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Evanston, IL. Purchases Offset 20% Energy with Wind

The city of Evanston, Ill., has purchased 5.5 million kWh of renewable energy credits (RECs) from Baltimore-based Constellation NewEnergy to offset 20% of the city’s electricity use with wind energy. Under the agreement, the utility will serve the city’s combined peak demand load of approximately 19 million kWh per year, which is required to power several high-profile municipal facilities, including the Robert Crown Ice Arena, Evanston Art and Cultural Centers, the Ecology Center, the municipal water pumps, and the city’s parks and recreational facilities. 2005, the city was promoted to silver status by Clean Air Counts, a northeastern Illinois regional initiative to reduce greenhouse gas emissions.

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ACORE Announces REC Standard

The American Council On Renewable Energy (ACORE) announced the release of the long-anticipated standard form contract for national trading of Renewable Energy Certificates (RECs) also known as “green tags”. The Renewable Energy Certificate Purchase and Sale Agreement is now available for online. The agreement is a result of two years of collaboration through a working group organized by the American Council On Renewable Energy (ACORE), the Renewable Energy Resources Committee and Special Committee on Energy and Environmental Finance of the American Bar Association Section of Envrionment, Energy and Resources, and the Environmental Markets Association (EMA). Individuals and companies can use renewable resources to improve the environment by minimizing their own “carbon footprint.” Even if people are far from the renewable resource, through this agreement, they can acquire the renewable attributes of such energy no matter where they are located in the national energy grid without incurring transmission costs. Michael Eckhart, President of ACORE, stated, “This is an important step in creating a national system for REC trading, which will be essential to monetizing the environmental benefits of renewable energy and building those values into the long-term financing of the projects.” Active RECs markets maximize cost-effective resource allocation and allow states […]

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TXU, Exxon Mobil Among 10 'Climate Watch' Companies Targeted by Investors

A group of leading US investors today announced the formation of a Climate Watch List, a list of 10 companies that have been identified as lagging behind their industry peers in their responses to climate change. As part of this effort, investors have filed shareholder resolutions with the 10 companies -­ and 26 other US businesses ­- aimed at improving their focus and attention to the business risks and opportunities from climate change. The Climate Watch companies include influential electric power companies, oil producers, coal companies and other businesses that investors believe are not adequately dealing with potential climate-related business impacts, whether from physical changes, emerging climate regulations, or growing global demand for climate-friendly technologies and services. The resolutions are among a record 42 global warming resolutions filed with U.S. companies as part of the 2007 proxy season -­ nearly double the number of climate-related resolutions filed just three years ago. The resolutions, seeking greater disclosure from companies on their responses and strategies to climate-related business trends, were filed by state and city pension funds and labor, foundation, religious and other institutional shareholders. The filers collectively manage more than $200 billion in assets. Climate Watch companies include: Banking & Financial: […]

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Suzlon Bids For REpower Shares

Suzlon Wind Energy, a subsidiary of Denmark-based Suzlon Energy A/S, has made an offer to acquire German wind turbine manufacturer, REpower Systems AG. The company made a cash offer of 126 euros per share, equivalent to 1.02 million euros. Previously, nuclear power company AREVA Group SA, REpower’s largest single shareholder, issued a cash offer for the shares it does not already own for 105 euros per share, or 850 million euros.

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SolarWorld Reports 2006 Financial Results

SolarWorld AG revenues rose 45% in 2006 to 515 million EUR (previous year: 356 million EUR), beating its forecast. Earnings without considering the Shell solar acquisition, and before interest and taxes (EBIT) were 118 million EUR. After-tax annual results adjusted for these effects were 73 million EUR (previous year: 52 million EUR) – 40% higher. Including these one-time effects the EBIT doubled to 180 million EUR (previous year: 89 million EUR) and consolidated profits after tax increased to 130 million EUR. The group has thus been able to more than double its earnings in the third year in succession. The company says that the 2007 fiscal year has also got off to a good start. In January 2007, Group sales already increased by 36% over the same period last year due to exports.

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Itron Announces Q4, Year Results

Itron, Inc. (NASDAQ:ITRI) reported financial results for its fourth quarter and full-year ended December 31, 2006. Highlights include: Quarterly and full-year revenues of $160 million and $644 million; Quarterly and full-year new order bookings of $211 million and $652 million; Quarterly and full-year GAAP diluted EPS of $.28 and $1.28; Quarterly and full-year non-GAAP diluted EPS of $.56 and $2.39; and Full-year cash flows from operations of $95 million. “2006 was a banner year for Itron,” said LeRoy Nosbaum, chairman and CEO. “We set new records for revenue, backlog, non-GAAP earnings per share and cash flow from operations. We delivered results to our shareholders while continuing to build a platform to drive growth.” For the year, revenue was $644 million, an increase of 16.5% over 2005 revenue of $553 million. Gross margin of 41.5% in 2006 was lower than gross margin of 42.3% in 2005 due primarily to an increase in lower margin installation revenue in 2006. For Q4, revenue was $160 million, equal to revenue in the fourth quarter of 2005 although 250,000 fewer electricity meters were shipped in the 2006 quarter due to the substantial completion of the Progress Energy contract. Gross margin of 40.1% was slightly lower […]

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Millennium Cell Reports Q4, Year Results

Millennium Cell Inc. (NASDAQ: MCEL), a leading developer of hydrogen battery technology, reported a net loss for the quarter ended December 31, 2006 of $2.6 million, or $0.05 per share, as compared to $2.3 million, or $0.05 per share in the same period of 2005. The net loss increase was directly attributable to approximately $0.4 million of acquisition related In-Process Research and Development charges and $0.2 million of other expenses associated with the Company’s acquisition of Gecko Energy Technologies Inc. on December 29, 2006. The Company reported a net loss for the year ended December 31, 2006 of $12.1 million, or $0.25 per share, as compared to $14.6 million, or $0.34 per share for the year ended December 31, 2005. The improvement in net loss year over year was primarily attributable to revenues and cost reimbursements of $2.1 million compared with $1.4 million in the prior year, as well as lower professional fees in 2006. Interest expense was also reduced due to fewer conversions of debt and related non cash interest charges in 2006 than in 2005. “We accomplished a number of our key objectives for 2006 and have been extremely successful in many of our focus areas. Together with […]

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