uil holdings corp (UIL) Key Developments
UIL Holdings Corporation and Fuelcell Energy, Inc. to Install Power Generation Facility at Natural Gas Pressure-Reduction Facility in Glastonbury, Connecticut
Dec 4 14
UIL Holdings Corporation and FuelCell Energy Inc. announced they will install a power generation facility that takes advantage of unspent energy at a natural gas pressure-reduction facility in Glastonbury, Connecticut. The new 3.4-megawatt Direct FuelCell Energy Recovery Generator plant will be manufactured and installed by FuelCell Energy Inc. at a gate station owned by UIL subsidiary Connecticut Natural Gas Corporation, where natural gas is converted from high to low pressure. The facility will include a 2.8-megawatt Direct FuelCell DFC3000 fuel cell power plant, accompanied by a turbo expander that will produce an additional 600 kilowatts of clean, class-1 renewable power by harnessing energy that is otherwise unused during the station's natural gas pressure-reduction process. The turbo expander uses this energy to spin a turbine and generate electricity. Heat from the fuel cell will support this process, improving the station's carbon footprint and enhancing the project's economics. UIL purchased the power plant through a wholly owned subsidiary, UIL Distributed Resources, LLC. FuelCell Energy Inc. will manufacture and install the plant and then remotely operate it, providing maintenance under a long-term service agreement. The electricity it generates will be sold to The Connecticut Light and Power Company under a 20-year contract. It is expected to begin producing power by the end of 2015. Natural gas is transmitted under high pressure, and the pressure must be reduced prior to distributing it to homes and businesses. The DFC-ERG solution takes advantage of the energy released by the letdown station's pressure-reduction process to turn a turbine and generate electricity. Thermal energy from the fuel cell supports this pressure reduction power generation process. Letdown stations are located near the points of use for natural gas, and a city will typically have a number of these stations within the urban area and surrounding suburbs.
UIL Holdings Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Revised Earnings Guidance for the Full Year 2014
Nov 4 14
UIL Holdings Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported operating revenues were $293,026,000 compared to $316,478,000 for the same period a year ago. Operating income was $34,152,000 compared to $22,659,000 for the same period a year ago. Income before income taxes was $17,490,000 compared to $9,343,000 for the same period a year ago. Net income attributable to the company was $12,498,000 or $0.22 per basic and diluted share compared to $5,144,000 or $0.10 per basic and diluted share for the same period a year ago.
For the nine months, the company reported operating revenues were $1,198,982,000 compared to $1,183,591,000 for the same period a year ago. Operating income was $174,838,000 compared to $162,127,000 for the same period a year ago. Income before income taxes was $112,548,000 compared to $119,902,000 for the same period a year ago. Net income attributable to the company was $77,293,000 or $1.35 per diluted share compared to $74,859,000 or $1.46 per diluted share for the same period a year ago. Earnings for the quarter and year to date 2014 were negatively impacted by non-recurring items. The decrease in earnings for the first nine months of 2014 was mainly due to increased uncollectible expense.
The company is revising its 2014 earnings guidance from $1.94 to $2.14 per diluted share to $1.80 to $2.00 per diluted share and its 2014 Consolidated net income guidance from a range of $110 million to $122 million to a range of $103 million to $114 million. The revisions reflect increased acquisition-related expenses related to Philadelphia Gas Works and regulatory reserves, which relate primarily to UIL's current assessment of the ultimate outcome of the FERC ROE proceedings. Excluding the impact of these non-recurring items, UIL has narrowed its 2014 earnings guidance range from $2.15 to $2.35 per diluted share to $2.17 to $2.33 per diluted share. On a net income basis, excluding these non-recurring items, UIL's 2014 earnings guidance is narrowed from a range of $122 million to $134 million to a range of $124 million to $133 million. The change in guidance reflects the impact of year-to-date earnings, which now include three quarters of actual results.
UIL Holdings Corporation Declares Quarterly Dividend, Payable on January 2, 2015
Oct 28 14
UIL Holdings Corporation announced that its Board of Directors declared a quarterly dividend of $0.432 per share on its common Stock at board meeting held on October 28, 2014. This dividend is payable January 2, 2015 to shareowners of record at the close of business on December 17, 2014.
UIL Holdings Corporation, Board Meeting, Oct 28, 2014
Oct 28 14
UIL Holdings Corporation, Board Meeting, Oct 28, 2014. Agenda: To declare quarterly dividend.
UIL Holdings Corporation to Report Q3, 2014 Results on Nov 04, 2014
Oct 14 14
UIL Holdings Corporation announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Nov 04, 2014