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AES Corp's Unit to Develop Hybrid Solar & Energy System
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The AES Corporation (AES - Free Report) announced that its unit, AES Distributed Energy, Inc., and Kaua'i Island Utility Cooperative (KIUC) have entered into a power purchase agreement, under which AES Distributed Energy will develop an innovative plant that will not only provide solar energy, but will also offer a battery-based energy storage system.
Hybrid Solar & Energy Storage System
The hybrid system consists of a 28 megawatts (MW) solar photovoltaic (PV) and a 20 MW five-hour duration energy storage system. This solar-plus-utility-scale-battery system will be developed on an erstwhile sugar land between L??wa'i and K??loa on Kaua'i south shore.
Electricity generated from the project will cost 11 cents per kWh and will constitute 11% of Kaua'i’s total electric generation, increasing KIUC’s renewable mix to well over 50%.
This project will provide electricity to KIUC at much lower costs compared with fossil fuel-fired plants.
Subject to pending approvals, the project is expected to come online by 2018 and AES Distributed Energy will be the long-term owner and operator of the system.
Renewable Energy Solution
Renewable sources of energy have been gaining importance of late due to their clean-burning nature. In such a scenario, The AES Corporation, through its subsidiaries, continues to provide efficient renewable energy solutions to its customers. The company had installed the first grid-scale advanced energy storage project in 2008.
As per the Energy Storage Association, energy storage systems currently represent approximately 2% of the total U.S. generation capacity. This indicates ample room for growth of the energy storage system developers. The AES Corporation, one of the leaders in the energy storage system development space, is poised to benefit from rising demand in the energy storage market.
Price Movement
The AES Corporation has gained 25.5% over the last one year, outperforming the Zacks categorized Utility-Electric Power industry’s gain of 5.8%.
The outperformance was mainly driven by the company’s stable liquidity position, focus on capacity expansion and asset divestment strategy to streamline its portfolio.
Zacks Rank & Key Picks
The AES Corporation currently has a Zacks Rank #3 (Hold). A few better-ranked stocks in the same space include DTE Energy Co. (DTE - Free Report) , Exelon Corporation (EXC - Free Report) and Great Plains Energy Inc. (GXP - Free Report) .
DTE Energy sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. The company’s earnings surpassed the Zacks Consensus Estimate by 27.3% in the last reported quarter. Its 2016 estimates improved by a penny to $5.27 over the last 60 days.
Exelon currently carries a Zacks Rank #2 (Buy). Its earnings surpassed the Zacks Consensus Estimate by 22.9% in the last reported quarter. Its 2016 estimates improved by 3 cents to $2.68 over the last 60 days.
Great Plains Energy is a Zacks Rank #2 stock as well. Its earnings surpassed the Zacks Consensus Estimate by 5.3% in the last reported quarter. Its 2016 estimates improved by a penny to $1.80 over the last 60 days.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>
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AES Corp's Unit to Develop Hybrid Solar & Energy System
The AES Corporation (AES - Free Report) announced that its unit, AES Distributed Energy, Inc., and Kaua'i Island Utility Cooperative (KIUC) have entered into a power purchase agreement, under which AES Distributed Energy will develop an innovative plant that will not only provide solar energy, but will also offer a battery-based energy storage system.
Hybrid Solar & Energy Storage System
The hybrid system consists of a 28 megawatts (MW) solar photovoltaic (PV) and a 20 MW five-hour duration energy storage system. This solar-plus-utility-scale-battery system will be developed on an erstwhile sugar land between L??wa'i and K??loa on Kaua'i south shore.
Electricity generated from the project will cost 11 cents per kWh and will constitute 11% of Kaua'i’s total electric generation, increasing KIUC’s renewable mix to well over 50%.
This project will provide electricity to KIUC at much lower costs compared with fossil fuel-fired plants.
Subject to pending approvals, the project is expected to come online by 2018 and AES Distributed Energy will be the long-term owner and operator of the system.
Renewable Energy Solution
Renewable sources of energy have been gaining importance of late due to their clean-burning nature. In such a scenario, The AES Corporation, through its subsidiaries, continues to provide efficient renewable energy solutions to its customers. The company had installed the first grid-scale advanced energy storage project in 2008.
As per the Energy Storage Association, energy storage systems currently represent approximately 2% of the total U.S. generation capacity. This indicates ample room for growth of the energy storage system developers. The AES Corporation, one of the leaders in the energy storage system development space, is poised to benefit from rising demand in the energy storage market.
Price Movement
The AES Corporation has gained 25.5% over the last one year, outperforming the Zacks categorized Utility-Electric Power industry’s gain of 5.8%.
The outperformance was mainly driven by the company’s stable liquidity position, focus on capacity expansion and asset divestment strategy to streamline its portfolio.
Zacks Rank & Key Picks
The AES Corporation currently has a Zacks Rank #3 (Hold). A few better-ranked stocks in the same space include DTE Energy Co. (DTE - Free Report) , Exelon Corporation (EXC - Free Report) and Great Plains Energy Inc. (GXP - Free Report) .
DTE Energy sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. The company’s earnings surpassed the Zacks Consensus Estimate by 27.3% in the last reported quarter. Its 2016 estimates improved by a penny to $5.27 over the last 60 days.
Exelon currently carries a Zacks Rank #2 (Buy). Its earnings surpassed the Zacks Consensus Estimate by 22.9% in the last reported quarter. Its 2016 estimates improved by 3 cents to $2.68 over the last 60 days.
Great Plains Energy is a Zacks Rank #2 stock as well. Its earnings surpassed the Zacks Consensus Estimate by 5.3% in the last reported quarter. Its 2016 estimates improved by a penny to $1.80 over the last 60 days.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>