BANGALORE (Reuters) – U.S. power companies Alliant Energy (LNT.N: Quote, Profile, Research, Stock Buzz), DPL Inc (DPL.N: Quote, Profile, Research, Stock Buzz) and Calpine (CPN.N: Quote, Profile, Research, Stock Buzz) followed their larger peers in posting strong profits and indicating a solid finish to the year, as they too reaped the benefits of a hot summer and an improving economy.

While a colder winter drove first-quarter earnings power companies, the warmer-than-normal summer propped the second and third quarters.

Out of the nearly 15 utilities that reported so far — including Duke Energy (DUK.N: Quote, Profile, Research, Stock Buzz), Xcel Energy (XEL.N: Quote, Profile, Research, Stock Buzz), Southern Co (SO.N: Quote, Profile, Research, Stock Buzz) and CenterPoint Energy (CNP.N: Quote, Profile, Research, Stock Buzz) — almost all have either raised or backed their full-year outlook, giving the recovery in the U.S. economy a stamp of approval.

According to the Energy Information Administration (EIA), July and August heat, especially across the Midwest and Northeast United States, may push second-half power use up by 5.2 percent — a potential wake-up call for the utilities that delayed plans to add new nuclear and coal-fired plants during the recession.

Electricity use rose more than 4 percent in the first half as higher industrial sales of both electricity and gas signals resurgence in demand.

The power utility sector sub-index is up around 15 percent since late-May, just outpacing the broader Dow Jones Industrial Average .DJI.

Madison, Wisconsin-based Alliant’s adjusted quarterly profit jumped 70 percent, comfortably beating estimates. Revenue rose 7 percent and the company raised its full-year profit outlook.

BANGALORE, Oct 28 (Reuters) – In a strong indication that the U.S. economy is gradually finding its feet, and boosted by a hotter-than-normal summer, power utilities Duke Energy (DUK.N: Quote, Profile, Research, Stock Buzz) and Xcel Energy (XEL.N: Quote, Profile, Research, Stock Buzz) posted their best profits in at least 20 quarters, and were upbeat about the rest of the year.

Near-record temperatures across much of the United States fuelled higher electricity usage this summer than last, according to the nation’s electricity grid operators — also a potential wake-up call to utilities that delayed plans to add new nuclear and coal-fired plants during the recession.

The power utility sector sub-index is up around 15 percent since late-May, just outpacing the broader Dow Jones industrial average .DJI.

Charlotte, North Carolina-based Duke posted a six-fold rise in third-quarter profit, hiked its full-year profit view for a second time, and gave the economy a thumbs-up. [ID:nN28277258]

“While the weather was a predominant factor for the quarter, we also saw signs of continued improvement in the economy as evidenced by our increased industrial sales volumes,” Duke CEO James Rogers said in a statement.

The latest third quarter was the hottest in the Carolinas since at least 1961, Duke said, adding that temperatures were also significantly above normal in the Midwest.

Duke distributes electricity to more than 3.9 million customers in the Carolinas, Kentucky, Indiana and Ohio.

BANGALORE (Reuters) – Quicksilver Resources Inc (KWK.N: Quote, Profile, Research, Stock Buzz) refused to amend its rights plan in the absence of a definite buyout proposal, preventing its largest shareholder group from launching any potential joint bid for the oil and gas company with other shareholder groups.

Quicksilver Resources on Monday said it signed a confidentiality agreement with an investor group that controls more than 28 percent of stake and includes its Chief Executive Glenn Darden, Chairman Thomas Darden, and Darden family controlled Quicksilver Energy LP.

Last week, the investor group had requested Quicksilver Resources to amend it rights plan so that the group could hold talks with the company’s second largest shareholder SPO Partners — owner of about 15 percent — regarding a potential deal or other strategic alternatives for the company.

However, neither SPO nor the group made any concrete offer or gave further details of their plans.

“The transaction committee … does not intend to waive certain restrictions of the company’s shareholder rights plan, as requested by the investor group, until it receives and evaluates a proposal from the investor group,” the company said in a statement.

The existing rights plan is set to trigger at 15 percent, but excludes the Darden family’s stake. An amendment to the plan would have enabled the family to hold talks with SPO regarding taking the company private or any other deal, according to the statement.

Quicksilver Resources declined to divulge further details regarding any transaction. SPO Partners could not immediately be reached for comment.

BANGALORE, Oct 11 (Reuters) – Oil & natural gas company Venoco Inc (VQ.N: Quote, Profile, Research, Stock Buzz) said its first horizontal well in the oil-rich Monterey shale could be uneconomical, and trimmed its full-year production view, dragging its shares to a seven-week low.

Shares of the Denver-based company fell 16 percent to a low of $16.53 Monday on the New York Stock Exchange. The stock had rallied in the last year on speculation surrounding the result from the California shale play.

“The company’s first horizontal well — which was drilled in the San Joaquin Valley to a total measured depth of 14,000 feet — is testing with a very high water cut and will probably be uneconomic,” Venoco said in a statement.

Jefferies analyst Biju Perincheril, who has a “hold” rating on the stock, said the disappointing results from the shale could weigh on it for a while.

Venoco cut its production outlook to account for reduced activity in the Sacramento basin in northern California due to weak gas prices NGc1, which have fallen more than 30 percent year to date. Gas makes up the bulk of Venoco’s production.

For the full year, the company now expects production to come in at 18,600 barrels of oil equivalent per day.

“As a result of continued depressed natural gas prices, along with our activity in the onshore Monterey shale, we have reduced our focus in the area (Sacramento basin) for the time being,” Chief Executive Tim Marquez said.

BANGALORE (Reuters) – Shares of Canadian Solar Inc fell 13 percent on Friday, a day after the Chinese solar firm failed to allay fears surrounding a regulatory probe on its accounting methods, and reported weak quarterly profit and shipment outlook.

Despite the company signaling an end to its internal audit committee investigation unless new information coming to light, analysts fear that without any comment from the U.S. Securities and Exchange Commission (SEC), the probe was far from over.

The solar modules maker, valued at about $500 million, had delayed reporting its full first-quarter results after getting a subpoena from the SEC in June.

Canadian Solar’s accounting issue could hurt the company’s ability to secure supply in a tight market, Jefferies & Co analysts said, pointing to the company’s expectations of a sequential fall in second-quarter module shipments.

“They restated their results, giving people lack of confidence in management credibility; the SEC inquiry is unresolved … this might linger for a long time,” analysts at Jefferies, who rate the stock “hold,” told Reuters.

Solar companies, which have been seeing blistering growth based on their potential, have come under regulatory scrutiny for alleged accounting irregularities, sparking fears that more cases could start to surface.

The company’s shares, which fell 21 percent in the two days from June 1 surrounding the news of the regulatory probe, dropped a further 13 percent to a one-week low of $10.88 Friday on Nasdaq.

BANGALORE, Aug 20 (Reuters) – Shares of Canadian Solar Inc (CSIQ.O: Quote, Profile, Research, Stock Buzz) fell 13 percent on Friday, a day after the Chinese solar firm failed to allay fears surrounding a regulatory probe on its accounting methods, and reported weak quarterly profit and shipment outlook.

Despite the company signaling an end to its internal audit committee investigation unless new information coming to light, analysts fear that without any comment from the U.S. Securities and Exchange Commission (SEC), the probe was far from over.

The solar modules maker, valued at about $500 million, had delayed reporting its full first-quarter results after getting a subpoena from the SEC in June. [ID:nN01170500]

Canadian Solar’s accounting issue could hurt the company’s ability to secure supply in a tight market, Jefferies & Co analysts said, pointing to the company’s expectations of a sequential fall in second-quarter module shipments.

“They restated their results, giving people lack of confidence in management credibility; the SEC inquiry is unresolved … this might linger for a long time,” analysts at Jefferies, who rate the stock “hold,” told Reuters.

Solar companies, which have been seeing blistering growth based on their potential, have come under regulatory scrutiny for alleged accounting irregularities, sparking fears that more cases could start to surface. [ID:nTOE65R04]

The company’s shares, which fell 21 percent in the two days from June 1 surrounding the news of the regulatory probe, dropped a further 13 percent to a one-week low of $10.88 Friday on Nasdaq.

BANGALORE (Reuters) – They were the eyes of the world on BP’s Gulf of Mexico oil leak, and grainy videos of their work 5,000 feet below the ocean surface scored almost as many YouTube hits as the football World Cup final highlights.

Now, Remotely Operated Vehicles (ROVs) are set to be a growth niche market as oil majors beef up the safety of their offshore operations under tougher government rules likely to demand more inspections of underwater equipment.

The high profile of the role played by ROVs in the months-long BP underwater drama is likely to attract new entrants into a market dominated by a handful of companies.

Market leader Oceaneering International, the operator of the ROVs that provided live feeds of the BP well spewing millions of gallons of crude into the sea, has raised its third-quarter profit view and is well placed to be a major beneficiary of market growth.

Analysts noted the decent returns available in the ROV sector, where a day’s rental of ROV packages — including cameras and control and maintenance vans — is $5,000-$6,000 (3,224 pounds-3,870 pounds).

There are around 720 ROVs operating globally, each costing $3-$6 million. Oceaneering has a leading 35 percent market share.

The World ROV Market Report 2010-14 forecasts rapid recovery and expenditure from a 2009 low, growing to $3.2 billion by 2014.

BANGALORE (Reuters) – They were the eyes of the world on BP’s Gulf of Mexico oil leak, and grainy videos of their work 5,000 feet below the ocean surface scored almost as many YouTube hits as the soccer World Cup final highlights.

Now, Remotely Operated Vehicles (ROVs) are set to be a growth niche market as oil majors beef up the safety of their offshore operations under tougher government rules likely to demand more inspections of underwater equipment.

The high profile of the role played by ROVs in the months-long BP (BP.L: Quote, Profile, Research) underwater drama is likely to attract new entrants into a market dominated by a handful of companies.

Market leader Oceaneering International (OII.N: Quote, Profile, Research), the operator of the ROVs that provided live feeds of the BP well spewing millions of gallons of crude into the sea, has raised its third-quarter profit view and is well placed to be a major beneficiary of market growth.

Analysts noted the decent returns available in the ROV sector, where a day’s rental of ROV packages — including cameras and control and maintenance vans — is $5,000 (3,228.72 pounds)-$6,000.

There are around 720 ROVs operating globally, each costing $3 (1.94 pounds)-$6 million. Oceaneering has a leading 35 percent market share.

The World ROV Market Report 2010-14 forecasts rapid recovery and expenditure from a 2009 low, growing to $3.2 billion (2.0 billion pounds) by 2014.