Latest news with #TanayDhumal
Yahoo
6 hours ago
- Business
- Yahoo
Sunnova files for bankruptcy on residential solar woes
By Tanay Dhumal (Reuters) -Sunnova Energy said on Sunday it had filed for Chapter 11 bankruptcy protection in the United States, as the residential solar panel installer buckled under the pressure of mounting debt and weakening demand. Sunnova is the second residential solar company to file for bankruptcy this month, reflecting the challenges faced by the industry as it struggles to cope with higher interest rates, an incentive cut in top market California and fears of subsidy rollbacks. Last week, privately held Solar Mosaic filed for bankruptcy protection, while industry pioneer SunPower collapsed a year back. On Monday, Sunnova said it had entered into agreements with Atlas SP Partners and Lennar Homes under which it would sell certain assets to each company for a value of $15 million and $16 million respectively, pending court approval. The company will continue its regular operations throughout the sale process. Sunnova filed for protection in the Bankruptcy Court for the Southern District of Texas after warning in March that it might not be able to continue as a going concern. The company listed its estimated assets and liabilities in the range of $10 billion to $50 billion and had a total debt of $10.67 billion as of December 31, according to a court filing. Sunnova said last week it would lay off about 55% of its workforce, or 718 employees, in a bid to cut spending. Earlier this month, its unit, Sunnova TEP Developer, had also filed for Chapter 11 bankruptcy protection. President Donald Trump's administration, which is pushing to maximize oil and gas production, canceled a partial loan guarantee of $2.92 billion last month that was awarded to Sunnova by the Biden administration. Companies that put solar panels on U.S. homes said last month that a Republican budget bill that has advanced in Congress could deal a massive blow to the industry by eliminating a generous subsidy for homeowners that had buttressed the industry's growth. "Depending on what happens with the tax bill in Congress, the conditions in this market may become even worse in 2026, because Congress is considering ending the tax credit for residential solar," Raymond James analyst Pavel Molchanov said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
5 days ago
- Business
- CTV News
Vermilion Energy exits U.S. with nearly US$88 million asset sale
A storage tank is pictured on the site of Canadian group Vermilion Energy in Parentis-en-Born, France, October 13, 2017. Canada's Vermilion Energy said on Thursday it will sell its United States assets for $120 million (US$87.88 million), completing its exit from the U.S. market. The company said it will use the proceeds to repay debt, strengthen balance sheet and added that it expects to exit 2025 with a net debt of $1.3 billion. The transaction, expected to close in the third quarter, will allow Vermilion Energy to focus on core gas-weighted assets in Canada and Europe. The company also raised its current year production forecast to between 117,000 and 122,000 barrels of oil equivalent per day (boepd) from 84,000 to 88,000 boepd earlier. Earlier this year, the company acquired privately held oil and gas firm Westbrick Energy for $1.075 billion, strengthening its position in the Deep Basin of Alberta. (Reporting by Tanay Dhumal in Bengaluru; Editing by Mrigank Dhaniwala)
Yahoo
07-05-2025
- Business
- Yahoo
Top potash producer Nutrien misses first-quarter profit estimates
(Reuters) - Nutrien fell short of Wall Street expectations for first-quarter profit on Wednesday, as the top potash producer struggled with lower sales volumes. The Saskatoon, Canada-based firm posted an adjusted profit of 11 cents per share for the quarter ended March 31, compared with the analysts' average estimate of 31 cents per share, according to data compiled by LSEG. (Reporting by Tanay Dhumal in Bengaluru; Editing by Leroy Leo)
Reuters
23-04-2025
- Business
- Reuters
FirstEnergy beats first-quarter profit estimates on higher electricity rates
April 23 (Reuters) - Utility firm FirstEnergy (FE.N), opens new tab beat Wall Street estimates for first-quarter adjusted profit on Wednesday, as the utility was helped by rate hikes. Amid extreme weather conditions and demand growth, U.S. electric utilities are increasing investments in infrastructure to cope with the demand and also improve resiliency. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Regulated utilities use rate case proceedings to determine the amount that customers need to pay for electricity, natural gas, private water and steam services according to the investments they make. Power bills are expected to go up as fresh electricity supply struggles to keep up with rising demand from AI data centers, increased domestic manufacturing and the electrification of industries. The company said its quarterly total distribution deliveries rose more than 4% compared to last year, when its areas experienced mild weather. Quarterly adjusted profit from its distribution and integrated segments rose 10 cents per share each from a year earlier. FirstEnergy serves about 6 million customers in the areas of Ohio, Pennsylvania, New Jersey, West Virginia and Maryland through its three segments — distribution, integrated and stand-alone transmission. The Akron, Ohio-based firm posted an adjusted profit of 67 cents per share in the first quarter, compared with analysts' estimate of 61 cents per share, according to data compiled by LSEG. Reporting by Tanay Dhumal and Pooja Menon in Bengaluru; Editing by Alan Barona Our Standards: The Thomson Reuters Trust Principles., opens new tab
Zawya
18-04-2025
- Business
- Zawya
Google to appeal against part of US court's decision in monopoly case
Alphabet's Google plans to appeal against the "adverse" portion of the court decision in the U.S. Department of Justice's monopoly case against the technology giant. On Thursday U.S. District Judge Leonie Brinkema found Google liable for "willfully acquiring and maintaining monopoly power" in markets for publisher ad servers and ad exchanges. Publisher ad servers are platforms used by websites to store and manage their digital advertising inventory. Along with ad exchanges, the technology allows news publishers and other online content providers make money by selling advertising. The judge also ruled that Google illegally dominates two markets for online advertising technology. The company said on Friday that the judge had issued a mixed decision, where she ruled that the DOJ failed to show that Google's advertiser tools or acquisitions of DoubleClick and AdMeld were anticompetitive but that Google's publisher tools violated antitrust laws by excluding rivals. The DOJ had said that Google should have to sell off at least its Google Ad Manager, which includes the company's publisher ad server and ad exchange. (Reporting by Tanay Dhumal in Bengaluru Editing by David Goodman)
