General Electric (GE) reported earnings on Friday, disappointing investors with poor results out of its energy infrastructure division. The CFO went so far as to say that the US wind market has collapsed with a 15% year over year decline in wind related business.
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Here are some highlights of the conference call related to their wind energy biz (transcript via Seeking Alpha)
Keith … Read the rest
American Superconductor Corporation has just announced the signing of a multi-year agreement with Sinovel worth $445 million. Per the new 30-month contract, AMSC will begin shipping core turbine electrical components early next year, when the company’s current contract with Sinovel expires.
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In a press release, Greg Yurek, founder and chief executive officer of AMSC, commented on the order:
We are proud to extend our strategic … Read the rest
American Superconductor (AMSC) has received an initial $20 million order from Ghodawat Energy of India for wind turbine electrical control systems. Ghodawat is a significant player in the India wind energy market, operating over 150 turbines that generate over 100MW of electricity across four states. The company has a capacity of 400 turbines per year and has begun manufacturing 1.65MW doubly fed wind turbines designed using AMSC’s proprietary technology. AMSC will begin shipping the electrical … Read the rest
A-Power Energy Generation Systems just announced that will work with US Renewable Energy Group and American Nevada Group to build a wind turbine production and assembly plant in Nevada. Once completed, the plant will be capable of producing 1,100 megawatts worth of advanced wind turbines each year.
The plant will also bring approximately 1,000 long-term jobs to Nevada, plus jobs generated by construction.
In a press release, John Lin, A-Power’s Director and COO, commented … Read the rest
FPL Group (FPL) beat Wall St estimates this morning, posting .79/share, but the positives stop there. Quarter over quarter revenue growth came to a halt for the the first time in a few years with a 12% decrease over the year ago quarter. Earnings also decreased from the year ago quarter.. by 9%.
The company attributed some of the weakness to its NextEra unit which was hit by the extension of a planned outage … Read the rest
FPL Group (FPL), the largest producer of solar and wind power in the US, got a Wells Fargo upgrade today from Market Perform to Outperform. Hat tip to StreetInsider.com for the following analyst comment:
“We believe shares deserve a premium valuation given a comparatively strong EPS growth and credit profile and below average earnings variability due to lower commodity price sensitivity…We project 5-year annual EPS growth of 7-8% (off a 2008 ongoing EPS base of … Read the rest
We’ll begin coverage of a new green stock beginning tomorrow as China Wind Systems has received approval to begin trading on the Nasdaq tomorrow under the ticker CWS. The company which had been trading OTC under the ticker CHWY is a leading supplier of forged products and equipment for the wind turbine market in China as well as other industries.
“We are honored to be approved to list on The NASDAQ Global Market, one of … Read the rest
Piper Jaffray is out reiterating its Overweight rating on American Superconductor (AMSC) this morning with a price target of $45.
Hat tip to StreetInsider.com for the following analyst comment:
“We reiterate our Overweight rating on increased visibility into China wind growth. Using a sum of the parts valuation, we value the AMSC Power Systems business at $44, based on ~34x our CY2010 segment GAAP EPS estimate of $1.30 (from $1.29) a premium with the leading … Read the rest
China’s CSR Zhuzhou Electric Locomotive Research Institute Co., Ltd. (“CSR-ZELRI”) has just placed a follow-on order with American Superconductor Corp for $10 million worth of wind turbine core electrical components, according to this . CSR-ZELRI will use the parts to build turbines using the 1.65 MW wind turbine design it licensed from AMSC’s subsidiary, AMSC Windtec. This is the largest that CSR-ZELRI has placed thus far, bringing the total amount of orders placed with AMSC … Read the rest
The US Renewable Energy Group and A-Power just signed a cooperation agreement to develop a new US wind turbine production and assembly plant. Once completed, the planned 3,200 square foot plant will be capable of producing 1,100 MW worth of advanced wind turbines every year.
The plant will employ 1,000 workers, as well as creating jobs in construction and in manufacturing the component parts of the wind turbines, which will be sourced here.
In a … Read the rest