With transmission grids struggling with each new summer heatwave, an aspiring California-based company pushing off-gridmicroturbines, Capstone Turbine Corp., launched a successfulinitial public offering (IPO) Thursday, raising $130 million, andclosing the first day of trading, June 29, at almost $48/share,three times the initial asking price of $16. Friday’s close was$45.06 after hitting a high for the day of $49-plus.
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CA Micro-Turbine Maker Strikes It Big In IPO
With transmission grids struggling with each new summer heatwave, an aspiring California-based company pushing off-gridmicroturbines, Capstone Turbine Corp., launched a successfulinitial public offering (IPO) Thursday, raising $130 million, andclosing the first day of trading, June 29, at almost $48/share,three times the initial asking price of $16. Friday’s close was$45.06 after hitting a high for the day of $49-plus.
The Good News Is: Earnings
Riding the wave of higher natural gas and power demand andprices, a number of utilities and pipelines have announced thatnew estimates for April-to-June earnings are much higher thanpreviously projected. Sempra Energy, Reliant Energy and Williamsall have released estimates that show an increase in expectedearnings in the second quarter. Sempra also AGL Resources, whosefiscal year third quarter ended June, 30, also expects to exceedestimates for the time period. The companies in part cite greatermargins on gas and power sales as reason for the increase.
Senate, House Again Debate Electric Power Restructuring
The heat wave and attendant electric and gas price spikes ofearly May have lit a fire under federal legislators, who may haveto answer to consumers this summer and constituents this fall as towhy the nation’s partially deregulated power industry isn’tworking.
Most Prices Flat to a Bit Softer; Northeast Drops Biggest
The cash market decided to calm down Friday following the heatwave and futures excitement from earlier in the week. Having littlein new guidance from weather or a static screen, prices ranged fromflat to down about a nickel in most cases, with larger declines oneither side of a dime occurring in the cooled-off Northeast.
Heat Wave in Northeast Triggers Power Watches
It was ironic yesterday that the power grid operator in NewEngland, ISO New England, issued a power watch on the same day itassured the public it would have adequate power supplies thissummer. Remember, it’s only May.
$3.00 Futures Elude Bulls Again
After etching a new life of contract high at $3.025, the Maycontract was hit with a wave of selling yesterday that demoted itback down to settle at $2.971, even with Friday’s close. Volume wasweak with just 51,445 contracts changing hands.
Futures Yo-Yo as Techs, Fundamentals Collide
After a strong opening yesterday, gas futures were hit with awave of selling, pressuring the market down to a $2.19 midday low.From there the February contract limped mostly sideways until alate, short-covering rally trimmed losses into the close. Theprompt month finished at $2.244, down 1.6 cents for the day.
Warm Weather Ushers January Contract to New Lows
For the second trading session in a row, natural gas futureswere hit with a wave of selling pressure Monday, as bears basked inthe glow of forecasts calling for continued above-normaltemperatures across much of the country. After showing earlypromise last week in trading up to $2.485, the January contract hassince slipped to new life-of-contract lows, closing at $2.224yesterday. Activity was with 69,325 contracts changing hands.
Market Holds as Bulls Try to Regroup
Natural gas futures were hit with another wave of selling earlyFriday as traders added to losses incurred during Thursday’s25-cent price slide. However after notching its lowest price inthree weeks at $2.87, the December contract worked its way higherto settle at $2.961, a 0.4-cent loss for the day.