Latest news with #UtilitiesandEnergy
Yahoo
11-06-2025
- Business
- Yahoo
Healey energy bill gets bump from municipal officials
BOSTON (SHNS) – Local government officials got an earful from residents as energy bills soared this winter, and many of those municipalities echoed and amplified those concerns to state leaders. So when the governor's new energy affordability legislation came up at the Local Government Advisory Commission on Tuesday, local officials said they felt like they had been heard. 'It's really nice to see this on a front burner,' Amesbury Mayor Kassandra Gove said. She said her city and others this winter 'asked for [the state's] help and attention, and we are so grateful to see this energy affordability agenda and the legislation filed last month to help tackle these challenges.' In a push to save ratepayers $10 billion over a decade, Gov. Maura Healey filed legislation (H 4144) last month to eliminate or reduce energy bill charges, make nuts-and-bolts changes to electricity procurement and supply practices, impose reforms to the competitive electric supply industry, and allow Massachusetts to explore new nuclear energy technologies. The governor's focus on energy costs comes after a winter that saw energy bills rise sharply, exacerbating chronic cost-of-living pressures for Massachusetts residents and businesses that already pay some of the highest energy prices in the country. 'Municipalities deal with cost challenges just like our residents and businesses do,' Gove said. 'And we know we are at a moment where energy costs in particular are causing stress and concern for customers and ratepayers across the commonwealth.' Healey's office broadly detailed where it expects to find the at least $10 billion in savings over a 10-year period, identifying 'Getting Costs Off Bills' (about $6.9 billion in savings), 'Creating Accountability' ($2.5 billion), and 'Supporting the Customer' ($900 million) as main buckets of savings. The bill is now before the Joint Committee on Telecommunications, Utilities and Energy, which has not yet announced a hearing for it. The bill would require the Department of Public Utilities to review and reform all charges on energy bills, and establish a cap on month-to-month bill increases. It would allow Massachusetts to procure energy directly, which would eliminate fees the state pays utilities for entering into those contracts, and also seeks to reduce the value of net metering credits for new and large solar hookups or other facilities that transfer energy back to the grid in exchange for a bill credit. The governor's legislation seeks to phase out the Alternative Portfolio Standard program, which incentivizes technologies like natural-gas-fired combined heat and power facilities, fuel cells, biofuels, and heat pumps, by 2028. It also would grant utilities the ability to finance the Mass Save efficiency program, Electric Sector Modernization Plans, storm response, and other programs by issuing rate reduction bonds to securitize costs. After Executive Director of Energy Transformation Melissa Lavinson and Undersecretary of Energy Mike Judge walked through the bill, Acton Town Manager John Mangiaratti said he thinks process of linking new energy projects to the grid is an area in need of greater attention to help residents, businesses and municipalities. 'Here in Acton, we have a pretty cool energy coaching program where we have volunteers work with residents and businesses and help them navigate different ways to make clean energy choices in their buildings. We also have had a lot of success with clean energy projects, solar, for example. But the timelines that we're experiencing continues to be an obstacle that we'd like to try to find a way to overcome,' he said. 'When a project that we have planned out takes sometimes a year longer than we thought because of the interconnection delays, it really changes the finances and causes some savings that people, that the city or the town was counting on to not be there, and it disincentivizes communities from wanting to do these types of projects.' During her rundown of bill details, Lavinson talked about a part of the governor's legislation that would require utilities to provide 'flexible interconnection solutions,' which she said 'should help reduce customer costs and timelines to interconnect, and won't cost any other customers to do that.' Gove said she and other mayors support the state's desire to transition towards cleaner energy and emphasized Tuesday that cities and towns 'are simultaneously working towards our own individual climate and clean energy goals.' She mentioned her city's efforts to support electric vehicles, in keeping with its history as home to S.R. Bailey & Company, which built some of the first electric vehicles there from 1905 to 1916. 'We're grateful for your continued work to review existing policies and charges to lower lower costs for residents on the whole,' she said. 'Cities and towns are doing this work of addressing affordability every day, and know that the residents across the common a Commonwealth will appreciate the results of this larger statewide effort.' WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
30-04-2025
- Business
- Yahoo
Trump forcing Mass. to reassess emissions mandates
BOSTON, Mass. (SHNS)–The House chairman of a key committee said Wednesday that policymakers are reevaluating all of Massachusetts' climate and emissions mandates, plans and goals in light of changes in federal energy policy, cracking open the door to the possibility of changes to the state's commitment to reach net-zero emissions by 2050. President Donald Trump has moved quickly in his second term to reshape national energy and climate policy, largely rejecting the transition from fossil fuels towards clean energy sources that President Joe Biden favored and states like Massachusetts pledged themselves to. Here, state government has committed to reducing carbon emissions by at least 50% compared to 1990 baselines by 2030, by at least 75% by 2040 and by at least 85% by 2050, with tag-along policies to get the state to net-zero emissions by the middle of the century. The state also has numerous other mandates on the books, including around things like electric vehicles. Mass. lawmakers shift climate plan under Trump Those emission reduction requirements and others were the subject of debate as the House worked through budget amendments Wednesday morning. Republican Rep. Marc Lombardo of Billerica offered an amendment that would declare, 'any statewide or sector-specific greenhouse gas emissions limits, benchmarks, or reduction requirements established therein shall be considered aspirational goals and shall not have the force of law as binding mandates.' He described it as a bid to restore 'balance, flexibility and commonsense to the Massachusetts climate policy.' Rep. Mark Cusack of Braintree, the Democrat newly tapped this session to lead the Committee on Telecommunications, Utilities and Energy, urged representatives to reject Lombardo's amendment and said there was already an effort underway to reconsider climate mandates. 'While we have passed major climate legislation the past few sessions, we are in the process of reviewing all of our climate and emission mandates, goals and plans. With the new administration in Washington pulling funding, and with the president's executive order preventing the development of new offshore wind, we must reevaluate and try to figure out the new reality of meeting our climate change goals without a federal partner and without our planned energy diversification,' Cusack said. He said those 'difficult problems and solutions and approaches' deserve to be discussed in public hearings and with multiple interested groups. He also said that the energy affordability legislation that Gov. Maura Healey first announced more than two months ago is expected to be filed in May. 'In order to assess our new reality and where we go from here,' Cusack said, 'everything must remain on the table.' Lombardo argued that his amendment would fit right into the effort Cusack described since it 'removes a mandate and asks for an aspirational goal that provides the very flexibility that the gentleman was speaking about.' 'Affordability has been a massive talking point in the commonwealth for the last several years. We continuously see residents leaving the commonwealth for more affordable places to live. Energy costs is a direct way that we can help our residents, maintain the flexibility, have goals to diversify, but not lock us into a way that Nana and Grampy can't pay for gas to heat their homes in the winter,' the Billerica Republican said. 'And so I ask my colleagues to join me and support this amendment so that Nana doesn't have to go cold in the winter.' The House rejected Lombardo's amendment. Twenty-one Republicans supported it, and four — Minority Leader Brad Jones, First Assistant Minority Leader Kimberly Ferguson, and Reps. Hannah Kane and Donald Wong — joined all voting Democrats and independent Rep. Susannah Whipps in opposition. The final tally was 21-134. As of 2021, the most recent year with data available, state officials reported they had reduced emissions 28% below 1990 levels. The pandemic was credited with helping Massachusetts meet its 2020 commitment, but there has been great doubt around whether the state remains on track to hit its 2030 requirement. Energy and Environmental Affairs Secretary Rebecca Tepper said in March that the executive order Trump signed in January essentially halting all federal offshore wind actions 'pending the completion of a comprehensive federal review of federal wind leasing and permitting practices' could make it much harder to reach the 2030 checkpoint. 'There is no doubt that the Trump administration has made it more difficult to meet the requirements, specifically on the generation side,' Tepper said at the time. 'We had planned on having a significant amount of clean energy by 2030 from offshore wind. So that's going to be a big headwind if that doesn't happen.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
25-02-2025
- Business
- Yahoo
Berkshire Hathaway's Q4 Earnings and Revenues Rise Year Over Year
Berkshire Hathaway Inc. (BRK.B) delivered fourth-quarter 2024 operating earnings of $14.5 billion, which increased 71.3% year over year. The increase was driven by higher earnings in Insurance-underwriting, Insurance-investment income, Berkshire Hathaway Energy Company and non-controlled businesses. See the Zacks Earnings Calendar to stay ahead of market-making news. Berkshire Hathaway Inc. price-consensus-eps-surprise-chart | Berkshire Hathaway Inc. Quote Costs and expenses decreased 1.7% year over year to $315.7 billion, largely due to a decrease in expenses at Insurance and Other as well as Railroad, Utilities and Energy. Operating earnings from the Railroad business increased 0.7% year over year to $7.5 billion. The increase was due to volume growth and lower operating costs from improved productivity. It was partially offset by a $290 million charge related to a labor agreement that was finalized in the fourth quarter of 2024 and by increased litigation accruals. Revenues rose 1.9% year over year to $371.4 billion, attributable to higher revenues at Insurance and Other, as well as Railroad, Utilities and Hathaway's Insurance and Other segment revenues increased 2.2% year over year to $321.6 billion in the reported quarter on the back of higher insurance premiums earned, leasing revenues and interest, dividend and other investment underwriting after-tax earnings were $9 billion in 2024, which increased 66.6% from the year-ago quarter. Earnings in 2024 benefited from significantly improved operating results at Utilities and Energy operating revenues inched up 0.07% year over year to $49.7 billion, attributable to higher utility and energy operating revenues, service revenues and other earnings of Railroad increased 0.5% year over year to $6.6 revenues at Manufacturing, Service and Retailing decreased 1.7% year over year to $215.9 billion. Pre-tax earnings declined 4.2% year over year to $16.8 2024, net earnings from the Manufacturing, Service and Retailing businesses declined 2.1% year over year to $13.1 billion. The earnings decline in 2024 reflected lower earnings from service and retailing businesses, partially offset by earnings increases at several manufacturing businesses. As of Dec. 31, 2024, consolidated shareholders' equity was $651.6 billion, up 14.8% year over year. At quarter-end, cash and cash equivalents and restricted cash were $48.4 billion, up 25.2% from the level at the exited the fourth quarter of 2024 with a float of about $171 billion, up from $169 billion reported at the end of flow from operating activities totaled $30.6 billion in 2024, up 37.8% from the year-ago Hathaway bought back shares worth $2.9 billion in 2024. Berkshire Hathaway currently carries a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Travelers Companies TRV reported fourth-quarter 2024 core income of $9.15 per share, which beat the Zacks Consensus Estimate by 39.3% and improved 30.5% year over year. Travelers' total revenues increased 10.4% from the year-ago quarter to $11.9 billion. The top-line figure beat the Zacks Consensus Estimate by 1%.Net written premiums increased 7% year over year to a record $10.7 billion, driven by strong growth across all three segments. Our estimate was $10.8 billion. The Zacks Consensus Estimate was pegged at $926 million. TRV witnessed an underwriting gain of $1.4 billion, up 30.5% year over year. The consolidated underlying combined ratio of 84% improved 190 bps year over Corp. RLI reported fourth-quarter 2024 operating earnings of 41 cents per share, which missed the Zacks Consensus Estimate by 14.5%. The bottom line decreased 46.8% from the prior-year quarter. Operating revenues for the reported quarter were $436 million, up 15.3% year over year, driven by higher net premiums earned and net investment income. The top line matched the Zacks Consensus premiums written increased 9% year over year to $473.2 million. This uptick can be attributed to the solid performance of the Casualty segment (up 18.3%). Our estimate was $550 million. Underwriting income of $22.2 million decreased 62.8% year over year. The combined ratio deteriorated 1,170 bps year over year to 94.4%. The Zacks Consensus Estimate for the metric was pegged at 96%, while our estimate was 102%.W.R. Berkley Corporation's WRB fourth-quarter 2024 operating income of $1.13 per share beat the Zacks Consensus Estimate by 20.2%. The bottom line improved 17.7% year over year. Operating revenues were $3.5 billion, up 9.2% year over year. The top line beat the consensus estimate by 4.2%.W.R. Berkley's net premiums written were $2.9 billion, up 8% year over year. The figure was lower than our estimate of $3 billion. The consolidated combined ratio (a measure of underwriting profitability) deteriorated 180 bps year over year to 90.2%. The Zacks Consensus Estimate was 91%. 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 RLI Corp. (RLI) : Free Stock Analysis Report The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report W.R. Berkley Corporation (WRB) : Free Stock Analysis Report Berkshire Hathaway Inc. (BRK.B) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
