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The Indian Resource Panel members in conversation with Preeti Mehra on dealing with resource efficiency

With economic growth and urbanisation taking place at a rapid pace in India, there is increased demand for natural resources, be it land, soil, water or mined materials. With their...

The chemical sector could benefit from a new indigenous technology

Industries, especially in the chemical sector that face the problem of getting rid of waste water, can look forward to some productive options. Thanks to an indigenous technology developed by scientists at the CSIR-IICT...

Ramky Enviro Engineers Ltd uses solid waste to generate electricity

Managing urban waste is a major challenge local bodies and corporations are faced with. What better way than tackling the problem with an integrated waste to energy management project. Ramky Enviro Engineers Limited, a...

A peek at Nissan’s line up of EVs

At Nissan Motor Company, everyone is charged up about electric vehicles.

The Japanese car-maker, already well up on the EV curve, is spending millions of dollars in how the world will move in the not-too-distant future.

‘Intelligent Mobility’ is the mantra,...

India saved 10 GW of capacity thanks to power-saving measures, says M Ramesh

The bygone financial year has left behind a trail of milestones —10 GW of solar installations, 30 GW of wind and 50 GW of all renewable energy (which includes small hydro and biomass). These milestones have been duly...

Vattenfall and BMW have inked a new grid storage agreement.

Country’s utilities and government regulators are focused on aggressive electrification, decentralization, and digitization efforts, report finds

A second structural impediment to fully realizing DER benefits is the current grid planning approach, which biases grid design toward traditional infrastructure rather than distributed alternatives, even if distributed solutions better meet grid needs. Outdated planning approaches rely on static assumptions about DER capabilities and focus primarily on mitigating potential DER integration challenges, rather than proactively harnessing these flexible assets.

Section II demonstrated how California could realize an additional $1.4 billion per year by 2020 in net benefits from the deployment of new DERs during the 2016-2020 timeframe. This state-wide methodology was then applied to the planned distribution capacity projects for California’s most recent GRC request, showing how the deployment of DERs in lieu of planned distribution capacity expansion projects in PG&E’s next rate case could save customers over $100 million. 

Motivated by the challenge faced in designing a grid appropriate to the 21st century, this report first focuses on determining the quantifiable net economic benefits that DERs can offer to society. The approach taken builds on existing avoided cost methodologies – which have already been applied to DERs by industry leaders – while introducing updated methods to hardto-quantify DER benefit categories that are excluded from traditional analyses. While the final net benefit calculation derived in this report is specific to California, the overall methodological advancements developed here are applicable across the U.S. Moreover, the ultimate conclusion from this analysis – that DERs offer a better alternative to many traditional infrastructure solutions in advancing the 21st century grid – should also hold true across the U.S., although the exact net benefits of DERs will vary across regions.

Designing the electric grid for the 21st century is one of today’s most important and exciting societal challenges. Regulators, legislators, utilities, and private industry are evaluating ways to both modernize the aging grid and decarbonize our electricity supply, while also enabling customer choice, increasing resiliency and reliability, and improving public safety, all at an affordable cost.

The share of renewables in overall power generation is rapidly increasing, both in developed and developing countries. Furthermore, many countries have ambitious targets to transform their power sector towards renewables. To achieve these objectives, the structure and operation of existing power grid infrastructures will need to be revisited as the share of renewable power generation increases.

Renewable energy technologies can be divided into two categories: dispatchable (i.e. biomass, concentrated solar power with storage, geothermal power and hydro) and non-dispatchable, also known as Variable Renewable Energy or VRE (i.e. ocean power, solar photovoltaics and wind). VRE has four characteristics that require specific measures to integrate these technologies into current power systems: 1) variability due to the temporal availability of resources; 2) uncertainty due to unexpected changes in resource availability; 3) location-specific properties due to the geographical availability of resources; and 4) low marginal costs since the resources are freely available.

A transition towards high shares of VRE requires a re-thinking of the design, operation and planning of future power systems from a technical and economic point of view. In such a system, supply and demand will be matched in a much more concerted and flexible way. From a technical perspective, VRE generation can be ideally combined with smart grid technologies, energy storage and more flexible generation technologies. From an economic perspective, the regulatory framework will need to be adjusted to account for the cost structure of VRE integration, to allow for new services and revenue channels, and to support new business models.

There are several technological options that can help to integrate VRE into the power system grid: system-friendly VREs, flexible generation, grid extension, smart grid technologies, and storage technologies. New advances in wind and solar PV technologies allow them to be used over a wider range of conditions and provide ancillary services like frequency and voltage control. Flexible generation requires changes in the energy mix to optimise production from both dispatchable and non-dispatchable resources. Smart grid technologies can act as an enabler for VRE integration, given their ability to reduce the variability in the system by allowing the integration of renewables into diverse electricity resources, including load control (e.g. Demand Side Management (DSM), Advanced Metering Infrastructure (AMI), and enhancing the grid operation and therefore helping to efficiently manage the system’s variability by implementing advanced technologies (e.g. smart inverters, Phasor Measurement Unit (PMU) and Fault Ride Through (FRT) capabilities).

Energy storage technologies can alleviate short-term variability (up to 2 Renewable Energy Integration in Power Grids | Technology Brief several hours), or longer-term variability through pumped-storage hydroelectricity, thermal energy storage or the conversion of electricity into hydrogen or gas.

Two immediate applications for deploying innovative technologies and operation modes for VRE integration are mini-grids and island systems. The high costs for power generation in these markets make VREs and grid integration technologies economically attractive since they can simultaneously improve the reliability, efficiency and performance of these power systems. This is, for example, the case of the Smart Grid demonstration project in Jeju Island, South Korea.

Furthermore, the right assessment and understanding of VRE integration costs are relevant for policy making and system planning. Any economic analysis of the transition towards renewables-based power systems should, therefore, consider all different cost components for VRE grid integration, such as grid costs (e.g. expansion and upgrading), capacity costs and balancing costs. Integration costs are due not only to the specific characteristics of VRE technologies but also to the power system and its adaptability to greater variability. Therefore, these costs should be carefully interpreted and not entirely attributed to VRE, especially when the system is not flexible enough to deal with variability (i.e. in the short-term).

Moreover, RE integration delivers broader benefits beyond purely economic ones, such as social and environmental benefits. Even though not straightforward, these externalities should be considered and quantified in order to integrate them into the decision-making process and maximise socio-economic benefits.

Due to the rapid technological progress and multiple grid integration options available, policy makers should build a framework for RE grid integration based on the current characteristic of the system, developing technological opportunities and long-term impacts and targets. In particular, policy makers should adopt a long-term vision for their transition towards renewables and set regulatory frameworks and market designs to foster both RE development and management of greater system variability. Such regulatory frameworks could include new markets for ancillary services and price signals for RE power generators that incentivise the reduction of integration costs.

Source: IEA-ETSAP and IRENA

The NTECL, a joint venture company between NTPC and Tamil Nadu Electricity Board, is engaged in generation, transmission and distribution of electricity.

A new breed of electrics is out to sex up the car ownership experience, writes S Muralidhar

In the past, hybrids and electrics have been the ugly ducklings of the automotive industry. Over practical, and over focused on efficiency, these cars were somehow designed to be especially drab and...

The energy efficient system in Rashtrapati Bhavan set up by Honeywell promises huge savings on energy consumption and costs associated with it

Rashtrapati Bhavan now has a robust energy efficient system covering its chiller plant, air-conditioning cum energy management system, a retrofit...

A project to clean the mighty river showcases its research in the capital

Imagine the pollution-wrought Yamuna river flowing clean and pristine through the Capital city. Imagine it interspersed by a series of hybrid bridges, cultural corridors and public spaces, promoting equality and harmony...

SÃO PAULO, April 26, 2017 /PRNewswire/ -- Companhia de Saneamento Básico do Estado de São Paulo – Sabesp ("Company" or "Sabesp"), pursuant to Article 157, Paragraph 4 of Law No. 6404/76 and CVM Instruction No. 358/02, hereby announces to its shareholders and the market in general that, on April 26, 2017, the Regulatory Agency of Sanitation and Energy of the State of São Paulo (ARSESP - Agência Reguladora de Saneamento e Energia do Estado de São Paulo) published a Notice changing the timeline for the initial stage of Sabesp's Tariff Revision, as follows.

Stage No.

Description

Start

End

6

Development of the Initial Technical Note with Preliminary Tariff P0 and Average Weighted Cost of Capital (WACC)

April 1, 2017

May 15, 2017

7

Opening of the Public Consultation and Public Hearing – Preliminary Tariff P0 and WACC

May 15, 2017

June 5, 2017

8

Analysis of the contributions received, development of the Final Technical Note and Detailed Report – Preliminary Tariff P0 and WACC

June 6, 2017

June 25, 2017

9

Approval of the Final Technical Note, Detailed Report and Publication of the Resolution with Preliminary Tariff P0

June 26, 2017

June 30, 2017

DENVER, April 26, 2017 /PRNewswire/ -- (Nasdaq: HNRG) – Hallador will release its first quarter 2017 financial results on Form 10-Q after the markets close on Monday, May 8, 2017.  Hallador will host an investor call to discuss the results at 2:00 p.m. Eastern Time on Tuesday, May 9, 2017.

To participate in the conference call, please dial:

Domestic Callers Toll-free (888) 347-5317

Canadian Callers Toll-free (855) 669-9657

Conference ID #: Hallador Energy Company HNRG Call

A live audio webcast of the investor call will be accessible on our website under Webcasts. 

Additionally, a replay of the audio webcast will be available one hour after the call.  A transcript will be posted on our website on Friday, May 12, 2017.

A copy of the Form 10-Q will be available for download or viewing on our website, www.halladorenergy.com, under the Financial Information section.

Hallador is headquartered in Denver, Colorado and through its wholly owned subsidiary, Sunrise Coal, LLC, produces coal in the Illinois Basin for the electric power generation industry.  To learn more about Hallador or Sunrise, visit our websites at www.halladorenergy.com or www.sunrisecoal.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hallador-energy-announces-first-quarter-2017-earnings-release-date-and-investor-call-300446825.html

SOURCE Hallador Energy Company

Related Links

http://www.halladorenergy.com

DETROIT, April 26, 2017 /PRNewswire/ -- DivDat Kiosk Network President Jason Bierkle presented his company's high-tech, easy-to-use no-fee payment model for energy, tax, water and other bills, earning applause and an ovation from the Detroit City Council.

By invitation of the Detroit City Council President Brenda Jones, Bierkle and his management team presented the DivDat Kiosk Network solution – used by some 50,000 people each month – to the Council's April 24 session.

"We are changing people's lives with this program," said DivDat Kiosk Network President Jason Bierkle. "This is an industry best practices method of creating a win-win solution for both billers and consumers who may not have access to on-line payment methods, credit cards or even checking accounts. The kiosk network solution of some 40 kiosks in Metro Detroit neighborhoods is now a proven model."

Bierkle told the Council that the recent addition of the Detroit Water and Sewerage Department to the Kiosk Network in April has resulted in more than 5,000 people paying their water bills at kiosks without having to go to a city payment center.

The DWSD joins the Wayne County Treasurer and DTE Energy in using the DivDat Kiosk Network for collecting payments in convenient and safe neighborhood locations such as community centers and drug stores. Residents can use cash, check or credit card to make direct payments at their convenience and receive a real-time, official receipt.

"We are stamping out predatory fee practices in the Motor City," Bierkle said. "What is truly significant and important about the DivDat Kiosk Network (DKN)® as opposed to virtually every other payment system is that the customer is not charged a so-called convenience fee or user fee," said Bierkle. "The billers are paying for the kiosks and a small transaction fee to benefit their customers and streamline operations while also reducing their collection costs."

Bierkle said his company is in discussions with numerous cities, court systems and other billers seeking to be a part of the growing DivDat Kiosk Network.

"We will be bringing on additional billers this summer and adding at least 10 kiosks in Metro Detroit as well," he added. "We will soon be announcing a mobile app that complements the kiosk operation and will allow users to make payments remotely or with cash in an even more expedited manner."

DivDat™ is a privately held company headquartered in Ferndale, MI with its DivDat Kiosk Network affiliation located in Detroit, MI. and the companies operate an additional office in Las Vegas, NV. DivDat™ was founded in 1971 under "Diversified Data Consultants". The firm has over 40 employees, with an array of part-time workers, consultants and advisors as independent contractors. DivDat is a leader in the emerging field of Preferential Communications. DivDat has developed product innovations that embrace web-based and other new technologies to seamlessly integrate a company's entire accounts receivable communications platform.

For more information please visit www.divdat.com or www.dteenergy.com or www.wctkiosk.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/divdat-kiosk-network-president-jason-bierkle-presents-no-fee-payment-kiosk-model-to-detroit-city-council-300446817.html

SOURCE DivDat

Related Links

http://www.divdat.com

HAMILTON, Bermuda, April 26, 2017 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported first quarter 2017 operating revenue of $563 million, compared to operating revenue of $539 million in the prior quarter.  Net income from continuing operations attributable to Nabors for the quarter was a loss of $149 million, or $0.52 per share, compared to a loss of $331 million, or $1.17 per share, in the fourth quarter of 2016.  The first quarter results include $7.8 million in net after-tax charges, or $0.03 per share, representing premiums incurred in open market purchases of near-term debt.  

Anthony Petrello, Nabors Chairman and CEO, commented, "I am disappointed that our first quarter results were well short of our expectations as downtime and extraordinary costs more than offset the positive impact of a second consecutive quarter of increased revenue.  This shortfall consisted primarily of lost revenues and higher costs related to the accelerated inspection and recertification of key structural components on a majority of the rigs in our largest international market and, to a lesser extent, higher than expected rig reactivation and relocation costs due to the rapid increase in demand for our U.S. lower 48 rigs.  

"On the positive side, we saw our U.S. lower 48 working rig count increase by 29% for the second quarter in a row. The 93 rigs working today represent a 166% increase since the low point last May.  This outsized increase in utilization, combined with our improved market share, illustrates the superior performance of our best-in-class rigs and technology.  International fundamentals continue to improve and our base business is solid as evidenced by the 4% increase in revenue we would have realized, absent the recertification downtime and the demobilization revenue in the fourth quarter."  

Consolidated and Segment Results

Adjusted operating income for the Company was a loss of $104 million during the quarter, as compared to a loss of $70.2 million in the prior quarter.  Quarterly adjusted EBITDA for the Company represented a sequential decrease to $100 million, compared to $146 million in the fourth quarter.  For the first quarter, the Company averaged 201 rigs operating at an average gross margin of $9,333 per rig day, compared to 177 rigs at $12,482 per rig day in the fourth quarter.

International adjusted EBITDA decreased sequentially by $19.6 million to $109 million with an average of 90 rigs working during the quarter.  The decrease was primarily attributable to the aforementioned downtime and associated expenses, which compressed total international margins by approximately $17 million.  In addition, the fourth quarter included a benefit of approximately $7 million in demobilization revenue in Russia.  The inspection and recertification process is substantially completed, and any further downtime and costs are anticipated to be minimal. 

The Company expects the next and subsequent quarters to show marked improvement as a result of the completion of the recertification work, prospective customer plans for increased activity in multiple venues, and a full quarter's contribution from recent rig reactivations in Colombia, Mexico, Argentina, and Kuwait.  Canadian operations averaged 22 rigs working during the seasonally high first quarter with average margins increasing sequentially by $633 per rig day. This higher activity represented a 60% year-over-year increase in revenue. Second quarter activity in Canada, historically the seasonal low point, is expected to be higher than in recent years. The Company expects a similar degree of improvement for the full year in this key operation.

The U.S. Drilling segment posted adjusted EBITDA of $26.6 million for the quarter with an average of 89 rigs working compared to 72 rigs in the fourth quarter.  The lower 48 operation alone increased by 18 rigs during the first quarter.  The Company currently has 93 rigs working in the lower 48 operation.  This rapid increase in rig reactivations resulted in significantly higher than expected costs during the quarter.  These costs, representing a sequential increment of approximately $6 million in the first quarter, should abate throughout the balance of the year.

Additionally, with 86% of the lower 48 working rigs set to expire and reprice at increasing spot market rates before year end, subsequent quarters are expected to show meaningful increases in daily margins.  Results should also benefit from the deployment before year end of seven new build SmartRig™ units contracted at leading edge dayrates.  Furthermore, there are still 27 rigs being converted to SmartRig™ units before year-end, all of which should command premium rates.    

Adjusted EBITDA for Rig Services, which consists of the Company's manufacturing, directional drilling, and other drilling services, decreased by $3.0 million from the fourth quarter.  The decline primarily stemmed from Canrig, Nabors' rig equipment manufacturing subsidiary.  However, an increasing backlog indicates improving results for the rest of the year.  Nabors Drilling Solutions (NDS) revenue climbed by $9.8 million in the quarter to $27.4 million, and adjusted EBITDA improved to $2.9 million.  The increasing penetration of NDS products across the industry is expected to continue improving quarterly results.   

William Restrepo, Nabors Chief Financial Officer, stated, "Despite the positive momentum derived from the rapid activity growth in our North American land markets, the bottoming rig count in our international business and the encouraging performance of NDS, the quarter was undoubtedly disappointing to our team.  Our results were challenged by the higher costs incurred to reactivate rigs in advance of revenues.  These costs consist of restocking, recertifying, recruiting and making ready nearly 40 rigs during the past two quarters in the lower 48. We not only experienced increased costs in the United States, but also internationally where we incurred accelerated inspection and recertification work, almost all of which was compressed into the first quarter.  Nonetheless, we remain positive about our progress to date and confident about future improvement. The first quarter items are either behind us or should subside progressively during the remainder of the year."

Mr. Petrello concluded, "Notwithstanding the extraordinary cost issues we incurred this quarter, I am increasingly encouraged by the underlying positive trends in nearly all of our markets.  NDS continues on track to meet its growth targets with increasing penetration across all of its product offerings.  In our U.S. Drilling segment, we anticipate significant sequential increases going forward.  These emanate from our lower 48 operations as a result of diminishing costs, repricing of the preponderance of our fleet at rates meaningfully higher than our current average, and the deployment of the remaining new builds and SmartRig™ upgrades.  Internationally, we expect second quarter margins to return to the level we saw in the fourth quarter of 2016 as a result of reduced costs and the full contribution of recent rig startups.  However, while we still expect moderate sequential increases in our international rig count, our near-term outlook is more measured in light of project deferrals associated with the OPEC production cuts and the potential for these cuts to be extended.  Nonetheless, we continue to be encouraged by the high number of tenders in multiple markets substantiating our expectation for additional growth over the intermediate and longer-term."

About Nabors

Nabors Industries (NYSE: NBR) owns and operates the world's largest land-based drilling rig fleet and is a leading provider of offshore platform rigs in the United States and numerous international markets. Nabors also provides directional drilling services, performance tools, and innovative technologies throughout many of the most significant oil and gas markets. Leveraging our advanced drilling automation capabilities, Nabors' highly skilled workforce continues to set new standards for operational excellence and transform our industry.

Forward-looking Statements

The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements.  The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release.  Nabors does not undertake to update these forward-looking statements.  

Non-GAAP Disclaimer

This press release presents certain "non-GAAP" financial measures.  The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP").  Adjusted EBITDA is computed by subtracting the sum of direct costs, general and administrative expenses and research and engineering expenses from operating revenues.  Adjusted operating income (loss) is computed similarly, but also subtracts depreciation and amortization expenses from operating revenues. Net debt is computed by subtracting the sum of cash and short-term investments from total debt.  Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA and adjusted operating income exclude certain cash expenses that we are obligated to make.  However, management evaluates the performance of our operating segments and the consolidated Company based on several criteria, including adjusted EBITDA, adjusted operating income (loss), and net debt, because it believes that these financial measures accurately reflect our ongoing profitability and performance. In addition, securities analysts and investors use these measures as some of the metrics on which they analyze the company's performance. Other companies in our industry may compute these measures differently.  A reconciliation of adjusted EBITDA and adjusted operating income (loss) to income (loss) from continuing operations before income taxes and net debt to total debt, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release. 

Media ContactDennis A. Smith, Vice President of Corporate Development & Investor Relations, +1 281-775-8038.  To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.

NABORS INDUSTRIES LTD. AND SUBSIDIARIES








CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)








(Unaudited)



Three Months Ended



March 31,


December 31,








(In thousands, except per share amounts)


2017


2016


2016








Revenues and other income:







Operating revenues 


$  562,550


$  597,571


$       538,948

Earnings (losses) from unconsolidated affiliates


2


(167,151)


4

Investment income (loss)


721


343


260

    Total revenues and other income


563,273


430,763


539,212








Costs and other deductions:







Direct costs


387,644


365,023


331,560

General and administrative expenses


63,409


62,334


52,603

Research and engineering


11,757


8,162


8,764

Depreciation and amortization


203,672


215,818


216,187

Interest expense


56,518


45,730


47,557

Other, net


13,510


182,404


275,270

      Total costs and other deductions


736,510


879,471


931,941








Income (loss) from continuing operations before income taxes


(173,237)


(448,708)


(392,729)








Income tax expense (benefit)


(25,609)


(52,064)


(62,533)








Income (loss) from continuing operations, net of tax


(147,628)


(396,644)


(330,196)

Income (loss) from discontinued operations, net of tax


(439)


(926)


(4,266)








Net income (loss)


(148,067)


(397,570)


(334,462)

     Less: Net (income) loss attributable to noncontrolling interest


(917)


(724)


(1,125)

Net income (loss) attributable to Nabors


$(148,984)


$(398,294)


$      (335,587)








Amounts attributable to Nabors:







Net income (loss) from continuing operations


$(148,545)


$(397,368)


$      (331,321)

Net income (loss) from discontinued operations


(439)


(926)


(4,266)

Net income (loss) attributable to Nabors


$(148,984)


$(398,294)


$      (335,587)








Earnings (losses) per share:







   Basic from continuing operations


$         (.52)


$       (1.41)


$             (1.17)

   Basic from discontinued operations


-


-


(.01)

    Basic


$         (.52)


$       (1.41)


$             (1.18)








   Diluted from continuing operations


$         (.52)


$       (1.41)


$             (1.17)

   Diluted from discontinued operations


-


-


(.01)

    Diluted


$         (.52)


$       (1.41)


$             (1.18)















Weighted-average number   







   of common shares outstanding:







   Basic 


277,781


275,851


276,793

   Diluted 


277,781


275,851


276,793















Adjusted EBITDA


$    99,740


$  162,052


$       146,021








Adjusted operating income (loss)


$(103,932)


$   (53,766)


$        (70,166)


NABORS INDUSTRIES LTD. AND SUBSIDIARIES






CONDENSED CONSOLIDATED BALANCE SHEETS













March 31,


December 31,

(In thousands)


2017


2016



(Unaudited)

ASSETS





Current assets:





Cash and short-term investments


$    228,595


$        295,202

Accounts receivable, net


514,446


508,355

Assets held for sale


77,118


76,668

Other current assets


302,497


275,614

     Total current assets


1,122,656


1,155,839

Property, plant and equipment, net


6,218,699


6,267,583

Goodwill


166,999


166,917

Other long-term assets


586,958


596,676

     Total assets


$ 8,095,312


$     8,187,015






LIABILITIES AND EQUITY





Current liabilities:





Current debt


$           313


$               297

Other current liabilities


771,336


821,637

     Total current liabilities


771,649


821,934

Long-term debt


3,661,665


3,578,335

Other long-term liabilities


475,604


531,951

     Total liabilities


4,908,918


4,932,220






Equity:





Shareholders' equity


3,177,948


3,247,025

Noncontrolling interest


8,446


7,770

     Total equity


3,186,394


3,254,795

     Total liabilities and equity


$ 8,095,312


$    8,187,015

NABORS INDUSTRIES LTD. AND SUBSIDIARIES








SEGMENT REPORTING

(Unaudited)

The following tables set forth certain information with respect to our reportable segments and rig activity:

















Three Months Ended



March 31,


December 31,








(In thousands, except rig activity)


2017


2016


2016















Operating revenues:







    Drilling & Rig Services: 







      U.S.


$  161,934


$  148,676


$       148,959

      Canada


27,808


17,494


16,917

      International


338,223


401,055


343,259

      Rig Services (1)


71,441


53,853


63,659

       Subtotal Drilling & Rig Services


599,406


621,078


572,794








    Other reconciling items (2)


(36,856)


(23,507)


(33,846)

      Total operating revenues


$  562,550


$  597,571


$        538,948








Adjusted EBITDA: (3)







    Drilling & Rig Services: 







      U.S.


$    26,629


$    51,235


$          49,245

      Canada


6,335


2,122


2,647

      International


108,656


148,309


128,289

      Rig Services (1)


(2,107)


(1,481)


914

       Subtotal Drilling & Rig Services


139,513


200,185


181,095








    Other reconciling items (4)


(39,773)


(38,133)


(35,074)

      Total adjusted EBITDA


$    99,740


$  162,052


$        146,021








Adjusted operating income (loss): (5)







    Drilling & Rig Services: 







      U.S.


$   (63,182)


$   (47,559)


$        (42,947)

      Canada


(4,011)


(7,278)


(8,553)

      International


11,974


46,872


20,351

      Rig Services (1)


(9,109)


(10,644)


(5,246)

       Subtotal Drilling & Rig Services


(64,328)


(18,609)


(36,395)








    Other reconciling items (4)


(39,604)


(35,157)


(33,771)

   Total adjusted operating income (loss)


$ (103,932)


$   (53,766)


$        (70,166)








Earnings (losses) from unconsolidated affiliates (6)


$              2


$ (167,151)


$                   4








Rig activity:







Average Rigs Working: (7)







   U.S.


88.8


64.9


72.1

   Canada


22.0


12.5


13.3

   International


89.8


110.5


91.9

      Total average rigs working


200.6


187.9


177.3

(1)

Includes our other services comprised of our manufacturing, directional drilling and complementary services.



(2)

Represents the elimination of inter-segment transactions.



(3)

Adjusted EBITDA is computed by subtracting the sum of direct costs, general and administrative expenses and research and engineering expenses from operating revenues. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of our operating segments and the Company's consolidated results based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures reflect our ongoing profitability and performance.  In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance.  Other companies in our industry may compute these measures differently.  A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading "Reconciliation of Non-GAAP Financial Measures to Income (loss) from Continuing Operations before Income Taxes".



(4)

Represents the elimination of inter-segment transactions and unallocated corporate expenses.



(5)

Adjusted operating income (loss) is computed by subtracting the sum of direct costs, general and administrative expenses, research and engineering expenses and depreciation and amortization from operating revenues. Adjusted operating income (loss) is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of our operating segments and the Company's consolidated results based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures reflect our ongoing profitability and performance.  In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance.  Other companies in our industry may compute these measures differently.  A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading "Reconciliation of Non-GAAP Financial Measures to Income (loss) from Continuing Operations before Income Taxes".



(6)

Represents our share of the net income (loss), as adjusted for our basis difference, of our unconsolidated affiliates accounted for by the equity method, including losses of $167.1 million for the three months ended March 31, 2016, related to our share of the net loss of C&J Energy Services, Ltd. ("C&J"), which we reported on a quarter lag through June 30, 2016.  Beginning in the third quarter of 2016, we ceased accounting for our investment in C&J under the equity method of accounting.



(7)

Represents a measure of the number of equivalent rigs operating during a given period.  For example, one rig operating 182.5 days during a 365-day period represents 0.5 average rigs working. 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES








RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO 

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(Unaudited)




Three Months Ended



March 31,


December 31,








(In thousands)


2017


2016


2016








Adjusted EBITDA


$    99,740


$  162,052


$       146,021

Depreciation and amortization 


(203,672)


(215,818)


(216,187)

Adjusted operating income (loss)


(103,932)


(53,766)


(70,166)








Earnings (losses) from unconsolidated affiliates


2


(167,151)


4

Investment income (loss)


721


343


260

Interest expense


(56,518)


(45,730)


(47,557)

Other, net


(13,510)


(182,404)


(275,270)

Income (loss) from continuing operations before income taxes


$(173,237)


$(448,708)


$      (392,729)

NABORS INDUSTRIES LTD. AND SUBSIDIARIES






RECONCILIATION OF NET DEBT TO TOTAL DEBT








March 31,


December 31,

(In thousands)


2017


2016



(Unaudited)
















Current debt


$           313


$               297

Long-term debt


3,661,665


3,578,335

     Total Debt


3,661,978


3,578,632

Less: Cash and short-term investments


228,595


295,202

     Net Debt


$ 3,433,383


$     3,283,430

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nabors-announces-first-quarter-results-300446774.html

SOURCE Nabors Industries Ltd.

Related Links

http://www.nabors.com

PEKÍN, 26 de abril de 2017 /PRNewswire/ -- Trina Solar Limited ("Trina Solar" o la "empresa"), un líder global en módulos fotovoltaicos, soluciones y servicios, ha anunciado un contrato para el suministro de 20MW de su producto DUOMAX twin, un módulo bifacial fabricado con tecnología PERC y de doble cristal que ha sido lanzado recientemente.

De acuerdo con el contrato de venta, Trina Solar suministró 20MW de sus DUOMAX twin (72 células), con una potencia de entre 340 y 350W, a un proyecto situado en Golmud, Qinghai ("proyecto"). El envío se completó el 20 de abril de 2017.

DUOMAX twin es la innovación más reciente de Trina Solar, combinando la tecnología de energía bifacial monocristalina PERC de alta eficiencia con la tecnología de doble cristal, lo que aumenta eficazmente la capacidad de generación del sistema. La electricidad generada en su cara trasera ofrece hasta un 25% más de energía en una amplia variedad de entornos. Además, el DUOMAX twin presenta una extensa gama de usos, con aplicaciones en proyectos tales como centrales eléctricas de gran envergadura, proyectos de agricultura solar, piscifactorías basadas en energía solar y otros. Su uso es particularmente efectivo en áreas con una elevada reflexión difusa, como por ejemplo proyectos ubicados en entornos arenosos, superficies acuáticas, latitudes circumpolares y zonas nevadas, así como en los quitamiedos de las autopistas.

El proyecto está situado en una zona arenosa con una elevada reflexión difusa, por lo que presenta las condiciones ideales para el DUOMAX twin. Aparte de la luz directa absorbida por la cara frontal de los módulos, la cara trasera absorbe la luz reflejada en el suelo y también la que se encuentra dispersa en el aire. El proyecto estará equipado asimismo con un rastreador, que posibilitará que la cara trasera del módulo DUOMAX twin recoja más energía solar por medio del movimiento de dicho rastreador.

Yin Rongfang, vicepresidente de Trina Solar y jefe de Marketing y Ventas Internacionales, dijo: "Se trata del primer pedido de DUOMAX twin tras su lanzamiento a finales de marzo, y nos gustaría agradecer a nuestros clientes su reconocimiento. Este año marca la fase de crecimiento dentro en el mercado para el DUOMAX twin, y esta cifra va a continuar aumentando constantemente. Estamos observando la llegada de pedidos procedentes de todo el mundo. De cara al futuro, permaneceremos comprometidos con las innovaciones tecnológicas y ofreceremos un valor de coste normalizado de electricidad (LCOE) aún más contundente a nuestros socios estratégicos a nivel internacional".

Acerca de Trina Solar Limited

Trina Solar Limited es un líder global en módulos fotovoltaicos, soluciones y servicios. Fundada en 1997 como un integrador de sistemas fotovoltaicos, hoy Trina Solar ofrece energía inteligente además de instaladores, distribuidores, empresas de servicios y desarrolladores en todo el mundo. Para obtener más información, visite www.trinasolar.com.

SOURCE Trina Solar Limited

14:30 ET

Preview: Trina Solar reçoit une commande de 20 MW pour ses modules bifaces PERC « DUOMAX twin »

SIOUX FALLS, S.D., April 26, 2017 /PRNewswire/ -- NorthWestern Corporation d/b/a NorthWestern Energy (NYSE: NWE) reported financial results for the quarter ended March 31, 2017.  Net income for the period was $56.6 million, or $1.17 per diluted share, as compared with net income of $39.9 million, or $0.82 per diluted share, for the same period in 2017. This $16.7 million increase in net income is primarily the result of increased retail electric and natural gas volumes in 2017 and a disallowance of replacement power costs in 2016 that negatively impacted first quarter earnings last year.  These improvements were partially offset by higher property and income taxes in 2017.

Additional information regarding this release can be found in the earnings presentation found at www.northwesternenergy.com/our-company/investor-relations/presentations-and-webcasts.

"We have continued to experience customer growth greater than 1% in both our gas and electric operations.  This reflects the underlying health of our region, and the importance of our planning and investment to meet our region's needs," said Bob Rowe, President and Chief Executive Officer.  "Customer growth plus cold weather at the start of the year contributed to margin.  Our region experiences significant swings in weather from year-to-year and season-to-season.  Although our costs are largely fixed, those costs are recovered almost entirely through variable charges, which amplifies the impact both on customers' bills and on company revenues - in both directions."


Three Months Ended March 31,

(in thousands, except per share amounts)

2017


2016 (2)

Revenues

$

367,312



$

332,539


Cost of Sales

119,817



115,434


Gross Margin (1)

247,495



217,105






Operating, general and administrative expense

80,962



79,861


Property and other taxes

39,928



35,421


Depreciation and depletion

41,461



39,890


   Total Operating Expenses

162,351



155,172


Operating Income

85,144



61,933


Interest Expense, net

(23,400)



(24,509)


Other Income

1,500



3,102


Income Before Income Taxes

63,244



40,526


   Income Tax Expense

(6,677)



(659)


Net Income

$

56,567



$

39,867


Basic: Average Shares Outstanding

48,386



48,242


     Earnings per Share - Basic

$

1.17



$

0.83


Diluted: Average Shares Outstanding

48,503



48,354


     Earnings per Share - Diluted

$

1.17



$

0.82






Dividends Declared per Common Share

$

0.525



$

0.50



(1) Gross Margin is a non-GAAP financial measure. See "Non-GAAP Financial Measures" section below for more information.

(2) During the fourth quarter of 2016, we early adopted the provisions of Accounting Standards Update No. 2016-09 (ASU 2016-09), Improvements to Employee Share-Based Payment Accounting, revising certain elements of the accounting for share-based payments. As a result of this adoption, during the fourth quarter of 2016, excess tax benefits of $1.8 million related to vested share-based compensation awards were recorded as a decrease in income tax expense in the Condensed Consolidated Statement of Income. The guidance also requires that in future filings that include the previously issued interim financial information, the interim financial information is presented on a recast basis to reflect the adoption of ASU 2016-09 as of January 1, 2016. The Condensed Consolidated Financial Statements for the period ended March 31, 2016, have been recast to reflect this adoption, resulting in an increase in net income and earnings per share.

Significant items

On April 26, 2017, we filed our required annual report with the MPSC regarding 2016 results, which indicates we earned less than our authorized rate of return. At the same time, we also submitted a filing to the Montana Public Service Commission (MPSC) responsive to the hydro compliance order, indicating we do not expect to file an electric rate case in 2017 based on a 2016 test year. However, we expect to file a general electric rate case in 2018 based on a 2017 test year. In the hydro compliance order, the MPSC indicated that if we do not intend to file a rate case in 2017, the MPSC may require us to make an additional financial filing that would facilitate an assessment of whether the MPSC believes additional action would be required to fulfill its obligation to authorize just and reasonable rates.

Significant Earnings Drivers

Gross Margin

Consolidated gross margin for the three months ended March 31, 2017 was $247.5 million compared with $217.1 million for the same period in 2016. This $30.4 million increase was a result of a $27.3 million increase to items that have an impact on net income and $3.1 million increase in revenues for property taxes included in trackers. This $3.1 million increase is offset by increased property tax expense with no impact to net income.

Consolidated gross margin for items impacting net income increased $27.3 million, including:

  • $14.6 million increase in electric and natural gas residential and commercial retail volumes due primarily to colder winter weather and customer growth and an increase in industrial retail volumes due to customer growth;
  • 10.3 million increase resulting from the inclusion in 2016 of the MPSC disallowance of replacement power costs from a 2013 outage at Colstrip Unit 4 and portfolio modeling costs;
  • $1.2 million increase in South Dakota electric revenue due to the timing of the change in customer rates in 2016; and
  • $1.8 million increase in other miscellaneous gross margin.

These increases were partly offset by $0.6 million reduction in gas production margin due primarily to a reduction in interim rates.

Operating, General and Administrative Expenses

Consolidated operating, general and administrative expenses for the three months ended March 31, 2017 were $81.0 million compared with $79.9 million for the same period in 2016. The $1.1 million increase was primarily due to:

  • $1.5 million higher maintenance costs at our Dave Gates Generating Station and Colstrip Unit 4;
  • $1.3 million higher bad debt expense due to an increase in revenues as a result of colder winter weather;
  • $0.5 million increased labor costs due primarily to compensation increases and more time spent by employees on maintenance projects (which are expensed) rather than capital projects; and
  • $0.5 million increase in other miscellaneous expenses.

These increases were partly offset by a $1.7 million reduction in value of non-employee directors deferred compensation due to changes in our stock price (offset by changes in other income with no impact on net income) and a $1.0 million decrease in insurance reserves primarily due to an accrual included in the 2016 results related to a refinery outage in Billings, Montana.

Property and Other Taxes

Property and other taxes were $39.9 million for the three months ended March 31, 2017, as compared with $35.4 million in the same period of 2016. This increase was primarily due to plant additions and higher estimated property valuations in Montana. We estimate property taxes throughout each year, and update our estimate based on valuation reports received from the Montana Department of Revenue. Under Montana law, we are allowed to track the increases in the actual level of state and local taxes and fees and recover these amounts. The MPSC has authorized recovery of approximately 60% of the estimated increase in our state and local taxes and fees (primarily property taxes) as compared with the related amount included in rates during our last general rate case.

Depreciation and Depletion Expense

Depreciation and depletion expense was $41.5 million for the three months ended March 31, 2017, as compared with $39.9 million in the same period of 2016. This increase was primarily due to plant additions.

Operating Income

Consolidated operating income for the three months ended March 31, 2017 was $85.1 million as compared with $61.9 million in the same period of 2016. This increase was primarily due to the increase in gross margin driven by colder winter weather, customer growth and the 2016 MPSC disallowance of outage replacement costs as discussed above.

Interest Expense

Consolidated interest expense for the three months ended March 31, 2017 was $23.4 million, as compared with $24.5 million in the same period of 2016. This decrease was primarily due to the debt refinancing at a lower interest rate of the Pollution Control Revenue Refunding Bonds during the third quarter of 2016.

Other Income

Consolidated other income for the three months ended March 31, 2017, was $1.5 million, as compared with $3.1 million in the same period of 2016. This decrease was primarily due to a $1.7 million decrease in the value of deferred shares held in trust for non-employee directors deferred compensation (which, as discussed above, is offset by a corresponding decrease to operating, general and administrative expenses).

Income Tax

Consolidated income tax expense for the three months ended March 31, 2017 was $6.7 million, as compared with $0.7 million in the same period of 2016. Our effective tax rate for the three months ended March 31, 2017 was 10.6% as compared with 1.6% for the same period of 2016. We adopted the provisions of Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting, during the fourth quarter of 2016, which resulted in the recognition of $1.8 million in excess tax benefits. In accordance with the guidance, the $1.8 million impact of this adoption is reflected as of January 1, 2016, which reduced tax expense for the three months ended March 31, 2016. We currently expect our 2017 effective tax rate to range between 7% - 11%.

The following table summarizes the differences between our effective tax rate and the federal statutory rate (in millions):

(in millions)


Three Months Ended
March 31,



2017


2016

Income Before Income Taxes


$

63.2




$

40.5










Income tax calculated at 35% federal statutory rate


22.1


35.0

%


14.2


35.0

%








Permanent or flow-through adjustments:







State income, net of federal provisions


(0.8)


(1.3)

%


(1.3)


(3.1)

%

Flow-through repairs deductions


(8.8)


(13.9)

%


(6.7)


(16.5)

%

Production tax credits


(3.8)


(6.1)

%


(2.8)


(6.8)

%

Plant and depreciation of flow-through items


(1.4)


(2.3)

%


(0.9)


(2.3)

%

Shared-based compensation


(0.4)


(0.6)

%


(1.6)


(4.1)

%

Other, net


(0.2)


(0.2)

%


(0.2)


(0.6)

%

Subtotal


(15.4)


(24.4)

%


(13.5)


(33.4)

%








Income Tax Expense


$

6.7


10.6

%


$

0.7


1.6

%

We compute income tax expense for each quarter based on the estimated annual effective tax rate for the year, adjusted for certain discrete items. Our effective tax rate typically differs from the federal statutory tax rate of 35% primarily due to the regulatory impact of flowing through federal and state tax benefits of repairs deductions, state tax benefit of accelerated tax depreciation deductions (including bonus depreciation when applicable) and production tax credits.

Net Income

Consolidated net income for the three months ended March 31, 2017 was $56.6 million as compared with $39.9 million for the same period in 2016. This increase was primarily due to improved gross margin as a result of colder winter weather, customer growth and the inclusion in the first quarter of 2016 of the MPSC disallowance of both replacement power costs from a 2013 outage at Colstrip Unit 4 and portfolio modeling costs, partly offset by higher property and income taxes.

Reconciliation of Primary Changes from 2016 to 2017






Three Months Ended
March 31,







($millions, except EPS)

Pre-tax

Income

Net (1)

Income

Diluted

EPS


2016 reported

$40.5


$39.9


$0.82







Gross Margin





MPSC disallowance (2016)

10.3


6.3


0.13



Electric retail volumes

8.6


5.3


0.11



Natural gas retail volumes

6.0


3.7


0.08



South Dakota electric rate increase

1.2


0.7


0.01



Natural gas production

(0.6)


(0.4)


(0.01)



Other

1.8


1.1


0.02



                          Subtotal: Margin Items Impacting Net Income

27.3


16.7


0.34








Property taxes recovered in trackers

3.1


1.9


0.04



                 Subtotal: Margin Items Not Impacting Net Income (2)

3.1


1.9


0.04








Total Gross Margin

30.4


18.6


0.38


OG&A Expense





Maintenance costs

(1.5)


(0.9)


(0.02)



Bad debt expense

(1.3)


(0.8)


(0.01)



Labor

(0.5)


(0.3)




Non-employee director deferred compensation

1.7


1.0


0.02



Insurance reserves

1.0


0.6


0.01



Other

(0.5)


(0.3)


(0.01)








Total OG&A Expense

(1.1)


(0.7)


(0.01)


Other items





Depreciation and depletion expense

(1.6)


(1.0)


(0.02)



Property and other taxes

(4.5)


(2.8)


(0.06)



Interest expense

1.1


0.7


0.01



Other income (includes offset to Non-employee compensation above)

(1.6)


(1.0)


(0.02)



Permanent and flow-through adjustments to income tax


2.9


0.06



Impact of higher share count



0.01



Total Other items

(6.6)


(1.2)


(0.02)








Total impact of above items

22.8


16.7


0.35








2017 reported

$63.2


$56.6


$1.17







(1) Income Tax Benefit (Expense) calculation on reconciling items assumes normal effective tax rate of 38.5%.

(2) This item is offset in property tax expense and has no impact to net income.

Liquidity and Capital Resources

As of March 31, 2017, our total net liquidity was approximately $183.5 million, including $12.4 million of cash and $171.4 million of revolving credit facility availability. This compares to total net liquidity one year ago at March 31, 2016 of $197.1 million.

Dividend Declared

NorthWestern's Board of Directors declared a quarterly common stock dividend of $0.525 per share, payable June 30, 2017 to common shareholders of record as of June 15, 2017.

Significant Items Not Contemplated in Guidance

A reconciliation of items not factored into our 2017 and final 2016 adjusted non-GAAP earnings guidance of $3.30 - $3.50 and $3.20 - $3.35 per diluted share, respectively, are summarized below. The amount below represents an after-tax (using a 38.5% effective tax rate) non-GAAP measure that may provide users of this data with additional meaningful information regarding the impact of certain items on our expected earnings. More information on this measure can be found in the "Non-GAAP Financial Measures" section below.

(in millions, except EPS)


Estimated to Meet Guidance

Three Months Ended

March 31, 2017


EPS

Q2-Q4 2017


EPS

Full Year 2017


Pre-tax
Income

Net(1)
Income

Diluted
EPS


Low

-

High


Low

-

High

2017 Reported GAAP

$63.2


$56.6


$1.17



$2.13


-

$2.33



$3.30


-

$3.50














Non-GAAP Adjustments:












Remove favorable weather

(3.2)


(2.0)


(0.04)






















2017 Adjusted Non-GAAP

$60.0


$54.6


$1.13



$2.13


-

$2.33



$3.30


-

$3.50


























Three Months Ended
March 31, 2016


Q2-Q4 2016


Full Year 2016


Pre-tax
Income

Net(1)
Income

Diluted
EPS


Pre-tax
Income

Net(1)
Income

Diluted
EPS


Pre-tax
Income

Net(1)
Income

Diluted
EPS

2016 Reported GAAP

$40.6


$39.9


$0.82



$115.9


$124.3


$2.57



$156.5


$164.2


$3.39














Non-GAAP Adjustments:












Add back unfavorable weather

7.1


4.4


0.09



8.1


4.9


0.10



15.2


9.3


0.19


MPSC electric tracker disallowance of costs related to years prior to 2016

10.1


6.2


0.13



2.1


1.3


0.03



12.2


7.5


0.16


Remove Lost Revenue Adjustment Mechanism (LRAM) benefit related to years prior to 2016





(14.2)


(8.7)


(0.18)



(14.2)


(8.7)


(0.18)


Remove generation repairs income tax benefit related to years prior to 2016






(12.5)


(0.26)




(12.5)


(0.26)














2016 Adjusted Non-GAAP

$57.8


$50.5


$1.04



$111.9


$109.3


$2.26



$169.7


$159.8


$3.30














(1) Income Tax Benefit (Expense) calculation on reconciling items assumes normal effective tax rate of 38.5%.

2017 Earnings Guidance Reaffirmed

NorthWestern reaffirms its 2017 adjusted non-GAAP earnings guidance range of $3.30 - $3.50 per diluted share based upon, but not limited to, the following major assumptions and expectations:

  • Normal weather in our electric and natural gas service territories;
  • A consolidated income tax rate of approximately 7%-11% of pre-tax income; and
  • Diluted average shares outstanding of approximately 48.5 million.

Company Hosting Investor Conference Call

NorthWestern will host an investor conference call and webcast tomorrow, April 27, 2017, at 3:00 p.m. Eastern time to review its financial results for the quarter ending March 31, 2017. The conference call will be webcast live on the Internet at www.northwesternenergy.com under the "Our Company / Investor Relations / Presentations and Webcasts" heading or by visiting www.webcaster4.com/Webcast/Page/1050/20418. To participate, please go to the site at least 10 minutes in advance of the webcast to register. An archived webcast will be available shortly after the call and remain active for one year.

A telephonic replay of the call will be available for one month, beginning at 6:00 p.m. Eastern time on April 27, 2017, at (888) 203-1112 access code 9482947.

Notice of Annual Stockholders Meeting

NorthWestern will also hold its annual stockholders meeting on Thursday, April 27, 2017, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) at the South Dakota / Nebraska Operational Support Office, 600 Market Street West, Huron, South Dakota 57350.

The annual stockholders meeting will be webcast live on the Internet at www.northwesternenergy.com under the "Our Company / Investor Relations / Presentations and Webcasts" heading or by visiting https://www.webcaster4.com/Webcast/Page/1050/20262. To participate, please go to the site at least 10 minutes in advance of the call to register.

About NorthWestern Energy

NorthWestern Corporation, doing business as NorthWestern Energy, provides electricity and natural gas to approximately 709,600 customers in Montana, South Dakota and Nebraska. We have distributed electricity in South Dakota and distributed natural gas in South Dakota and Nebraska since 1923 and have generated and distributed electricity and distributed natural gas in Montana since 2002. More information on NorthWestern Energy is available on the company's Web site at www.northwesternenergy.com.

Non-GAAP Financial Measures

This press release includes financial information prepared in accordance with GAAP, as well as other financial measures, such as Gross Margin and Adjusted Non-GAAP Diluted EPS, that are considered "non-GAAP financial measures."  Generally, a non-GAAP financial measure is a numerical measure of a company's financial performance, financial position or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Gross Margin (Revenues less Cost of Sales) is a non-GAAP financial measure due to the exclusion of depreciation and depletion from the measure. Gross Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow recovery of operating costs. Adjusted Non-GAAP Diluted EPS is another non-GAAP measure. The Company believes the presentation of Adjusted Non-GAAP Diluted EPS is more representative of our normal earnings than the GAAP EPS due to the exclusion (or inclusion) of certain impacts that are not reflective of ongoing earnings.

The presentation of these non-GAAP measures is intended to supplement investors' understanding of our financial performance and not to replace other GAAP measures as an indicator of actual operating performance.  Our measures may not be comparable to other companies' similarly titled measures.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, the information under "Significant Items Not Contemplated in Guidance" and "2017 Earnings Guidance Reaffirmed".  Forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will."  These statements are based upon our current expectations and speak only as of the date hereof.  Our actual future business and financial performance may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including, but not limited to:

  • adverse determinations by regulators, as well as potential adverse federal, state, or local legislation or regulation, including costs of compliance with existing and future environmental requirements, could have a material effect on our liquidity, results of operations and financial condition;
  • changes in availability of trade credit, creditworthiness of counterparties, usage, commodity prices, fuel supply costs or availability due to higher demand, shortages, weather conditions, transportation problems or other developments, may reduce revenues or may increase operating costs, each of which could adversely affect our liquidity and results of operations;
  • unscheduled generation outages or forced reductions in output, maintenance or repairs, which may reduce revenues and increase cost of sales or may require additional capital expenditures or other increased operating costs; and
  • adverse changes in general economic and competitive conditions in the U.S. financial markets and in our service territories.

Our 2016 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors that may affect our business, results of operations and financial condition.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Grid List

International collaboration enables the sharing of risks, rewards and progress, and the co-ordination of priorities in areas such as technology, policy, regulation and business models. In order to reach the goals set out in this roadmap, smart grids need to be rapidly developed, demonstrated and deployed based on a range of drivers that vary across regions globally. Many countries have made significant efforts to develop smart grids, but the lessons learned are not being shared in a co-ordinated fashion. Major international collaboration is needed to expand RDD&D investment in all areas of smart grids – but especially in standards, policy, regulation and business model development. These efforts will require the strengthening of existing institutions and activities, as well as the creation of new joint initiatives.

The old definition of a microgrid was usually an electricity source, often a combined heat and power natural gas plant or a reciprocating engine generator, that provided fulltime or backup power for an industrial site, military installation, university, or remote location.

Today’s definition is much broader, incorporating cleaner technologies and more diverse customers, establishing microgrids as a key component of tomorrow’s more resilient, efficient and low-emissions electricity system.

Market Research Hub (MRH) has recently announced the inclusion of a new study to its massive archive of research reports, titled as “Global Microgrid as a Service (MaaS) Market Status, Size and Forecast 2012-2022.” This report provides an in-depth evaluation on the market for Microgrid as a Service (MaaS), elaborating on the prime dynamics influencing the development of this market. These dynamics include the major drivers, opportunities, restraints etc. Geographically, the global market is categorized into EU, United States, China, India, Japan and Southeast Asia.

With an extensive forecast period of 2016 to 2021, the analysts have studied major dynamics for the market, which can be helpful for the established players as well as new entrants in this market. In terms of geography, with constant rising industrial sector, countries such as China, India, Japan and South Korea are gaining extensive market share of the MaaS market.

A grid-connected microgrid can be defined as, a set of distributed energy resources and interconnected loads mainly use to supply power to the main grid or utility grid. Microgrids can operate as stand-alone 'islands' and are able to provide reliable electricity even during bad weather. According to the key findings, from several years, the escalating demand for power, along with an increased need for secure, reliable and emission-free power propels the demand for microgrids. Also, it is projected that the microgrids as a service market are recording healthy growth due to various benefits offered by Microgrids, such as highly reliability, economical & effectual energy power, improvement of renewable energy sources and smart grid integration etc.

These microgrids can be divided into Grid type and Service type.

On the basis of grid type, it covers:

Grid Connected
Remote/Islanded

By service type, it includes:

Monitoring & Control Service
Software as a Service (SaaS)
Engineering & Design Service
Operation & Maintenance Service

On the other hand by applications, the report has segmented the market into Military, Industrial, Government & Education, Utility, Residential & Commercial. The Microgrid as a Service Market is having significant growth in many areas where continuous power is must such as industries, Residential & Commercial, hospitals and universities among others.

Advanced Energy Economy (AEE) said last week that global annual revenue from microgrids rose 29 percent between 2015 and last year, according to Microgrid Knowledge. The revenues totaled $6.8 million at the beginning of 2017. The report, which was prepared by Navigant Research, said that the market in the United States has more than doubled since 2011. The sector reached $2.2 billion last year after enjoying a 16 percent compound annual growth rate (CAGR), between 2015 and 2016.

Today, the microgrid technology only produces 0.2 percent of U.S. electricity (about 1.6 GW). That capacity is expected to double in the next three years, however.

Microgrids not only improve reliability and resilience – keeping the lights on during a widespread disaster that affects the main grid -- but also increase efficiency, better manage electricity supply and demand, and help integrate renewables, creating opportunities to reduce greenhouse gas emissions and save energy.
But financial and legal hurdles stand in the way of accelerating their deployment.

Each microgrid’s unique combination of power source, customer, geography, and market can be confusing for investors. Microgrids can run on renewables, natural gas-fueled turbines, or emerging sources such as fuel cells or even small modular nuclear reactors. They can power city facilities, city neighborhoods, or communities in remote areas. As we heard during our research, “If you’ve seen one microgrid, you’ve seen one microgrid.”

The legal framework can be confusing, too. Most states lack even a legal definition of a microgrid, and regulatory and legal challenges can differ between and within states. Issues include microgrid developers’ access to reasonably priced backup power and to wholesale power markets to sell excess electricity or other services. Also, franchise rights granted to utilities may limit microgrid developers’ access to customers.