Peoples Gas blows away record with first-quarter profit growth
What happens when a public utility gets approval from politicians to spend money? They do it, a lot of it. The result is record profits for public utilities.
Peoples Gas’ net income increased over 20% to $81.3 million. This was at a time when gas deliveries were down. They moved less gas to consumers.
So, how do you make more money and move less gas?
Through surcharges. Politicians approved costs that DO NOT have to be reviewed and approved by the Illinois Utility Regulatory Commission. These surcharges were approved in 2013 as a way to expedite repairs. However, Peoples has utilized this law to increase charges while maximizing revenue. Peoples’ parent company WEC Energy boosted its dividend payment by 7% this year.
Illinois legislators should review this law and amend it so rate payers do NOT continue to enrich corporations, which in-turn enriches politicians.
Insight into Peoples’ massive gas project can be reviewed: https://realgyenergyservices.com/state-orders-new-probe-of-massive-peoples-gas-project/
Realgy Energy Services is a registered Retail Energy Marketer in the states of Illinois, Michigan, Indiana and Ohio. We offer Service Plans that will provide electric and natural gas at wholesale pricing direct to customers without any utility markup. Our Service Plans work with the local utility to provide seamless service and annual energy savings. Service Plans include Guaranteed SavingsTM, ManagedPriceTM, ManagedGreenTM Index, Fixed and PriceAssuranceTM.
Realgy owns and operates 7 solar plants in Illinois and is looking to invest in additional locations.
Additional Information: https://www.citizensutilityboard.org/blog/2020/06/10/peoples-blows-away-record-with-first-quarter-profit-growth-2/
DOE EIA Weekly Gas Storage Report
Working gas in storage was 2,714 Bcf as of Friday, May 29, 2020, according to EIA estimates.
This represents a net increase of 102 Bcf from the previous week. Stocks were 762 Bcf higher than last year at this time and 422 Bcf above the five-year average of 2,292 Bcf. At 2,714 Bcf, total working gas is within the five-year historical range.
DOE EIA Weekly Gas Storage Report
Working gas in storage was 2,612 Bcf as of Friday, May 22, 2020, according to EIA estimates.
This represents a net increase of 109 Bcf from the previous week. Stocks were 778 Bcf higher than last year at this time and 423 Bcf above the five-year average of 2,189 Bcf. At 2,612 Bcf, total working gas is within the five-year historical range.
DOE EIA Weekly Gas Storage Report
Working gas in storage was 2,503 Bcf as of Friday, May 15, 2020, according to EIA estimates.
This represents a net increase of 81 Bcf from the previous week. Stocks were 779 Bcf higher than last year at this time and 407 Bcf above the five-year average of 2,096 Bcf. At 2,503 Bcf, total working gas is within the five-year historical range.
DOE EIA Weekly Gas Storage Report
Working gas in storage was 2,422 Bcf as of Friday, May 8, 2020, according to EIA estimates.
This represents a net increase of 103 Bcf from the previous week. Stocks were 799 Bcf higher than last year at this time and 413 Bcf above the five-year average of 2,009 Bcf. At 2,422 Bcf, total working gas is within the five-year historical range.
DOE EIA Weekly Gas Storage Report
Working gas in storage was 2,319 Bcf as of Friday, May 1, 2020, according to EIA estimates.
This represents a net increase of 109 Bcf from the previous week. Stocks were 796 Bcf higher than last year at this time and 395 Bcf above the five-year average of 1,924 Bcf. At 2,319 Bcf, total working gas is within the five-year historical range.
Coronavirus And Slumping Prices Hit Ohio Valley’s Oil & Gas Sector
The entire world has been adjusting during the coronavirus outbreak. Many companies that contribute greatly to the economy are facing challenges to stay in business. The changes in energy demand have led to the sector taking a huge hit with oil and natural gas prices dropping drastically. Construction has been put on hold, jobs have been altered, and the extent of damages done by this pandemic is still a shifting status. Oil and gas producers may seek a bailout and lawmakers are being asked to alter the Jones Act to ease requirements.
Utilities have been suspending their disconnection policies and are ensuring they prioritize safety to stop the spread of the virus. The Public Utilities Commission of Ohio (PUCO) is requiring this of the entire state. The impact of this virus is affecting everyone in various ways and PUCO is prioritizing that their residents will not go without shelter, water, food, heat, and communication. We commend all essential workers that are putting their lives at risk to ensure citizens are safe and receiving more than just the necessities of life.
Realgy Energy Services is a registered Retail Energy Marketer in the states of Illinois, Michigan, Indiana and Ohio. We offer Service Plans that will provide electric and natural gas at wholesale pricing direct to customers without any utility markup. Our Service Plans work with the local utility to provide seamless service and annual energy savings. Service Plans include Guaranteed SavingsTM, ManagedPriceTM, ManagedGreenTM Index, Fixed and PriceAssuranceTM.
Realgy owns and operates 7 solar plants in Illinois and is looking to invest in additional locations.
Additional Information: https://wfpl.org/coronavirus-and-slumping-prices-hit-ohio-valleys-oil-gas-sector/
DOE EIA Weekly Gas Storage Report
Working gas in storage was 2,210 Bcf as of Friday, April 24, 2020, according to EIA estimates.
This represents a net increase of 70 Bcf from the previous week. Stocks were 783 Bcf higher than last year at this time and 360 Bcf above the five-year average of 1,850 Bcf. At 2,210 Bcf, total working gas is within the five-year historical range.
DOE EIA Weekly Gas Storage Report
Working gas in storage was 2,140 Bcf as of Friday, April 17, 2020, according to EIA estimates.
This represents a net increase of 43 Bcf from the previous week. Stocks were 827 Bcf higher than last year at this time and 364 Bcf above the five-year average of 1,776 Bcf. At 2,140 Bcf, total working gas is within the five-year historical range.
DOE EIA Weekly Gas Storage Report
Working gas in storage was 2,097 Bcf as of Friday, April 10, 2020, according to EIA estimates.
This represents a net increase of 73 Bcf from the previous week. Stocks were 876 Bcf higher than last year at this time and 370 Bcf above the five-year average of 1,727 Bcf. At 2,097 Bcf, total working gas is within the five-year historical range.