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2021 ESG Report
2021 REPORT Environmental, Social and Governance Our strategy: NextEra About Our 2020-2021 Coronavirus Confronting Building the Environment Social Governance Risks and Conclusion Appendix A letter from Energy’s this report operating awards & (COVID-19) climate world’s leading opportunities our CEO ESG journey portfolio recognitions response change clean energy provider Contents Our strategy: A letter from our CEO .............................................3 NextEra Energy’s ESG journey ......................................................6 About this report .............................................................................7 Our operating portfolio ..................................................................8 2020-2021 awards & recognitions ..............................................10 Coronavirus (COVID-19) response..............................................11 Confronting climate change ........................................................13 Building the world’s leading clean energy provider .................19 Florida Power & Light Company ................................................20 NextEra Energy Resources ........................................................26 Environment ...................................................................................30 Social ..............................................................................................38 Governance ....................................................................................48 Risks and opportunities ...............................................................52 -
New Strategies for Utility Growth
New Strategies for Utility Growth As electricity use levels off, utility executives will need to explore new ways to meet investor growth expectations. By Grant Dougans and Joe Scalise Grant Dougans is a partner in Bain’s Utilities practice, and Joe Scalise leads the practice globally. Joe also leads the fi rm’s Energy & Natural Resources practice in the Americas. Copyright © 2019 Bain & Company, Inc. All rights reserved. New Strategies for Utility Growth At a Glance Investors remain confident in the regulated utility model, and most expect earnings growth of at least 6% annually—a daunting challenge given that electricity load growth is nearly flat for many utilities. In the core regulated utility business, every function has a role to play in supporting growth at a time of increasing competitive pressure and heightened scrutiny from regulators and stakeholders. Winners will use M&A to access new capital investment opportunities, build scale and realize cost savings. Some executive teams will develop second engines of growth outside of the regulated utility, in adjacencies that make use of their engineering and infrastructure expertise. Several utilities are exploring investments in new energy technologies, though success is far from guaranteed. Investors expect utilities to grow the size of their businesses by 70% over the next decade in the face of flat electric load growth. That is the stark message from new research by Bain & Company and Rivel Research Group, surveying utilities investors in North America. Our survey confirms investors’ extraordinary faith in the traditional regulated utility model(see Figure 1). Nearly three quarters of investors have a positive outlook on the sector, and more than 80% believe that the vertically integrated utility model remains sustainable. -
UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, DC 20549
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 November 1, 2004 Date of Report (Date of earliest event reported) Commission File Exact Name of Registrant as Specified in Its Charter; State of IRS Employer Number Incorporation; Address of Principal Executive Offices; and Identification Number Telephone Number - ------------------ -------------------------------------------------------------- ---------------------- 1-16169 EXELON CORPORATION 23-2990190 (a Pennsylvania corporation) 10 South Dearborn Street--37th Floor P.O. Box 805379 Chicago, Illinois 60680-5379 (312) 394-7398 333-85496 EXELON GENERATION COMPANY, LLC 23-3064219 (a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348 (610) 765-6900 - ---------------------------------------------------------------------------------------------------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 1 - Registrant's Business and Operations Item 1.01. Entry into a Material Definitive Agreement On September 29, 2004, Exelon Corporation (Exelon) and Exelon Generation Company, LLC (Generation), announced that Generation had exercised its call option to acquire Reservoir Capital Group's (Reservoir) 50% interest in Sithe Energies, Inc. -
Presentation
NextEra Energy Reaches Agreement to Acquire Gulf Power, Florida City Gas and Two Natural Gas Facilities from Southern Company May 21, 2018 Forward Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as “may,” “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “predict,” and “target” and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward- looking statements include, but are not limited to, statements about the anticipated benefits of the proposed acquisitions from Southern Company of Gulf Power Company, Florida City Gas and two gas-fired plants (Southern Company assets), including future financial or operating results of NEE or the Southern Company assets, NEE’s or the Southern Company assets’ plans, objectives, expectations or intentions, the expected timing of completion of the transactions, the value of the transactions, as of the completion of the transactions or as of any other date in the future, and other statements that are not historical facts. Important factors that could cause actual results to differ -
Lazard Ltd (Exact Name of Registrant As Specified in Its Charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 23, 2014 Lazard Ltd (Exact name of registrant as specified in its charter) Bermuda (State or other jurisdiction of incorporation) 001-32492 98-0437848 (Commission (IRS Employer File Number) Identification No.) Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code 441-295-1422 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On October 23, 2014, Lazard Ltd (the “Company”) issued a press release announcing financial results for its third quarter ended September 30, 2014. A copy of the Company’s press release containing this information is being furnished as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference. -
Dynegy Earnings.Pdf
Dynegy Announces Full-Year 2011 Results, Provides Restructuring Update Full year 2011 summary: $281 million in Adjusted EBITDA, a decrease of $258 million compared to 2010 $(20) million in Cash Flow from Operations $1,084 million in liquidity at March 2, 2012, including $860 million in cash on hand and letter of credit availability PRIDE results exceeded targets with $58 million in cash cost savings and $376 million in collateral and other balance sheet improvements Fourth quarter 2011 summary: $(14) million in Adjusted EBITDA, a decrease of $117 million compared to the fourth quarter 2010 Recent Developments: Dynegy Holdings, LLC (DH) and its wholly owned subsidiaries have been deconsolidated for accounting purposes as of November 7, 2011. As a result, the company recorded a $1,657 million non-cash loss on deconsolidation. Clint Walden will be appointed Chief Accounting Officer effective March 9, 2012; Carolyn J. Stone named Senior Vice President – Financial Planning and Analysis. Hearing to approve Dynegy Holdings Disclosure Statement is expected to be held on Monday, March 12, 2012. HOUSTON--(BUSINESS WIRE)--Mar. 8, 2012-- Dynegy Inc. (NYSE:DYN) announced a $236 million operating loss for the full twelve months of 2011 compared to an operating loss of $11 million for 2010. These results include pre- tax, unrealized, net mark-to-market losses of $175 million ($107 million after-tax) and mark-to-market gains of $18 million ($11 million after-tax) during the years ended December 31, 2011 and 2010, respectively. 2011 Adjusted EBITDA was $281 million compared to $539 million for 2010. The reduced operating results can be attributed to a $31 million decrease in energy margins, $50 million in lower capacity revenues in all markets, a $123 million decrease in premium revenue due to fewer options sold, and a $34 million loss related to natural gas during the fourth quarter. -
Dynegy July 6 PR.Pdf
July 06, 2012 04:53 AM Eastern Daylight Time Dynegy Inc. Files Voluntary Petition to Reorganize Under Chapter 11; Sets Stage for Merger with Dynegy Holdings, LLC HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (Dynegy) (NYSE:DYN) today filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, Poughkeepsie Division. The Chapter 11 case of Dynegy’s wholly-owned subsidiary, Dynegy Holdings, LLC (Dynegy Holdings) is pending in the same court. The filing was made to facilitate the implementation of the transactions contemplated under the Amended and Restated Settlement Agreement entered into, by and among Dynegy, Dynegy Holdings, and certain Dynegy Holdings Debtors and the primary creditor constituencies in the Dynegy Holdings Chapter 11 case. Among other things, the settlement, which has already been approved by the court, provides for Dynegy and Dynegy Holdings to merge and for the administrative claim granted to Dynegy in the Dynegy Holdings Chapter 11 case to be transferred out of Dynegy for the benefit of its shareholders. Both of these matters are the subject of a pending motion in Dynegy Holdings’ case. Subject to obtaining additional relief from the court in Dynegy’s case, the filing will also permit the solicitation of votes on the Companies’ joint Chapter 11 plan to commence. It is contemplated that upon completion of the merger, Dynegy Inc. will be the surviving entity. All assets will then be held under a single holding company, thus eliminating a layer from the corporate structure. Dynegy subsidiaries that own and operate the Company’s coal-fired and gas-fired businesses were separately financed during 2011 and are therefore not included in today’s Chapter 11 filing. -
19-Cv-1007 Exhibit D
Case: 3:19-cv-01007 Document #: 1-9 Filed: 12/11/19 Page 1 of 10 EXHIBIT D Case: 3:19-cv-01007 Document #: 1-9 Filed: 12/11/19 Page189 2 Members of 10 MEMBERSHIP LISTING BY STAKEHOLDER GROUP1 (September 2019) I. TRANSMISSION OWNERS2 1. AEP Indiana Michigan Transmission Company, Inc. 2. ALLETE, Inc. (for its operating division Minnesota Power, Inc., and its wholly-owned subsidiary, Superior Water, Light and Power Company) 3. Ameren Illinois Company (d/b/a Ameren Illinois) 4. Ameren Transmission Company of Illinois3 5. American Transmission Company, LLC 6. Ames Municipal Electric System 7. Arkansas Electric Cooperative Corporation 8. Big Rivers Electric Corporation 9. Board of Water, Electric, and Communications Trustees of the City of Muscatine, Iowa 10. Central Minnesota Municipal Power Agency 11. City of Alexandria, Louisiana 12. City of Springfield, Illinois (Office of Public Utilities) 13. Cleco Power LLC 14. Columbia, Missouri, City of (Water & Light Dept.) 15. Cooperative Energy (formerly SMEPA) 16. Dairyland Power Cooperative 17. Duke Energy Indiana, LLC 18. East Texas Electric Cooperative, Inc. 19. Entergy Arkansas, LLC 20. Entergy Louisiana, LLC 21. Entergy Mississippi, LLC 22. Entergy New Orleans, LLC 23. Entergy Texas, Inc. 1 This membership listing reflects Members’ stakeholder group selections from respective membership applications approved by MISO’s Board of Directors. Membership participation in the stakeholder process is governed by the Stakeholder Governance Guide and any relevant guidelines of the various stakeholder sectors. 2 As Transmission Owning Members of MISO and signatories to the Transmission Owners Agreement, City of Henderson; City of Rochester; Consumers Energy Company; Willmar Municipal Utilities; and WPPI Energy participate in the Municipals/Cooperatives/Transmission Dependent Utilities stakeholder group. -
Nextera Energy Inc. Revenue Decomposition
Krause Fund Research 2 Spring 2021 NextEra Energy, Inc. (NYSE: NEE) Stock Rating: Utilities th April 16 , 2021 HOLD Analysts z Caleb Fitch Jerome Mays Guy Renquist Grant Wambold [email protected] [email protected] [email protected] [email protected] Investment Thesis Target Price: $85.47-$89.85 Drivers of Thesis: Model Prices • Two of NextEra’s largest subsidiaries, Florida Power and Light (FPL) DCF $87.66 and Gulf Power, are set to see large increases in demand for their services DDM $87.85 in 2021 and 2022. FPL and Gulf Power provide public electricity services to Relative PE $29.95 a large majority of the popular vacation destinations in Florida. As the vaccine Price Data rollout continues in the U.S. and the COVID-19 pandemic draws to a close, Current Price $80.94 safety concerns will diminish. As this happens, we expect Americans to 52-week Low $55.66 increase travel and head to NextEra’s rate-regulated service areas. This 52-week High $87.69 expectation is built into our model with combined revenue growth of 13% in $1 2021 and 6.7% in 2022 for both segments. Key Statistics • NextEra Energy Resources (NEER) will grow at an accelerated rate as Market Capitalization $158.76 B more businesses and consumers look for cleaner energy sources and the Shares Outstanding 1.96 B market for electric vehicle infrastructure expands. NEER is the largest EPS (2021E) $2.15 provider of energy sourced from the wind and sun in the World. NEER’s P/E Ratio (TTM) 54.0 attractive generating portfolio will draw in more customers who are looking Forward P/E Ratio 37.1 for electricity sourced from renewables. -
1578-Sterling-Edmondson-App.Pdf
KEVIN O’HANLON Rio Grande Valley Office 426 W. Caffery Ave. [email protected] Pharr, Texas 78577 San Antonio Office 117 W. Craig Place San Antonio, Texas 78212 April 7, 2021 Local Government Assistance & Economic Analysis Texas Comptroller of Public Accounts P.O. Box 13528 Austin, Texas 78711-3528 RE: Application to the Sterling City Independent School District from Edmondson Ranch Wind, LLC To the Local Government Assistance & Economic Analysis Division: By copy of this letter transmitting the application for review to the Comptroller’s Office, the Sterling City Independent School District is notifying Edmondson Ranch Wind, LLC of its intent to consider the application for appraised value limitation on qualified property should a positive certificate be issued by the Comptroller. Please prepare the Economic Impact Report. The Applicant submitted the Application to the school district on April 6, 2021. The Board voted to accept the application on April 6, 2021. The application has been determined complete as of April 7, 2021. A copy of the application will be submitted to the Sterling County Appraisal District. Sincerely, Kevin O’Hanlon School District Consultant Cc: Sterling CAD Edmondson Ranch Wind, LLC O’Hanlon, Demerath & Castillo | 808 West Avenue | Austin Texas 78701 Telephone (512) 494-9949 | Facsimile (512) 494-9919 April 6, 2021 Sterling City Independent School District ATT: Superintendent Bob Rauch 700 7th Street Sterling City, Texas 76951 RE: Edmondson Ranch Wind, LLC Application for Appraised Value Limitation on Qualified Property Superintendent Rauch: In accordance with Section 313 of the Texas Property Tax Code, please find attached an application for an appraised value limitation on qualified property between Edmondson Ranch Wind, LLC and Sterling City Independent School District. -
American Electric Power Company, Inc. 12 June 2017 Electric Utility Holding Company
KPSC Case No. 2017-00179 KIUC First Set of Data Requests INFRASTRUCTUREDated August AND PROJECT 14, 2017 FINANCE Item No. 56 Attachment 1 Page 1 of 181 CREDIT OPINION American Electric Power Company, Inc. 12 June 2017 Electric Utility Holding Company Update Summary Rating Rationale American Electric Power Company’s (AEP) Baa1 rating and positive outlook are underpinned by the size and diversity of its regulatory jurisdictions and service territories. AEP's nine retail utility subsidiaries operate under eleven different state regulatory bodies and its transmission subsidiaries are regulated by the Federal Energy Regulatory Commission (FERC). AEP benefits RATINGS from a very stable earnings profile which over the past several years has yielded cash flow American Electric Power Company, Inc. from operations pre-working capital (CFO pre-WC) to debt metrics in the high-teens to Domicile Columbus, Ohio, United low twenty percent range. Cash flow stability is supported by AEP's current corporate States Long Term Rating Baa1 strategy of focusing on its core utility assets with more predictable earnings. AEP has been Type Senior Unsecured - successful in de-risking its business by reducing its exposure to the volatile merchant power Dom Curr markets through its recent sale of four Midwest merchant generating plants, and agreements Outlook Positive for the consolidation and/or shutdown of others, a credit positive. Going forward, AEP’s most significant growth area will be its transmission and distribution utilities. By 2019, we Please see the ratings section at the end of this report for more information. The ratings and outlook shown anticipate these less volatile businesses will make up over 45% of AEP’s consolidated cash reflect information as of the publication date. -
2014 Membership Directory
2014 MEMBERSHIP DIRECTORY Retail Energy Supply Association www.resausa.org About RESA RESA’S MEMBERS The Retail Energy Supply Association (RESA) represents competitive • AEP Energy, Inc. energy suppliers dedicated to creating and sustaining vibrantly • Champion Energy Services, LLC competitive electricity and natural gas markets for the benefit • ConEdison Solutions • Constellation of consumers. RESA is a broad and diverse group of retail energy • Direct Energy Services, LLC suppliers who share the common vision that competitive retail energy • GDF SUEZ Energy Resources NA, Inc. markets deliver a more efficient, customer-oriented outcome than the • Homefield Energy traditional regulated monopoly utility structure. • IDT Energy, Inc. • IGS Energy • Integrys Energy Services, Inc. RESA is structured as an organization on a state-by-state basis. Each • Just Energy state has a policy monitoring group for electric and/or natural gas • Liberty Power issues. The members of those groups elect a chair for their statelevel • MC Squared Energy Services, LLC • Mint Energy, LLC group, and collectively monitor policy developments related to • NextEra Energy Services electricity and natural gas retail competition, whether before state • Noble Americas Energy Solutions LLC Legislatures or regulatory commissions and administrative agencies. • NRG Energy, Inc. • PPL EnergyPlus, LLC • Stream Energy RESA is dedicated to working with all interested stakeholders to • TransCanada Power Marketing Ltd. promote vibrant and sustainable competitive retail electric and • TriEagle Energy, L.P. natural gas markets in the best interests of residential, commercial and industrial consumers. EXECUTIVE COMMITTEE President RESA’s membership of 21 retail suppliers of electricity and natural Melissa L. Lauderdale gas collectively operate in 16 states. Some members supply both Integrys Energy Services, Inc.