NRG Energy plummets 17% after Texas snowstorm wreaks havoc on its financials
Wednesday, 17 March 2021, 18:50:48
Summary List Placement NRG Energy plunged as much as 17% on Wednesday after it said the February Texas snowstorm wreaked havoc on its financials. NRG Energy withdrew its previously issued 2021 guidance and now expects to record a $750 million loss. The utility company said pending legislative actions and resulting impacts “remain uncertain.” Sign up here for our daily newsletter, 10 Things Before the Opening Bell . NRG Energy led the S&P 500 lower on Wednesday, falling as much as 17% after the utility company said last month's Texas snowstorm wreaked havoc on its financials. NRG said it expects to record a $750 million loss related to the storm, and it withdrew its 2021 guidance as it sees additional uncertainties related to pending legislation and its potential impact on the company. In February, a week long snowstorm brought freezing temperatures and snow to Texas, which was ultimately hit with rolling blackouts as the state's electric grid became overwhelmed by the demand for energy.
— Business Insider
Which half of Exelon's biz will prosper post-breakup?
Thursday, 4 March 2021, 22:45:06
The power giant hopes its two businesses will be stronger apart than together. There are signs that may be true for one side of the operation. For the other? Not so much.
— Crain's Chicago
Texas Grid Operator Warns Of Defaults As Credit Crisis Develops
Thursday, 25 February 2021, 21:10:00
Texas Grid Operator Warns Of Defaults As Credit Crisis Develops The Texas energy crisis has morphed from a power grid failure to a humanitarian emergency to a credit crisis as billions of dollars in power bills come due. According to FT , electricity retailers, municipal utilities, and power generation companies were purchasing wholesale energy during the crisis when rates surged to a cap of $9,000 a megawatt-hour last week, owe a whopping $50 billion. ERCOT, the state's grid operator, warns that some market participants have yet to post collateral to cover some of the bills as defaults begin. Kenan Ogelman, ERCOT's vice-president of commercial operations, said market participants who buy power from them have to post collateral as a down payment on energy purchases. He said some entities have “failed to deliver it.” “Defaults are possible, and some have already happened,” Ogelman warned. Due to surging energy prices last week and the week before, collateral requirements jumped for power buyers.
— Zero Hedge
Exelon Reports Fourth Quarter and Full Year 2020 Results and Initiates 2021 Financial Outlook
Wednesday, 24 February 2021, 12:52:00
CHICAGO–(BUSINESS WIRE)–Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2020. “Our financial and operational performance remained solid through year-end, with each of our utilities reporting top-quartile reliability and record customer satisfaction scores, our zero-carbon nuclear fleet achieving a near-record capacity factor and our relationships with retail customers remaining durable as we continue to be a leading provider of clean
— Business Wire
Earnings Scheduled For February 24, 2021
Wednesday, 24 February 2021, 09:35:09
Companies Reporting Before The Bell • Pinnacle West Capital (NYSE: PNW ) is expected to report quarterly earnings at $0.04 per share on revenue of $715.74 million. • Itron (NASDAQ: ITRI ) is projected to report quarterly earnings at $0.30 per share on revenue of $569.75 million. • BGC Partners (NASDAQ: BGCP ) is expected to report quarterly earnings at $0.12 per share on revenue of $470.95 million. • Bausch Health Cos (NYSE: BHC ) is projected to report quarterly earnings at $1.12 per share on revenue of $2.17 billion. • Cheniere Energy Partners, LP Cheniere Energy Partners, LP Common Units (AMEX: CQP ) is expected to report quarterly earnings at $0.69 per share on revenue of $1.73 billion. • Casper Sleep (NYSE: CSPR ) is expected to report quarterly loss at $0.35 per share on revenue of $138.15 million. • Caesarstone (NASDAQ: CSTE ) is projected to report earnings for its fourth quarter. • China Yuchai Intl (NYSE: CYD ) is projected to report earnings for its fourth quarter. • Elanco Animal Health (NYSE: ELAN ) is estimated to report quarterly earnings at $0.
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