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$POM 1Q15 10-Q: On Feb. 26, 2015, District of Columbia FY15 Budget Support Act of 2014 became law, effective Jan. 1, 2015. Law revised apportionment methodology for corporate tax and included phase-down of corporate tax rate from 9.975% to 8.25% by FY19. Change in law required Pepco to re-measure net deferred tax liabilities in 1Q15.
$NI reaffirmed its 2017 non-GAAP operating EPS guidance of $1.17-1.20 and capital investments outlook of $1.6-1.7Bil. For 2018, the company reaffirmed its non-GAAP operating EPS estimate of $1.26-1.32 and capital investments forecast of $1.7-1.8Bil. $NI still expects to growth non-GAAP operating EPS and dividend at 5-7% each year through 2020.
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.
Electricity utility company $SRE has commenced separate offerings of $2.5Bil of its common shares and $1.5Bil of its Series-A Convertible Preferred Stock. Sempra intends to use the net proceeds from the offerings and the related sale of shares to finance, in part, its proposed merger with Energy Future Holdings Corp. and related costs and expenses.
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.
$PCG's BoD determined to suspend the quarterly cash dividend on its common stock, beginning with 4Q17, citing uncertainty related to causes and potential liabilities associated with the extraordinary October 2017 Northern California wildfires.
$XEL said it will voluntarily transfer its stock exchange listing from the NYSE to the Nasdaq Global Select Market, effective Dec. 29, 2017. Xcel Energy shares are expected to begin trading on Nasdaq on Jan. 2, 2018 and will retain its current "XEL" ticker.
$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.
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.