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CPS Energy Strengthens Lawsuit Against ERCOT In Light Of Recent Actions; Court Grants Temporary Restraining Order Preventing ERCOT From Passing On Unlawful Charges

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SAN ANTONIO, April 29, 2021 /PRNewswire/ — Yesterday, CPS Energy took swift action when it learned new facts and actions announced by the Electric Reliability Council of Texas (ERCOT); the utility filed a strengthened, amended lawsuit against ERCOT in Bexar County District Court to protect customers from excessive, illegitimate, and illegal power prices. In addition to the filing of the amended complaint, the Court granted CPS Energy’s request for a temporary restraining order, further protecting its customers from ERCOT’s latest attempt to pass on unlawful charges.

CPS Energy is a municipally owned utility.  Through its owner, the City of San Antonio, the utility acts as an agent for all its customers, who are not in a position to challenge the systemic failures of the state’s energy market. The utility does not have stock investors.  The money the company makes stays in San Antonio, Texas and ultimately gets reinvested back into operational and service improvements. 

Texas prides itself on being an energy state. To retain that mantle, we need to reform the state’s systemic inadequacies that caused the weather crisis, which could result in the most massive wealth transfer in Texas history,” said Ron Nirenberg, Mayor of San Antonio, Texas. “In San Antonio, we are going to exhaust every avenue we have, including through the courts, to ensure the burdens of this crisis are not borne by the people who suffered through it, the residents of Texas.”

Strengthened Lawsuit against ERCOT

CPS Energy first filed claims against ERCOT on March 12, 2021 for its lack of oversight, preparedness, and failure to follow its own protocols that resulted in $16 billion in overcharges to market participants and customers. ERCOT has since admitted that it could have corrected the $16 billion error by repricing within 30 days of Winter Storm Uri, but instead allowed the 30-day window for corrections to pass. This choice came despite the Independent Market Monitor for the Public Utility Commission of Texas (PUCT) – which oversees ERCOT – twice verifying ERCOT’s error. ERCOT has added insult to injury by taking the remarkable step of adding $6 million of undercharges to bills, citing an apparent software glitch during Winter Storm Uri, thereby underscoring that it will subjectively reprice errors when it benefits their organization, but not when it doesn’t.

“ERCOT can and should have repriced the $16 billion in overcharges that were charged during a declared disaster. Instead, it has doubled down on former Chair Arthur D’Andrea’s promise to Wall Street to not correct the error. ERCOT continues to show its ability and willingness to reprice when it suits ERCOT, but refuses to reprice when it rightfully favors San Antonio and Texas customers,” said Paula Gold-Williams, President & CEO of CPS Energy.

Temporary Restraining Order Granted

ERCOT’s unprecedented pricing error and its latest string of mismanagement decisions has supercharged energy uncertainty and driven numerous market participants into bankruptcy or out of business. Late in the day on April 27, 2021, ERCOT notified market participants across Texas, including CPS Energy, that it would begin taking posted collateral to cover the charges that other market participants have not paid.

ERCOT’s attempts to collect these charges from CPS Energy’s customers is an unlawful extension of CPS Energy’s credit and is a direct violation of the Texas State Constitution. Per the Constitution, a city-owned utility cannot be asked to unlawfully extend its credit to help settle the debts of other entities, especially in cases where there is no chance of being repaid. CPS Energy also wants to ensure that its customers never have to pay for the defaults of other market participants caused by ERCOT’s excessive pricing and acknowledged $16 billion error.

On the afternoon of April 28, 2021, CPS Energy was granted a temporary restraining order.  This successful step forward prevents ERCOT from adjusting, extending, or otherwise affecting CPS Energy’s credit in preparation for passing on these additional charges until the Court conducts a further hearing on the matter.

“ERCOT’s latest unilateral and aggressive move is an attempt to unlawfully force our customers to pay for the insolvency of other market participants, caused by ERCOT’s own mistakes,” continued Gold-Williams. “Disappointingly, ERCOT continues to inject uncertainty into the market while failing to address its errors, which is contributing to one of the largest illegal transfers of wealth in the history of Texas. To help correct this problem, CPS Energy will continue to work tirelessly to put its customers first.” 

Additional Information

When available, a copy of the filing can be found on the company’s website. CPS Energy will also provide relevant updates, as major developments occur.

Previous updates about how CPS Energy is working to protect customers can be found here:

March 2, 2021 Update 
March 5, 2021 Update
March 12, 2021 Update
March 18, 2021 Update
March 23, 2021 Update
CPS Energy and the Texas Electric Market

About CPS Energy
Established in 1860, CPS Energy is the nation’s largest public power, natural gas, and electric company, providing safe, reliable, and competitively-priced service to 860,934 electric and 358,495 natural gas customers in San Antonio and portions of seven adjoining counties. Our customers’ combined energy bills rank among the lowest of the nation’s 20 largest cities – while generating $8 billion in revenue for the City of San Antonio for more than seven decades. As a trusted and strong community partner, we continuously focus on job creation, economic development, and educational investment. True to our People First philosophy, we are powered by our skilled workforce, whose commitment to the community is demonstrated through our employees’ volunteerism in giving back to our city and programs aimed at bringing value to our customers. CPS Energy is among the top public power wind energy buyers in the nation and number one in Texas for solar generation.

SOURCE CPS Energy

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https://www.cpsenergy.com

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Energy

Saga Pure: First quarter 2021 financial results

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OSLO, Norway, May 9, 2021 /PRNewswire/ — Saga Pure ASA (Saga Pure) (OSE: SAGA) reported a net profit in the first quarter 2021 of NOK 147.8 million, representing a quarterly return on equity of 16 percent, (Q1 2020: NOK -101.0 million) following a positive development for the company´s investment portfolio within renewable energy, hydrogen, circular economy and CO2 reductions.

“The first quarter was an eventful period for Saga Pure with high business development activity for our investment team focusing on renewable energy, hydrogen, circular economy and CO2 reductions. We reported a quarterly return on equity of 16 percent, announced investments in Heimdall Power, Pryme and IC Technologies, held NOK 833 million in cash, which provides a solid platform for further growth and expansion in 2021, ” says Bjørn Simonsen, Chief Executive Officer of Saga Pure.

Saga Pure reported a net profit from continued operations in the first quarter 2021 of NOK 147.8 million, up from NOK -101.0 million in the corresponding quarter in 2020, driven by the positive development in the investment portfolio, representing a return on equity of 16 percent. The company had NOK 833 million in cash at the end of the quarter.

During the first quarter, Saga Pure invested in:

  • Pryme – The company uses a modified pyrolysis process which converts waste plastics into pyrolysis oil which will be further refined downstream for production of new plastic.
  • Heimdall Power – The company offers a rapid transition to fully digitalized electric grid assets with its patented low-cost sensors and software portfolio.
  • IC Technologies – The company develops storage and distribution solutions for cryogenic gases with focus on liquid hydrogen.

“Focus on renewable energy and the transition towards a more sustainable future is gaining momentum, supported by ever-stronger policy measures from governments around the world. Alongside evaluating a number of investment opportunities Saga Pure is focused on building a team of strong and broad industrial competence in accordance with the new investment strategy. With no interest-bearing debt, and substantial cash following the disposal of the former investments and recent private placements, Saga Pure is well positioned for pursuing new possibilities for our green and sustainable investment strategy,” Simonsen concludes.

Saga Pure will host an investor presentation 10 May at 10:00 CET and the presentation can be followed live at www.saga-pure.com, or at https://channel.royalcast.com/landingpage/hegnarmedia/20210510_3/

The presentation of the financial results for the first quarter 2021 and the Board of Directors report are enclosed.

For additional information, please contact:

Bjørn Simonsen, CEO, +47 97 17 98 21

Espen Lundaas, CFO, +47 92 43 14 17

About Saga Pure ASA | www.saga-pure.com

Saga Pure ASA is an investment company focusing on opportunities within renewable energy, hydrogen, circular economy and CO2-reduction.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/saga-pure-asa/r/saga-pure–first-quarter-2021-financial-results,c3343545

The following files are available for download:

SOURCE Saga Pure ASA

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Energy

Herausragende Leistung führt zu Risen Energy mit 3 Industry Awards

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Risen Energy Co., Ltd, einer der Branchenführer, wurde zu dem Seminar eingeladen, bei dem das Unternehmen drei Auszeichnungen erhielt. Einer von ihnen, der Outstanding CTO Award, ging an Liu Yafeng, Senior Director of R&D bei Risen Energy. Das Forschungs- und Entwicklungsteam von Liu Yafeng und Risen Energy war entschlossen, den Branchentrends einen Schritt voraus zu sein und nahm an der 210-mm-Kategorie für großformatige Siliziumwafer und Heterojunction-Wettbewerbe teil. Trotz mehrerer technischer Herausforderungen entwickelte das Team sowohl die Titan-Serie als auch die hocheffizienten Heterojunction-Module, die den Eintritt der Branche in die 5.0- und 6.0-Ära führten. Mit Blick auf die Zukunft wird erwartet, dass die Kombination der Titan-Serie und der Heterojunction die Branche dazu bringen wird, ihre 7.0-Ära einzuleiten.

Die Flaggschiff-Module der Titan-Serie von Risen Energy, die auf 210-mm-Wafern basieren, reduzieren die BOS-Kosten weiter und erhöhen die Leistung mit modernster MBB-Technologie um etwa 2-3%. Mit der zerstörungsfreien Niedertemperatur-Schneidtechnologie reduzieren die Module effektiv das Risiko versteckter Risse und behalten gleichzeitig eine höhere Stabilität bei und erfüllen die Anforderungen von Multiszenario-Anwendungen. Ausgezeichnete Leistung und überlegene Qualität haben die Titan-Serie Module ermöglicht, einen guten Ruf bei den Kunden zu gewinnen sowie Marktanerkennung zu erhalten, sobald sie ins Leben gerufen wurden. Aus dem gleichen Grund erhielt die Serie den Golden Module Award 2021. Darüber hinaus gewann Risen Energy den Technology Innovation Enterprise Award für seine Vorteile bei der Anwendung von Modultechnologie und der Verbesserung von Produkten.

Foto – https://mma.prnewswire.com/media/1497136/image.jpg

Related Links

www.risenenergy.com

SOURCE Risen Energy Co., Ltd

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Energy

Growatt wins TÜV Rheinland’s All Quality Matters Award for its ARK battery

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In TÜV Rheinland’s test program, ARK battery is given All Quality Matters Award for achieving first-rate performance in various safety and reliability tests including charge/discharge cycling performance test, initial charge/discharge energy measurement, battery high rated charge/discharge performance test and high/low temperature charge/discharge performance test.

Growatt is one of the few manufacturers in the industry that develops its own storage batteries and hybrid inverters and provides entire solar energy storage solutions. The company’s R&D team also develops its own Battery Management System (BMS) and hybrid inverter to provide multi-level protections for solar energy storage systems.

Growatt’s ARK battery uses cobalt-free Lithium-iron-phosphate (LFP) materials for improved safety. The company adopts modular design for ARK battery, which not only makes installation easy but provides substantial flexibility of storage capacity for customers.

To deliver excellent customer experience, Growatt provides one-stop service and technical support for its solar PV and battery storage solution. “In addition to that, we are able to improve service efficiency by using our monitoring solutions for software upgrade, remote troubleshooting and more, and reduce operation and maintenance (O&M) expenses for installers,” Zhang concluded.

About Growatt
Growatt is a global leader of smart energy solutions and provides residential, commercial and large scale PV inverters, energy storage, microgrid systems and smart energy management solutions. Growatt ranks among global top 10 PV inverter suppliers according to IHS Markit and Wood Mackenzie. Founded in 2010, Growatt has established an extensive network with 20 branches worldwide. By the end of 2020, Growatt had shipped over 2.6 million inverters to more than 100 countries around the world.

Contact: Whiskey Lu, [email protected]

SOURCE Growatt

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www.growatt.com

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Energy

PNM and AVANGRID Formally File New Mexico Stipulation with Additional Parties

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ALBUQUERQUE, N.M., May 7, 2021 /PRNewswire/ — PNM Resources, Inc. (NYSE: PNM) wholly-owned New Mexico subsidiary, Public Service Company of New Mexico (PNM), and AVANGRID filed a revised stipulation with additional parties in its merger application before the New Mexico Public Regulation Commission (NMPRC) today.

Parties to the filed stipulation include: Attorney General of the State of New Mexico, Western Resource Advocates, the International Brotherhood of Electrical Workers Local 611, Dine Citizens Against Ruining Our Environment, Nava Education Project, San Juan Citizens Alliance, To Nizhoni Ani, the Coalition for Clean Affordable Energy, Interwest Energy Alliance, Walmart, Inc., and Onward Energy Holdings, LLC.

The addition of several parties to the stipulation demonstrates a growing consensus around the benefits of the merger to customers, employees and communities across New Mexico.

If approved by the NMPRC, the agreement among the parties will bring over $270 million in benefits to New Mexico. The hearing examiner for the case has scheduled a procedural conference for parties on May 11.

Additional materials pertaining to the stipulation and PNM’s application for approval of the merger with the NMPRC are available at https://www.pnmresources.com/investors/rates-and-filings.aspx.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2020 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 2.8 gigawatts of capacity, with a goal to achieve 100% emissions-free energy by 2040. For more information, visit the company’s website at www.PNMResources.com.

     

CONTACTS:


     Analysts

Media

     Lisa Goodman

Ray Sandoval

     (505) 241-2160                                

(505) 241-2782

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for PNM Resources, Inc. (“PNMR”), Public Service Company of New Mexico (“PNM”), or Texas-New Mexico Power Company (“TNMP”) (collectively, the “Company”) that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR’s, PNM’s, and TNMP’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. Additionally, there are risks and uncertainties in connection with the proposed acquisition of us by AVANGRID which may adversely affect our business, future opportunities, employees and common stock, including without limitation, (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iv) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (v) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K, Form 10-Q filings and the information included in the Company’s Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.          

SOURCE PNM Resources, Inc.

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http://www.pnmresources.com

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