filed in 2025. At Enbridge Gas Ohio, we filed a new rate case at the end of the year. We plan to continue to invest approximately $3 billion per year in growth capital across our four utilities, helping keep the systems operating safely and reliably into the future."In Renewable Power, we are sanctioning two new projects that advance our growing partnership with global technology companies. Cowboy Phase 1 is a 365 MW solar project and a 135 MW battery energy storage system, expandable up to 200 MW, in Wyomi ...

Group 1 - Merus Power Oyj has signed a battery energy storage deal valued at approximately 13 million euros with Neve Oy [1]

Core Viewpoint - Duke Energy Corporation (DUK) is expected to report its fourth-quarter 2025 results on February 10, with earnings estimated at $1.51 per share, reflecting a year-over-year decline of 9.04%, while revenues are projected to rise by 3.83% to $7.64 billion [1][7] Earnings Estimates - The Zacks Consensus Estimate for DUK's earnings per share (EPS) for the current quarter is $1.51, with a year-over-year growth estimate of -9.04% [2] - The estimates for the next quarter and the current year are $1.82 and $6.31, respectively, with the next year's estimate at $6.70 [2] - The number of estimates for the current quarter is 6, while for the current year, it is 10 [2] Earnings Surprise History - DUK has surpassed earnings expectations in each of the last four reported quarters, achieving an average earnings surprise of 5.72% [3] Earnings Prediction Model - The company's Earnings ESP is -2.54%, indicating that the model does not predict an earnings beat this time [5] - DUK currently holds a Zacks Rank of 4 (Sell), which does not favor an earnings beat [5] Factors Influencing Q4 Performance - DUK is likely benefiting from strategic investments in infrastructure modernization and grid resilience, which have improved operational efficiency [9] - Rising electricity demand from AI-driven data centers and an expanding residential customer base are expected to contribute positively to earnings [10] - Recent efficiency upgrades at power plants and new solar sites are anticipated to enhance performance [11] Stock Performance - Over the past three months, DUK's stock has declined by 0.2%, contrasting with the industry's growth of 1.2% [13] - The stock is currently trading at a premium compared to its industry on a forward 12-month P/E basis [15] Investment Outlook - DUK is gaining momentum through a diverse energy mix and ongoing investments in modern technology [18] - Recent developments, including the launch of a hydrogen production storage system and a battery energy storage system, are expected to strengthen grid reliability and support clean energy integration [19]

Group 1 - SINEXCEL is supporting the implementation of a battery energy storage project with a capacity of 6.02 MW and 16.72 MWh in Loket-Nadlesa, representing a significant step in providing high-performance energy transition technologies to the Czech Republic and the European energy market [1][5] - The project is designed for price arbitrage, utilizing market price differences in electricity and providing key grid services, thereby enhancing the economic efficiency and stability of local energy infrastructure [2][3] - The project employs SINEXCEL's energy storage systems (PCS) with a capacity of 1725 kW, achieving peak efficiency of up to 98.5%, and complies with major regulatory and grid standards in North America, Europe, Australia, Japan, and China [3][4] Group 2 - The project, developed by Energo Synergy Group s.r.o., received non-recourse financing from Raiffeisen Leasing a.s. and is scheduled to be fully operational by April 30, 2026 [4] - SINEXCEL has completed over 5,000 projects globally, with an installed capacity of 15 GW/40 GWh, making it a preferred partner for developers seeking reliable and efficient energy storage solutions [5][6] - SINEXCEL, founded in 2007, is a pioneer in energy storage, electric vehicle charging, and power quality solutions, collaborating with leading companies like EVE Energy and Schneider Electric to enhance energy independence [6]

Core Insights - Enery has initiated the Ogrezeni hybrid renewable energy project in Romania, which is one of the largest of its kind in Europe, combining photovoltaic generation with battery storage [1][3] - The project aims to provide green electricity to approximately 684,000 households and reduce CO₂e emissions by around 303,000 tonnes annually, with energisation expected in summer 2027 [2][3] Project Details - The Ogrezeni project will have an installed capacity of 761 megawatt-peak (MWp) / 534 megawatt (MW) alternating current and over one gigawatt-hour of battery storage [1] - The project is supported by a €460 million ($534.1 million) project finance loan agreement with a syndicate of eight commercial banks, coordinated by UniCredit [5] - Approximately 350 jobs will be created during construction, with local resources utilized for operations and maintenance post-commissioning [5] Strategic Importance - The project is a significant addition to Enery's Romanian portfolio and will contribute to Romania's decarbonisation and energy security goals by introducing large-scale renewable capacity with stable prices [3][4] - Enery's co-founders emphasized that the project reflects their strategy of combining robust development with deep local participation, creating long-term value for partners and local communities [4]

Core Insights - The rising demand for solar energy is attracting investor interest in companies within the solar value chain, particularly First Solar (FSLR) and Canadian Solar (CSIQ) [1][2] Group 1: Industry Trends - Solar power is rapidly growing as a solution for cleaner energy, with significant increases in solar photovoltaic (PV) installations across various markets [2] - Government incentives, corporate decarbonization efforts, and consumer adoption of renewable technologies are driving the surge in solar deployment [2] Group 2: First Solar (FSLR) Overview - First Solar is expanding its manufacturing capacity to meet global solar demand, producing 3.6 gigawatts (GW) and selling 5.3 GW of modules in Q3 2025, with a total nameplate capacity of 23.5 GW [3] - The company is adding a new 3.7 GW module finishing line in the U.S., expected to begin operations in late 2026, which will enhance its global presence and revenue growth [3] - A new $1.1 billion AI-enabled manufacturing facility in Louisiana will add 3.5 GW of annual capacity, improve quality control, and reduce costs while using U.S.-sourced materials [4] Group 3: Canadian Solar (CSIQ) Overview - Canadian Solar is a vertically integrated clean-energy company, known for high-quality crystalline silicon solar panels and expanding into energy infrastructure, including large-scale solar power plants and energy-storage projects [5] - The company secured a German battery energy storage system contract in November 2025, marking a strategic shift towards becoming a full-fledged energy-storage and grid-solutions provider [6] Group 4: Financial Performance and Estimates - The Zacks Consensus Estimate for First Solar's 2025 earnings per share (EPS) indicates a decrease of 3.25%, while Canadian Solar's EPS estimates show increases of 18.94% for 2025 and 61.5% for 2026 [8][10] - First Solar has a total debt to capital ratio of 5.8%, significantly lower than Canadian Solar's 60.41% [11] - In the past six months, FSLR shares have risen by 64.8%, while CSIQ shares have increased by 149.5% [12] Group 5: Valuation Comparison - FSLR shares trade at a forward Price/Sales (P/S F12M) multiple of 4.56, compared to CSIQ's P/S F12M of 0.22, indicating a significant valuation difference [13] Group 6: Strategic Positioning - Both companies operate in the solar market but with different strategies; Canadian Solar focuses on scale and a diversified clean-energy ecosystem, while First Solar emphasizes high-efficiency thin-film technology and U.S.-based production [14] - Currently, Canadian Solar is favored due to its better price performance and earnings growth compared to First Solar [15]

Core Insights - Boralex Inc. reported its third-quarter results for 2025, highlighting advancements in its development projects and a focus on renewable energy despite challenges in production and pricing [1][4][5]. Financial Results - Power production increased by 7% to 1,151 GWh compared to 1,081 GWh in Q3 2024, primarily due to newly commissioned sites in Europe [11][12]. - Revenues from energy sales and feed-in premiums decreased by 4% to $144 million, impacted by lower prices in France [12]. - Operating loss was $1 million, down from an income of $13 million in Q3 2024, while EBITDA(A) was $85 million, a decline of 2% from the previous year [12][9]. - The net loss for the quarter was $30 million, an increase of $16 million from Q3 2024, mainly due to higher financing costs [12][9]. Development and Construction Activities - Boralex advanced a 250 MWac solar project in the U.S. and added 395 MW in new projects during the quarter [4]. - The 200 MW Apuiat wind farm was commissioned in October, marking the first major wind project completed in Québec since 2018 [4]. - The company is preparing for upcoming tender calls in Ontario, the UK, and New York State, reflecting sustained demand for renewable energy [5]. Corporate Social Responsibility - The Hagersville storage system project was recognized as the Innovative Canadian Clean Power Project of the Year by CanREA, underscoring Boralex's commitment to innovation and sustainable development [6]. Outlook and Strategy - Boralex's 2030 Strategy aims to double installed capacity with $8 billion in investments, focusing on growth, diversification, and long-term value creation [17]. - The company continues to build a robust portfolio of projects in wind, solar, and storage, guided by its corporate social responsibility values [19]. Dividend Declaration - The Board of Directors announced a quarterly dividend of $0.1650 per common share, payable on December 15, 2025 [18].

Core Insights - ENGIE has signed a power purchase agreement (PPA) with Meta for the Swenson Ranch solar farm, which will be ENGIE's largest asset in the US upon commissioning in 2027 [1] - The project will have a capacity of 600MW and will contribute significantly to local economies, creating 350 skilled jobs and generating approximately $160 million in local tax revenues [2] Group 1: Project Details - The Swenson Ranch solar farm is set to deliver 600MW of electricity, becoming ENGIE's largest asset in the US [1] - The project will be operational by 2027 and will increase the total capacity of renewable PPAs between ENGIE and Meta to over 1.3GW across four major projects in Texas [2] Group 2: Economic Impact - The construction of the solar farm is expected to create 350 skilled jobs for the local community [2] - The project will contribute approximately $160 million in local tax revenues throughout its operational lifespan [2] Group 3: Strategic Importance - ENGIE's partnership with Meta reflects a shared commitment to promoting a sustainable energy model [3] - The project illustrates ENGIE's capability to design and deliver large-scale renewable projects while efficiently mobilizing the local value chain [4] Group 4: Market Position - ENGIE aims to secure 4.3GW of renewable PPAs by 2024, reinforcing its position in the global market, particularly in the US, where demand for renewable energy is increasing [5]

Core Insights - The Australian National Electricity Market (NEM) is experiencing a significant decline in battery storage revenue, dropping by 61% to AUD 85,000 per megawatt by September 2025, following a trend of volatility compression that began in July [2] - The importance of cap contracts as risk management tools for battery storage systems in NEM is increasing, providing revenue certainty and optimizing risk-adjusted returns for developers [3] - The deployment of grid-forming battery storage systems is unlocking additional revenue opportunities beyond traditional energy arbitrage and frequency control ancillary services (FCAS) [5] Revenue Trends - Battery storage net revenue in NEM averaged AUD 157,000 per megawatt annually in June, which represents a decline of over 60% by September [2] - In August, net revenue increased to AUD 215,000 per megawatt before falling again to AUD 85,000 [2] Cap Contracts - Cap contracts are becoming essential for managing income volatility and uncertainty while enhancing revenue [3] - The largest battery auction in Australia to date resulted in 16 projects totaling 15.37 GWh receiving capacity investment agreements, which provide income certainty and support grid reliability [3] Government Support - The Australian government continues to support energy storage deployment while pursuing higher emissions reduction targets [4] Grid-Forming Technology - Grid-forming battery storage systems are providing necessary system services, such as maintaining voltage and frequency stability during grid disturbances, which traditional systems cannot achieve [6] - Over 6 GW of grid-forming battery storage capacity is expected to be delivered by 2027, helping operators avoid costly system strength fees and receive payments from transmission network service providers [6] Market Dynamics - The transition to a higher proportion of renewable energy in the power system necessitates enhanced grid stability services, making additional revenue streams from grid-forming technologies increasingly important [6] - The retirement of coal-fired generation capacity is creating sustained demand for grid-forming storage assets, which are critical for maintaining grid reliability [6]

Core Insights - Capital Power Corporation has successfully launched its first Battery Energy Storage System (BESS) projects, the 120-MW York BESS and 50-MW Goreway BESS, achieving commercial operations on time and under budget, contributing approximately $35 million in annual contracted EBITDA for over 20 years [1][2][3] Group 1: Project Details - The York and Goreway BESS projects will provide a total of 170 megawatts of storage capacity, enhancing grid stability and supporting the integration of renewable energy sources in Ontario [2][3] - Both projects are contracted with the Ontario IESO until 2047, aligning with the province's energy procurement goals to maintain affordable and reliable power [1][2] Group 2: Community and Collaboration - Capital Power engaged with local stakeholders, including the City of Brampton, the Township of King, Indigenous Nations, and residents during the planning process, reflecting a commitment to community involvement [3] - The construction of these projects involved over 183,000 person-hours of work, showcasing the efforts of skilled trades and professionals [3] Group 3: Strategic Importance - The successful deployment of these utility-scale BESS projects positions Capital Power as a leader in North America's energy sector, contributing to a reliable and lower-emission electricity system [2] - The projects are part of a broader trend of expanding battery storage solutions globally, addressing the growing demand for electricity in Ontario [2]