PSEG Announces 2006 Results Public Service Enterprise Group (PSEG) reported today 2006 Income from Continuing Operations of $752M or $2.98 per share as compared to $886M or $3.63 per share for 2005. Operating Earnings for the year 2006 were $938M or $3.71 per share compared to 2005 Operating Earnings of $918M or $3.77 per share. Including charges associated with the sale of RGE ($178M or $0.70 per share), merger related costs ($8M or $0.03 per share), and discontinued operations ($13M or $0.05 per share), PSEG reported Net Income for the full year 2006 of $739M or $2.93 per share. News release 1/31/07
PPL Chief Financial Officer to Retire
PPL Corporation (NYSE: PPL) announced Monday (1/29) that John Biggar, the company’s executive vice president and chief financial officer, will retire April 1.
Biggar,
62, will be succeeded as executive vice president and chief financial officer by
Paul A. Farr, senior vice president-Financial, who has been with PPL since 1998
and has more than 15 years of financial and operations experience. Biggar has served as an executive vice president of
PPL Corporation and a member of its board of directors since 2001. He began his
PPL career in 1969 as an attorney in the company’s legal department. Later, he
served as manager of Finance and assistant treasurer. He was named vice
president-Finance in 1984, a position he held for 14 years. He became senior
vice president and chief financial officer in 1998. A native of Oneida, N.Y.,
Biggar earned a Juris Doctor degree from the College of Law at Syracuse
University and a bachelor’s degree in political science from Lycoming College in
Pennsylvania. Farr, 39, has been in his current position, with responsibility
for the company’s accounting, tax, treasury and business planning functions,
since 2005. He joined PPL in 1998 as director of international tax for PPL
Global, the subsidiary that owns and operates electricity distribution
businesses serving nearly 3.6 million customers in Latin America and the United
Kingdom. A native of Green Bay, Wis., Farr earned a master’s degree in
management from Purdue University and a bachelor’s degree in accounting from
Marquette University. He is a certified public accountant. PPL Corporation,
headquartered in Allentown, Pa., controls more than 11,000 megawatts of
generating capacity in the United States, sells energy in key U.S. markets and
delivers electricity to more than 5 million customers in Pennsylvania, the
United Kingdom and Latin America. 1/30/07
Middlesex Water to present at the 14th annual Emerald Groundhog Day Investment Forum
Middlesex Water Company , a provider of water and wastewater services in New Jersey and Delaware, will joinwith over 40 public and private companies representing a wide array of industries when it presents at Emerald Asset Management's Annual Groundhog Day Investment Forum on February 1, 2007 at the Radisson Plaza - Warwick Hotel in Philadelphia, PA. Middlesex Water President and CEO, Dennis W. Doll, will provide an
overview of the water industry and the investment opportunities it presents, along with highlights of the company's performance, major strategic initiatives and growth plans. The Forum will showcase investment opportunities in some of the Mid-Atlantic region's fastest growing companies, as well as industry leaders from across the country. The presenting companies will address an audience of portfolio managers, research analysts and investment industry professionals. Middlesex Water Company, organized in 1897, is investor-owned and operates in the central and southern portions of both New Jersey and Delaware. The Company, through its various subsidiaries, owns and operates regulated water and wastewater utilities in both New Jersey and Delaware, and also operates water and wastewater systems under contract for municipal and private clients in both states. Information on the Forum, including registration information, can be found at www.teamemerald.com. For additional information regarding Middlesex Water Company, visit the Company's Web site at www.middlesexwater.com or call
(732) 634-1500. Press release 1/26/07
CONSOL fourth-quarter earnings rise
Earnings for
CONSOL Energy Inc. rose 46 percent
in the fourth
quarter of 2006 versus the same time the previous year. The Upper St. Clair,
PA-based coal mining company reported earnings of $127.9M, or 69 cents per
diluted share, for fourth quarter 2006, compared to $87.6M, or
47 cents per diluted share, for fourth quarter 2005. Revenue was down from
$969.1Mn fourth quarter 2005 to
$953.7M during the same time period in 2006. For the year, CONSOL's earnings fell from
$580.9M in 2005 to $408.9M in 2006. However, $225.3M of the 2005 sales can be
attributed to the sale of 18.5 percent of CNX Gas,
a CONSOL spin-off based in South Park.
Pittsburgh Business Times 1/26/07
Wind power capacity in U.S. increased 27% in
2006 An
additional increase of 26% is predicted in 2007
in market forecast released by the
American Wind Energy Association
AWEA news release
1/24/07
GE Energy $600M deal hinges on Texas air
pollution battle
Its $600M contract to produce eight coal-
fired steam turbines for Dallas-based
Texas Utilities is a big deal for General Electric Energy in Schenectady,
NY. General Electric recalled 45 hourly workers for the project and views it
as a way to attract future business for the plant, which employs 1,100 people.
The turbines, built to Texas Utilities' specifications, will be incorporated in
power plants being built by
Bechtel Power Corp. But General Electric's big project is facing big
opposition in
Texas--opposition that includes influential members of the Dallas business
community along with environmental groups.
The Business Review (Albany) 1/22/07
Send your business or organization news to:
envirobusinessnews@enviropolitics.com
Four join Partnership for the Delaware
Estuary's Board of Directors The following professionals have
committed to four-year terms on the board of directors governing the Partnership
for the Delaware Estuary, a non-profit National Estuary Program serving portions
of DE, NJ and PA.. They replace: J. Preston Luitweiler, P.E., of Aqua America,
Inc., Daniel J. Martin of Marathon Engineering & Environmental Services, Inc.,
Peter Pappas of Clement Pappas & Company, Inc., and Pamela Tudor of Tudor
Consulting. Laura Bishop, vice
president of Thomas/Boyd Communications, where she oversees accounts in the
fields of education, energy, healthcare, nonprofit and scientific research,
among others. As vice president, Bishop provides media relations and crisis
communications strategy and counsel, manages newsletter production for a diverse
client base, and assists with business development. Bishop also serves on
the board of trustees for the Rancocas Conservancy and the Archway Foundation,
Inc. Leon Chain
As Controller, Leon Chain is responsible for all
financial reporting, internal controls and tax matters associated with Aqua
America's Mid-Atlantic operations, which
include Pennsylvania, — home to the
company’s largest operating subsidiary — New Jersey,
and New York. This experience will aid him well in his added role as board
treasurer for the Partnership, as will his past employment with ARAMARK, Inc.
and KPMG Peat Marwick LLP. Chain holds a bachelor’s degree in accounting from
Virginia State University and a master’s degree in finance from Temple
University. He is currently active with the Philadelphia Chamber of Commerce’s
Arts and Business Council and the Freedom Theater’s board of directors, as well
as several professional organizations.
Charnelle Hicks In 2001,
Charnelle Hicks founded CHPlanning Ltd., a Philadelphia-based firm striving to
include land use, urban planning, neighborhood revitalization, environmental
studies, parks and open space into its many planning services. Since that time
her business’ revenue has grown from roughly $50,000 in 1999 to almost $923,000
in 2005. This has included projects in DE, NJ, PA,. and even New Orleans.
Hicks holds a master’s degree from the University of North Carolina in urban and
regional planning and, in the past, has worked for Parsons Brinckerhoff and
PricewaterhouseCoopers. Marilyn Heffley
In November of 2005, Marilyn Heffley joined Sunoco, Inc., a
CERES-affiliated company, as its chief litigation counsel. Prior to joining
Sunoco, she was a partner at Reed Smith LLP, a top-25 international law firm,
where she spent 20 years as a member of its Litigation Group. While at Reed
Smith, Ms. Heffley litigated cases, including environmental matters, on behalf
of the firm’s clients in many jurisdictions throughout the country. Her present
and past board memberships include: Partnership for the Delaware Estuary,
Public Interest Law Center of Philadelphia, Philadelphia Volunteer Lawyers for
the Arts, the American Heart Association for Southeastern Pennsylvania, and the
March of Dimes for Southeastern Pennsylvania.
Judi London As president of the
South Jersey Tourism Corporation (SJTC), Judi London directs a regional effort
to package, develop, and market tourism and visitor-related activities in the
Southern N.J. counties located along the Delaware River. London also serves as
executive director of the Camden Waterfront Marketing Bureau, an organization
founded in 2000 that is now a division of the SJTC. In addition to her regular
duties, London serves as vice president of the New Jersey Travel Industry
Association and is chair of the Delaware River Region Tourism Council, one of
six tourism councils affiliated with the New Jersey Department of Travel and
Tourism. She also sits on the board of
directors at the Academy of Aquatic Sciences, Cherry Hill Business Partnership,
Cherry Hill East Ice Hockey Club and Walt Whitman Association.
Eric Lienhard, P.E.
Eric Lienhard, P.E., of Aston, Pa., has been with Greeley and Hansen LLC since 1997, most recently as a senior associate. He specializes in water resource management by providing sound and economically feasible solutions for watershed management, wastewater and stormwater collection and treatment, and water supply needs. Such expertise will be of particular use to the Partnership since stormwater runoff pollution is one of the leading contributors to impaired water quality in the Delaware Estuary. In the past, Lienhard has been an especially active volunteer in the non-profit’s annual Experience the Estuary Celebration. Meanwhile, he has also played a leadership role with the Rocky Run branch of the YMCA. Stephen P. Mullin, M.A. Stephen P. Mullin, M.A., a graduate of Harvard University and the University of Pennsylvania, is senior vice president and principal of Econsult Corporation. His consulting practice concentrates on state and public finance and policy analysis, economic and real estate development and impact analysis, and business strategies utilizing government incentive programs. He teaches various economic courses at the University of Pennsylvania, Drexel University, Philadelphia University and Widener University. Throughout his 24-year career, Mullin has worked in senior management positions for the City of Philadelphia, the City of St. Louis and more, giving him an opportunity to devote his time to numerous charitable causes. 1/16/07
Peco sells land to Upper Merion for open
space Upper
Merion Township, PA., has bought two parcels totaling 17 acres in the
township for $1.55 million. The land is on the west side of Warner Road adjacent
to
Route 202. The municipality bought it from
Peco Energy Co. through the
Montgomery County Greenfields/
Green Towns Program. The program is a $150 million fund voters passed in 2003 to
encourage municipalities
to buy land for open space. The county reimburses up to 80 of the purchase price
of a piece of land.
Philadelphia Business Journal 1/15/07
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'Green' energy group hires deputy director
Valerie
Strauss has been hired as the first deputy director
of the
Alliance for Clean Energy New York. Strauss, who was previously a senior
policy analyst with the
Albany, N.Y., law firm
Young Sommer Ward Ritzenberg Baker and Moore,
will be in charge of policy development. At the firm Strauss represented the
wind energy industry. located in Albany, the The alliance is comprised of
organizations seeking to bring clean energy technology to New York, including
non-profit environmental, public health and consumer advocacy organizations.
The Business Review (Albany) 1/15/07
Stephen Byrd named Senior Vice President At
Public Service Enterprise Group
Stephen C. Byrd, executive director of the global
energy and utilities group in the investment banking firm of Morgan Stanley,
today joined Public Service Enterprise Group Incorporated as senior vice
president - finance, business development, strategy and M&A. He will report to
Thomas M. O’Flynn, PSEG’s executive vice president -
finance and chief financial officer.
News release 1/15/07
NYC engineering firm with Albany office may be purchased
Stantec, a Canadian engineering and
design firm with an office in Albany, NY, announced today it signed a
letter of intent to buy
Vollmer Associates LLP., a New York City firm that also has an office in
Albany. As of 2005, Vollmer, which is located at 3 Columbia Circle, had $830,000
in billings in the Albany region and employed 44 people. The local managing
partner, Mark Dempf, said he couldn't comment on the deal.
The Business Review (Albany) 1/12/07
PA engineering firm acquires consulting company
A rapidly growing local engineering firm closed
this month on the acquisition of
SE Technologies Inc., an environmental consulting firm based in
Bridgeville,
PA. Dan Tis, a principal with
S/D Engineers Inc. a Strip District-based engineering company that employs
more than 190 locally, said the terms of the transaction are not being
disclosed, at the behest of the Ross Township-based
Vanadium Group, the previous owners of SE Technologies.
Pittsburgh Business Times 1/12/07
Buchanan Ingersoll adds two to D.C. office Buchanan Ingersoll & Rooney PC, Pittsburgh's third largest law firm, added two seasoned federal procurement professionals who will be based at its Washington, D.C., office. Bethany Noble, Buchanan's new director of federal procurement, has been active in the procurement industry for more than a decade, and focuses her practice on assisting clients in all areas of the federal sector with an emphasis on biotechnology, biodefense and national security. David Aimone will serve as assistant director. They join Buchanan from Greenberg Traurig, where Noble founded that firm's federal marketing practice. Ron Platt, head of Buchanan's federal government relations section, said the procurement practice will create a bridge between the firm's government relations and government contracts work. Pittsburgh Business Times 1/11/07
Send your business or organization news to:
envirobusinessnews@enviropolitics.com
Stifel to beef up Philadelphia presence with
Ryan Beck acquisition
Stifel Financial
has agreed to
acquire
Ryan Beck Holdings Inc. from
BankAtlantic Bancorp
for $91M million in Stifel stock, the companies announced Tuesday.
The
deal would create one of the largest investment advisories in the country and
combine capabilities in investment banking, capital markets and research as well
as enhance Stifel's presence on the
East Coast, including in the Philadelphia area, where Ryan Beck has five
offices. Terms of the deal include BankAtlantic of Fort Lauderdale, Fla.,
getting 2.53 million shares of Stifel stock with a five-year warrant to purchase
an additional 500,000 shares at $36 per share. Ryan Beck, based in Florham
Park, NJ, provides investment banking, investment advisory and analysis
through 1,000 employees in 40 offices spread over
14 states. Stifel has 1,800 employees spread over 131 offices in the United
States and three in Europe with corporate headquarters in St. Louis and capital
markets headquarters in Baltimore.
Philadelphia Business Journal 1/9/07
Kirkpatrick & Lockhart opens Berlin office
Kirkpatrick & Lockhart Preston Gates Ellis LLP,
Pittsburgh's largest law firm, is launching an office in Berlin. It is
the first Pittsburgh-based law firm to establish
an office in the Germany city.
Reed Smith LLP has an office in Munich.
Pittsburgh Business Times 1/9/07
GE Plastics unit reportedly on the block
General
Electric Co.
is seeking to sell its plastics business,
which includes its plastic materials and resins plant in Selkirk, NY,
according to published reports in the
Wall Street Journal and the
New York Times. A spokesman
for the
GE Plastics unit, headquartered
in
Pittsfield, Mass., said he could not comment on the reports.
The Business Review (Albany) 1/9/07
Fox Rothschild acquires boutique in New York
A few months after its acquisition of a 50-plus
attorney
labor and employment boutique in New Jersey, Fox Rothschild has set its sights
north on a smaller boutique
in New York. The firm has acquired six-attorney
Young Moriwaki & Greenfader, which has offices in Manhattan
and Tarrytown,
Westchester County.
LAW.COM
1/8/07
NRG Energy makes $400M debt repayment NRG
Energy, Inc. completes the debt reduction portion of
its previously announced capital allocation program, using cash on hand to fund
the repayment. The Princeton,
NJ- based company owns and operates a diverse portfolio of power-generating
facilities, primarily in Texas and
the Northeast, South Central and Western regions of the United States.
News
release 1/8/07
Middlesex Water Acquires Wastewater Systems in Sussex County, DE
Middlesex Water Company,
a provider of water and wastewater services in New Jersey and Delaware, says it
has acquired two wastewater collection and treatment systems serving the
communities of Harts Landing and Bay Front in Sussex County,
DE. Middlesex Water plans to operate the systems through its wholly owned,
regulated Delaware subsidiary, Tidewater Utilities. The net investment for these
acquisitions is $600K
News
release 1/6/07
Valley Forge Laboratories sold A
Philadelphia-area engineering firm has been sold to a regional firm for
an undisclosed sum.
Valley Forge Laboratories Inc. of
Devon, PA., was sold to
GAI Consultants Inc. GAI announced the deal, and its acquisition of
Hartman Consulting and Design of Orlando, Fla., on Friday.
Valley Forge focuses on traffic, geotechnical and environmental engineering, as
well as other areas. It was
founded in 1967.
Philadelphia Business Journal 1/6/07
Airgas buys Georgia company
Airgas Inc.
said Thursday that it has bought an Atlanta refrigerant
supplier.
Airgas of Radnor, PA., did not
provide terms of the deal but said the acquired company, CFC
Refimax LLC, had $21M in sales last year.
Philadelphia Business Journal 1/6/07
PPL electric utilities president retires
John F. Sipics, who has served as president of
PPL Corporation’s Pennsylvania electricity delivery subsidiary since 2003,
retired Jan. 1. Sipics, a 37-year veteran of PPL, retired
due to health issues. William H. Spence, PPL Corporation executive vice
president and chief operating officer,
will serve as PPL Electric Utilities president while decisions are being made
regarding Sipics’ permanent successor. PPL Electric Utilities provides
electricity delivery services to 1.3 million customers in eastern
and central Pennsylvania.
PPL news release 1/4/07
Buchanan Ingersoll adds three to Harrisburg
office
Buchanan Ingersoll & Rooney PC,
Pittsburgh's
third largest law firm, has added a three-person government
relations and public finance team from law firm
Pepper Hamilton to its Harrisburg office. The newcomers are led by David
Sweet, a former member of the Pennsylvania House of Representatives
(D-Washington County) and campaign manager of Ed Rendell's 2002 successful run
for Pennsylvania governor. Also joining the firm are Donna Kreiser and Eloise
Frazier. Sweet
and Kreiser both join Buchanan as shareholders.
Pittsburgh Business Times 1/4/07
Reed Smith completes deal with London firm
Reed Smith LLP has completed its
acquisition of London
law firm
Richards Butler. With more than 1,300 lawyers, Reed Smith now ranks among
the world's 15 largest
law firms.
Roger Parker, former managing partner of Richards
Butler, will serve as managing partner for Europe
and the Middle East, and will
join the firm's senior management team. The firm previously announced its
acquisition of Chicago-based
Sachnoff & Weaver. It is scheduled to go into effect March 1.
Pittsburgh Business Times 1/4/07
Aqua American subsidiary buys Long Island system Aqua America Inc. said Tuesday that its Aqua New York Inc. subsidiary has closed on a nearly $51M acquisition announced last May. Aqua New York acquired New York Water Service Corp. from Utilities & Industries Corp. for $27.4M in cash and the assumption of $23.5M in debt. New York Water Service serves about 135,000 residents in Nassau County, N.Y. Aqua America plans to spend about $14.4M through 2010 to improve its infrastructure and water-quality system. Based in Bryn Mawr, PA., Aqua America serves about 2.8 million residents in various states. Philadelphia Business Journal 1/4/07