Former FERC Chairman Pat Wood, who was recently named chairman
of Airtricity's North American Advisory Board, recently said that
by April of next year, "Texas will be the No. 1 wind state in the
country" (see Power Market Today, April 5).
TXU Wholesale recently said it had increased its portfolio of
wind power contracts with a 125 MW agreement with Ireland-based
Airtricity (see Power Market Today, April 12). TXU Wholesale and
its affiliates currently have contracts for 580 MW of renewable
energy from 702 wind turbines. The Airtricity contract will
increase those numbers to 705 MW and 756 turbines when it goes
into effect Jan. 1, 2007.
AES in April announced plans to invest approximately $1 billion
over the next three years to expand the company's alternative
energy business and bring to market new projects and technologies
to reduce or offset greenhouse gas emissions (see Power Market
Today, April 18).
Through the creation of an alternative energy business group,
AES intends to expand its existing alternative energy businesses
in wind power generation, biomass and the development of liquefied
natural gas (LNG) terminals, and launch several new initiatives.
"Our current focus in wind is really North America -- and
predominantly the United States -- and Europe," said Bill
Luraschi, AES executive vice president for business development,
during Monday's conference call. "I think we will see over the
next eighteen to twenty-four months, announced additions to our
portfolio," he said. Luraschi has been tapped to lead AES's
alternative energy group.
"Longer term, we see growing our wind business through other
parts of the world, particularly in conjunction with our climate
change business, which will allow us, in those cases, not only to
generate wind revenues, but also gain" emission reduction credit
pricing support as well, the AES official told Wall Street
professionals participating in the conference call.
AES in late April said it will purchase 54 MW of wind
generation assets from Enron Wind Systems in Tehachapi, CA,
bringing the total wind generation megawatts that AES operates to
654 MW (see Power Market Today, April 27).
AES on Monday reported significant growth in revenues and
earnings for the first quarter of 2006. Revenues increased 13% to
$3 billion from $2.7 billion and net income more than doubled to
$351 million compared to $124 million in the first quarter of
2005.
Diluted earnings per share of $0.52 increased 174% from $0.19
in the first quarter of 2005. Adjusted earnings per share (a
non-GAAP financial measure) were $0.42 versus $0.18 in the first
quarter of 2005.
AES increased its 2006 guidance for diluted earnings per share
from continuing operations to $0.96 from $0.90 and increased its
guidance for adjusted earnings per share to $0.97 from $0.95. The
company reaffirmed the other elements of its previously issued
2006 financial guidance and longer-term financial guidance through
2008.
Copyright 2006 NGI, Inc. All rights reserved.