Latest news with #CUB
Yahoo
17 hours ago
- Business
- Yahoo
CUB STATEMENT: CAPACITY AUCTION LEADS TO RECORD PRICE SPIKE FOR SECOND STRAIGHT YEAR, THREATENS EVEN HIGHER COM ED BILLS IN 2026-27
CUB says record-high capacity price points to urgent need to reform PJM policy, pass comprehensive energy legislation in Illinois CHICAGO, July 22, 2025 /PRNewswire/ -- While we are relieved that the negotiated price cap prevented capacity costs from soaring even higher, this record price spike is unacceptable. CUB is deeply concerned that ComEd customers will continue to bear painfully high costs for another year, largely because of policy shortcomings from PJM. The power grid operator's policy decisions too often favor outdated, expensive power plants and needlessly block low-cost clean energy resources and battery projects from connecting to the grid and bringing down prices. This extended price spike was preventable. It ramps up the urgency of implementing long-term reforms at PJM and comprehensive energy legislation in Illinois, such as the Clean and Reliable Grid Affordability Act, to protect customers from price spikes that serve only to give power generators windfall profits. –CUB Executive Director Sarah Moskowitz Background: On Tuesday, July 22, PJM Interconnection, a "Regional Transmission Organization," announced the results of an auction that determines the price for reserve power, or "capacity." Capacity costs are a key component of the price Commonwealth Edison customers pay for electricity. PJM is the largest grid operator in the country, serving 67 million customers across all or parts of 13 states and the District of Columbia (including Commonwealth Edison's 4.2 million customers). The auction (technically referred to as the "Base Residual Auction") was held July 9-15. It set a record-high capacity price of $329.17 per Megawatt-day from June 1, 2026 through May 31, 2027. The capacity cost hit a cap negotiated by Pennsylvania Gov. Josh Shapiro and is about 22 percent higher than the price that was set last year for ComEd territory and about 11 times higher than what the price was two years ago. Capacity costs are payments consumers make to power generators–the companies that own power plants–and they have a key impact on the supply price ComEd customers pay. ComEd has not yet announced what the supply price will be in June of 2026. The 2024 capacity auction set a price of about $269.92 per MW-day, about 830 percent higher than the $28.92 per MW-day capacity price set in the auction the year before. The prices in the 2024 auction were even higher in two eastern sections of PJM: The Baltimore Gas and Electric (BGE) zone in Maryland ($466.35 per MW-day) and in the Dominion zone in Virginia and North Carolina ($444.26 per MW-day). Following the price spike in the last auction, consumer and environmental advocates pushed for several changes: RMR reform: Environmental advocates successfully pushed for changes in the way PJM handles Reliability Must Run (RMR) arrangements. RMRs allow PJM to funnel extra consumer money to an otherwise retiring plant to keep it open past its closure date. Under previous PJM policy, the electric capacity of an RMR plant was NOT included in the capacity auction. Consumers thus ended up paying double: first for the price of the RMR contract, and then again because of the high capacity prices that result from not counting the RMR plant. For example, the Independent Market Monitor estimated that not including Brandon Shores and Wagner--two RMR fossil fuel plants near Baltimore, Maryland--in the last capacity auction increased the cost by as much as 40 percent. Changes made since the last auction mean that coal-fired units for the Brandon Shores plant and oil-fired units for the H.A. Wagner plant will be included in the latest capacity auction and the next one after that. (Note: PJM stakeholders are still developing a long-term solution. CUB opposes keeping expensive, outdated power plants open past their closure date–but agrees that RMRs should be included in the capacity auction, since they are operating anyway at ratepayer expense.) More renewable, battery resources will participate in the auction. After the last auction, consumer advocates flagged that there was an existing source of supply that wasn't necessarily being counted in the auction: renewable resources. PJM then removed an exemption that had previously left many renewable and energy storage facilities out of the capacity auction. For the first time, this required wind, solar and battery generations with Capacity Interconnection Rights (CIRs) to participate in the auction. Capacity Price Collar: Pennsylvania Gov. Josh Shapiro, concerned about the impact future capacity auctions would have on consumers, filed a complaint at the Federal Energy Regulatory Commission (FERC) asking for a price cap on the capacity auction until PJM's interconnection queue delay was sorted out. He and PJM subsequently entered into negotiations and agreed to a $329.17 per MW-day cap on capacity prices for the next two auctions. Unfortunately, PJM, while consulting with select unnamed generators, successfully pushed for a first-ever floor of $177.24 per MW-day on the capacity price. In filings with FERC, CUB has expressed deep concern about the floor, and joined other watchdogs in questioning why no consumer advocates were at the negotiating table. For more than 40 years the Citizens Utility Board (CUB) has been Illinois' leading nonprofit utility watchdog group. Created by the Illinois Legislature, CUB opened its doors in 1984 to represent the interests of residential and small-business utility customers. Since then, CUB has saved consumers more than $20 billion by helping to block rate hikes and secure refunds. For more information, call CUB's Consumer Hotline at 1-800-669-5556 or visit CUB's website, View original content to download multimedia: SOURCE Citizens Utility Board
Evening Standard
6 days ago
- Evening Standard
Is the CUB 2 Person Quick Pitch Moto Camping Tent the perfect festival option?
The CUB 2 Person Quick Pitch Moto Camping Tent is by far the best festival tent I've ever camped in. With the price, usability and weight all taken into account, you really can't get better bang for your buck. Whether you're a seasoned camper or a first-time festival goer, this tent is ideal for taking along for festival weekends. The setup and pack down take virtually no time at all, and this is ideal for when you're physically exhausted and ready to leave.
Time of India
04-07-2025
- Business
- Time of India
City Union Bank receives digital payments award from the Union Finance Minister
On 18th June, Dr Managing Director and Chief Executive Officer of City Union Bank received the Digital Payments Award from the Union Finance Minister, Nirmala Sitharaman. The award was conferred in the ceremony held at Plenary Hall, Vigyan Bhawan, New Delhi. CUB has received the award for the second position among private sector banks. The Department of Financial Services, Ministry of Finance organised the 'Digital Payments Awards, to acknowledge the innovative and exemplary works done by banks and fintechs in the promotion of digital payments. City Union Bank was selected as one of the winners of Digital Payments Awards, for the overall digital payment's performance during FY 2024-25. City Union Bank Ltd., the oldest Private Sector Bank in India, was founded in 1904 and is headquartered at Kumbakonam, Tamil Nadu, India. The Bank has completed 120 years of Service to the nation. It has 880 branches and 1767 ATMs spread across the country. The Bank has been earning net profit and paying dividends to shareholders every year. The Bank has total business of Rs 116,592 Cr as on 31.03.2025. The net profit of the bank for the financial year 2024-25 is Rs 1,124 Cr. CUB has been a pioneer in providing advanced technology solutions to meet evolving needs of its diverse customer base. Tap, pay & go payments through Key chain and fitness watch, voice based authentication for logging into Mobile banking, Multilingual Voice Chatbot in regional languages, Voice based UPI123 pay, end to end digital loan processing and Nap ID fraud filter layer are the latest innovations in this direction. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
01-07-2025
- Business
- Business Standard
Select private sector banks in focus; IDFC First, RBL, AU SFB rally upto 6%
Mid-, small-cap private bank stocks in focus Shares price of mid and small-sized private sector banks were in focus and rallied up to 6 per cent on the BSE in Tuesday's intra-day trade in an otherwise range-bound market. IDFC First Bank, City Union Bank (CUB), RBL Bank, AU Small Finance Bank (SFB), Karur Vysya Bank, Federal Bank, ESAF Small Finance Bank, Equitas Small Finance Bank, CSB Bank, DCB Bank and South Indian Bank were up in the range of 2 per cent to 6 per cent. In comparison, the BSE Sensex was up 0.06 per cent at 83,654 at 01:47 PM. Of these, CSB Bank (up 4 per cent at ₹408.65), CUB (4 per cent at ₹228.50), AU SFB (3 per cent at ₹837.50), Karur Vysya Bank (3 per cent at ₹276.45), Federal Bank (2 per cent at ₹217.95) and South Indian Bank (2 per cent at ₹31.60) hit their respective 52-week highs in intra-day trade today. Why did IDFC First Bank rally today? Among individual stocks, IDFC First Bank rallied 6 per cent to ₹76.98 on the back of a seven-fold jump in average trading volumes. A combined 101.5 million shares changed hands on the NSE and BSE. The stock was trading close to its 52-week high of ₹82.18, which it touched on July 1, 2024. According to media reports, Investec has upgraded its rating on the IDFC First Bank to "buy" and has raised its price target to ₹90 per share on healthy earnings outlook. Meanwhile, going forward, the overall earnings profile of IDFC First Bank is expected to improve with the increasing scale of operations and improving cost metrics along with the expected reduction in credit costs. However, the stress in the microfinance institution (MFI) segment on account of the deterioration in credit discipline, overleveraging of borrowers in the MFI sector and the impact of economic shocks/disruptions on the asset quality will remain monitorable, ICRA said in its May month rating rationale. Slower-than-expected transmission of deposit rate cuts, discretionary expenditure to expand the customer franchise and the impact of regulatory changes, like the implementation of expected credit loss (ECL), on profitability will also remain monitorable. ICRA expects the profitability to remain moderate in H1FY2026, though the same is expected to witness steady quarterly improvement trend in H2FY2026. CUB hit new 52-week high Shares of CUB hit a 52-week high of ₹228.50, gaining 4 per cent on the BSE in intra-day trade on the back of a six-fold jump in average trading volumes. The bank's management remains confident that asset quality improvement will continue, led by controlled slippages and healthy recoveries. The pace of recoveries is expected to outpace slippages even in FY26. Meanwhile, as per the Reserve Bank of India's (RBI's) sectoral deployment data for the fortnight ended May 30, 2025, bank credit growth slowed to 9.8 per cent year-on-year (YoY) as of May 30, 2025, down from 16.2 per cent a year ago, driven by sharp moderation in unsecured personal loans, credit card dues, vehicle loans, and credit to NBFCs. Bank credit growth is losing steam, with broad-based deceleration across retail, NBFCs, and agriculture. Unsecured personal loans and credit card spends have notably slowed, reflecting cautious lending and weak demand. With deposit mobilisation challenges persisting, credit growth in FY26 is likely to remain at 11-13 per cent, with recovery expected in H2FY26, ICICI Securities said in a note. Overall, asset quality outlook is stable to positive for the sector, except for the unsecured retail loans and MFI segment but it appears that stress in the unsecured segment has also broadly peaked out. Mirae Asset Sharekhan believes banks with a robust capital base, strong asset quality, and healthy retail deposit franchises are well-placed to capture growth opportunities.
The Hindu
19-06-2025
- Business
- The Hindu
City Union Bank gets Digital Payments Award
City Union Bank (CUB) MD and CEO N. Kamakodi received the Digital Payments Award from Union Finance Minister Nirmala Sitharaman at an event held in New Delhi. The Department of Financial Services, Ministry of Finance, organised the 'Digital Payments Awards to acknowledge the innovative and exemplary works undertaken by banks and fintechs in the promotion of digital payments. City Union Bank was selected as one of the winners for overall digital payment performance during the financial year 2024-25.
