This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. Portland General Electric is in a $1.9 billion deal with a partner to buy PacifiCorp’s utility operations in Washington, the companies said Tuesday. PGE, the largest utility in Oregon, expects the transaction will increase its customer base by 15%, to about 1.1 million customers, and its 2026 rate base by 18%, to $9 billion, according to a company presentation. Pacif ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported GAAP net income of $306 million, or $2.77 per diluted share, and non-GAAP net income of $336 million, or $3.05 per share [7] - The results were impacted by unprecedented warm weather in November and December, which reduced earnings by $0.17 per share [7] - Despite these conditions, the company achieved a total weather-adjusted load growth of about 5% [7] Business Line Data and Key Metrics Changes - Industrial load increased by 14% year-over-year, while residential load decreased by 1.8% but increased by 0.4% when weather-adjusted [14] - The residential customer count increased by 1.3%, and commercial load remained largely flat [14] Market Data and Key Metrics Changes - The company anticipates a 2026 earnings guidance of $3.33-$3.53 per share, reaffirming long-term earnings and dividend growth guidance of 5%-7% [8][19] - The large customer group is forecasted to grow energy usage by about 10% compounded annually through 2023 [10] Company Strategy and Development Direction - The company announced a definitive agreement to acquire the Washington electric utility business from PacifiCorp for $1.9 billion, which is expected to be accretive in the first year [4][6] - This acquisition is part of the company's strategy to expand its service area and enhance operational capabilities, with an overall portfolio growth of approximately 18% [5][24] - The company is focused on advancing regulatory proceedings, cost management, and capital investment to support customer growth and operational efficiency [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational opportunities presented by the acquisition and the expected benefits from scale and diversification [25] - The company remains committed to delivering safe, reliable power at the lowest possible cost while integrating clean energy resources [32] Other Important Information - The acquisition will be subject to regulatory approvals, expected to take approximately 12 months after filings are submitted [6] - The company has a total liquidity of $954 million and maintains strong cash flow metrics, with estimated 2025 CFO to debt metrics above 19% [16] Q&A Session Summary Question: Can you touch on the accretion drivers and frame the sensitivities around the numbers? - Management highlighted several key areas, including permanent financing plans and cost management, which are expected to enhance the cost structure and operational efficiency [37][38] Question: What is the expected earned ROE and opportunities over time? - The company expects to work towards a normalized ROE of 9.5% over time, with ongoing discussions with rating agencies regarding credit metrics [46][48] Question: What is the filing cadence for regulatory approvals? - Filings are expected to take place in the next 30-60 days, with the regulatory process anticipated to last about 11-12 months [55] Question: How does the new proposed data center tariff help residential customers? - The data center tariff is expected to initially provide about a 2% reduction for residential and small business customers, which should grow over time as data centers expand [56] Question: What are the approval requirements in Oregon and Washington? - In Oregon, the approval standard is a no-harm standard, while in Washington, it is a net benefit standard, both with an 11-month approval process [110]

Core Viewpoint - Eldorado Gold has agreed to acquire Foran Mining for approximately C$3.8 billion ($2.8 billion), aiming to enhance its copper portfolio and capitalize on rising demand for copper due to electrification and clean energy investments [1]. Group 1: Acquisition Details - The acquisition combines Eldorado's Skouries gold-copper project in Greece with Foran's McIlvenna Bay copper project in Saskatchewan, both expected to reach commercial production by mid-2026 [2]. - The merged entity is projected to produce around 900,000 gold-equivalent ounces in 2027, with an asset base comprising approximately 77% gold and 15% copper [2]. Group 2: Financial Projections - The combined business is anticipated to generate about $2.1 billion in core profit and $1.5 billion in free cash flow by 2027 [3]. - Eldorado plans to increase exploration spending across its portfolio, including at Foran's Tesla zone in Saskatchewan [3]. Group 3: Transaction Structure - Foran shareholders will receive 0.1128 Eldorado shares plus $0.01 per share, equating to approximately 24% ownership in the combined company [4]. - The transaction is expected to close in the second quarter of 2026, with both boards having unanimously approved the deal [4][6]. Group 4: Strategic Importance - The combined company will be headquartered in Vancouver under the Eldorado Gold name, with McIlvenna Bay positioned as a key Canadian asset alongside Eldorado's Lamaque Complex in Quebec [5]. - The project has been recognized as a critical minerals development by the federal government, highlighting its national interest [5].

Core Insights - Abu Dhabi's Global South Utilities (GSU) has acquired a 51% stake in renewable energy company 40Capital, focusing on run-of-the-river hydroelectric projects in the Commonwealth of Independent States (CIS), particularly in Kyrgyzstan [1][2] - This acquisition marks GSU's entry into the Kyrgyz market and expands its operations within the CIS region, representing its first involvement with run-of-the-river hydro technology [1][3] Company Strategy - GSU's managing director and CEO, Ali Alshimmari, stated that this investment reflects GSU's commitment to expanding clean energy solutions in emerging markets while diversifying technologies [2] - The run-of-the-river hydro projects align with GSU's portfolio, especially in regions with stable water resources for long-term power generation [2][3] Market Positioning - The initiatives in Kyrgyzstan are aligned with national objectives to enhance energy security by utilizing local hydrological resources [3] - GSU views Kyrgyzstan as a strategic entry point into the CIS, reinforcing its role as a platform for energy investment in the Global South and emerging markets [3] Operational Continuity - Following the acquisition, 40Capital will retain its current management team and continue focusing on project development and partnerships throughout the CIS [4] - The company is expected to leverage GSU's technical and financial resources while maintaining its operational approach [4]

分组1 - The Trump administration is taking steps to counter Beijing's dominance in the rare earths sector by acquiring stakes in Canadian companies like Trilogy Metals, which saw its stock triple after the U.S. government purchased a 10% stake with warrants for an additional 7.5% [1] - The U.S. Department of Energy has also engaged with Canadian Lithium Americas, while the Department of Defense invested in MP Materials to establish a domestic magnet supply chain for critical alloys [2] - Private U.S. investors are increasingly purchasing Canadian Oil & Gas companies, with U.S. ownership rising to 59% from 56% at the end of 2024, while Canadian investments have decreased to 34% from 37% [3][4] 分组2 - U.S. ownership in specific Canadian companies has surged, with Tamarack Valley Energy's U.S. ownership doubling to 40% and nearly two-thirds of Whitecap Resources owned by Americans [4] - The shift in investment is attributed to Canada's leadership being more open to fossil fuel investments, contrasting with the previous administration's focus on clean energy initiatives [5]

Core Insights - Fingrid will increase grid service fees by 8% starting in 2026 due to a substantial investment program and rising costs in the expanding electricity system [1][2][3] - The increase in grid connection fees will also reflect cost developments [1] - Fingrid's investments have facilitated the connection of over 10,000 MW of clean electricity generation, contributing to lower electricity prices in Finland [1][2] Investment and Cost Structure - The growth in costs is driven by an extensive investment program aimed at addressing the needs of main grid customers and enhancing Finland's competitiveness through clean energy investments [2] - The changing electricity system will lead to increased costs in the future due to geographical segregation of electricity consumption and production, which raises transmission needs and losses [3] Impact on Households - The increase in grid service fees will have a moderate impact on household electricity bills, accounting for about 3% of the total bill, resulting in an approximate increase of 0.2% [4] - The electricity bill is composed of three parts: electrical energy (40%), electricity transmission (30%), and taxes (30%) [4]