Some good news and bad news out of Echelon (ELON) tonight. The company reported a narrower loss than what Wall St expected, but the CEO announced he was stepping down to battle lung cancer but will remain on the Board as an adviser. Well wishes to you Mr. Oshman.
The company reported a non GAAP EPS loss of .11/share which was much better than the .24/share loss Wall St expected. Revenues came in a bit … Read the rest
This morning EnerNOC (ENOC) announced it has extended an agreement with the state of Connecticut to continue to provide its demand response services through 2014. The company has provided the state with its services since 2006, helping them to earn more than $4 million in demand response payments from EnerNOC. The payments to the state are quarterly and based on the decrease of energy use during peak demand, stabilizing energy costs and reducing the risk … Read the rest
As expected, Itron (ITRI) didn’t post great results after the bell today and that’s been the case for much of the past year as utilities continue to curb spending. The company posted an EPS of .45, missing analyst estimates by .07 on revenues of $408 million which also misses estimates ($418 million). The stock isn’t getting hit too hard after hours because expectations were low going in and most traders recognize that with stimulus … Read the rest
I came across a Reuters article today discussing the Itron (ITRI) earnings report tomorrow and they believe (along with a few analysts) that Itron will report poor results tomorrow after the bell due to a cut back on spending from utilities, but are bullish longer term. I would like nothing more than for Itron to miss by a wide margin tomorrow so that I can continue to add to a long term position at a … Read the rest
The Obama administration announced today which smart grid projects will receive $3.4 billion in federal funding. A Dept of Energy official has said that about 25% of the projects that applied for funding received a boost from the government with awards ranging from $400K up to $200 million for single projects. The smart grid stimulus is expected to help get 18 million more advanced metering systems installed throughout the US.
Here are the utilities receiving … Read the rest
It was announced this morning that the retail biz of GDF SUEZ has teamed up with Comverge (COMV) in order to offer its commercial and industrial customers demand response services to help them decrease energy usage and cost. GDF SUEZ is currently the 2nd largest provider of non residential energy, so this is a significant win for Comverge. At first, the ERCOT, NEPOOL, NYISO and PJM territories (whatever that means) will be served with additional … Read the rest
Deutsche Bank is out this morning upgrading Itron (ITRI) to Buy and raising the price target to $70.
Hat tip to StreetInsider.com for the following analyst comment:
“We encourage investors to accumulate shares as we believe 1) sentiment and forward est’s will trough within the next month, 2) there are numerous positive catalysts on the horizon and 3) Itron’s valuation is attractive (14.5x CY11 EPS). While there is risk to the Street’s 3Q est, we … Read the rest
In just a few weeks on December 7th, a secret meeting of world leaders takes place that will undoubtedly go a long way in shaping how we live our lives. .. from the kinds of cars we drive, to how many hours we can run hot water, to how much we pay in electricity bills each month. The COP15 Climate Change conference in Denmark will provide extraordinary profit opportunities in what venture capitalist firm Kleiner … Read the rest
American Superconductor is forming AMSC Korea to accelerate a push into a growing market for wind energy and power grids. The new HQ will reside in Busan, South Korea and house engineering, sales, biz development and field support for AMSC customers which currently include LS Cable, KEPCO, KEPRI, KERI, Doosan Heavy Industries and Hyundai Heavy Industries.
Dan McGahn, senior VP of AMSC, said, “The country is investing billions of dollars to bolster its power grid … Read the rest
Itron (ITRI) has begun a 3 year deployment of 4 million OpenWay smart meter systems for So Co Edison’s residential and small commercial customers.
Senior VP of SCE, Lynda Ziegler, said, “These new digital, secure, two-way communicating meters will measure electricity usage up-to-the minute and, when fully implemented, will enable customers to track how much they use, and how much it costs them. As part of its Edison SmartConnect(TM) program, SCE plans to offer customers … Read the rest