Independent Generator Earnings Suffer

All of the generator's earnings took a hit during the pandemic last year, though those operating in California remained profitable.

AES: This global power generator posted 2020 earnings of $46 million, or 7 cents a share, compared to a net of $303 million in 2019, or 46 cents per share.

Fourth quarter earnings were far above those in 2019. Net income for the last quarter of 2020 totaled $318 million, or 48 cents a share. That compares to a loss of $78 million, or minus 12 cents a share, during the same period in 2019.

“We made great progress in our transition toward a low-carbon future and consolidated our position as market leader in new and innovative technologies, renewables, and cloud-based customer and efficiency solutions,” AES Chief Executive Officer Andrés Gluski said.

The company highlighted that during 2020 it completed its 100 MW Southland Energy-Alamitos Energy storage facility in California.

Last year, AES finished constructing 2,318 MW of new projects, including 1,299 MW of repowered generating plants in Southern California. The latter were ocean water cooled but the upgrades have eliminated the need to rely on seawater for cooling spinning turbines.

The company operates 1,315 MW of resources in California at 174 sites, including solar, battery storage, and natural gas facilities.

AltaGas: This Canadian energy company earned $392 million, or 53 cents per share, in 2020 compared to $436 million, or 69 cents a share in 2019. Fourth quarter earnings in 2020 totaled $48 million, equal to 17 cents a share, compared to earnings of $103 million, or 37 cents a share, in the final quarter of 2019.

AltaGas Chief Executive Officer Randy Crawford called 2020 “another successful year.”

In California, the company operates the gas-fired 507 MW Blythe Energy Center plant, as well as gas-fired units in the Central Valley. It also has energy storage projects.

NextEra Energy: The company, which operates renewable facilities in California, had a 2020 net of $2.9 billion, or $1.48 a share. That was down from $3.8 billion in 2019, or $1.94 a share. In the fourth quarter of 2020, NextEra had net income of $5 million, or 0 cents a share, compared to a net of $975 million, or 50 cents a share in the final period of 2019.

Despite tempered earnings last year, NextEra Chief Executive Officer Jim Robo said that “we successfully executed on our initiatives, including the deployment of more than $14 billion in capital as we lead America’s clean energy transformation.”

Vistra: Texas-based power generator Vistra reported 2020 net income of $624 million compared to a net of $926 million in 2019. Fourth quarter income in 2020 totaled $27 million.

Per share earning information was not provided in the company’s earnings announcement. Comparable 2019 income was not included.

Vistra highlighted that it is currently constructing what is the largest battery energy storage facility in the world in California. Once completed, the Moss Landing storage system will be able to surge 400 MW of power into the grid and a total of 1,600 MWh before being discharged.

NRG: This generator netted $510 million in 2020, or $2.07 per share. In 2019 it had a net of $4.1 billion, or $16.81 cents per share.

During the final quarter of 2020, it netted $173 million compared to $3.5 billion during the same period in 2019. Quarterly per share earnings were not released in the company’s earnings presentation earlier this month.

NRG noted that last month it completed the sale of its remaining 35% interest in the Arizona-based Agua Caliente solar plant. Clearway Energy spent $202 million to purchase NRG’s interest in the 290 MW plant, which supplies power to Pacific Gas & Electric.

The sale comes as the company continues to unload generation assets. During its earnings report call NRG further detailed that it is selling its 586 MW Sunrise power plant and its 252 MW Long Beach plan, both of which are gas-fired.

As it announced the sale of generation assets, it also noted that earlier this year it completed its $3.6 billion acquisition of Direct Energy. That company is an electricity and natural gas retail energy company that operates in states where the retail power and gas market has been deregulated and decoupled from utilities, which focus on distribution.

—William J. Kelly

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Independent Generator Earnings Suffer

William J. Kelly

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