79.23 -0.16 (-0.20%)
After hours: 6:48PM EDT
|Bid||78.46 x 900|
|Ask||80.69 x 800|
|Day's Range||76.24 - 79.96|
|52 Week Range||62.13 - 103.79|
|Beta (5Y Monthly)||0.21|
|PE Ratio (TTM)||15.70|
|Earnings Date||May 11, 2020|
|Forward Dividend & Yield||3.78 (4.87%)|
|Ex-Dividend Date||Feb 12, 2020|
|1y Target Est||100.57|
Fear of rising rates, objections to the $8.5 billion-plus bill to clean up coal-ash problems and anger over a $9 billion failed nuclear project combined with changing politics have put utility regulation reform on the table in the Carolinas.
Such a broad wholesale power market would eaken the monopoly on power sales enjoyed by major southern power companies like Duke Energy Corp., Dominion Energy Inc., The Southern Co. and NextEra Energy.
Duke Energy Florida today filed a plan to significantly reduce customers' bills for the May 2020 billing cycle, providing much-needed relief to customers during the COVID-19 pandemic.
Duke Energy Carolinas and North Carolina's customer advocate have compromised on some of the utility's rate-hike request. But it bridges little of the difference between the 6% increase Duke wants and the 7% cut the advocate proposes.
(Bloomberg) -- U.S. utilities have lined up more than $15 billion in cash and credit as uncertainty over the coronavirus strains the short-term debt market.Electricity giants including American Electric Power Co., Duke Energy Corp. and Dominion Energy Inc. have sold bonds, entered into new credit facilities or drawn on existing lines to boost liquidity. It follows a surge in costs in the commercial paper market, forcing companies to look for alternatives.“We expect to continue to see utilities drawing on credit lines,” Shahriar Pourreza, an analyst at Guggenheim Securities LLC, said in a research note, citing AEP’s $1 billion credit agreement announced Monday. The move is a conservative stance to shore up funds, he said. “We do not see it in any way a sign of overall liquidity risk.”Utilities have also benefited from their defensive nature to issue new debt as the corporate bond market has been open mostly to the highest-quality investment-grade issuers. Banks have enjoyed similar status in comprising much of the recent supply, as well as frequent telecom and media issuers including Verizon Communications Inc. and Comcast Corp.New York utility Consolidated Edison Inc was the latest to tap the credit market with two bond offerings Thursday totaling $1.6 billion. That’s pushed the total amount sold by power and gas suppliers this month to about $9.6 billion, adding to at least $6 billion in new credit lines with banks, according to data compiled by Bloomberg. Xcel Energy Inc. is also seeking to sell $500 million in notes.It has come at a higher cost, as the coronavirus sell-off has sent bond prices down. NextEra Energy Inc.’s $1.1 billion sale of five-year notes Tuesday, through its Florida Power & Light subsidiary, priced at 237.5 basis points over comparable Treasuries. That’s more than twice as much as the company agreed to pay in a similar deal a year ago.NextEra declined to comment.Duke was still able to lock in record-low rates in a sale of $550 million in 30-year notes. Last week the company announced it had a new $1.5 billion term loan and borrowed $500 million from an existing line.“The majority of the funding will be used to reduce our commercial paper balances,” spokesman Neil Nissan said by email. “When the short-term funding markets return to a more stable environment, we may elect to rely on commercial paper like normal.”Other deals include AEP’s $1 billion credit agreement, which the company will use in part to pay down short-term debt. “We took these actions to fortify our liquidity in the challenging markets,” AEP spokeswoman Melissa McHenry said by email. The company earlier this month also raised almost $1.2 billion through bond offerings.Dominion tapped $1.2 billion in new bank lines while selling $750 million in notes last week, although the bonds were already part of its 2020 financing plans, spokesman Ryan Frazier said.“Yet given market volatility, Dominion Energy has taken prudent steps to increase liquidity via other financing transactions,” he said, noting that Dominion has no plans to drawn on its $6 billion master credit facility.For 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.
NiSource (NI) anticipates delivering targeted earnings and dividend growth of 5-7% annually through 2022 depending on other long-term growth opportunities.
While utilities could come under pressure during the coronavirus crisis, some analysts say the stocks should continue to play their defensive role while also giving investors an attractive yield.
The company says the loan is unrelated to Moody’s Investors Service identifying the company as one of a few utilities that could face a credit squeeze if economic repercussions from the COVID-19 outbreak continue to worsen.
The company has donated $1.3 million to the Duke Energy Foundation and enacted several initiatives aimed at helping its employees and customers.
Piedmont Natural Gas and its parent company, Duke Energy, today announced a comprehensive set of steps to help customers, communities and employees manage the economic hardship caused by COVID-19.
American Water Works (AWK) decides to support customers in California and continue to provide its services even if they fail to clear their utility service dues.
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.
Duke Energy and Piedmont Natural Gas today announced a comprehensive set of steps to help customers, communities and employees manage the economic hardship caused by COVID-19.
North Carolina has seen its solar growth slowing even as the industry is growing faster elsewhere in the South.
Uncertainty over the coronavirus and a looming recession may make regulators less likely to approve significant rate hikes for Duke Energy and a handful of other utilities, analysts with SSR say.
The N.C. Utilities Commission issued the postponement less than an hour after Duke asked the hearing be delayed at least 60 days, citing the “escalating health and safety crisis” surrounding the spread of the coronavirus.
The debate over controversial fracking in 2020 battleground state Pennsylvania — especially as the U.S. tightens its clasp on energy independence — divides the last Democrats vying for the party’s presidential nod. Their pro-fracking rival, incumbent Donald Trump, won the state as part of his unexpected march to the White House four years ago.