LOS ANGELES (Reuters) – SunPower Corp (SPWR.O: Quote, Profile, Research, Stock Buzz) on Wednesday reported a higher-than-expected profit, raised its 2013 earnings outlook and announced investment in a new factory, a move it said signaled the global solar market has turned around.
Wall Street initially cheered the results, sending SunPower shares up in after-market trading. The stock later reversed course to trade down 3 percent when the company’s chief executive gave a 2014 earnings per share forecast that fell short of expectations due to expenses for the new plant and a higher share count.
LOS ANGELES, Oct 30 (Reuters) – SunPower Corp on
Wednesday reported a quarterly profit that soared past
expectations, raised its earnings outlook for the year and said
it will invest in a major new factory, a move it said signaled
that the global solar market has turned around.
Wall Street initially cheered the results, sending SunPower
shares up in after-market trading, but the stock later reversed
course to trade down 3 percent at $30.90.
(Reuters) – U.S. coal miner Arch Coal Inc (ACI.N: Quote, Profile, Research, Stock Buzz) on Tuesday reported disappointing third-quarter results and cut its production outlook for steelmaking coal for the second time this year while rival CONSOL Energy Inc (CNX.N: Quote, Profile, Research, Stock Buzz) reported earnings that slightly topped estimates due to strict cost controls.
Both companies’ shares fell, with Arch shares down 3 percent at $4.03 and CONSOL down 1.3 percent at $37.46.
LOS ANGELES (Reuters) – California’s non-solar homeowners are paying a growing share of maintaining the power grid under a controversial state policy, while ratepayers with solar rooftops are paying less, a report commissioned by the state’s utility regulator said on Thursday.
The report, which was issued by the California Public Utilities Commission but performed by an outside research firm, forecast that in 2020, the policy of “net metering” would cost $1.1 billion a year. It will shift about $359 million in costs a year from customers with solar panels to other ratepayers. Residential customers who have no solar panels would bear about $287 million of those costs.
(Reuters) – Falling prices and growing acceptance of home solar power is sparking a challenge to major financiers who have anchored the U.S. industry using leases, as smaller banks and other lenders rush to offer homeowners loans to buy systems.
Loans offer homeowners a path to solar system ownership and the opportunity to capture for themselves federal tax credits worth 30 percent of the value.
LOS ANGELES, Sept 12 (Reuters) – California lawmakers on
Thursday voted to reform the state’s electricity rate structure,
a move aimed at lowering bills for high energy consumers in the
state’s sweltering inland regions.
The bill, known as AB 327, was backed by the state’s three
investor-owned utilities: Southern California Edison, a unit of
Edison International, Pacific Gas & Electric, a unit of
PG&E Corp, and San Diego Gas & Electric, a division of
Sempra Energy. They argued that higher usage customers,
many of which are lower to moderate income households, have
borne the majority of the state’s electricity rate increases
since certain restrictions were introduced amid the California
energy crisis 12 years ago.
LOS ANGELES, Aug 13 (Reuters) – SolarCity Corp said
on Tuesday it will buy direct-marketing solar company Paramount
Solar for about $120 million in a deal intended to help cut the
cost of acquiring new customers.
Paramount Solar is majority-owned by Guthy Renker LLC, the
direct marketing company best-known for its Proactiv skin care
line. Guthy Renker’s chief executive, Ben Van de Bunt, is
expected to join SolarCity’s board of directors later this year.
SAN FRANCISCO/LOS ANGELES (Reuters) – California, whose green ambitions helped the solar and wind industries take root, is taking an essential next step by proposing a sharp rise in energy storage to better integrate renewable power with the rest of the grid.
Power from sun and wind fluctuates dramatically, so capturing it for later use makes the supply more predictable.
SAN FRANCISCO/LOS ANGELES, Aug 12 (Reuters) – California,
whose green ambitions helped the solar and wind industries take
root, is taking an essential next step by proposing a sharp rise
in energy storage to better integrate renewable power with the
rest of the grid.
Power from sun and wind fluctuates dramatically, so
capturing it for later use makes the supply more predictable.
LOS ANGELES (Reuters) – First Solar Inc (FSLR.O: Quote, Profile, Research, Stock Buzz) on Tuesday reported quarterly earnings and revenue well short of expectations and slashed its outlook for the year due to construction delays for a large project and a decision to sell two projects only after they are finished.
The company’s shares slid 9 percent in extended trade.
First Solar also said it is acquiring the intellectual property of General Electric Co’s (GE.N: Quote, Profile, Research, Stock Buzz) cadmium telluride solar technology and entering into a partnership with the company that will raise operating costs this year. It will issue 1.75 million shares to GE as part of the deal, making GE one of First Solar’s 10 biggest shareholders.