Utilities were busy last week, making moves to maximize profit potential. With ahead of schedule dividend boosts, coal to biomass conversions, and more, here’s what you need to know to stay on top of your dividend stocks’ latest moves.
The early bird gets the dividend worm
“Today’s action by our board of directors is underscored by the company’s sound financial position and positive free cash flow,” said Chairman, President, and CEO Gale Klappa in a statement. “This marks yet another positive step toward making our dividend payout more competitive with our peers across the utility industry.”
Looking ahead, Wisconsin Energy Corporation (NYSE:WEC) also reaffirmed its dividend payout ratio goal of 65%-70% of earnings in 2017.
Weighing in on biomass
“Today marks another achievement guided by Dominion Resources, Inc. (NYSE:D)’s philosophy that balanced fuel diversity – from coal to natural gas to nuclear to renewables – leads to reasonable rates that best serve the needs and interests of customers and shareholders,” said Dominion Resources, Inc. (NYSE:D) Generation CEO David Christian in a statement.
The other two units are expected to come on line by 2014, with total conversion costs estimated at $165 billion.
Down with the old
According to NextEra Energy, Inc. (NYSE:NEE), its “Clean Energy Center” will use 35% less fuel per MW-hour, cut carbon emissions in half, and reduce air pollution by more than 90%. With the old infrastructure out of the way, construction is expected to be completed in 2016.