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$POM 1Q15 10-Q: Total assets at the end of 1Q15 were $16.02Bil, including cash and cash equivalents of $141MM and inventories of $148MM. Total liabilities at the end of 1Q15 were $11.71Bil, including long-term debt of $4.65Bil and accounts payable of $206MM. Total equity as of March 31, 2015 was $4.31Bil.
$AEE's subsidiary Ameren Transmission Company of Illinois (ATXI) received approval from the Missouri PSC for the construction of the Mark Twain Transmission Project, a 100-mile, 345,000-volt transmission line and substation in northeast Missouri. ATXI expects to invest $250MM in the project. Construction is planned to begin in April 2018.
Energy utility firm $D has entered into an agreement with $SCG, under which the companies will merge in a stock-for-stock transaction. SCANA shareholders will receive 0.6690 share of Dominion for each SCANA share. The transaction is expected to be accretive to Dominion’s earnings. SCANA will operate as a wholly owned subsidiary of Dominion.
South Carolina Electric & Gas Co. (SCE&G), principal subsidiary of $SCG, filed a formal request with the Nuclear Regulatory Commission to withdraw the combined operating licenses for VC Summer Station Units 2 & 3. SCE&G states that it has irrevocably abandoned its interests in the VCS Units 2 and 3.
Energy firm $LNT said its Iowa unit has entered into an agreement with developer Tradewind Energy to acquire English Farms Wind Farm, as part of its clean energy initiatives. On completion of the 170-megawatt project, which is expected to commence next year, Alliant Energy will own English Farms Wind Farm.
$AES agreed to sell its equity interest Masin-AES Pte. to SMC Global Power Holdings. SMC Global Power is also purchasing the remaining 49% equity interest in the same assets, held by Electricity Generating Public Co. for $850MM. The transaction has a total enterprise value of about $2.4Bil.
Duke Energy has inducted Robert Davis into its board. Davis is currently donning the role of CFO & EVP at healthcare behemoth Merck. He will be joining $DUK's board in Jan. 8, 2018. Davis will be part of audit, and finance and risk management committees.
The Public Utility Commission of Texas approved a final order in $EE’s rate case. The order resolves all issues in this case and provides, among other things, an annual non-fuel base rate increase of $14.5MM and an ROE of 9.65%. New rates are expected to be implemented in January 2018.
$LNT appointed SVP John Larsen to the role of President, effective January 1, 2018. This position has been held by Patricia Kampling, who will continue to lead the company as Chairman and CEO. Also on Jan. 1, 2018, Robert Durian will be promoted to SVP, CFO and Treasurer.
Atlantic Coast Pipeline signed Project Labor Agreements with four building and construction trade unions. The agreements reaffirm the Atlantic Coast Pipeline project's commitment to hiring skilled union workers for the pipeline's construction. Atlantic Coast Pipeline is comprised of 4 major U.S. energy companies, $D, $DUK, $PNY and $SO.
Duke Energy reported today that it has completed the acquisition of REC Solar, which provides solar solutions for customers. It is to be noted that $DUK acquired a majority stake in REC Solar in Feb 2015. Consequently, it has purchased the remaining shares of REC Solar in a cash transaction, which will be operating as an independent business unit.
Duke Energy Carolinas has alerted about data breach from its network operator TIO Networks. Customers who had paid at one of the 550 payment centers between 2008 and 2017 may be affected by this breach. $DUK added that the breach will only affect customers who paid by check or cash at a center and not via credit card or other payment modes.
$AEP promoted Ashley Weaver to VP, Operations and Performance Transformation, with responsibility for leading its continuous improvement efforts, effective Jan. 3, 2018. She will replace Barbara Radous, SVP, who is retiring from the company. Weaver has served as director of Operations and Performance Transformation since 2012.
$GXP and $WR have received shareholder approval for the proposed merger between the two companies. The companies had announced a revised transaction in July 2017 which involves no transaction debt, no exchange of cash, and is a stock-for-stock merger of equals, creating a company with a combined equity value of approx. $15Bil.