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(Reuters) - Natural gas suppliers, pipeline companies and banks that trade commodities have emerged as the biggest market winners from February s U.S. winter blast that roiled gas and power markets, according to more than two dozen interviews and quarterly earnings reports.
The deep freeze caught Texas s utilities off-guard, killed more than 100 people and left 4.5 million without power. Demand for heat pushed wholesale power costs to 400 times the usual amount and propelled natural gas prices to record highs, forcing utilities and consumers to pay exorbitant bills.
After the storm, few companies wanted to talk about their financial gains, unwilling to be seen as profiting off others hardships. But a clearer picture is emerging from quarterly earnings and as utility companies smarting from big bills sue to recoup their losses.
On Tuesday, the Oregon Land Use Board of Appeals reversed a pair of key permits, one issued by Coos County, the other by the Town of Coos Bay. Between them, the permits cleared the way for expanded dredging and other site preparation in the Coos Bay estuary.
That work is required for the planned liquified natural gas export terminal proposed by the Canadian energy firm Pembina.
The permits were challenged by conservation groups and tribes, who claimed the permits were illegally issued. The appeals board agreed, and – in an unusual move reversed both permits outright, rather than send them back to the city and the county for reconsideration.
PNM Resources Merger with AVANGRID Approved by Public Utility Commission of Texas
Merger confirmed to be in the public interest, on track to close in second half of 2021
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ALBUQUERQUE, N.M., May 6, 2021 /PRNewswire/ Today, the Public Utility Commission of Texas (PUCT) voted to approve the unanimous stipulation and agreement among parties for the merger of PNM Resources, Inc. (NYSE: PNM), including its Texas utility subsidiary, Texas-New Mexico Power Company (TNMP), with AVANGRID (NYSE: AGR).
In the now-approved unanimous settlement, which was filed on March 30, the Staff of the PUCT and all other parties to the proceeding agreed the proposed merger is in the public interest.
Con Edison Reports 2021 First Quarter Earnings
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NEW YORK, May 6, 2021 /PRNewswire/ Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2021 first quarter net income for common stock of $419 million or $1.23 a share compared with $375 million or $1.13 a share in the 2020 first quarter. Adjusted earnings were $491 million or $1.44 a share in the 2021 period compared with $451 million or $1.35 a share in the 2020 period. Adjusted earnings and adjusted earnings per share in the 2021 period exclude the impact of the impairment loss related to Con Edison s investment in Stagecoach Gas Services, LLC (Stagecoach). Adjusted earnings and adjusted earnings per share in the 2021 and 2020 periods exclude the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments in certain renewable and sustainable electric production projects of Con Edison Clean Energy Businesses, Inc. (the Clean Ener