Latest news with #EnergySolutions
Yahoo
21-05-2025
- Business
- Yahoo
Wisconsin retired nuclear plant gets a second look
This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. Utah-based EnergySolutions intends to apply for an early site permit from federal regulators to install new nuclear generation at the retired Kewaunee Power Station in Kewaunee County, Wisconsin, the company said in a statement last week. The nuclear services company is partnering on the project with WEC Energy Group, which owns the electric and gas utilities We Energies and Wisconsin Public Service. The early site review could take about two years, followed by a 'rigorous permitting process by the Nuclear Regulatory Commission,' WEC spokesperson Brendan Conway said in an email. If the project moves forward, construction could begin in the early 2030s and the new plant could come online in 2038 or 2039, he said. The announcement comes amid renewed interest in nuclear to provide low-carbon energy as electricity demand rises. Some of that interest has centered on restarting decommissioned reactors, but much of it is focused on small modular reactors that experts say can be deployed more quickly and less expensively than traditional reactors. Only a few working small modular reactors exist in China and Russia, but North American companies are racing to design and bring one online. Conway said there's no consideration of restarting the old reactor on the site. 'Decommissioning work at the plant has been going on for years,' he said. 'It would not be practical to try to restart it.' Conway emphasized that the companies are 'still in the very early stages of this process' and have not made any decisions about which new reactor technologies they might deploy at Kewaunee. Small modular reactors are under consideration, he added. The amount of new generation EnergySolutions and WEC could bring online and the site's total hosting capacity is unclear. EnergySolutions CEO Ken Robuck told Wisconsin Public Radio last week that his company was considering expanding the site's boundary to accommodate 'a larger energy center' and had offered to purchase some adjacent properties. The Kewaunee power plant began operations in 1974 and ran until 2013, when then-owner Dominion Energy Resources shut it down for economic reasons. EnergySolutions acquired the site in 2022 and began decommissioning and dismantlement operations that are expected to last until 2055. Robuck cited 'rising energy demand driven by data centers, artificial intelligence and industrial growth' as motive for deploying new nuclear at Kewaunee. Rising power demand is behind recent decisions by the owners of three other idled U.S. nuclear power plants to try to restart operations later this decade. The highest-profile reactor restart project involves the undamaged 835-MW reactor at Constellation Energy's Three Mile Island power plant, now called the Crane Clean Energy Center. Microsoft has agreed to purchase all of the power produced at the southern Pennsylvania site for 20 years. Constellation has said it aims to resume operations at Crane by 2028. In Michigan, Holtec International could restart the idled reactor at its 800-MW Palisades nuclear plant as soon as this year, despite recent pushback from local residents. Holtec and two electric cooperatives were awarded nearly $3 billion in loan guarantees and grants last year from the U.S. Department of Energy and the U.S. Department of Agriculture. Holtec also plans to deploy two of its own 300-MW SMRs at Palisades in the early 2030s. Meanwhile, NextEra Energy is exploring a potential restart of the 600-MW reactor at its Duane Arnold power station in Iowa. That plant shut down in 2020 after sustaining exterior damage in a windstorm. All three plant owners have engaged with the NRC on the proposed restarts. The NRC says it expects to issue its final licensing decision for Holtec's Palisades project by the end of July. Crane, Palisades and Duane Arnold are among the most feasible retired U.S. reactors to restart, nuclear experts say. Most other retired reactors are too far into the decommissioning process to restart cost-effectively, even in a world of brisk load growth and higher electricity prices, they say. That means hundreds of gigawatts of newly built reactors will be needed to triple U.S. nuclear capacity by 2050, a goal set by the Biden administration last year. The Department of Energy said in September that existing nuclear power plant sites could support up to 95 GW of new reactor capacity, while retired coal-fired power plant sites could accommodate up to 174 GW of new nuclear.
Yahoo
14-05-2025
- Business
- Yahoo
MATW Q1 Earnings Call: Missed Revenue Targets as Energy and Memorialization Segments Face Headwinds
Diversified solutions provider Matthews International (NASDAQ:MATW) fell short of the market's revenue expectations in Q1 CY2025, with sales falling 9.3% year on year to $427.6 million. Its non-GAAP profit of $0.34 per share was 10.5% below analysts' consensus estimates. Is now the time to buy MATW? Find out in our full research report (it's free). Revenue: $427.6 million vs analyst estimates of $435.6 million (9.3% year-on-year decline, 1.8% miss) Adjusted EPS: $0.34 vs analyst expectations of $0.38 (10.5% miss) Adjusted EBITDA: $51.4 million vs analyst estimates of $49.9 million (12% margin, 3% beat) EBITDA guidance for the full year is $190 million at the midpoint, below analyst estimates of $205.6 million Operating Margin: 0.8%, down from 4.7% in the same quarter last year Free Cash Flow was -$2.41 million, down from $47.15 million in the same quarter last year Market Capitalization: $658 million Matthews' first quarter results reflected notable declines in key segments, with management attributing performance to continued softness in Energy Solutions and lower volumes in the Memorialization business. CEO Joe Bartolacci highlighted extended lead times and cautious customer activity in battery equipment sales, noting that the company only recently resumed full commercial engagement after resolving a patent dispute. He also pointed to normalization in post-pandemic death rates and the impact of facility closures as primary factors weighing on memorialization sales. Matthews' leadership provided updates on commercial momentum, operational shifts, and ongoing divestiture activity, each shaping the company's current results. Management cited prolonged sales cycles and external market factors as reasons for the revenue shortfall relative to analyst expectations. Energy Solutions patent clarity: Matthews recently secured the rights to commercialize its dry battery electrode (DBE) technology, allowing renewed engagement with battery manufacturers and auto OEMs. Management reported over $100 million in active DBE equipment quotes since mid-February, with demand from North America, Europe, and South Korea. SGK Brand Solutions divestiture: The company completed regulatory steps to divest its SGK Brand Solutions segment, expecting $350 million in upfront consideration and a 40% equity stake in the new combined entity. Proceeds will primarily reduce debt, with some allocated for share repurchases. Warehouse automation partnerships: Matthews entered a partnership with Teradyne to integrate autonomous robotic solutions with its warehouse execution software, aiming to improve cost and efficiency for logistics customers. Management sees this as a unique market differentiator as warehouse automation demand recovers. Cost reduction initiatives: The company remains on track with a $50 million cost reduction program, focused on engineering and corporate overhead, with $20 million in savings targeted this year and $30 million next year. Memorialization segment normalization: Lower casketed deaths and the closure of a UK cremation facility led to weaker bronze and granite sales. Management described these as a return to pre-pandemic norms, partially offset by improved pricing. Looking ahead, Matthews' outlook is shaped by divestiture proceeds, new commercial partnerships, and the pace of recovery in its core markets. Decisions on capital allocation and customer adoption of new technologies will be central to performance. SGK transaction proceeds: The completion of the SGK sale will significantly reduce net debt and provide liquidity for potential share repurchases, impacting financial flexibility. Energy Solutions sales pipeline: Management expects long sales cycles for battery production equipment, with retrofit solutions targeting both new and existing gigafactories. Broader adoption will depend on customer investment timing and technology validation. Warehouse automation recovery: The company anticipates order intake improvements to translate into higher sales in the second half of the year, contingent on customer project execution and ongoing partnerships in robotics. Daniel Moore (CJS Securities): Asked about the scale and geographic distribution of the $100 million in recent DBE quotes. Management emphasized the majority are new, driven by pent-up demand in South Korea and North America for both EV and grid storage applications. Colin Rusch (Oppenheimer): Inquired about the maturity of battery customers' testing and Matthews' ability to offer turnkey production lines. CEO Joe Bartolacci noted that most quotes are for mass production, with a demonstration system expected by fall to accelerate customer adoption. Colin Rusch (Oppenheimer): Sought clarification on warehouse automation strategy given labor market trends. Management highlighted new partnerships, including Teradyne, and the company's unique software-led position to integrate robotics without reliance on heavy equipment. Justin Bergner (Gabelli Funds): Asked for details on cost savings and their link to the SGK divestiture. CFO Steven Nicola clarified that cost reductions are primarily tied to energy and corporate functions, separate from SGK actions. Justin Bergner (Gabelli Funds): Probed the retrofit opportunity for DBE equipment. Management explained that retrofits use the same technology as new installations, enabling existing battery factories to improve efficiency without major plant overhauls. Over the coming quarters, the StockStory team will be monitoring (1) the closing and integration of the SGK Brand Solutions transaction and how proceeds are deployed, (2) conversion of the robust DBE equipment pipeline into signed contracts, and (3) the pace of warehouse automation order recovery translating to revenue growth. Additional drivers include the realization of cost savings programs and stabilization in memorialization demand. Matthews currently trades at a forward EV-to-EBITDA ratio of 5.7×. At this valuation, is it a buy or sell post earnings? Find out in our free research report. Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today. Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
Potential future use for Kewaunee Power Station revealed
KEWAUNEE COUNTY, Wis. (WFRV) – Residents of the town of Carlton are finally getting answers about a potential project at the Kewaunee Power Station that has caused widespread apprehension. When people began approaching residents asking them to sell their land, rumors began circulating that EnergySolutions, the owner of the Kewaunee power plant, needed the extra land for solar, wind, or even AI farm projects. 'It's a very unsettling feeling for me because it's a huge decision,' said town of Carlton resident Jason Walechka who said a Milwaukee-based real estate company has approached him about selling land he owns near the power plant. 'I would still like to own and retain my farmland so I can keep farming, that is one of my main concerns.' A Tuesday morning press release from EnergySolutions quelled some of these suspicions. Company officials announced they are pursuing an early site permit at the Kewaunee Power Station to potentially bring nuclear power back to the site. Menasha elementary students enjoy 49th annual All-City Track and Field Wellness Day 'We are excited to partner with WEC Energy Group to explore the next generation of nuclear power,' said Ken Robuck, President and CEO of EnergySolutions. 'With rising energy demand driven by data centers, artificial intelligence and industrial growth, the need for reliable, carbon-free power has never been greater. By bringing our nuclear licensing and project development expertise to the table, we look forward to supporting WEC in the early planning stages for newnuclear generation in Wisconsin.' EnergySolutions representatives were at a town board meeting on Tuesday night to answer questions constituents had about the project. They answered questions about the nature of the project which town supervisors said was one of the most common questions from constituents. 'There's no discussion on solar or wind, it's all nuclear that is being discussed,' said Joe Zwetolitz. He said that they're trying to purchase about 1500 acres of land around the power plant. So far, they've secured about 350 acres. He said they will adjust the final scope of any potential project based on how much land they obtain. 'Because the amount of power that they want to generate is greater than what they have on the site currently their interest in making sure they have enough room to do what they want on the property is what drove the offers for the adjacent land around our current property,' he said. Zwetolitz said that EnergySolutions doesn't have the power to obtain land through eminent domain. He said he couldn't speak for WEC Energy Group though. John Laughrin reflects on 25 years in Green Bay news, launches Four Leaf Communications 'The offers made to purchase are all the offers we will make,' said Zwetolitz. 'There's no intention to seek additional owners or look for any other plats than have been offered.' 'Just to get the answers for the questions, we have more witnesses so we can hold them to their word,' said town chairman David Hardtke when asked why this meeting was important. EnergySolutions is in the process of decommissioning the current Kewaunee Power Station site. It closed in 2013. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
26-04-2025
- Business
- Yahoo
Utah looks at plan to build nuclear energy reactor at Delta power plant
EnergySolutions, a nuclear services company headquartered in Salt Lake City, is working on an initiative with Utah and the Intermountain Power Agency to explore if nuclear reactors are a good fit for the Delta plant. The Intermountain Power Plant is abandoning its use of coal in favor of natural gas with someday adding hydrogen as a power source. But Utah lawmakers have been clear with new laws on the books that they want a role securing the future of the infrastructure already in place, including power lines that transmit the vast majority of energy generated to California. This initiative could open another door in the state's energy portfolio and is in line with Utah Gov. Spencer Cox's goal to double the state's energy production in a decade. 'The project is aligned with Gov. Spencer Cox's Operation Gigawatt initiative and seeks to address increasing demand for electrification of society and energy intensive industries critical to maintaining our quality of life,' said Emy Lesofski, director of the Utah Office of Energy Development. Key aspects of the initiative include: Partnering with IPA to leverage existing infrastructure at the IPP site. Potential development of advanced small modular reactor nuclear baseload power. Advancing grid stabilization. Collaboration with local, state and regional stakeholders. Fostering rural economic development and job creation in Utah. 'We are excited to pursue this opportunity to create a clean energy hub for the western United States,' said Ken Robuck, president and CEO of EnergySolutions. 'By adding new advanced nuclear technology to the existing renewable and hydrogen initiatives, we aim to provide a stable, decarbonized power supply that meets the needs of the state of Utah and the region.' EnergySolutions says it is working closely with IPA, leveraging their experience in power project development and execution in Utah. 'The IPP site is uniquely positioned for consideration of new nuclear generation and builds on IPA's successful history of power generation development in Utah,' said Cameron Cowan, IPA general manager. 'EnergySolutions is a Utah-based nuclear company with the background and capability to facilitate evaluating this unique opportunity.' The trio signed off on a memorandum of understanding this week to facilitate the exploration of the proposal and is also working in tandem with the Idaho National Laboratory and as it proceeds down this path to develop nuclear energy. This announcement follows legislation successfully passed by Rep. Carl Albrecht, R-Richfield, this year that established a Utah Energy Council and a nuclear energy consortium. The latter group will be made up of lawmakers, experts in the nuclear energy space, the national laboratory and representatives of the Office of Energy Development. Two years ago, Cox was a part of a delegation that visited France, and he later noted the visit included meeting with that country's nuclear agencies. He added France is on a path far different than the rest of Europe, with an understanding of how important nuclear energy is for their future. According to the World Nuclear Association, France gets 70% of its electricity from nuclear energy. The association said the country has been very active in developing nuclear technology. Reactors and especially fuel products and services have been a significant export. About 17% of France's electricity is from recycled nuclear fuel. By comparison, there have been only three nuclear reactors built in the United States in the last 28 years, according to a lawsuit against the U.S. Nuclear Regulatory Commission. The complaint was filed by Utah, Texas and nuclear startup Last Energy. It was recently joined by Louisiana, which said the regulatory agencies stifles development of new nuclear technology. Utah is also in a three-way partnership with Idaho and Wyoming to foster development of nuclear energy. Wyoming and TerraPower's Bill Gates are moving ahead with the construction of the 345 megawatt Natrium sodium-cooled fast reactor demonstration project near Kemmerer. It is being built near PacifiCorp's 687 megawatt Naughton power plant, which PacifiCorp plans to convert from coal to natural gas. TerraPower has said it represents the world's first coal to nuclear power plant under development. As fossil fuel emissions come under increasing intensity, the Idaho National Laboratory, other nuclear experts and states are recognizing the need for a potential shift to this market. PacifiCorp signed a memorandum of understanding exploring the placement of the Natrium reactors at the Hunter and Huntington coal-fired plants in Emery County, Utah. A study by the U.S. Department of Energy and involving national laboratories identified 157 retired coal plant sites and 237 operating coal plants sites as potential candidates for the coal to nuclear transition. Christine King, the DOE's director of the Gateway for Accelerated Innovation in Nuclear, or GAIN, previously told the Deseret News that the research showed that the most valuable connection in the site analysis was connection to the grid, the transmission, existing substations and even the administration buildings. 'What gets more complicated is if you start to think about what advanced nuclear opens up is the idea to consider coupling directly to the steam cycle equipment,' she said. 'And that's, you know, one of the things about generating electricity with gas and with coal and with nuclear is we're all just boiling water to turn a turbine, which turns the generator which puts electrons out on the grid.' Utah has been identified as a 'fast mover' state in the arena of developing nuclear energy against an economic backdrop, using small modular reactors or even microreactors to power manufacturing facilities. That designation comes as part of INL's Frontier initiative. The transition to nuclear energy as a carbon free baseload source of power has enjoyed bipartisan support under three different presidential administrations. Critics say the federal government and states are moving too hastily in this space, ignoring safety risks, the necessary mining of uranium ore and the storage of waste. Cox has dismissed those concerns and there is agreement that these type of energy generators are not going to pop up overnight, and without careful study of risks. On Monday, Cox is hosting a ceremonial bill signing which advances his Operation Gigawatt initiative and also details a memorandum of understanding with INL.
Yahoo
05-03-2025
- Business
- Yahoo
Fluor JV Reaches New Milestone in TCO's Project at Kazakhstan
Fluor Corporation FLR led joint venture (JV), including Worley, Kazakh Institute of Oil and Gas and KazGiproNefteTrans Engineering Company, has successfully supported the completion and startup of Tengizchevroil's ('TCO') Future Growth Project (FGP).This revolutionary project at the Tengiz oil field in Kazakhstan has been supported by the Fluor-led joint venture since 2011, encompassing a series of engineering, procurement, construction, operations and maintenance stock climbed 3% during Tuesday's after-hours trading session. Under TCO's FGP, the recent milestone includes the construction of a new Third-Generation Plant (3GP), discovered in 1979. 3GP marks the start of the progress of crude oil production in the upcoming all the Tengiz facilities are operating at full capacity, the total crude oil production per annum by TCO is expected to be approximately 40 million tons. This milestone bodes well for Fluor's Energy Solutions business segment's Mike Alexander, president of Fluor's Energy Solutions business, 'Fluor has supported TCO for the past 14 years and has been active in the Republic of Kazakhstan since 1982, working on projects that have helped shape the oil and gas industry.' The company has been focusing on the 'Building a Better Future' strategy for more than four years now. Through this strategy, it prioritizes driving growth across portfolios by enhancing markets outside of the traditional oil and gas sector; pursuing contracts with fair and balanced commercial terms that reward value, with a bias toward reimbursable contracts; reinforcing financial discipline and maintaining a solid balance sheet by generating predictable cash flow and earnings; and fostering a high-performance culture with purpose by advancing diversity, equity and inclusion efforts and promoting social progress and defined strategy has aided FLR's backlog levels despite softness in certain end markets. Notably, out of the total backlog of $28.5 billion at 2024-end, 80% was reimbursable. Moving into 2025, Fluor is optimistic about the growing demand trends for its services, with signing new contracts and renewing the existing ones. Image Source: Zacks Investment Research Shares of this engineering, procurement, construction and maintenance services provider have inched down 2% in the past year compared with the Zacks Engineering - R and D Services industry's 18.8% decline. Its strategy of maintaining a diversified business portfolio mix permits it to focus on the more stable business markets and capitalize on developing the cyclical markets at suitable times. Fluor currently carries a Zacks Rank #5 (Strong Sell).Here are some better-ranked stocks from the Construction Infrastructure, Inc. STRL presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks delivered a trailing four-quarter earnings surprise of 16.2%, on average. The stock has gained 20.3% in the past year. The Zacks Consensus Estimate for STRL's 2025 sales indicates a decrease of 4.1% and an increase of 20.5% for earnings per share (EPS) from a year Group, Inc. EME currently sports a Zacks Rank of 1. EME delivered a trailing four-quarter earnings surprise of 29%, on average. The stock has gained 30.9% in the past consensus estimate for EME's 2025 sales and EPS implies an increase of 12.8% and 8.6%, respectively, from a year Industries, Inc. ROCK currently carries a Zacks Rank #2 (Buy). ROCK delivered a trailing four-quarter earnings surprise of 1.8%, on average. The stock has lost 22.1% in the past Zacks Consensus Estimate for ROCK's 2025 sales and EPS implies an increase of 9.8% and 15.5%, respectively, from a year ago. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fluor Corporation (FLR) : Free Stock Analysis Report EMCOR Group, Inc. (EME) : Free Stock Analysis Report Gibraltar Industries, Inc. (ROCK) : Free Stock Analysis Report Sterling Infrastructure, Inc. (STRL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
