Latest news with #utility
Irish Times
a day ago
- Business
- Irish Times
Dividend of €62m approved at Gas Networks Ireland
Directors at Gas Networks Ireland have approved a €62.1 million dividend payment to the exchequer after pretax profits last year increased by 43 per cent to €165.2 million. The 2024 annual report for Gas Networks Ireland shows that the utility operator achieved the increase in profits as revenues rose by 14 per cent from €527 million to €599.5 million. Annual dividends at Gas Networks Ireland are based on 45 per cent of the previous year's profits. A dividend of €44 million was paid out last year. The report said that in the previous five years before this year 'we have distributed over €200 million in dividends to our shareholder, the Irish Government'. READ MORE The annual report said that revenues 'were driven principally by higher transportation tariffs and marginally higher capacity demand'. Gas Networks Ireland own, build, maintain and operate the natural gas network in Ireland and its principal activity is the transportation of natural gas to over 720,000 business and residential gas customers regardless of which natural gas supply company they choose. The utility company recorded earnings before interest, depreciation tax and amortisation (Ebitda) of €323 million. The company's non-cash depreciation and amortisation costs totalled €154 million. The utility recorded a post tax profit of €138 million after recording a €26.9 million corporation charge. Ina note with the accounts the directors said that Gas Network Ireland's operating costs increased by €22 million to €276 million last year and 'this was primarily due to incremental cyber and energy security related costs, incremental customer related pipeline diversion costs, increase in commercial rates and general inflationary cost pressures'. The utility's rates bill for 2024 totalled €31 million. In his report, chief financial officer Ronan Galwey said that 'the solid performance for the year follows lower profitability outcomes in 2021 and 2022 driven principally by higher wholesale gas prices and customer cost mitigation measures'. Now acting chief executive, Mr Galwey said: 'The financial outcome for the year and our strong financial metrics will enable Gas Networks Ireland to continue to invest in critical infrastructure on our gas network to strengthen energy security and will facilitate the delivery of a decarbonised gas network in support of our climate ambitions.' Numbers employed increased from 813 to 848 and staff costs increased from €67.8 million to €74.1 million. The 2024 pay package for former chief executive Cathal Marley last year totalled €266,000 made up of basic salary of €225,000, €30,000 in pension contributions and €11,000 in other short term employment benefits. Mr Marley is now chief executive at EirGrid. The utility firm had 12 employees earning over €200,000 last year with 42 earning between €150,000 and €200,000 while 189 earned between €100,000 and €150,000.
Yahoo
3 days ago
- Business
- Yahoo
Craig-Hallum Reiterates a Buy Rating on Anterix (ATEX)
Anterix Inc (NASDAQ:ATEX) is one of the 13 Small Cap Stocks Analysts Are Bullish On. On April 10, Craig-Hallum analyst George Sutton maintained a Buy rating on Anterix Inc (NASDAQ:ATEX) without a price target. The company's fiscal Q3 2025 results showed cash and cash equivalents of $28.8 million as of December 31, 2024. It also reported around $147 million of contracted proceeds outstanding, with $34.0 million received from Oncor Electric Delivery Company in January 2025 and $1.0 million received from Ameren Corporation in October 2024. A technician working on an aerial view of a critical infrastructure, emphasizing the importance of the company's utility services. Management is projecting an approximately 20% operating expenses run rate reduction for fiscal 2026. Anterix Inc (NASDAQ:ATEX) also has an estimated $3 billion pipeline of prospective contract opportunities across 60+ potential customers. Anterix Inc (NASDAQ:ATEX) is involved in commercializing spectrum assets to allow targeted utility and critical infrastructure customers for the deployment of private technologies, broadband networks, and solutions. The company's solutions include Private LTE and Active Ecosystem. While we acknowledge the potential of ATEX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
3 days ago
- Politics
- CBC
N.B. Power review panel touts independence in first public meeting
N.B. Power review panel touts independence in first public meeting News Duration 1:50 The three people appointed to provide options for the future of the utility took questions from the public for the first time in an hour-long virtual session.
Bloomberg
6 days ago
- Climate
- Bloomberg
NYC Heat Triggers Blackout as Soaring Temperatures Stress US Grids
Blistering heat is straining power grids across the eastern half of the US, leading to a blackout in part of New York City's borough of Queens as the local utility issued a warning to conserve electricity. Consolidated Edison Inc. is working to restore service to more than 6,200 customers in southeast Queens, the company said in a statement. The utility asked residents in the area not to use energy-intensive appliances like washers and microwaves until crews complete repairs.
Forbes
6 days ago
- Climate
- Forbes
A Queens Power Outage Puts NYC On Edge As Heat Soars
Over 6,000 Con Edison customers reported power outages after the New York City utility provider warned parts of Queens earlier this morning to conserve energy after reducing voltage in the area by 8 percent while crews repair equipment 'to maintain reliability'—the first reported power outages in the region ahead of an anticipated record-setting heat wave this week. Workers sell NYC Ferry tickets during high temperatures in the Brooklyn borough of New York, US, on ... More Thursday, June 20, 2024. New York and the rest of the US Northeast are getting seared by a record-breaking heat wave that is boosting electricity demand and raising health risks. Photographer: Adam Gray/Bloomberg © 2024 Bloomberg Finance LP This is a developing story. Check back for updates.
