[Top News] from [REUTERS]
[Green Business]
REG focuses on UK wind, waste oil for growth
Thu Nov 19, 2009 8:53am EST
By Victoria Bryan
LONDON (Reuters) - Britain's Renewable Energy Generation is planning to significantly increase its wind power assets next year, while bringing its profitable waste cooking oil business to commercialization. Chief Executive Officer Andrew Whalley said the company planned to invest 100 million pounds ($166.6 million) over the next three years, mostly in expanding its operating wind assets.
"We've repaid all of our outstanding borrowing and have about 50 million pounds of cash on balance sheet, so enough to make the company quite a significant player in the renewables sector," he told Reuters in a telephone interview on Thursday.
While REG's main focus is wind energy, Whalley said REG is the only company in the UK that can turn waste cooking oil into fuel for electricity generation.
"It only needs a small investment of 5 million pounds over the next 12 months, which will take it to the stage where it can generate enough cash to fund itself internally," Whalley said.
REG, which currently has 21 Megawatts of operating wind assets in the UK, plans to have a further 16 MW up and running next year and is targeting to grow capacity to over 100 MW over the next few years.
Whalley said REG, which has a market cap of about 70 million pounds, would likely agree a corporate debt facility to bring the company up to the 100 million pounds it planned to invest overall.
"We've gone from being a relatively high risk lend for a bank to one of the lowest risk in the sector," he said, referring to the group's strong balance sheet following the sale of its Canadian operations earlier this year.
He was speaking after REG posted full-year results showing revenues of 5.6 million pounds and a pretax loss of 2.4 million pounds.
(Reporting by Victoria Bryan, Editing by Rosalba O'Brien)
($1=.6002 Pound)
[Green Business]
American Superconductor sees 80 percent jump in 2010 EPS
Thu Nov 19, 2009 9:09am EST
(Reuters) - American Superconductor Corp said it expects fiscal 2010 adjusted earnings per share to grow more than 80 percent, helped by a strong backlog and lower costs, and reaffirmed its outlook for the current financial year.
The company, which makes electrical systems for wind farms and turbines, expects adjusted earnings per share to be more than $1.15 for 2010.
With more than $300 million of fiscal 2010 backlog in hand, the company has a strong platform to grow total revenue to more than $400 million in the year, Chief Executive Greg Yurek said.
Shares of the company closed at $32.49 Wednesday on the New York Stock Exchange.
(Reporting by Divya Sharma in Bangalore; Editing by Ratul Ray Chaudhuri)
[Green Business]
Suntech third-quarter profit beats Street view
Thu Nov 19, 2009 9:11am EST
NEW YORK (Reuters) - Suntech Power Holdings Co Ltd posted a 30 percent drop in quarterly profit on Thursday, but the results topped Wall Street estimates, and the Chinese solar panel maker raised its forecast for full-year shipments.
The third-quarter net profit was $29.8 million, or 16 cents per American Depository share, compared with $42.6 million, or 25 cents per ADS, a year earlier.
That beat the 8 cents per share that analysts had on average forecast, according to Thomson Reuters I/B/E/S.
Revenue fell 20 percent to $473.1 million, topping the $426.6 million analysts were expecting.
Suntech said shipments for the fourth quarter would rise by 10 percent from the third quarter, and it increased its full-year shipment target to between 640 megawatts and 660 MW of solar modules from 600 MW.
(Reporting by Matt Daily; Editing by Lisa Von Ahn)
[Green Business]
FACTBOX: Russian offer deepens rich nations' CO2 cuts
Thu Nov 19, 2009 10:20am EST
OSLO (Reuters) - A Russian plan to toughen curbs on greenhouse gas emissions deepens combined cuts offered by industrialized nations to at most 17 percent below 1990 levels by 2020, Reuters calculations show.
Russia offered to tighten curbs from 1990 levels to between 22 and 25 percent by 2020, according to Vladimir Chizhov, Russia's ambassador to the European Union, in some rare good news before a U.N. climate summit in Copenhagen next month.
Russia is the world's number three greenhouse gas emitter behind China and the United States. Its previous offer had been to aim for curbs of 10 to 15 percent below 1990 levels by 2020.
The offer, at a summit with the EU in Stockholm, would d eepen overall cuts by developed nations to between 13 and 17 percent below 1990 levels, from 11 to 15 percent before Moscow's announcement.
It was unclear how far Russia will seek to exploit the natural ability of its vast forests to soak up carbon dioxide as part of its new target.
Russia's emissions, down since the collapse of inefficient smokestack industries of the former Soviet Union, were 34 percent below 1990 levels in 2007 so its goal means a rise in emissions in coming years.
In 2007, the U.N.'s Intergovernmental Panel on Climate Change outlined a scenario of cuts of between 25 and 40 percent by 2020 to avoid the worst of global warming such as droughts, heatwaves, species extinctions and rising seas.
Many developed nations such as China and India are demanding cuts of at least 40 percent by the rich by 2020.
Excluding the United States, which is the only industrialized nation outside the U.N.'s existing Kyoto Protocol, the Russian offer deepens overall cuts to 19 to 26 percent below 1990 levels by 2020 -- inside the IPCC range for a first time.
[Green Business]
EU carbon prices hover below 13.50 eur/t
Thu Nov 19, 2009 10:20am EST
LONDON (Reuters) - The benchmark contract for European Union carbon emissions futures hovered below 13.50 euros a tonne on Thursday afternoon, even though weaker oil and mild European weather pointed to greater losses, traders said.
EU Allowances (EUAs) were down 8 cents or 0.59 percent at 13.42 euros ($20.09) a tonne at 1449 GMT, with heavy volume at 4,104 lots.
"Prices are quite still around 13.50 euros. The fundamentals are telling us prices should be much lower as (unseasonably mild) weather forecasts are rather negative and oil is coming off," an emissions trader said.
Mild and wet conditions mean lower demand for electricity, thereby emissions permits.
Oil, German power and UK natural gas prices were all softer on Thursday.
"There are some people on the buy side, particularly on the spot market buying clips of 100,000 at a time. Someone is obviously in need of EUAs to buy ahead of Dec-09 contract expiry in December," the trader added.
The spread between the EUA Dec-09 and Dec-10 contracts was at a record low of 19 cents.
"If people had a short position in the Dec-09 contract they are rolling it to Dec-10 because it is close to the delivery date," another trader said.
Spot EUAs on France's BlueNext inched down 1 cent or 0.07 percent to 13.49 euros a tonne.
U.S. oil futures drifted lower on Thursday, hovering beneath the key $80 a barrel mark as gains in the dollar weighed on prices and doubts about the pace of demand recovery in the United States dampened sentiment.
German Calendar 2010 baseload power on the EEX was down 73 cents or 1.56 percent at 46.15 euros per megawatt hour.
U.N.-backed certified emissions reductions (CERs) were up 7 cents or 0.57 percent at 12.45 euros a tonne.
(Reporting by Nina Chestney; Editing by Keiron Henderson)
[Green Business]
FACTBOX: UK manufacturers of small wind turbines
Thu Nov 19, 2009 10:23am EST
(Reuters) - Britain's small wind sector is booming despite recession as more homes, farms or small business in rural areas in the country and the United States set up turbines in their yards, supported by government incentives.
Below are some facts and data about the sector:
What is small wind? -- In Britain, small wind turbines have capacity between zero and 50 kilowatts (KW), including micro turbines of up to 1.5 KW.
The United States, turbines with capacity of below 100 KW are called small wind.
How large is the market at present? -- UK's 2008 annual deployment was 7.24 MW, or 3,253 units, which raised the total installed capacity to 20.12 MW, or 10,621 units. It is expected to reach 32.1 MW this year. -- Global sales last year stood at 38.7 MW, or 19,000 units, worth $156 million. Sales in the United States, the world's biggest market, totaled 17.3 MW, 10,500 units, worth 77 million.
How big are UK exports? -- UK's manufacturers exported 3,204 units, worth 5.38 million pounds, last year. The 2009 exports were exported to jump to 9,537 units, worth 23.71 million pounds.
Who are the top manufacturers? It is estimated globally there are more than 200 manufacturers.
-- Southwest Windpower in the United States
-- Proven Energy Ltd in Scotland
-- Northern Power in the United States
Manufacturers in Britain include:
- Ampair (Boost Energy Systems)
- Evance (former Iskra Wind Turbines Ltd)
- Futurenergy
- Gaia-Wind Ltd
- Gazelle Wind Turbines Ltd
- Proven Energy Ltd
- Quietrevolution
- Renewable Devices Ltd
(Source: The British Wind Energy Association, the American Wind Energy Associaion)
(Reporting by Nao Nakanishi)
[Green Business]
REG focuses on UK wind, waste oil for growth
Thu Nov 19, 2009 8:53am EST
By Victoria Bryan
LONDON (Reuters) - Britain's Renewable Energy Generation is planning to significantly increase its wind power assets next year, while bringing its profitable waste cooking oil business to commercialization. Chief Executive Officer Andrew Whalley said the company planned to invest 100 million pounds ($166.6 million) over the next three years, mostly in expanding its operating wind assets.
"We've repaid all of our outstanding borrowing and have about 50 million pounds of cash on balance sheet, so enough to make the company quite a significant player in the renewables sector," he told Reuters in a telephone interview on Thursday.
While REG's main focus is wind energy, Whalley said REG is the only company in the UK that can turn waste cooking oil into fuel for electricity generation.
"It only needs a small investment of 5 million pounds over the next 12 months, which will take it to the stage where it can generate enough cash to fund itself internally," Whalley said.
REG, which currently has 21 Megawatts of operating wind assets in the UK, plans to have a further 16 MW up and running next year and is targeting to grow capacity to over 100 MW over the next few years.
Whalley said REG, which has a market cap of about 70 million pounds, would likely agree a corporate debt facility to bring the company up to the 100 million pounds it planned to invest overall.
"We've gone from being a relatively high risk lend for a bank to one of the lowest risk in the sector," he said, referring to the group's strong balance sheet following the sale of its Canadian operations earlier this year.
He was speaking after REG posted full-year results showing revenues of 5.6 million pounds and a pretax loss of 2.4 million pounds.
(Reporting by Victoria Bryan, Editing by Rosalba O'Brien)
($1=.6002 Pound)
[Green Business]
American Superconductor sees 80 percent jump in 2010 EPS
Thu Nov 19, 2009 9:09am EST
(Reuters) - American Superconductor Corp said it expects fiscal 2010 adjusted earnings per share to grow more than 80 percent, helped by a strong backlog and lower costs, and reaffirmed its outlook for the current financial year.
The company, which makes electrical systems for wind farms and turbines, expects adjusted earnings per share to be more than $1.15 for 2010.
With more than $300 million of fiscal 2010 backlog in hand, the company has a strong platform to grow total revenue to more than $400 million in the year, Chief Executive Greg Yurek said.
Shares of the company closed at $32.49 Wednesday on the New York Stock Exchange.
(Reporting by Divya Sharma in Bangalore; Editing by Ratul Ray Chaudhuri)
[Green Business]
Suntech third-quarter profit beats Street view
Thu Nov 19, 2009 9:11am EST
NEW YORK (Reuters) - Suntech Power Holdings Co Ltd posted a 30 percent drop in quarterly profit on Thursday, but the results topped Wall Street estimates, and the Chinese solar panel maker raised its forecast for full-year shipments.
The third-quarter net profit was $29.8 million, or 16 cents per American Depository share, compared with $42.6 million, or 25 cents per ADS, a year earlier.
That beat the 8 cents per share that analysts had on average forecast, according to Thomson Reuters I/B/E/S.
Revenue fell 20 percent to $473.1 million, topping the $426.6 million analysts were expecting.
Suntech said shipments for the fourth quarter would rise by 10 percent from the third quarter, and it increased its full-year shipment target to between 640 megawatts and 660 MW of solar modules from 600 MW.
(Reporting by Matt Daily; Editing by Lisa Von Ahn)
[Green Business]
FACTBOX: Russian offer deepens rich nations' CO2 cuts
Thu Nov 19, 2009 10:20am EST
OSLO (Reuters) - A Russian plan to toughen curbs on greenhouse gas emissions deepens combined cuts offered by industrialized nations to at most 17 percent below 1990 levels by 2020, Reuters calculations show.
Russia offered to tighten curbs from 1990 levels to between 22 and 25 percent by 2020, according to Vladimir Chizhov, Russia's ambassador to the European Union, in some rare good news before a U.N. climate summit in Copenhagen next month.
Russia is the world's number three greenhouse gas emitter behind China and the United States. Its previous offer had been to aim for curbs of 10 to 15 percent below 1990 levels by 2020.
The offer, at a summit with the EU in Stockholm, would d eepen overall cuts by developed nations to between 13 and 17 percent below 1990 levels, from 11 to 15 percent before Moscow's announcement.
It was unclear how far Russia will seek to exploit the natural ability of its vast forests to soak up carbon dioxide as part of its new target.
Russia's emissions, down since the collapse of inefficient smokestack industries of the former Soviet Union, were 34 percent below 1990 levels in 2007 so its goal means a rise in emissions in coming years.
In 2007, the U.N.'s Intergovernmental Panel on Climate Change outlined a scenario of cuts of between 25 and 40 percent by 2020 to avoid the worst of global warming such as droughts, heatwaves, species extinctions and rising seas.
Many developed nations such as China and India are demanding cuts of at least 40 percent by the rich by 2020.
Excluding the United States, which is the only industrialized nation outside the U.N.'s existing Kyoto Protocol, the Russian offer deepens overall cuts to 19 to 26 percent below 1990 levels by 2020 -- inside the IPCC range for a first time.
[Green Business]
EU carbon prices hover below 13.50 eur/t
Thu Nov 19, 2009 10:20am EST
LONDON (Reuters) - The benchmark contract for European Union carbon emissions futures hovered below 13.50 euros a tonne on Thursday afternoon, even though weaker oil and mild European weather pointed to greater losses, traders said.
EU Allowances (EUAs) were down 8 cents or 0.59 percent at 13.42 euros ($20.09) a tonne at 1449 GMT, with heavy volume at 4,104 lots.
"Prices are quite still around 13.50 euros. The fundamentals are telling us prices should be much lower as (unseasonably mild) weather forecasts are rather negative and oil is coming off," an emissions trader said.
Mild and wet conditions mean lower demand for electricity, thereby emissions permits.
Oil, German power and UK natural gas prices were all softer on Thursday.
"There are some people on the buy side, particularly on the spot market buying clips of 100,000 at a time. Someone is obviously in need of EUAs to buy ahead of Dec-09 contract expiry in December," the trader added.
The spread between the EUA Dec-09 and Dec-10 contracts was at a record low of 19 cents.
"If people had a short position in the Dec-09 contract they are rolling it to Dec-10 because it is close to the delivery date," another trader said.
Spot EUAs on France's BlueNext inched down 1 cent or 0.07 percent to 13.49 euros a tonne.
U.S. oil futures drifted lower on Thursday, hovering beneath the key $80 a barrel mark as gains in the dollar weighed on prices and doubts about the pace of demand recovery in the United States dampened sentiment.
German Calendar 2010 baseload power on the EEX was down 73 cents or 1.56 percent at 46.15 euros per megawatt hour.
U.N.-backed certified emissions reductions (CERs) were up 7 cents or 0.57 percent at 12.45 euros a tonne.
(Reporting by Nina Chestney; Editing by Keiron Henderson)
[Green Business]
FACTBOX: UK manufacturers of small wind turbines
Thu Nov 19, 2009 10:23am EST
(Reuters) - Britain's small wind sector is booming despite recession as more homes, farms or small business in rural areas in the country and the United States set up turbines in their yards, supported by government incentives.
Below are some facts and data about the sector:
What is small wind? -- In Britain, small wind turbines have capacity between zero and 50 kilowatts (KW), including micro turbines of up to 1.5 KW.
The United States, turbines with capacity of below 100 KW are called small wind.
How large is the market at present? -- UK's 2008 annual deployment was 7.24 MW, or 3,253 units, which raised the total installed capacity to 20.12 MW, or 10,621 units. It is expected to reach 32.1 MW this year. -- Global sales last year stood at 38.7 MW, or 19,000 units, worth $156 million. Sales in the United States, the world's biggest market, totaled 17.3 MW, 10,500 units, worth 77 million.
How big are UK exports? -- UK's manufacturers exported 3,204 units, worth 5.38 million pounds, last year. The 2009 exports were exported to jump to 9,537 units, worth 23.71 million pounds.
Who are the top manufacturers? It is estimated globally there are more than 200 manufacturers.
-- Southwest Windpower in the United States
-- Proven Energy Ltd in Scotland
-- Northern Power in the United States
Manufacturers in Britain include:
- Ampair (Boost Energy Systems)
- Evance (former Iskra Wind Turbines Ltd)
- Futurenergy
- Gaia-Wind Ltd
- Gazelle Wind Turbines Ltd
- Proven Energy Ltd
- Quietrevolution
- Renewable Devices Ltd
(Source: The British Wind Energy Association, the American Wind Energy Associaion)
(Reporting by Nao Nakanishi)
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