Avangrid faces lower renewables profits in Q4 2018

Avangrid | February 20, 2019

The renewables division of Avangrid Inc (NYSE:AGR) booked a significant drop in net profit for the fourth quarter and full 2018 but enjoyed an increase in wind power generation in both periods. Avangrid, part of Spain’s Iberdrola (BME:IBE), explained on Tuesday that the drop in profits as compared to the year-ago period reflects a USD-301-million (EUR 265.2m) benefit from tax reform measurements in 2017. The renewables division’s net profit in October-December 2018 came at USD 7 million, down from USD 218 million a year before. Earnings per share (EPS), respectively, declined to USD 0.02 from USD 0.70, while on an adjusted basis, they climbed to USD 0.12 from USD 0.02.

Spotlight

This growing trend of decentralization in electricity networks extends beyond energy to everyday life. From the many ways we listen to music and watch movies, to the instant precision that comes with 3D printing, decentralization allows consumers to demand more flexibility and customization of goods and services. In the energy sector, decentralized, or distributed, energy will have profound effects on the way we produce and consume energy in homes, businesses, industries, and cities across the world. Distributed generation technologies will be a cornerstone of tomorrow’s electricity grid in both mature and emerging economies, where decentralization enables wider access to electricity

Spotlight

This growing trend of decentralization in electricity networks extends beyond energy to everyday life. From the many ways we listen to music and watch movies, to the instant precision that comes with 3D printing, decentralization allows consumers to demand more flexibility and customization of goods and services. In the energy sector, decentralized, or distributed, energy will have profound effects on the way we produce and consume energy in homes, businesses, industries, and cities across the world. Distributed generation technologies will be a cornerstone of tomorrow’s electricity grid in both mature and emerging economies, where decentralization enables wider access to electricity

Related News

ENERGY

Devon Energy Partners With Omnia Midstream to Integrate Renewable Energy Into Operations in Delaware Basin

Omnia Midstream Partners | March 01, 2022

Omnia Midstream Partners, LLC announced a development agreement to integrate renewable energy into the operations of Devon Energy Corp’s Stateline field located in the Delaware Basin. The project will include significant benefits for the producer’s stakeholders through carbon emissions reduction, competitively priced electricity, economic value in the investment, and improved well run-time from a self-generated, emission-free source of electricity that will enhance the stability of its private electric grid. Omnia Midstream Partners, LLC, a Tulsa, Oklahoma based energy solutions developer and advisor, worked with Devon to integrate emissions-reducing renewable energy and battery storage into its power supply to supplement a highly dynamic upstream and midstream power demand. Omnia specializes in creating sustainable environmental solutions for upstream and midstream energy operations. The project integrates the latest photovoltaic and battery technologies into the company’s upstream oil and gas operations to reduce emissions and improve efficiency across the business. Design of the project incorporates American made solar panels, inverters, and battery storage to support dynamic power demand on the company’s private electric grid. Moreover, the design incorporates data generated from Devon’s existing platforms, then utilizes predictive analytics and insights to ensure that the renewable energy is being put to efficient use; lowering costs and providing a competitive advantage for future growth. Projects such as this one are a step toward delivering on the industry’s goals to achieve net zero Green House Gas emissions for direct and indirect sources by 2050. Renewables can drive responsible growth in the traditional energy sector. Our approach combines experience, data analytics, and renewable technologies to deliver sustainable energy transformations for oil and gas companies.” Chad Cagle, Omnia’s co-founder He said a key element of the process has been Devon’s preference toward employing technology driven solutions for complex problems that require innovative solutions. Because of the collaborative approach Omnia has been able to develop other applications for solar energy in the upstream space that will be attractive to other companies. Cagle also points out the tremendous backlogs of large-scale renewable projects seeking interconnection agreements with various utilities. “By focusing on our client’s specific, smaller-scale, operational needs downstream of the utility meter, we can quickly implement a solar and battery solution to improve reliability, runtime, reduce operating costs, and most importantly reduce carbon footprint without the lengthy approval process necessary for larger scale projects.” About Omnia Midstream Partners Omnia Midstream Partners, LLC uses innovative solutions to solve problems and create value in the energy industry. With over 60 years of combined experience across the upstream and midstream sectors, Omnia leverages experience, technology, and data analytics to help clients extract value from their current assets, achieve Environmental, Social, and Governance goals, and build an asset-based renewable energy portfolio to drive long-term success.

Read More

Wind Energy Market Projected to Exceed $160 Billion by 2026, Says Global Market Insights Inc.

Prnewswire | September 29, 2020

Wind energy installations across offshore locations are anticipated to grow on account of increasing investments in offshore infrastructure coupled with growing energy demand in the coastal areas. In addition, favorable regulatory policies for sustainable energy, a steady supply of wind and high CUF are some of the prominent factors augmenting the wind energy market growth across offshore locations.

Read More

SOLAR+STORAGE

Trussville Storage receives USDA grant for solar power installation

Trussville Storage | December 30, 2021

Trussville Storage, an Alabama-based self-storage company, along with Jefferson County Commissioner Joe Knight, announce the receipt of a grant from the USDA for the installation of its solar power installation at 7900 Gadsden Highway in Trussville. In January 2021 Trussville Storage began its investigation of adding solar power to its facility on Gadsden Highway in Trussville. Despite limited inventory of materials and a disrupted supply chain, installation proceeded on schedule. The system has been operational since early November. "The availability of a grant from the USDA was an important factor in moving forward with the project proposed by Eagle Solar & Light" say David Protiva and Mark Titshaw of Trussville Storage. "We expect to cover about 61% of our energy use with this installation and even can sell power back to Alabama Power at times." Commercial solar in Alabama not only generates exceptional financial returns, as we have utility rates well in excess of the national average, but is also the best step toward achieving corporate sustainability goals. Climate controlled self-storage facilities produce energy consumption profiles that fit daily and weekly solar energy generation parameters very well." Samuel Yates, CEO of Eagle Solar & Light Jefferson County Commissioner Joe Knight said "we welcome the new owners of Trussville Storage, David Protiva and Mark Titshaw, to Jefferson County and to the City of Trussville. I am impressed with their innovative approach of using solar power to partially supply the energy needs at this expanded facility on Highway 11. Jefferson County has come a long way in the last few years and we are excited about the direction in which we are heading. We look forward to other new businesses that will be coming to our county." Trussville Storage manager, Kelly Epps, said, "The new owners have been working hard since November 2020 to make sure this facility remains the best self-storage facility in the area. Earlier this year, we completed our transition to all LED lighting and now with the solar power, the owners are showing again they want to be responsible corporate citizens." About Trussville Storage Trussville Storage is a self-storage facility located in Trussville, AL. The facility offers over 53,000 square feet of rentable storage space, both in climate-controlled units and in non climate-controlled units. The company is currently building an additional building which will offer over 13,000 additional square feet of climate-controlled storage space. About Jefferson County Jefferson County is a County in U.S. state of Alabama. Its location includes the city of Birmingham and suburban areas. The population estimate was 658,000 in 2019.

Read More