Stocks / Equity Markets

Shareholder Activism: Coming to a Utility Near You?

Leadership Lyceum Podcast: A Conversation with Chris Young, Managing Director and Head of the Contested Situations Group at Credit Suisse

Linquist spoke about shareholder activism with Chris Young, a lawyer who moved into investment banking in the technology sector. Young spent six years at Institutional Shareholder Services. Chris joined Credit Suisse seven years ago and leads the Contested Situations Group.

Water Dreaming

Risk vs. Advantage

The water utility industry was featured at the recent NARUC meeting in Washington. It reminded me of a period in the 1990s when interest in investment in the water utility industry was high globally and in the U.S.

Toshiba Exit Transforms Nuclear Market

Maybe a U.S. Nuclear Revival

Toshiba recently announced that financial write-offs related to its troubled nuclear division, Westinghouse Electric, would total about $6.2 billion dollars. Since the write-off announcements, Toshiba's stock price has been cut in half. Toshiba's financial collapse changes the face of the nuclear industry.

Looming Risks of Regulated Assets

History May Not Predict Future

Maximizing exposure to regulated assets may not be an optimal long-term investment strategy, despite its present popularity. The factors considered here include lower allowed returns on equity, the law of diminishing returns, declining demand for the product, price increases, and a possible death spiral.

Don't Cry for Utility Shareholders, America

Maybe Steve Huntoon Was Right

We decided to check out the numbers. Utilities earned more than the cost of capital in most years. Utility investors earned an average market return, while taking a lower than average risk.

Getting Ready for Competition in Japan

Lessons from Abroad

A comprehensive analysis of Japanese investments in the U.S., Mexico, the U.K., and Australia. From a team expert in the fast-changing electric industry in Japan.

The Fortnightly 40 Best Energy Companies

A reshuffling of the rankings. Is nuclear the cause?

Of the top ten movers in this year’s Fortnightly 40, seven utilities rose in the rankings and three went down. But the utilities moving the most from 2013 to 2014 went down hard.

Transactions (April 2015)

Chesapeake Utilities agreed to acquire Gatherco for $59.2 million, merging it into wholly-owned subsidiary Aspire Energy of Ohio; Canadian Solar agreed with Sharp Corp. to acquire Recurrent Energy for $265 million; Iberdrola USA agreed to acquire UIL Holdings and create a newly listed U.S. publicly-traded company with a rate base of approximately $8.3 billion; Plus debt offerings from Williams Partners and Cheniere Energy.