Financial Data and Key Metrics Changes - For the full year 2025, the company delivered $293 million of adjusted EBITDA with tax attributes, nearly a 30% increase year-over-year [5] - Restricted debt was reduced by more than $220 million, and net recourse leverage improved from 8.2 times to 4.9 times [5][14] - Operating costs at Montana Renewables averaged $0.41 per gallon in the second half of the year, a 60% improvement over two years ago [10] Business Line Data and Key Metrics Changes - The Specialty Products and Solutions segment generated $88.5 million for the quarter and $291.8 million for the full year, reflecting continued benefits from commercial excellence initiatives [16] - The Performance Brands segment achieved adjusted EBIT of $5.4 million for the quarter and $47.9 million for the full year, marking the third consecutive year of growth despite the divestiture of Royal Purple Industrial [18] - Montana Renewables reported adjusted EBIT with tax attributes of negative $5.4 million for the fourth quarter and positive $31.3 million for the full year [19] Market Data and Key Metrics Changes - Specialty sales volumes exceeded 20,000 barrels per day during every quarter of the year, reflecting strong demand and operational improvements [9] - The regulatory environment for biofuels is improving, with expectations for a stronger Renewable Volume Obligation (RVO) to enhance industry utilization and margins [12] Company Strategy and Development Direction - The company aims to execute the Max SAF 150 project safely, on time, and on budget in the second quarter of 2026, while continuing to improve cost levels and leverage its early mover advantage in Sustainable Aviation Fuel (SAF) [22][23] - Capital allocation priorities remain disciplined, focusing on driving durable free cash flow and enhancing deleveraging while expanding specialties and executing the Max SAF 150 strategy [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory uncertainties and emphasized the importance of being a low-cost provider in a volatile market [27] - The outlook for 2026 includes expectations for increased production and operational efficiencies despite a heavy turnaround year [15][22] Other Important Information - The company plans to invest $115 million to $145 million in capital expenditures for 2026, primarily due to scheduled maintenance [15] - The Montana Asphalt segment is expected to continue producing in the $30 million-$50 million EBIT range, supported by improved asphalt margins and cost reduction initiatives [21] Q&A Session Summary Question: Can you talk about the macro setup and operational level at Max SAF? - Management acknowledged regulatory uncertainty but emphasized their position as a low-cost provider and the durability of the Max SAF project [27][28] Question: What are your views on the RINs market and utilization? - Management noted that the industry is currently running at variable margins and that the restart of idle plants will depend on the final RVO [33][36] Question: What is the expected ramp-up for the Max SAF project? - The company expects to ramp up to a run rate of 120-150 million gallons annually, with improvements in cost efficiency as production increases [43] Question: How are SAF contracts structured regarding pricing? - Management clarified that SAF contracts are designed to be robust against market dynamics, with a fixed premium over renewable diesel [59][65]

Core Insights - Boralex Inc. reported improved financial results for Q4 2025, driven by favorable wind conditions and new project commissioning, although overall annual results declined due to lower short-term electricity contract production [6][7][12]. Financial Results - Q4 2025 power production increased by 18% to 1,800 GWh compared to Q4 2024, while annual production rose by 8% to 6,147 GWh [7][17]. - Revenues from energy sales and feed-in premiums for Q4 2025 reached $241 million, a 6% increase from Q4 2024, while annual revenues decreased by 3% to $796 million [13][17]. - Operating income for Q4 2025 was $68 million, down from $78 million in Q4 2024, and annual operating income decreased to $166 million from $226 million [7][18]. - EBITDA(A) for Q4 2025 was $178 million, up 6% from Q4 2024, while annual EBITDA(A) fell to $552 million from $581 million [7][18]. - Net earnings for Q4 2025 were $26 million, compared to a net loss of $2 million in Q4 2024, while annual net earnings decreased to $33 million from $74 million [7][18]. Development and Construction Activities - Boralex commissioned six new projects in 2025, increasing installed capacity to 3,783 MW, including the Limekiln wind farm in the UK and several battery energy storage systems [6][7]. - Projects totaling 688 MW moved to the secured stage, including solar and battery energy storage projects in the US, Canada, and the UK [7]. - The company secured ministerial approval for the Clashindarroch wind farm extension and a contract for difference for the Sallachy wind farm in the UK [7]. Strategic Outlook - Boralex's 2030 Strategic Plan aims to double installed capacity by 2030 with a focus on growth, diversification, and long-term value creation, supported by $8 billion in investments [19]. - The company continues to expand its portfolio in response to sustained demand for renewable energy, participating in various tender calls in key markets [8][19]. Dividend Declaration - The Board of Directors announced a quarterly dividend of $0.1650 per common share, payable on March 16, 2026 [20]. Corporate Recognition - Boralex received multiple awards in 2025 for its commitment to social responsibility and energy transition, including recognition as one of the best corporate citizens in Canada [9].

Copper is undergoing a profound structural shift. After years of cyclical trading, it’s broken out, driven by an irrefutable reality: the world simply doesn't have enough of it to meet future demand.For investors, the narrative is shifting from a standard cyclical play to a potential long-term macro investment, based on supply demand dynamics.This backdrop creates a compelling opportunity for ASX-listed miners, particularly those capable of bringing new, long-term supply online in tier-one jurisdictions lik ...

Lithium ETF Rallies 91% on Battery Materials RecoveryThe [Amplify Lithium & Battery Technology ETF (BATT)] has returned 91.2% over the past year. This comes as lithium prices doubled from their 2025 lows to around $20,000 per metric ton, shifting from oversupply to what analysts call a structural deficit.The lithium market moved from supply glut to balance during 2025. Low prices halted producer investment and slowed global supply growth, according to Morningstar's [February analysis] on lithium's rebound.M ...

Norwegian renewable energy solutions provider Scatec has achieved financial closure and commenced construction on the 130MW Barzalosa solar power facility in Colombia. BTG Pactual Comercializadora de Energía, a subsidiary of Banco BTG Pactual in Brazil, previously signed a 15-year power purchase agreement (PPA) for the project. This PPA will cover approximately 85% of the projected output, with the remaining portion marketed within the Colombian electricity sector. The development involves Scatec holdi ...

America's power grid is undergoing a dramatic shift — and solar is leading the charge. U.S. developers will add 86 gigawatts of new utility-scale generating capacity in 2026. What makes it interesting is that just 7% of that will come from natural gas. First Solar shares have more than doubled in price since hitting multi-year lows last April amid a wider stock-market sell-off triggered by President Donald Trump‘s tariff announcements. The Enphase stock has rallied 78% from the lows reached in November.Util ...

Solar power has grabbed a foothold in Romania, with installed capacity expected to surpass 7 gigawatts in early 2026, driven by high demand, EU funding and over 290,000 commercial and residential consumers. The Eastern European country is rapidly installing solar to transition away from coal, enhance energy security, and meet European Union decarbonization targets. While it is not among the top European countries for installed solar power — that, in descending order, is Germany, Spain, Italy, the Nethe ...

Core Insights - DTE Energy reported strong operating earnings across its segments, with notable contributions from renewable energy initiatives and improved reliability metrics Financial Performance - DTE Vantage generated $162 million in operating earnings, primarily driven by renewable natural gas production tax credits and new project developments, despite lower investment tax credits and steel-related earnings [1] - DTE Gas operating earnings reached $295 million, an increase year over year, attributed to colder winter weather and new base rates, although offset by higher operational and maintenance costs [2] - DTE Electric reported approximately $1.2 billion in operating earnings, up year over year, due to base rate implementation, favorable weather, and increased earnings from clean energy projects, despite higher operational costs [3] - The company’s 2025 operating earnings were projected at $1.5 billion, translating to an operating earnings per share (EPS) of $7.36, exceeding the high end of guidance [4] Growth and Capital Plans - DTE Energy highlighted an expanded capital plan of $36.5 billion, increased by $6.5 billion, to support continued earnings growth through 2026 and beyond, driven by data center agreements and renewable investments [5][7] - The company plans to fund its expansion with targeted annual equity issuance of $500–$600 million while maintaining a funds from operations (FFO)-to-debt target near 15% [6][20] - DTE expects to achieve a compound annual growth rate (CAGR) of operating EPS above 8% from 2027 to 2030, driven by incremental data center load and investments in renewable energy [15] Reliability and Clean Energy Initiatives - DTE achieved its best all-weather System Average Interruption Duration Index (SAIDI) performance in nearly 20 years, with a nearly 90% reduction in average outage duration compared to 2023 [10] - The company placed 330 MW of solar in service last year and has plans for an additional 900 MW of renewable generation annually over the next five years [13] - DTE is developing new energy storage solutions, driving nearly $2 billion in incremental storage investment to support data center load growth [15] Affordability and Customer Support - DTE emphasized affordability, with average residential electric bills 18% below the national average, and has helped customers access $125 million in energy assistance [18] - The company’s existing data center deal is expected to provide $300 million in annual affordability benefits to existing customers once fully ramped [16] Regulatory and Operational Insights - DTE is engaging with Michigan's regulatory environment, seeking support for its electric rate case and infrastructure recovery mechanisms [21] - The company is preparing for combined-cycle gas turbine developments capable of carbon capture and storage, supporting future load requirements [17]

Industry Overview - Renewable energy is increasingly recognized for its significant role in combating climate change, with wind power leading the transition toward renewables [1] - Wind energy has become one of the largest renewable sources of electricity generation in the United States, driven by abundant supply, sustainable technology, and lower production costs [2] Market Growth - The U.S. wind power capacity reached over 159 gigawatts (GW) by the end of 2025, accounting for nearly 11% of total utility-scale electricity generation [3][10] - The U.S. grid is projected to add 11.7 GW of wind generation capacity in 2025, reflecting an increase from around 6 GW added in the previous year [4] Future Projections - Wind power generation is expected to increase by approximately 6% in 2026 and 7% in 2027, supported by new capacity additions [4][10] Key Projects - Major upcoming wind projects include the 800-megawatt (MW) Vineyard Wind 1 in Massachusetts and the 715-MW Revolution Wind project in Rhode Island [5] Investment Opportunities - Leading wind energy companies such as Consolidated Edison, Pinnacle West Capital, AES Corporation, and Portland General Electric present compelling investment opportunities due to their strong market positions and growth potential [6] - Consolidated Edison is building the Brooklyn Clean Energy Hub, expected to accommodate up to 1,500 MW of electricity by 2028 [9] - Pinnacle West Capital has a capital investment plan of $8 billion for 2026-2028 and added 500 MW of wind power capacity in 2025 [12][13] - AES Corporation is making strategic investments in clean energy solutions and plans to add up to 1,300 MW of wind, solar, and battery energy storage by 2027 [15][17] - Portland General Electric is expanding its renewable portfolio and focusing on projects related to upgrades across its transmission and distribution systems [18][20]

Core Insights - Eco Wave Power Global AB has successfully completed a feasibility study for a potential wave energy power station at the Port of Ngqura, South Africa, indicating a technical potential to deploy approximately 8.3 MW of installed wave energy capacity [1][3][4]. Company Overview - Eco Wave Power is a pioneering onshore wave energy technology company that transforms ocean and sea wave power into clean, reliable, and cost-efficient electricity through patented technology [10]. - The company operates a grid-connected wave energy power station in Jaffa Port, Israel, and is advancing projects in the United States, Portugal, Taiwan, and India, with a robust project pipeline of 404.7 MW under development [12]. Feasibility Study Findings - The feasibility study, conducted in collaboration with Africa Great Future Development Ltd (AGFDL), assessed site conditions, wave resource availability, and preliminary system configuration, supporting the port's suitability for onshore wave energy implementation [3][4]. - The study results will be reviewed in detail by AGFDL, after which both parties will evaluate potential next steps, including project structuring and regulatory pathways [5][8]. Strategic Importance - The Port of Ngqura is strategically located in South Africa's Eastern Cape Province and is adjacent to the Coega Special Economic Zone, making it a strong candidate for the first onshore wave energy deployment in Africa [8]. - South Africa faces significant energy supply challenges, highlighting the need for clean, reliable, and locally generated power, with over 2,800 kilometers of coastline offering long-term potential for wave energy [6].