Co. charged 18.8% higher, Consolidated Edison Inc. ran up 18.0% and Exelon Corp. powered 18.0% higher. The XLU has lost 18.1% over the past month, while the S&P 500 has dropped 25.2%. The XLU's dividend yield is was 3,31% as of Tuesday's closing price, while the implied yield for the S&P 500 was 2.41%, according to FactSet.
Moody's Investors Service, ("Moody's") today downgraded the long-term ratings of Consolidated Edison, Inc. (ConEd, senior unsecured to Baa2 from Baa1) and its primary subsidiary Consolidated Edison Company of New York, Inc. (CECONY, senior unsecured to Baa1 from A3) due to the expectation for weaker financial metrics at CECONY and the structural subordination of ConEd's debt obligations vis-a-vis its subsidiaries. Moody's also affirmed the P-2 short-term commercial paper ratings of ConEd and CECONY.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
(Bloomberg) -- Big batteries have long been touted as the future of the electrical grid. But when entrepreneur David Cieminis sought financing for a storage project in California, a state desperate to wean itself off of fossil fuels, he couldn’t reel in a bank.“A month or two ago, I wouldn’t have thought that they would have been interested,” says Cieminis, co-founder and chief commercial officer of Able Grid Energy Solutions. Like other battery startups, the company wound up relying on more expensive private equity for the project.Little energy storage exists on the world’s electrical grids. The U.S. has just about 1,400 megawatts of battery storage—equivalent to the output of two natural-gas-fired power plants—with most of it on the country’s electrical grids. Banks’ reluctance to finance such projects has contributed to the limited storage. But batteries are essential to unlocking solar and wind power, as states such as California move to rid their power grids of carbon emissions in the next three decades.At the same time, manufacturing of lithium-ion batteries is scaling up rapidly to meet the growing demand for electric vehicles and large systems installed in power grids or at solar farms. As prices for lithium-ion batteries drop—they fell by half from 2016 to 2019, according to BloombergNEF—banks are taking another look.Standalone storage deals also have been scarce because of the newness of the product for project finance bankers—project contracts aren’t yet standardized, says Yayoi Sekine, an analyst at BloombergNEF. The size of a project can be a concern for banks, too. They prefer to avoid financings of $50 million or less, a threshold some early standalone systems didn’t cross.Able Grid launched in 2017 to go after two large renewables markets: sunny California and windy Texas. It focused first on project development. Cieminis approached banks early last year about a 50MW project in the Lone Star State, but there were no takers. The banks said the Texas project lacked a long-term revenue stream, and that the company’s 11MW project in California was too small. The lenders’ most common refrain about the California project: “I don’t want to write a check for $10 million,” Cieminis says he was told. By October, he gave up trying, and found an alternative funding source.In early February, on a whim, he approached a few lenders that had completed storage financings. He was pleasantly surprised to find interest in two other Able Grid projects—100MW facilities in Southern California and Texas.Recognizing the sizable opportunity in batteries, some project finance banks have recently begun supporting battery developments, and others expect to follow soon. The U.S. Energy Storage Association trade group is aiming to have 35,000MW online by 2025. There are also climate change implications.Banks aren’t the only companies that have approached battery financings cautiously. Others have concerns about being a first mover. “We don’t want to be the first company to go through their credit committee,” says Jeff Bishop, chief executive officer of Key Capture Energy, a battery storage developer.Some early concerns among lenders have abated. Banks are now largely comfortable with lithium-ion batteries, a technology long in our lives. “They’re the battery in your Tesla, in your iPhone,” says Mike Lorusso, a managing director at CIT.CIT was a lead bank on a $140 million loan last month for a portfolio of projects developed by esVolta, a California-based developer. The deal came after about six months of talks between Chief Financial Officer Krish Koomar and banks. It’s esVolta’s first debt financing. Mitsubishi UFJ Financial Group Inc., one of the world’s leading project finance banks, expects at least three standalone battery deals in the U.S. this year, says Erik Codrington, a managing director.Able Grid financed its first two projects with support from an undisclosed private equity firm. Such investors expect a return of at least 10%, whereas bank debt can often be had for 4%-5%. Cieminis is more optimistic that his latest projects will attract bank finance.“There’s a learning process,” he says. “It takes time for the market to ramp up.”(Adds chart.)To contact the authors of this story: Natalia Kniazhevich in New York at email@example.comBrian Eckhouse in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Dimitra Kessenides at email@example.com, Joe RyanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
NEW YORK, March 02, 2020 -- Twenty-four Con Edison employees have received industry awards for findings that will improve electrical service, enhance worker and public safety.
Consolidated Edison (ED) Q4 revenues of $2,951 million lag the Zacks Consensus Estimate by 2.7% but are almost flat with the year-ago quarter figure.
NEW YORK, Feb. 20, 2020 -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2019 net income for common stock of $1,343 million or $4.09 a share compared with.
NEW YORK, Feb. 19, 2020 -- Con Edison has installed a large-scale battery near the North Shore of Staten Island to help keep service reliable when the need for power is high..
Con Ed (ED) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll apply a basic...
Cognizant (Nasdaq: CTSH) today announced that it has been selected by Con Edison, one of the nation's largest energy delivery organizations, to help modernize the company's application and technology infrastructure to better serve 10 million people in New York City and the surrounding regions. As part of a multi-year agreement, Cognizant will build an IT infrastructure that furthers Con Edison's commitment to efficiently providing its customers with clean and reliable energy.
Con Edison has issued a new Request for Information (RFI), to tap into the best and most promising technologies available in clean energy. The company is seeking innovative, new solutions that will help customers reduce reliance on natural gas for their heating and cooking needs; offset the need to build additional pipeline infrastructure, and help New York State achieve its clean energy goals. “We’re pursuing every opportunity to find new ways to meet our customers’ heating and cooking needs while reducing our reliance on natural gas,” said Marc Huestis, senior vice president of Gas Operations.
NEW YORK, Jan. 22, 2020 -- Consolidated Edison, Inc. (Con Edison) plans to report its 2019 earnings on February 20, 2020 after the market closes. Consolidated.
Deneen Donnley has been named as the new senior vice president and general counsel of the Consolidated Edison Company of New York. Donnley succeeds Elizabeth Moore, who retired at the end of December. Donnley comes to Con Edison after nine years at the USAA in San Antonio.
Today we will run through one way of estimating the intrinsic value of Consolidated Edison, Inc. (NYSE:ED) by taking...
Consolidated Edison, Inc. (Con Edison) (ED) declared a quarterly dividend of 76.5 cents a share on its common stock, payable March 16, 2020 to stockholders of record as of February 19, 2020, an annualized increase of 10 cents over the previous annualized dividend of $2.96 a share. “The increase in the dividend, the 46th consecutive annual increase for stockholders, reflects our continued emphasis on providing a return to our investors while meeting the needs of our customers,” said Robert Hoglund, Con Edison’s senior vice president and chief financial officer. The company continues to target a dividend payout ratio of between 60% and 70% of its adjusted earnings.