Leaf EU http://leaf-eu.org/ Tue, 04 May 2021 03:36:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 http://leaf-eu.org/wp-content/uploads/2021/05/leaf-eu-icon-150x150.png Leaf EU http://leaf-eu.org/ 32 32 Automotive Power Window Market Size Witnessing the Highest Growth in Near Future by 2027 http://leaf-eu.org/automotive-power-window-market-size-witnessing-the-highest-growth-in-near-future-by-2027/ Tue, 04 May 2021 03:29:27 +0000 http://leaf-eu.org/automotive-power-window-market-size-witnessing-the-highest-growth-in-near-future-by-2027/

The World Study Report Automotive Power Window Market 2021 gives a good-sized and detailed analysis which consists of a comprehensive view of the global industry contains the recent trend in addition to the expected scale of global business with services and products to admire. Furthermore, the Automotive Power Window market research provides an overview of the global scenario with complete segmentation using end user, type, application, in addition to region across the whole. of the traction assessment of the automotive power window market. Further, this report offers qualified market research to assess the dominant vendors by combining all related services and products to understand the positions of leading market players within the Automotive Power Window industry.

More remarkable still, the global Automotive Power Window market also provides a comprehensive analysis of the cutting edge view of the competitors, besides emerging industry developments with business drivers, challenges, restraints and opportunities in the market for provide correct information and the last scenario for the right decisions. Additionally, this report provides in-depth analysis of major global market players with comprehensive SWOT assessment, key developments, in addition to monetary assessment of Automotive Power Window markets. It also offers a special perspective of Automotive Power Window markets using the competitive landscape of major manufacturers and helps companies generate revenue by understanding growth approaches by 2027.

Automotive Power Window Market Breakdown by Manufacturer:

  • Aisin Seiki (Japan)
  • Brose Fahrzeugteile (Germany)
  • Continental Automotive (Japan)
  • DURA Automotive Systems (United States)
  • HI-LEX (Japan)
  • Houshin Gosei (Japan)
  • Imasen Electric Industrial (Japan)
  • Johnson Electric Group (China)
  • Kyowaseiko (Japan)
  • Magna International (Canada)
  • Grupo Antolin (Spain)

Automotive Power Window Market Breakdown By Type:

  • Cable type
  • Gear drive type

Automotive Power Window Market Breakdown By Application:

  • Passenger cars
  • Commercial vehicles

Scope of Automotive Power Window Market Report

Report attribute Details
Market size available for years 2021 – 2027
Base year considered 2021
Historical data 2015 to 2019
Forecast period 2021 – 2027
Quantitative units Revenue in millions of USD and CAGR from 2021 to 2027
Covered segments Types, applications, end users, etc.
Cover of the report Revenue forecast, company ranking, competitive landscape, growth factors and trends
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Personalization scope Free customization of the report (equivalent to 8 analyst working days) upon purchase. Add or change the scope of country, region and segment.
Pricing and purchase options Take advantage of personalized shopping options to meet your exact research needs. Explore purchasing options

The regional Automotive Power Window Market analysis can be represented as follows:

  • North America includes the United States, Canada and Mexico
  • Europe includes Germany, France, UK, Italy, Spain
  • South America includes Colombia, Argentina, Nigeria and Chile
  • Asia Pacific includes Japan, China, Korea, India, Saudi Arabia and Southeast Asia

This chapter of the report includes various key companies operating in the global market. This helps the reader to understand the competitive landscape including the strategies adopted by the players to stay in the competitive market.

  • Market share
  • Company Profile
  • Business information
  • SWOT analysis
  • Politics

Visualize the Automotive Power Window Market Using Verified Market Information: –

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VMI provides a comprehensive overview and global competitive landscape of regions, countries and segments, as well as key players in your market. Present your market reports and results with built-in presentation capabilities, providing over 70% of the time and resources to investors, sales and marketing, R&D and product development. VMI supports the delivery of data in interactive Excel and PDF format and provides over 15 key market indicators for your market.

The global Automotive Power Window market report is the result of an in-depth study of the market and also examines the necessary macro and micro factors for existing market players and new aspirants along with detailed value chain analysis .

Thank you for reading this article; you can also get one section per chapter or one report version per region, like North America, Europe or Asia etc.

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China’s efforts to reduce carbon emissions increase risks for the north http://leaf-eu.org/chinas-efforts-to-reduce-carbon-emissions-increase-risks-for-the-north/ Tue, 04 May 2021 03:00:00 +0000 http://leaf-eu.org/chinas-efforts-to-reduce-carbon-emissions-increase-risks-for-the-north/

Workers cut coal carts in December 2019 at a coal mine in Mentougou, west of Beijing, where many mines have been closed as China strives to cut carbon emissions.

Greg Baker | AFP | Getty Images

BEIJING – China’s bond defaults are increasingly concentrated in a part of the country whose growth could face increased pressure from tough new restrictions on carbon emissions, according to a Nomura analysis.

Fifteen regions in the northern half of China, including Beijing and Inner Mongolia, accounted for 63.4% of the number of domestic bond defaults last year, up from 51.5% in 2019, according to published Nomura estimates. in an April 27 report.

This is the latest sign of growing economic disparity within the country, where GDP and population growth in the north is already lower than in the south. Now, China’s commitment to reduce carbon emissions by 2030 means production restrictions are coming for the economy of the northern region.

“The new environmental campaign has the potential to reach northern China – where a majority of steel, aluminum and other raw materials are produced and processed – especially hard,” Nomura analysts wrote.

“Since most of these steel and aluminum factories are in low-level (less developed) cities, the public finances of these cities will likely be disproportionately affected, adding to the risk of credit defaults.” , they said.

Historical factors

Northern China is home to many state-owned enterprises and heavy industries. This means that the region was disproportionately affected from the late 1980s, when China started to reduce the role of public enterprises in the economy, resulting in the loss of their jobs for many workers.

Meanwhile, South China has more export centers like Guangdong and Jiangsu provinces. The region counts Shanghai and Shenzhen as its main cities and was one of the first beneficiaries of China’s decision to allow more foreign and private companies into the relatively closed domestic market.

Historical factors, along with the overcapacity accumulated after the 2008 financial crisis, contributed to further weakness in the north, analysts at Nomura said. They estimate that northern China contributed just 35.2 percent of national nominal GDP last year, with a per capita GDP roughly three-quarters that of southern China.

The north is also more dependent on debt. Outstanding corporate bonds as a percentage of GDP in North China rose to 52% in 2020, compared to 30% for South China, according to Nomura.

“The north / south divide could become an important differentiator of credit in the years to come,” the report says. “Indeed, we have already observed some deterioration in the ability of the provinces of northern China to obtain financing in the bond markets.”

The north accounted for 10% of national corporate bond issuance in the first quarter, up from 42% for the whole of last year, analysts said.

Investors wary of higher risks

Financing a transition to renewable energies

As China watches balancing growth with reducing carbon emissions, reducing pressure on high carbon projects may not be enough. Private renewable energy companies may find it difficult to secure financing from a system in which the largest banks are state-owned and prefer to lend to also state-backed companies.

An option to finance renewable energy projects can be the issuance of “green” bonds, including $ 15.7 billion was sold in China in the first quarter, according to Reuters, citing data from Refinitiv. That volume was almost four times what it was a year ago, according to the report.

Foreign investment organizations such as the World Bank-affiliated International Financial Center have also become increasingly involved. Some of the project plans listed by IFC on its website for China include wastewater treatment and solar power.

The scale of IFC’s funding in China has grown from $ 500 million per year 15 years ago to $ 1 billion per year more recently, of which about 60% is climate related, said Randall Riopelle, regional director Acting for East Asia and the Pacific and Country Director for China for IFC.

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Recovery monitoring: growth in electricity production slows, mobility is affected http://leaf-eu.org/recovery-monitoring-growth-in-electricity-production-slows-mobility-is-affected/ Tue, 04 May 2021 00:35:00 +0000 http://leaf-eu.org/recovery-monitoring-growth-in-electricity-production-slows-mobility-is-affected/

Weekly economic indicators are showing signs of slipping amid calls for a new national lockdown. Electricity generation growth in 2019 is reduced to single digits. It had shown growth of more than 15% before the new wave of Covid-19 cases.

Patients are now added at a daily rate of approximately 400,000 patients. Electricity production fell last year amid the lockdown as industries shut down. Many companies have announced production disruptions and the growth in electricity generation appears to have slowed as a result. The industry is said to have called for …


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First published: Tue 04 May 2021. 06:05 IST

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UPDATE 2-US FDA to approve Pfizer COVID-19 vaccine for 12-15 year olds early next week http://leaf-eu.org/update-2-us-fda-to-approve-pfizer-covid-19-vaccine-for-12-15-year-olds-early-next-week/ Mon, 03 May 2021 21:36:23 +0000 http://leaf-eu.org/update-2-us-fda-to-approve-pfizer-covid-19-vaccine-for-12-15-year-olds-early-next-week/


Chinese tensions spill over as Europe heads to Biden

(Bloomberg) – A major investment deal struck in December between the European Union and China – after seven years of painful negotiations – could end up being the culmination of rapidly deteriorating ties again. and Germany each formulated legislation that would make life harder for Chinese entities to invest, while joining the United States in trading tit-for-tat sanctions with Beijing. The Italian government has gone from enthusiastic support for President Xi Jinping’s Belt and Road initiative to blocking planned acquisitions by Chinese companies. And in France, the Chinese ambassador did not even show up when he was summoned in March, citing “agenda reasons”. Taken together, these measures signal a hardening of the European position on Beijing. And the biggest change could yet be to come, with polls showing the German Green Party is on track for a major role in government after the September election, hinting at the prospect of a more skeptical cooling of the share of the largest economy in Europe. Premier Li Keqiang last week, and the two pledged closer cooperation on Covid-19 vaccines and tackling climate change. Still, the rhetoric in Berlin is that optimism around the relationship has faded, and a Chinese official called relations with Europe on a downward trajectory. Whether the Greens rise to power in Germany or not, EU-China relations are at a critical juncture, the official said, asking not to be identified when speaking on strategic issues. The multiple signs of tension suggest that the biggest players Europeans are approaching the views of President Joe Biden’s administration in its standoff with China. As Secretary of State Antony Blinken holds talks with his Group of Seven counterparts in London this week, a Europe more aligned with Washington would mean redressing the damage done to transatlantic relations by the Trump administration, with implications for the United States. trade, tariffs and access to “There has been a change of mood,” said Joerg Wuttke, president of the Beijing-based European Chinese Chamber of Commerce and a board member of the Mercator Institute of China Studies in Berlin, one of the entities sanctioned by China in March. He cited the “perfect storm” of China’s assertion towards Taiwan, its decision to impose political control over Hong Kong and international sanctions for alleged human rights violations in the Xinjiang region, covered by the fact that China has not followed through on its It is certain that Europe is not uniform in its outlook, with EU members like Hungary still keen to engage with China. And while Biden said China can expect “extreme competition” from the United States while also seeking to work with it on global issues such as climate change, Europe faces more. in a dilemma as she struggles to forge her own path. crucial since China is the EU’s largest trading partner, with a total volume of some $ 686 billion in 2020, exceeding US-China trade by $ 572 billion. Yet even the Netherlands, which is among China’s top 10 trading partners, is increasingly suspicious, shielding its tech companies from takeovers and adopting a dedicated Chinese strategy. According to the Chinese official, the United States has forced the EU to take sides. The sentiment was different just four months ago, when Merkel helped lead the bloc to seal the comprehensive EU-China investment deal, which Commission President Ursula von der Leyen said “A important milestone in our relations with China. ” Still subject to ratification by the European Parliament, it would offer better access to the Chinese market for European investors while committing China to respect “ambitious principles”, in particular on forced labor. Yet by the end of March the EU had joined the United States, Canada and the United Kingdom. by imposing sanctions on China for the alleged mistreatment of Muslim Uyghurs in Xinjiang, including forcing them to work. Beijing has responded with its own sanctions, while a public backlash has seen Swedish fashion retailer Hennes & Mauritz AB be the subject of an unofficial boycott. “The EU recently added other agenda items related to human rights, ideology and democracy,” said Zhang Monan, senior researcher. at the United States-Europe Institute at the China Center for International Economic Exchange in Beijing. “This kind of opposition and friction is expected to continue.” She added that the EU should formulate its policy independently as it does not want to be subordinate to the United States.The European Commission is now proposing rules to impose fines and block deals targeting foreign state-owned enterprises, while the cabinet de Merkel approved additional powers on foreign investment last week aimed at high-tech sectors, including artificial intelligence and quantum computing. China had hoped to separate economic issues from political issues and link Europe to its huge consumer market, but that’s increasingly impossible now, said an academic from a think tank affiliated with the Chinese government. Ratification of the CAI has become more difficult, said the person, who is not allowed to comment publicly due to rules on communicating with foreign media. Signs of tensions were seen during virtual talks led by Merkel and Li. Contrary to usual practice, the opening remarks were not broadcast live and there was no final press conference. A transcript released hours later by Germany showed Merkel touched on human rights, claiming there were differences of opinion especially over Hong Kong. “China and Germany have different views on some issues, that’s a fact,” Li told Merkel, urging Germany not to do so. interfere in internal affairs, according to a statement from the Chinese Foreign Ministry. Li said he hoped they could “eliminate unnecessary distractions” to maintain “healthy and stable” bilateral relations. The change in Europe has not been lost on Washington. An official in the Biden administration said there had been a dramatic shift in European thinking, rallying to the U.S. stance on China. There has also been real development in Germany, the official said. While all coalitions involve political compromises, the Greens have a harsher line on China than the current administration, calling for an end to Beijing’s “gross human rights violations” and for European and transatlantic coordination. closer on China. as the polls suggest, there would be continuity in German foreign policy, but with “different nuances” on China, said Jana Puglierin, head of the Berlin office of the European Council on Foreign Relations. “The Greens would clearly advocate a less mercantilist policy than the one we saw under Merkel,” she said. For now, Europe is determined to avoid any decoupling from China. French President Emmanuel Macron and Merkel held a joint appeal with Xi in April, and an April 28 report from China’s Global Times referred to “optimism and confidence in Sino-German cooperation” despite the risk of “some impacts ”after the elections. Merkel’s future successors and business leaders know the “great potential” of Europe working with China, “so they must ensure that healthy ties are not severed by a third party or internal conservative forces.” Still, Wuttke facing the European trade chamber said China underestimates the human rights concern in Germany. Especially after the departure of Merkel, who has favored engagement with China, this “will probably translate into perhaps a more assertive policy in Berlin,” he said. trusted source of business information. © 2021 Bloomberg LP

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PACIFICORP: RO / Management report and analysis of the financial situation and operating results (form 10-Q) http://leaf-eu.org/pacificorp-ro-management-report-and-analysis-of-the-financial-situation-and-operating-results-form-10-q/ Mon, 03 May 2021 10:04:06 +0000 http://leaf-eu.org/pacificorp-ro-management-report-and-analysis-of-the-financial-situation-and-operating-results-form-10-q/

The following is management's discussion and analysis of certain significant
factors that have affected the consolidated financial condition and results of
operations of the Company during the periods included herein. Explanations
include management's best estimate of the impact of weather, customer growth,
usage trends and other factors. This discussion should be read in conjunction
with the Company's historical unaudited Consolidated Financial Statements and
Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.
The Company's actual results in the future could differ significantly from the
historical results.

Berkshire Hathaway Energy's operations are organized as eight business segments:
PacifiCorp, MidAmerican Funding (which primarily consists of MidAmerican
Energy), NV Energy (which primarily consists of Nevada Power and Sierra
Pacific), Northern Powergrid (which primarily consists of Northern Powergrid
(Northeast) plc and Northern Powergrid (Yorkshire) plc), BHE Pipeline Group
(which primarily consists of BHE GT&S, Northern Natural Gas and Kern River), BHE
Transmission (which consists of BHE Canada (which primarily consists of
AltaLink) and BHE U.S. Transmission), BHE Renewables and HomeServices. BHE,
through these locally managed and operated businesses, owns four utility
companies in the United States serving customers in 11 states, two electricity
distribution companies in Great Britain, five interstate natural gas pipeline
companies, one of which owns an LNG import, export and storage facility, in the
United States, an electric transmission business in Canada, interests in
electric transmission businesses in the United States, a renewable energy
business primarily investing in wind, solar, geothermal and hydroelectric
projects, the largest residential real estate brokerage firm in the United
States and one of the largest residential real estate brokerage franchise
networks in the United States. The reportable segment financial information
includes all necessary adjustments and eliminations needed to conform to the
Company's significant accounting policies. The differences between the
reportable segment amounts and the consolidated amounts, described as BHE and
Other, relate principally to other entities, corporate functions and
intersegment eliminations.


First quarter 2021 and 2020 operating results


The operating revenue and profit on common shares for the reportable segments of the company are summarized as follows (in millions):

                                                     First Quarter
                                       2021         2020              Change
Operating revenue:
PacifiCorp                           $ 1,242      $ 1,206      $    36         3  %
MidAmerican Funding                    1,067          686          381        56
NV Energy                                591          622          (31)       (5)
Northern Powergrid                       300          266           34        13
BHE Pipeline Group                     1,093          401          692            *
BHE Transmission                         180          172            8         5
BHE Renewables                           190          178           12         7
HomeServices                           1,232          893          339        38
BHE and Other                            186          103           83        81
Total operating revenue              $ 6,081      $ 4,527      $ 1,554        34  %

(Loss) earnings on common shares:
PacifiCorp                           $   169      $   176      $    (7)       (4) %
MidAmerican Funding                      144          150           (6)       (4)
NV Energy                                 34           20           14        70
Northern Powergrid                       104           87           17        20
BHE Pipeline Group                       383          179          204            *
BHE Transmission                          59           55            4         7
BHE Renewables(1)                         16           95          (79)      (83)
HomeServices                              84           10           74            *
BHE and Other                         (1,027)        (102)        (925)           *

(Loss) profit on ordinary shares (34) $ 670 (704) $


(1) Includes tax attributes of disregarded entities which are not required to pay income taxes and whose profits are directly taxable to BHE.

* Not significant

Earnings on common shares decreased $704 million for the first quarter of 2021
compared to 2020. The first quarter of 2021 included a pre-tax unrealized loss
of $1,124 million ($818 million after-tax) compared to a pre-tax unrealized gain
in the first quarter of 2020 of $54 million ($39 million after-tax) on the
Company's investment in BYD Company Limited. Excluding the impact of this item,
adjusted earnings on common shares for the first quarter of 2021 was $784
million, an increase of $153 million, or 24%, compared to adjusted earnings on
common shares in the first quarter of 2020 of $631 million.

The decrease in earnings on common shares for the first quarter of 2021 compared
to 2020 was primarily due to the following:
•$204 million higher net income at BHE Pipeline Group, primarily due to $107
million of incremental net income from BHE GT&S, acquired in November 2020,
higher gross margin on gas sales and higher transportation revenue at Northern
Natural Gas, largely due to the favorable impact of the February 2021 polar
vortex weather event, and the impacts of the 2020 rate case settlement at
Northern Natural Gas;
•$79 million lower net income at BHE Renewables, primarily due to lower wind tax
equity investment earnings from net losses on existing tax equity investments,
largely due to the February 2021 polar vortex weather event, partially offset by
increased income tax benefits from projects reaching commercial operation;

•$74 million higher net income at HomeServices, primarily due to higher earnings
from mortgage services (63% increase in funded mortgage volume) and brokerage
services (35% increase in closed transaction volume) largely attributable to the
favorable interest rate environment; and
•$925 higher net loss at BHE and Other due to the $857 million unfavorable
change in the after-tax unrealized position of the Company's investment in BYD
Company Limited, $38 million of dividends on BHE's 4.00% Perpetual Preferred
Stock issued to certain subsidiaries of Berkshire Hathaway in October 2020,
higher BHE corporate interest expense from debt issuances in March and October
2020 and higher other corporate costs, partially offset by favorable changes in
the cash surrender value of corporate-owned life insurance policies.

Segment results to report


Operating revenue increased $36 million for the first quarter of 2021 compared
to 2020, primarily due to higher retail revenue of $20 million and higher
wholesale and other revenue of $16 million. Retail revenue increased due to
higher customer volumes of $15 million and price impacts of $5 million from
changes in sales mix, partially offset by lower rates due to certain general
rate case orders. Retail customer volumes increased 0.3%, primarily due to an
increase in the average number of customers and the favorable impact of weather,
partially offset by lower customer usage. Wholesale and other revenue increased
primarily due to higher wholesale volumes and higher average wholesale market

Net income decreased $7 million for the first quarter of 2021 compared to 2020,
primarily due to higher depreciation and amortization expense, including the
impacts of a depreciation study effective in January 2021, lower allowances for
equity and borrowed funds used during construction of $12 million and higher
property taxes of $12 million, partially offset by higher utility margin of $29
million and favorable income tax expense from the impacts of ratemaking and
higher PTCs recognized due to new wind-powered generating facilities placed
in-service. Utility margin increased primarily due to the higher retail and
wholesale revenue and lower purchased power costs, partially offset by higher
natural gas-fueled and coal-fueled generation costs and higher net amortization
of deferred net power costs in accordance with established adjustment

MidAmerican Financing

Operating revenue increased $381 million for the first quarter of 2021 compared
to 2020, primarily due to higher natural gas operating revenue of $303 million
and higher electric operating revenue of $74 million. Natural gas operating
revenue increased due to a higher average per-unit cost of natural gas sold,
primarily due to the February 2021 polar vortex weather event resulting in
higher purchased gas adjustment recoveries of $304 million (offset in cost of
sales). Electric operating revenue increased due to higher retail revenue of $40
million and higher wholesale and other revenue of $32 million mainly from higher
wholesale volumes. Electric retail revenue increased primarily due to $32
million higher recoveries through the energy adjustment clauses (offset
primarily in cost of sales), higher customer volumes of $5 million and price
impacts of $5 million from changes in sales mix. Electric retail customer
volumes increased 4.9% due to the favorable impact of weather and increased
usage of certain industrial customers.

Net income decreased $6 million for the first quarter of 2021 compared to 2020,
primarily due to higher depreciation and amortization expense of $31 million
from additional assets placed in-service and the expiration of a regulatory
mechanism deferring certain depreciation expense and $28 million higher
operations and maintenance expenses, partially offset by a favorable income tax
benefit and favorable changes in the cash surrender value of corporate-owned
life insurance policies. Higher operations and maintenance expenses included
increased costs associated with additional wind-powered generating facilities
placed in-service as well as higher electric and natural gas distribution costs.
The favorable income tax benefit was mainly due to higher PTCs recognized from
higher wind-powered generation, driven primarily by new wind projects placed
in-service, partially offset by the impacts of ratemaking. Electric utility
margin increased $3 million as the higher retail and wholesale revenue was
largely offset by higher generation and purchased power costs.


NV Energy

Operating revenue decreased $31 million for the first quarter of 2021 compared
to 2020, primarily due to lower electric operating revenue of $22 million and
lower natural gas operating revenue of $9 million. Electric operating revenue
decreased primarily due to lower base tariff general rates of $14 million, lower
retail customer volumes, lower fully-bundled energy rates (offset in cost of
sales) of $4 million and price impacts from changes in sales mix. Electric
retail customer volumes, including distribution only service customers,
decreased 3.2%, primarily due to the impacts of COVID-19, which resulted in
lower distribution only service, industrial and commercial customer usage and
higher residential customer usage, partially offset by the favorable impact of
weather. Natural gas operating revenue decreased due to a lower average per-unit
cost of natural gas sold (offset in cost of sales).

Net income increased $14 million for the first quarter of 2021 compared to 2020,
primarily due to lower operations and maintenance expense of $22 million,
primarily from lower regulatory instructed deferrals and amortizations and lower
plant operations and maintenance costs, favorable changes in the cash surrender
value of corporate-owned life insurance policies, lower interest expense of $7
million and lower income tax expense from the impacts of ratemaking, partially
offset by lower electric utility margin of $18 million and higher depreciation
and amortization expense of $13 million, mainly from the regulatory amortization
of decommissioning costs and higher plant placed in-service. Electric utility
margin decreased primarily due to the lower base tariff general rates at Nevada
Power, lower retail customer volumes and price impacts from changes in sales

Northern Powergrid

Operating revenue increased $34 million for the first quarter of 2021 compared
to 2020, primarily due to $21 million from the weaker United States dollar and
higher distribution revenue of $13 million, mainly from increased tariff rates
of $10 million. Net income increased $17 million for the first quarter of 2021
compared to 2020, primarily due to the higher distribution revenue and $7
million from the weaker United States dollar.

BHE pipeline group

Operating revenue increased $692 million for the first quarter of 2021 compared
to 2020, primarily due to $559 million of incremental revenue at BHE GT&S,
acquired in November 2020, higher gas sales at Northern Natural Gas of $91
million and higher transportation revenue of $33 million at Northern Natural
Gas, largely due to the favorable impacts of the February 2021 polar vortex
weather event. Net income increased $204 million for the first quarter of 2021
compared to 2020, primarily due to $107 million of incremental net income at BHE
GT&S and higher earnings of $98 million at Northern Natural Gas. Northern
Natural Gas' improved performance was primarily due to higher gross margin on
gas sales of $75 million, higher transportation revenue and the impacts of the
2020 rate case settlement.

BHE Transmission

Operating revenue increased $8 million for the first quarter of 2021 compared to
2020, primarily due to $10 million from the stronger United States dollar and
higher revenue from the Montana-Alberta Tie-Line, acquired in May 2020,
partially offset by the impacts of a regulatory decision received in November
2020 at AltaLink. Net income increased $4 million for the first quarter of 2021
compared to 2020, primarily due to higher earnings from the Montana-Alberta
Tie-Line and lower non-regulated interest expense at BHE Canada.
BHE Renewables

Operating revenue increased $12 million for the first quarter of 2021 compared
to 2020, primarily due to higher hydro, geothermal and solar revenues from
higher generation as well as favorable pricing at the geothermal facilities. Net
income decreased $79 million for the first quarter 2021 compared to 2020,
primarily due to lower wind tax equity investment earnings of $93 million,
partially offset by the higher operating revenue. Wind tax equity investment
earnings decreased due to unfavorable results from existing tax equity
investments of $138 million, primarily due to the February 2021 polar vortex
weather event, partially offset by increased income tax benefits from projects
reaching commercial operation.



Operating revenue increased $339 million for the first quarter of 2021 compared
to 2020, primarily due to higher brokerage revenue of $228 million from a 35%
increase in closed transaction volume and higher mortgage revenue of $92 million
from a 63% increase in funded mortgage volume due to an increase in refinance
activity from the favorable interest rate environment. Net income increased $74
million for the first quarter of 2021 compared to 2020, primarily due to higher
earnings from mortgage services of $36 million and brokerage services of $27
million largely attributable to the favorable interest rate environment.
BHE and Other
Operating revenue increased $83 million for the first quarter of 2021 compared
to 2020, primarily due to higher electricity and natural gas sales revenue at
MidAmerican Energy Services, LLC, from favorable pricing offset by lower
volumes. Net loss increased $925 million for the first quarter of 2021 compared
to 2020, primarily due to the $857 million unfavorable change in the after-tax
unrealized position of the Company's investment in BYD Company Limited, $38
million of dividends on BHE's 4.00% Perpetual Preferred Stock issued to certain
subsidiaries of Berkshire Hathaway in October 2020, higher BHE corporate
interest expense from debt issuances in March and October 2020 and higher other
corporate costs, partially offset by favorable changes in the cash surrender
value of corporate-owned life insurance policies.

Liquidity and capital resources

Each of BHE's direct and indirect subsidiaries is organized as a legal entity
separate and apart from BHE and its other subsidiaries. It should not be assumed
that the assets of any subsidiary will be available to satisfy BHE's obligations
or the obligations of its other subsidiaries. However, unrestricted cash or
other assets that are available for distribution may, subject to applicable law,
regulatory commitments and the terms of financing and ring-fencing arrangements
for such parties, be advanced, loaned, paid as dividends or otherwise
distributed or contributed to BHE or affiliates thereof. The Company's long-term
debt may include provisions that allow BHE or its subsidiaries to redeem such
debt in whole or in part at any time. These provisions generally include
make-whole premiums. Refer to Note 18 of Notes to Consolidated Financial
Statements in Item 8 of the Company's Annual Report on Form 10-K for the year
ended December 31, 2020 for further discussion regarding the limitation of
distributions from BHE's subsidiaries.

As of March 31, 2021, the Company's total net liquidity was as follows (in
                                                           MidAmerican            NV             Northern              BHE
                       BHE            PacifiCorp             Funding            Energy          Powergrid             Canada               Other              Total

Cash and cash
equivalents         $   418          $       43          $         38          $  103          $      83          $        71          $       520          $ 1,276

Credit facilities     3,500               1,200                 1,509             650                207                  935                3,232           11,233
Short-term debt           -                 (95)                 (387)            (55)                 -                 (218)              (1,944)          (2,699)
Tax-exempt bond
support and letters
of credit                 -                (218)                 (370)              -                  -                   (2)                   -             (590)
Net credit
facilities            3,500                 887                   752             595                207                  715                1,288            7,944

Total net liquidity $ 3,918 $ 930 $ 790

   $  698          $     290          $       786          $     1,808          $ 9,220
Credit facilities:
Maturity dates            2022                2022            2021, 2022            2022               2023           2021, 2024           2021, 2022


Operational activities

Net cash flows from operating activities for the three-month periods ended
March 31, 2021 and 2020 were $1.5 billion and $1.2 billion, respectively. The
increase was primarily due to improved operating results and favorable income
tax cash flows, partially offset by changes in working capital.

The timing of the Company's income tax cash flows from period to period can be
significantly affected by the estimated federal income tax payment methods and
assumptions used for each payment date.

Investment activities

Net cash flows from investing activities for the three-month periods ended
March 31, 2021 and 2020 were $(1.4) billion and $(1.5) billion, respectively.
The change was primarily due to lower funding of tax equity investments and
lower capital expenditures of $61 million. Refer to "Future Uses of Cash" for
further discussion of capital expenditures.

Fundraising activities

Net cash flow from financing activities for the three-month period ended
March 31, 2021 has been (191) million dollars. Total sources of liquidity $ 409 million and consisted of the net proceeds of short-term debt. Totalized cash uses $ 600 million and mainly consisted of senior BHE debt repayments totaling $ 450 million, distributions to non-controlling interests of $ 115 million and repayments of subsidiary debts totaling $ 26 million.

For an analysis of recent financing transactions, refer to note 5 of the notes to the consolidated financial statements in part I, point 1 of this form 10-Q.

Net cash flows from financing activities for the three-month period ended
March 31, 2020 was $1.4 billion. Sources of cash totaled $4.3 billion and
consisted of proceeds from BHE senior debt issuances totaling $3.2 billion and
subsidiary debt issuances totaling $1.1 billion. Uses of cash totaled $3.0
billion and consisted mainly of repayments of subsidiary debt totaling $1.3
billion, net repayments of short-term debt totaling $1.1 billion, repayments of
BHE senior debt totaling $350 million and common stock repurchases totaling $126

The Company may from time to time seek to acquire its outstanding debt
securities through cash purchases in the open market, privately negotiated
transactions or otherwise. Any debt securities repurchased by the Company may be
reissued or resold by the Company from time to time and will depend on
prevailing market conditions, the Company's liquidity requirements, contractual
restrictions and other factors. The amounts involved may be material.

Future uses of cash

The Company has available a variety of sources of liquidity and capital
resources, both internal and external, including net cash flows from operating
activities, public and private debt offerings, the issuance of commercial paper,
the use of unsecured revolving credit facilities, the issuance of equity and
other sources. These sources are expected to provide funds required for current
operations, capital expenditures, acquisitions, investments, debt retirements
and other capital requirements. The availability and terms under which BHE and
each subsidiary has access to external financing depends on a variety of
factors, including regulatory approvals, its credit ratings, investors' judgment
of risk and conditions in the overall capital markets, including the condition
of the utility industry and project finance markets, among other items.

Capital expenditure

The Company has significant future capital requirements. Capital expenditure
needs are reviewed regularly by management and may change significantly as a
result of these reviews, which may consider, among other factors, impacts to
customers' rates; changes in environmental and other rules and regulations;
outcomes of regulatory proceedings; changes in income tax laws; general business
conditions; load projections; system reliability standards; the cost and
efficiency of construction labor, equipment and materials; commodity prices; and
the cost and availability of capital. Expenditures for certain assets may
ultimately include acquisitions of existing assets.


The Company's historical and forecast capital expenditures, each of which
exclude amounts for non-cash equity AFUDC and other non-cash items, are as
follows (in millions):
                                                  Three-Month Periods            Annual
                                                    Ended March 31,             Forecast
                                                   2020             2021          2021
        Capital expenditures by business:
        PacifiCorp                          $       366           $   439      $  1,897
        MidAmerican Funding                         472               298         2,200
        NV Energy                                   163               167           854
        Northern Powergrid                          159               179           732
        BHE Pipeline Group                          120               102         1,204
        BHE Transmission                             56                77           279
        BHE Renewables                               12                18            95
        HomeServices                                  7                 8            39
        BHE and Other(1)                              1                 7            78
        Total                               $     1,356           $ 1,295      $  7,378

           Capital expenditures by type:
           Wind generation                        $   273      $    97      $ 1,158
           Electric distribution                      365          427        1,849
           Electric transmission                      185          157        1,006
           Natural gas transmission and storage        49           85        1,032
           Solar generation                             -            4          295
           Other                                      484          525        2,038
           Total                                  $ 1,356      $ 1,295      $ 7,378

(1) BHE and others represent amounts mainly related to other entities, corporate functions and intersegment eliminations.

The Company's historical and forecast capital expenditures consisted mainly of
the following:
•Wind generation expenditures include the following:
•Construction and acquisition of wind-powered generating facilities at
MidAmerican Energy totaling $154 million for the three-month period ended
March 31, 2020. MidAmerican Energy's forecast expenditures in 2021 for the
construction of additional wind-powered generating facilities total $391 million
and include 202 MWs of wind-powered generating facilities expected to be placed
in-service in 2021.
•Repowering of wind-powered generating facilities at MidAmerican Energy totaling
$24 million and $6 million for the three-month periods ended March 31, 2021 and
2020, respectively. The repowering projects entail the replacement of
significant components of older turbines. Planned spending for the repowered
generating facilities totals $379 million for the remainder of 2021. MidAmerican
Energy expects its repowered facilities to meet Internal Revenue Service
guidelines for the re-establishment of PTCs for 10 years from the date the
facilities are placed in-service. The rate at which PTCs are re-established for
a facility depends upon the date construction begins. Of the 1,078 MWs of
current repowering projects not in-service as of March 31, 2021, 80 MWs are
currently expected to qualify for 100% of the federal PTCs available for 10
years following each facility's return to service, 591 MWs are expected to
qualify for 80% of such credits and 407 MWs are expected to qualify for 60% of
such credits.

•Construction of wind-powered generating facilities at PacifiCorp totaling $27
million and $89 million for the three-month periods ended March 31, 2021 and
2020, respectively, and includes the 674 MWs of new wind-powered generating
facilities that were placed in-service in 2020 and 516 MWs expected to be placed
in-service in 2021. The energy production from the new wind-powered generating
facilities is expected to qualify for 100% of the federal PTCs available for 10
years once the equipment is placed in-service. PacifiCorp's 2019 IRP identified
1,920 MWs of new wind-powered generating resources that are expected to come
online in 2024. PacifiCorp anticipates that the additional new wind-powered
generation will be a mixture of owned and contracted resources. PacifiCorp
anticipates costs associated with the construction of wind-powered generating
facilities will total an additional $100 million for 2021.
•Repowering existing wind-powered generating facilities at PacifiCorp totaling
$5 million and $16 million for the three-month periods ended March 31, 2021 and
2020, respectively. The repowering projects entail the replacement of
significant components of older turbines. Certain repowering projects were
placed in service in 2019 and 2020 and the remaining repowering projects are
expected to be placed in-service in 2021. The energy production from such
repowered facilities is expected to qualify for 100% of the federal PTCs
available for 10 years following each facility's return to service. Planned
additional spending for certain existing wind-powered generating facilities
totals $6 million for 2021.
•Acquisition and repowering of wind-powered generating facilities at PacifiCorp
totaling $1 million for the three-month period ended March 31, 2021. Planned
additional spending for these wind-powered generating facilities totals $44
million for 2021.
•Electric distribution includes both growth and operating expenditures. Growth
expenditures include new customer connections and enhancements to existing
customer connections. Operating expenditures include ongoing distribution
systems infrastructure needed at the Utilities and Northern Powergrid, wildfire
mitigation, damage restoration and storm damage repairs and investments in
routine expenditures for distribution needed to serve existing and expected
•Electric transmission includes both growth and operating expenditures. Growth
expenditures include PacifiCorp's costs for the 140-mile 500-kV
Aeolus-Bridger/Anticline transmission line, which is a major segment of
PacifiCorp's Energy Gateway Transmission expansion program, placed in-service in
November 2020, the Nevada Utilities' Greenlink Nevada transmission expansion
program and AltaLink's directly assigned projects from the Alberta Electric
System Operator. Operating expenditures include system reinforcement, upgrades
and replacements of facilities to maintain system reliability and investments in
routine expenditures for transmission needed to serve existing and expected
•Natural gas transmission and storage includes both growth and operating
expenditures. Growth expenditures include, among other items, the Northern
Natural Gas New Lisbon Expansion and Twin Cities Area Expansion projects.
Operating expenditures include, among other items, asset modernization and
pipeline integrity projects.
•Solar generation includes growth expenditures, including MidAmerican Energy's
current plan for the construction of 117 MWs of small- and utility-scale solar
generation during 2021, of which 37 MWs are expected to be placed in-service in
2021. Nevada Power's solar generation investment includes expenditures for a
150 MWs solar photovoltaic facility with an additional 100 MWs capacity of
co-located battery storage, known as the Dry Lake generating facility.
Commercial operation at Dry Lake is expected by the end of 2023.
•Other capital expenditures includes both growth and operating expenditures,
including routine expenditures for generation and other infrastructure needed to
serve existing and expected demand, natural gas distribution, technology, and
environmental spending relating to emissions control equipment and the
management of coal combustion residuals.

Other renewable investments

The Company has invested in projects sponsored by third parties, commonly
referred to as tax equity investments. Under the terms of these tax equity
investments, the Company has entered into equity capital contribution agreements
with the project sponsors that require contributions. The Company has made no
contributions for the three-month period ended March 31, 2021, and has
commitments as of March 31, 2021, subject to satisfaction of certain specified
conditions, to provide equity contributions of $616 million for the remainder of
2021 pursuant to these equity capital contribution agreements as the various
projects achieve commercial operation. Once a project achieves commercial
operation, the Company enters into a partnership agreement with the project
sponsor that directs and allocates the operating profits and tax benefits from
the project.


Contractual obligations

As of March 31, 2021, there have been no material changes outside the normal
course of business in contractual obligations from the information provided in
Item 7 of the Company's Annual Report on Form 10-K for the year ended
December 31, 2020 other than the recent financing transactions and renewable tax
equity investments previously discussed.

Quad Cities Power Plant Operating Status

Exelon Generation Company, LLC ("Exelon Generation"), the operator of Quad
Cities Generating Station Units 1 and 2 ("Quad Cities Station") of which
MidAmerican Energy has a 25% ownership interest, announced on June 2, 2016, its
intention to shut down Quad Cities Station on June 1, 2018. In December 2016,
Illinois passed legislation creating a zero emission standard, which went into
effect June 1, 2017. The zero emission standard requires the Illinois Power
Agency to purchase zero emission credits ("ZECs") and recover the costs from
certain ratepayers in Illinois, subject to certain limitations. The proceeds
from the ZECs will provide Exelon Generation additional revenue through 2027 as
an incentive for continued operation of Quad Cities Station. MidAmerican Energy
will not receive additional revenue from the subsidy.

The PJM Interconnection, L.L.C. ("PJM") capacity market includes a Minimum Offer
Price Rule ("MOPR"). If a generation resource is subjected to a MOPR, its offer
price in the market is adjusted to effectively remove the revenues it receives
through a government-provided financial support program, resulting in a higher
offer that may not clear the capacity market. Prior to December 19, 2019, the
PJM MOPR applied only to certain new gas-fired resources. An expanded PJM MOPR
to include existing resources would require exclusion of ZEC compensation when
bidding into future capacity auctions, resulting in an increased risk of Quad
Cities Station not receiving capacity revenues in future auctions.

On December 19, 2019, the FERC issued an order requiring the PJM to broadly
apply the MOPR to all new and existing resources, including nuclear. This
greatly expands the breadth and scope of the PJM's MOPR, which is effective as
of the PJM's next capacity auction. While the FERC included some limited
exemptions in its order, no exemptions were available to state-supported nuclear
resources, such as Quad Cities Station. The FERC provided no new mechanism for
accommodating state-supported resources other than the existing Fixed Resource
Requirement ("FRR") mechanism under which an entire utility zone would be
removed from PJM's capacity auction along with sufficient resources to support
the load in such zone. In response to the FERC's order, the PJM submitted a
compliance filing on March 18, 2020, wherein the PJM proposed tariff language
reflecting the FERC's directives and a schedule for resuming capacity auctions.
On April 16, 2020, the FERC issued an order largely denying requests for
rehearing of the FERC's December 2019 order but granting a few clarifications
that required an additional PJM compliance filing, which the PJM submitted on
June 1, 2020. On October 15, 2020, the FERC issued an order denying requests for
rehearing of its April 16, 2020 order and accepting the PJM's two compliance
filings, subject to a further compliance filing to revise minor aspects of the
proposed MOPR methodology. As part of that order, the FERC also accepted the
PJM's proposal to condense the schedule of activities leading up to the next
capacity auction but did not specify when that schedule would commence given
that a key element of the MOPR level computation remains pending before the FERC
in another proceeding. In November 2020, the PJM announced that the next
capacity auction will be conducted in May 2021.

On May 21, 2020, the FERC issued an order involving reforms to the PJM's
day-ahead and real-time reserves markets that need to be reflected in the
calculation of MOPR levels. In approving reforms to the PJM's reserves markets,
the FERC also directed the PJM to develop a new methodology for estimating
revenues that resources will receive for sales of energy and related services,
which will then be used in calculating a number of parameters and assumptions
used in the capacity market, including MOPR levels. The PJM submitted its new
revenue projection methodology on August 5, 2020. On review of this compliance
filing, the FERC is expected to address how these additional reforms will impact
MOPR levels, the timeline for implementing the new revenue projection
methodology, and the timing for commencing the capacity auction schedule.

Exelon Generation is currently working with the PJM and other stakeholders to
pursue the FRR option as an alternative to the next PJM capacity auction. If
Illinois implements the FRR option, Quad Cities Station could be removed from
the PJM's capacity auction and instead supply capacity and be compensated under
the FRR program. If Illinois cannot implement an FRR program in its PJM zones,
then the MOPR will apply to Quad Cities Station, resulting in higher offers for
its units that may not clear the capacity market. Implementing the FRR program
in Illinois will require both legislative and regulatory changes. MidAmerican
Energy cannot predict whether or when such legislative and regulatory changes
can be implemented or their potential impact on the continued operation of Quad
Cities Station.


Regulatory matters

BHE's regulated subsidiaries and certain affiliates are subject to comprehensive
regulation. The discussion below contains material developments to those matters
disclosed in Item 1 of each Registrant's Annual Report on Form 10-K for the year
ended December 31, 2020 and new regulatory matters occurring in 2021.



In March 2020, PacifiCorp filed its annual EBA application with the UPSC
requesting recovery of $37 million of deferred power costs from customers for
the period January 1, 2019 through December 31, 2019, reflecting the difference
between base and actual net power costs in the 2019 deferral period. This
reflected a 1.0% increase compared to current rates. The UPSC approved the
request in February 2021 for rates effective March 1, 2021.


In February 2020, PacifiCorp filed a general rate case, and in December 2020,
the OPUC approved a net rate decrease of approximately $24 million, or 1.8%,
effective January 1, 2021, accepting PacifiCorp's proposed annual credit to
customers of the remaining 2017 Tax Reform benefits over a two-year period.
PacifiCorp's compliance filing to reset base rates effective January 1, 2021 in
response to the OPUC's order reflected a rate decrease of approximately $67
million, or 5.1%, due to the exclusion of the impacts of repowered wind
facilities, new wind facilities and certain other new investments that had not
been placed in service at the time of the filing. Additional compliance filings
will be made to include these investments in rates concurrent when they are
placed in service. In January 2021, the OPUC approved the second compliance
filing to add the remainder of the Ekola Flats wind facility to rates, resulting
in a rate increase of approximately $7 million, or 0.5%, effective January 12,
2021. In April 2021, the OPUC approved the third compliance filing to add the
Foote Creek repowered wind facility and the Pryor Mountain new wind facility to
rates, resulting in a rate increase of $14 million, or 1.2%, effective April 9,


In September 2018, PacifiCorp filed an application for depreciation rate changes
with the WPSC based on PacifiCorp's 2018 depreciation rate study, requesting the
rates become effective January 1, 2021. Updates since September 2018 include the
filing of PacifiCorp's 2020 decommissioning studies in which a third­party
consultant was engaged to estimate decommissioning costs associated with
coal-fueled generating facilities and removal of Cholla Unit 4. In April 2020,
PacifiCorp filed a stipulation with the WPSC resolving all issues addressed in
PacifiCorp's depreciation rate study application with ratemaking treatment of
certain matters to be addressed in PacifiCorp's general rate case, including
depreciation for coal-fueled generating facilities and associated incremental
decommissioning costs reflected in decommissioning studies and certain matters
related to the repowering of PacifiCorp's wind-powered generating facilities.
The stipulation was approved by the WPSC during a hearing in August 2020 and a
subsequent written order in December 2020. The general rate case hearing was
rescheduled for February 2021. As a result of the hearing date change,
PacifiCorp filed an application in October 2020 with the WPSC requesting
authorization to defer costs associated with impacts of the depreciation study.
A hearing for this deferral application is scheduled to occur in July 2021.

In March 2020, PacifiCorp filed a general rate case with the WPSC which
reflected recovery of Energy Vision 2020 investments, updated depreciation
rates, incremental decommissioning costs associated with coal-fueled facilities
and rate design modernization proposals. The application also requested a
revision to the ECAM to eliminate the sharing band and requested authorization
to discontinue operations and recover costs associated with the early retirement
of Cholla Unit 4. The proposed increase reflects several rate mitigation
measures that include use of the remaining 2017 Tax Reform benefits to buy down
plant balances, including Cholla Unit 4, and spreading the recovery of the
depreciation of certain coal-fueled generation units over time periods that
extend beyond the depreciable lives proposed in the depreciation rate study. In
September 2020, PacifiCorp filed its rebuttal testimony that modified its
requested increase in base rates from $7 million to $9 million, or 1.3%, and
reflected an update to the rate mitigation measures for using the 2017 Tax
Reform benefits. The WPSC determined that the rebuttal testimony filed
constituted a material and substantial change to the original application and
vacated the hearing that was scheduled for October 2020. The WPSC re-noticed
PacifiCorp's case and rescheduled the hearings. The hearings began February 2021
and were completed in March 2021. The WPSC decision is pending. PacifiCorp has
requested a rate effective date of July 1, 2021.


In April 2021, PacifiCorp filed its annual ECAM and RRA application with the
WPSC requesting to refund $15 million of deferred net power costs and RECs to
customers for the period January 1, 2020 through December 31, 2020, reflecting
the difference between base and actual net power costs in the 2020 deferral
period. This reflects a 2.4% decrease compared to current rates. PacifiCorp has
requested an interim rate effective date of July 1, 2021.


In March 2021, PacifiCorp filed its annual ECAM application with the IPUC
requesting recovery of $14 million for deferred costs in 2020. This filing
includes recovery of the difference in actual net power costs to the base level
in rates, an adder for recovery of the Lake Side 2 resource, changes in PTCs,
RECs, and a resource tracking mechanism to match costs with the benefits of new
wind and wind repowering projects until they are reflected in base rates. This
reflects a 1.1% decrease compared to current rates.


California Senate Bill 901 requires electric utilities to prepare and submit
wildfire mitigation plans that describe the utilities' plans to prevent, combat
and respond to wildfires affecting their service territories. PacifiCorp
submitted its 2021 California Wildfire Mitigation Plan Update in March 2021.

FERC justification order

On April 15, 2021, the FERC issued an order to show cause and notice of proposed
penalty related to allegations made by FERC Office of Enforcement staff that
PacifiCorp failed to comply with certain North American Electric Reliability
Corporation (the "NERC") reliability standards associated with facility ratings
on PacifiCorp's bulk electric system. The order directs PacifiCorp to show cause
as to why it should not be assessed a civil penalty of $42 million as a result
of the alleged violations. The allegations are related to PacifiCorp's response
to a 2010 industry-wide effort directed by the NERC to identify and remediate
certain discrepancies resulting from transmission facility design and actual
field conditions, including transmission line clearances. PacifiCorp will file a
response to the allegations with the FERC.

MidAmerican Energy

Natural gas purchased for resale

In February 2021, severe cold weather over the central United States caused
disruptions in natural gas supply from the southern part of the United States.
These disruptions, combined with increased demand, resulted in historically high
prices for natural gas purchased for resale to MidAmerican Energy's retail
customers and caused an approximate $245 million increase in natural gas costs
above those normally expected. To mitigate the impact to customers, the IUB
ordered the recovery of these higher costs to be applied to natural gas sales
over the period April 2021 through April 2022. While sufficient liquidity is
available to MidAmerican Energy, the increased costs and longer recovery period
resulted in higher working capital requirements during the three-month period
ended March 31, 2021.


NV Energy (Nevada Power and Sierra Pacific)

Price stability tariff

In November 2018, the Nevada Utilities made filings with the PUCN to implement
the Customer Price Stability Tariff ("CPST"). The Nevada Utilities have designed
the CPST to provide certain customers, namely those eligible to file an
application pursuant to Chapter 704B of the Nevada Revised Statutes, with a
market-based pricing option that is based on renewable resources. The CPST
provides for an energy rate that would replace the Base Tariff Energy Rate and
DEAA. The goal is to have an energy rate that yields an all-in effective rate
that is competitive with market options available to such customers. In February
2019, the PUCN granted several intervenors the ability to participate in the
proceeding. In June 2019, the Nevada Utilities withdrew their filings. In May
2020, the Nevada Utilities refiled the CPST incorporating the considerations
raised by the PUCN and other intervenors and a hearing was held in September
2020. In November 2020, the PUCN issued an order approving the tariff with
modified pricing and directing the Nevada Utilities to develop a methodology by
which all eligible participants may have the opportunity to participate in the
CPST program up to a limit with the same proportion of governmental entities'
and non-governmental entities' MWh reserved for potentially interested customers
as filed. In December 2020, the Nevada Utilities filed a petition for
reconsideration of the pricing ordered by the PUCN. In January 2021, the PUCN
issued an order reaffirming its order from November 2020 and denying the
petition for a rehearing. In the first quarter of 2021, the Nevada Utilities
filed an update to the CPST program per the November 2020 order and an updated
CPST tariff with the PUCN. An order is expected in the second quarter of 2021.

Natural disaster protection plan

The Nevada Utilities submitted their initial natural disaster protection plan to
the PUCN and filed their first application seeking recovery of 2019 expenditures
in February 2020. In June 2020, a hearing was held and an order was issued in
August 2020 that granted the joint application, made minor adjustments to the
budget and approved the 2019 costs for recovery starting in October 2020. In
October 2020, intervening parties filed petitions for reconsideration.
Intervenors have filed a petition for judicial review with the District Court in
November 2020. In December 2020, the PUCN issued a second modified final order
approving the natural disaster protection plan, as modified, and reopened its
investigation and rulemaking on Senate Bill 329 to address rate design issues
raised by intervenors. The comment period for the reopened investigation and
rulemaking ended in early February 2021 and an order is expected in the second
quarter of 2021. In March 2021, the Nevada Utilities filed an application
seeking recovery of the 2020 expenditures, approval for an update to the initial
natural disaster protection plan that was ordered by the PUCN and filed their
first amendment to the 2020 natural disaster protection plan.

Northern electricity distribution companies

In December 2020, GEMA, through Ofgem, published its final determinations for
transmission and gas distribution networks in Great Britain. These
determinations do not apply directly to Northern Powergrid, but aspects of the
proposals are capable of application at Northern Powergrid's next price control,
("ED2"), which will begin in April 2023. Regarding allowed return on capital,
Ofgem determined a cost of equity of 4.55% (plus inflation calculated using the
United Kingdom's consumer price index including owner occupiers' housing costs
("CPIH")). In March 2021, all the transmission and gas distribution networks
lodged appeals with the Competition and Markets Authority against Ofgem's
determination for the cost of equity.

In December 2020, in respect of electricity distribution, GEMA published its
decision on the methodology it will use to set the ED2 price control and prices
from April 2023 to March 2028. This confirmed that Ofgem will apply many aspects
of the proposals from the transmission and gas distribution price controls to
electricity distribution.

GEMA published a separate decision in March 2021, confirming that the financial
aspects in respect of electricity distribution would broadly follow the
transmission and gas distribution methodology, setting a working assumption for
a cost of equity at 4.65% (plus CPIH), ahead of the final determinations in late
2022. When placed on a comparable footing, by adjusting for differences in the
assumed equity ratio and the measure of inflation used, the working assumption
for ED2 is approximately 150 basis points lower than the current cost of equity.


BHE pipeline group


In January 2020, pursuant to the terms of a previous settlement, Cove Point
filed a general rate case for its FERC-jurisdictional services, with proposed
rates to be effective March 1, 2020. Cove Point proposed an annual
cost-of-service of $182 million. In February 2020, the FERC approved suspending
the changes in rates for five months following the proposed effective date,
until August 1, 2020, subject to refund. In November 2020, Cove Point reached an
agreement in principle with the active participants in the general rate case
proceeding. Under the terms of the agreement in principle, Cove Point's rates
effective August 1, 2020 result in an increase to annual revenues of $4 million
and a decrease in annual depreciation expense of $1 million, compared to the
rates in effect prior to August 1, 2020. The interim settlement rates were
implemented November 1, 2020, and Cove Point's provision for rate refunds for
August 2020 through October 2020 totaled $7 million. The agreement in principle
was reflected in a stipulation and agreement filed with the FERC in January
2021. In March 2021, the FERC approved the stipulation and agreement and the
rate refunds to customers were processed in late April.

BHE Transmission


Tariff Refund Application

In January 2021, driven by the pandemic and economic shutdown that has
negatively impacted all Albertans, AltaLink filed an application with the AUC
that requested approval of tariff relief measures totaling C$350 million over
the three-year period, 2021 to 2023. The tariff relief measures consist of a
proposed refund to customers of C$150 million of previously collected future
income taxes and C$200 million of surplus accumulated depreciation. The future
income tax refund would be evenly distributed over the two-year period, 2021 to
2022, with C$75 million included in each year. The accumulated depreciation
surplus would be refunded over the three-year period, 2021 to 2023, with C$60
million included in 2021 and 2022, and C$80 million in 2023. If approved by the
AUC, these tariff relief measures would have saved customers an estimated C$317
million over the three-year period, 2021 to 2023.

In March 2021, the AUC issued a decision on AltaLink's Tariff Refund Application
and approved a 2021 tariff refund in the amount of C$230 million and a net 2021
tariff reduction of C$224 million, which provides Alberta ratepayers with
immediate tariff relief in 2021. The approved 2021 tariff refund includes a
refund of C$150 million of previously collected future income tax and a refund
of C$80 million of accumulated depreciation surplus. Tariff relief measures for
years 2022 and 2023 will be proposed in AltaLink's 2022-2023 GTA.

General rate request 2019-2021

In August 2018, AltaLink filed its 2019-2021 GTA with the AUC, delivering on the
first three years of its commitment to keep rates lower or flat at the approved
2018 revenue requirement of C$904 million for customers for the next five years.
In addition, AltaLink proposed to provide a further tariff reduction over the
three year period by refunding previously collected accumulated depreciation
surplus of an additional C$31 million. In April 2019, AltaLink filed an update
to its 2019-2021 GTA primarily to reflect its 2018 actual results and the impact
of the AUC's decision on AltaLink's 2014-2015 Deferral Accounts Reconciliation
Application. The application requested the approval of revised revenue
requirements of C$879 million, C$882 million and C$885 million for 2019, 2020
and 2021, respectively.

In July 2019, AltaLink filed a 2019-2021 partial negotiated settlement
application with the AUC. The application consisted of negotiated reductions
that resulted in a net decrease of C$38 million to the three year total revenue
requirement applied for in AltaLink's 2019-2021 GTA updated in April 2019.
However, this was offset by AltaLink's request for an additional C$20 million of
forecast transmission line clearance capital as part of an excluded matter. The
2019-2021 negotiated settlement agreement excluded certain matters related to
the new salvage study and salvage recovery approach, additional capital spending
and incremental asset retirements. AltaLink's salvage proposal is estimated to
save customers C$267 million between 2019 and 2023. Excluded matters were
examined by the AUC in a hearing held in November 2019, with written arguments
filed in January 2020.


In April 2020, the AUC issued its decision with respect to AltaLink's 2019-2021
GTA. The AUC approved the negotiated settlement agreement as filed and rendered
its decision and directions on the excluded matters. The AUC declined to approve
AltaLink's proposed salvage methodology at that time, but indicated it would
initiate a generic proceeding to review the matter on an industry-wide basis.
The AUC approved, on a placeholder basis, C$13 million of the additional C$20
million AltaLink requested for forecast transmission line clearance capital. The
remaining C$7 million of capital investment was reviewed in AltaLink's
subsequent compliance filing. Also, C$3 million of forecast operating expenses
and C$4 million of forecast capital expenditures related to fire risk mitigation
were approved, with an additional C$31 million of capital expenditures reviewed
in the compliance filing. Finally, the AUC approved C$6 million of retirements
for towers and fixtures.

In July 2020, the AUC approved AltaLink's compliance filing establishing revised
revenue requirements of C$895 million for 2019, C$894 million for 2020 and C$898
million for 2021, exclusive of the assets transferred to the PiikaniLink Limited
Partnership and the KainaiLink Limited Partnership.

The AUC deferred its decision on AltaLink's proposed salvage methodology
included in AltaLink's 2019-2021 GTA, pending a generic proceeding to consider
the broader implications. This generic proceeding was closed and in July 2020,
AltaLink filed an application with the AUC for the review and variance of the
AUC's decision with respect to AltaLink's proposed salvage methodology. In
September 2020, the AUC granted this review on the basis that there were changed
circumstances that could lead the AUC to materially vary or rescind the majority
hearing panel's findings on AltaLink's proposed salvage methodology. In October
2020, AltaLink filed responses to information requests from the AUC, written
argument was filed by intervening parties and written reply argument was filed
by AltaLink. In November 2020, the AUC issued its decision on AltaLink's review
and variance application. The AUC decided to vary the original decision and
approve AltaLink's proposed net salvage method and the revised transmission
tariffs as filed, effective December 2020. The new salvage methodology decreased
the amount of salvage pre-collection resulting in reductions to AltaLink's
revenue requirement from customers by C$24 million, C$27 million and C$31
million for the years 2019, 2020 and 2021, respectively. AltaLink delivered on
the first three years of its commitment to customers to keep rates flat for five
years by obtaining the necessary AUC approvals. AltaLink's approved 2019-2021
GTA maintains customer rates below the 2018 level of C$904 million from 2019 to

In March 2021, AUC approved AltaLink’s Request for tariff reimbursement leading to a review of the revenue needs of 873 million Canadian dollars and revised transport tariff of 633 million Canadian dollars for 2021.

General tariff request 2022-2023

In April 2021, AltaLink filed its 2022-2023 GTA delivering on the last two years
of its commitment to keep rates flat for customers at or below the 2018 level of
C$904 million for the five-year period from 2019 to 2023. The two-year
application achieves flat tariffs continuing to transition to the AUC-approved
salvage recovery method, continuing the use of the flow-through income tax
method, and adding only a 1% increase to operations and maintenance expense,
with the exception of salaries and wages and other expenses. In addition,
similar to the C$80 million refund of the previously collected accumulated
depreciation surplus approved by the AUC for 2021, AltaLink proposed to provide
further similar tariff reductions over the two years by refunding an additional
C$60 million per year. The application requested the approval of transmission
tariff of C$824 million and C$847 million for 2022 and 2023, respectively.

Generic procedure on the cost of capital 2022

In December 2020, the AUC initiated the 2022 generic cost of capital proceeding.
This proceeding will consider the return on equity and deemed equity ratios for
2022 and one or more additional test years. Due to the existing uncertainty as a
result of the ongoing COVID-19 pandemic, before establishing a process schedule,
the commission has requested participants to submit comments that address the
following: (i) the continuation of the currently approved return on equity and
deemed equity ratios for a further period of time; (ii) the appropriate test
period for the proceeding; (iii) the scope of the proceeding, including whether
a formula-based approach to return on equity should be utilized; (iv) the
considerations to take into account when establishing the process for the
proceeding; and (v) the avoidance of duplicative evidence and greater
coordination and collaboration between parties.

In January 2021, AltaLink submitted a letter to the AUC stating that due to
ongoing capital market volatility and other COVID-19 related uncertainties there
are reasonable grounds for extending the currently approved 2021 return on
equity and deemed equity ratio on a final basis for 2022. AltaLink further
stated there is insufficient time to complete a full generic cost of capital
proceeding in 2021, in order to issue a decision prior to the beginning of 2022
and a formula-based approach should not be considered at this time. AltaLink
suggested that a proceeding could be restarted in the third quarter of 2021, for
2023 and subsequent years.


In March 2021, the AUC issued its decision with respect to setting the return on
equity and deemed equity ratios for AltaLink. The AUC approved an equity return
of 8.5% and an equity ratio of 37% for 2022, based on continuing economic and
market uncertainties, the unsettled nature of capital markets, and the need for
certainty and stability for Alberta ratepayers.

In April 2021, the Utilities Consumer Advocate filed an application with the
Court of Appeal of Alberta requesting permission to appeal the AUC's decision
that set the return on equity of 8.5% and equity ratio of 37% on a final basis
for 2022. In the appeal, the Utilities Consumer Advocate alleges that the AUC
erred by failing to fulfil its statutory obligation of establishing a fair
return and by failing to apply procedural fairness.

2019 deferral accounts reconciliation application

In October 2020, AltaLink filed its application with the AUC, which includes ten projects with total gross capital additions of 129 million Canadian dollars, including the applicable AFUDC. In December 2020, AltaLink responded to AUC’s requests for information, interveners filed written submissions and AltaLink filed a reply.

In March 2021, the AUC issued its decision on AltaLink's 2019 Deferral Accounts
Reconciliation Application. The AUC approved C$128.0 million of the C$128.5
million of gross capital project additions, disallowing C$0.5 million of capital
costs. The AUC also approved the other deferral accounts for taxes other than
income taxes, long-term debt and annual structure payments as filed. AltaLink
filed its compliance filing in April 2021.

Environmental laws and regulations

Each Registrant is subject to federal, state, local and foreign laws and
regulations regarding climate change, RPS, air and water quality, emissions
performance standards, coal combustion byproduct disposal, hazardous and solid
waste disposal, protected species and other environmental matters that have the
potential to impact each Registrant's current and future operations. In addition
to imposing continuing compliance obligations, these laws and regulations
provide regulators with the authority to levy substantial penalties for
noncompliance, including fines, injunctive relief and other sanctions. These
laws and regulations are administered by various federal, state, local and
international agencies. Each Registrant believes it is in material compliance
with all applicable laws and regulations, although many laws and regulations are
subject to interpretation that may ultimately be resolved by the courts. The
discussion below contains material developments to those matters disclosed in
Item 1 of each Registrant's Annual Report on Form 10-K for the year ended
December 31, 2020, and new environmental matters occurring in 2021.

Climate change

In December 2015, an international agreement was negotiated by 195 nations to
create a universal framework for coordinated action on climate change in what is
referred to as the Paris Agreement. The Paris Agreement reaffirms the goal of
limiting global temperature increase well below 2 degrees Celsius, while urging
efforts to limit the increase to 1.5 degrees Celsius; establishes commitments by
all parties to make nationally determined contributions and pursue domestic
measures aimed at achieving the commitments; commits all countries to submit
emissions inventories and report regularly on their emissions and progress made
in implementing and achieving their nationally determined commitments; and
commits all countries to submit new commitments every five years, with the
expectation that the commitments will get more aggressive. In the context of the
Paris Agreement, the United States agreed to reduce GHG emissions 26% to 28% by
2025 from 2005 levels. After more than 55 countries representing more than 55%
of global GHG emissions submitted their ratification documents, the Paris
Agreement became effective November 4, 2016. On June 1, 2017, President Trump
announced the United States would begin the process of withdrawing from the
Paris Agreement. The United States completed its withdrawal from the Paris
Agreement on November 4, 2020. President Biden accepted the terms of the climate
agreement January 20, 2021, and the United States completed its reentry February
19, 2021. At a Climate Leaders Summit held April 22 through April 23, 2021,
President Biden announced new climate goals to cut GHG 50%-52% economy-wide by
2030 compared to 2005 levels, and to reach 100% carbon pollution-free
electricity by 2035. Additional details on how the United States will implement
these goals is anticipated to be released through fall 2021.

Clean Air Act Regulations

The Clean Air Act is a federal law administered by the EPA that provides a
framework for protecting and improving the nation's air quality and controlling
sources of air emissions. The implementation of new standards is generally
outlined in SIPs, which are a collection of regulations, programs and policies
to be followed. SIPs vary by state and are subject to public hearings and EPA
approval. Some states may adopt additional or more stringent requirements than
those implemented by the EPA. The major Clean Air Act programs most directly
affecting the Registrants' operations as described below.

GHG performance standards

Under the Clean Air Act, the EPA may establish emissions standards that reflect
the degree of emissions reductions achievable through the best technology that
has been demonstrated, taking into consideration the cost of achieving those
reductions and any non-air quality health and environmental impact and energy
requirements. On August 3, 2015, the EPA issued final new source performance
standards, establishing a standard of 1,000 pounds of carbon dioxide per MWh for
large natural gas-fueled generating facilities and 1,400 pounds of carbon
dioxide per MWh for new coal-fueled generating facilities with the "Best System
of Emission Reduction" reflecting highly efficient supercritical pulverized coal
facilities with partial carbon capture and sequestration or integrated
gasification combined-cycle units that are co-fired with natural gas or
pre-combustion slipstream capture of carbon dioxide. The new source performance
standards were appealed to the D.C. Circuit and oral argument was scheduled for
April 17, 2017. However, oral argument was deferred and the court held the case
in abeyance for an indefinite period of time. On December 6, 2018, the EPA
announced revisions to new source performance standards for new and
reconstructed coal-fueled units. EPA proposes to revise carbon dioxide emission
limits for new coal-fueled facilities to 1,900 pounds per MWh for small units
and 2,000 pounds per MWh for large units. The EPA would define the best system
of emission reduction for new and modified units as the most efficient
demonstrated steam cycle, combined with best operating practices. On January 12,
2021, EPA finalized a rule focused solely on a significant contribution finding
for purposes of regulating source categories' GHG emissions. The final rule sets
no specific regulatory standards and contains no regulatory text, nor does it
address what constitutes the best system of emission reduction for new, modified
and reconstructed electric generating units. EPA confirms in the "significant
contribution" rule that electric generating units remain a listed source
category under Clean Air Act Section 111(b), reaching that conclusion through
the introduction of an emissions threshold framework by which a source category
is deemed to contribute significantly to dangerous air pollution due to their
GHG emissions if the amount of those emissions exceeds 3% of total GHG emissions
in the United States. Under this methodology, no other source category would
qualify for regulation. The significant contribution rule will take effect 60
days after publication in the Federal Register but is expected to be quickly
revisited by the Biden administration. Because the significant contribution rule
did not alter the emission limits or technology requirements of the 2015 rule,
any new fossil-fueled generating facilities will be required to meet the GHG new
source performance standards. The D.C. Circuit vacated the significant
contribution rule April 5, 2021, remanding it for further proceedings.

National ambient air quality standards

Under the authority of the Clean Air Act, the EPA sets minimum NAAQS for six
principal pollutants, consisting of carbon monoxide, lead, NOx, particulate
matter, ozone and SO2, considered harmful to public health and the environment.
Areas that achieve the standards, as determined by ambient air quality
monitoring, are characterized as being in attainment, while those that fail to
meet the standards are designated as being nonattainment areas. Generally,
sources of emissions in a nonattainment area that are determined to contribute
to the nonattainment are required to reduce emissions. Currently, with the
exceptions described in the following paragraphs, air quality monitoring data
indicates that all counties where the relevant Registrant's major emission
sources are located are in attainment of the current NAAQS.

In June 2010, the EPA finalized a new NAAQS for SO2. Under the 2010 rule, areas
must meet a one-hour standard of 75 parts per billion utilizing a three-year
average. The rule utilizes source modeling in addition to the installation of
ambient monitors where SO2 emissions impact populated areas. Attainment
designations were due by June 2012; however, citing a lack of sufficient
information to make the designations, the EPA did not issue its final
designations until July 2013 and determined, at that date, that a portion of
Muscatine County, Iowa was in nonattainment for the one-hour SO2 standard.
MidAmerican Energy's Louisa coal-fueled generating facility is located just
outside of Muscatine County, south of the violating monitor. In its final
designation, the EPA indicated that it was not yet prepared to conclude that the
emissions from the Louisa coal-fueled generating facility contribute to the
monitored violation or to other possible violations, and that in a subsequent
round of designations, the EPA will make decisions for areas and sources outside
Muscatine County. MidAmerican Energy does not believe a subsequent nonattainment
designation will have a material impact on the Louisa coal-fueled generating
facility. Although the EPA's July 2013 designations did not impact PacifiCorp's
nor the Nevada Utilities' generating facilities, the EPA's assessment of SO2
area designations will continue with the deployment of additional SO2 monitoring
networks across the country. On February 25, 2019, the EPA issued a decision to
retain the 2010 SO2 NAAQS without revision.


The Sierra Club filed a lawsuit against the EPA in August 2013 with respect to
the one-hour SO2 standards and its failure to make certain attainment
designations in a timely manner. In March 2015, the United States District Court
for the Northern District of California ("Northern District of California")
accepted as an enforceable order an agreement between the EPA and Sierra Club to
resolve litigation concerning the deadline for completing the designations. The
Northern District of California's order directed the EPA to complete
designations in three phases: the first phase by July 2, 2016; the second phase
by December 31, 2017; and the final phase by December 31, 2020. The first phase
of the designations require the EPA to designate two groups of areas: 1) areas
that have newly monitored violations of the 2010 SO2 standard; and 2) areas that
contain any stationary source that, according to the EPA's data, either emitted
more than 16,000 tons of SO2 in 2012 or emitted more than 2,600 tons of SO2 and
had an emission rate of at least 0.45 lbs/SO2 per million British thermal unit
in 2012 and, as of March 2, 2015, had not been announced for retirement.
MidAmerican Energy's George Neal Unit 4 and the Ottumwa Generating Station (in
which MidAmerican Energy has a majority ownership interest, but does not
operate), are included as units subject to the first phase of the designations,
having emitted more than 2,600 tons of SO2 and having an emission rate of at
least 0.45 lbs/SO2 per million British thermal unit in 2012. States may submit
to the EPA updated recommendations and supporting information for the EPA to
consider in making its determinations. Iowa submitted documentation to the EPA
in April 2016 supporting its recommendation that Des Moines, Wapello and
Woodbury Counties be designated as being in attainment of the standard. In July
2016, the EPA's final designations were published in the Federal Register
indicating portions of Muscatine County, Iowa were in nonattainment with the
2010 SO2 standard, Woodbury County, Iowa was unclassifiable, and Des Moines and
Wapello Counties were unclassifiable/attainment. On March 26, 2021, the EPA
issued the last of its final designations for the 2010 primary SO2 standard.
Included in this round was designation of Converse County, Wyoming as an
Attainment/Unclassifiable area. PacifiCorp's Dave Johnston generating facility
is located in Converse County. No further action by PacifiCorp is required.

Interstate Air Pollution Rule

The EPA promulgated an initial rule in March 2005 to reduce emissions of NOx and
SO2, precursors of ozone and particulate matter, from down-wind sources in the
eastern United States, including Iowa, to reduce emissions by implementing a
plan based on a market-based cap-and-trade system, emissions reductions, or
both. After numerous appeals, the CSAPR was promulgated to address interstate
transport of SO2 and NOx emissions in 27 eastern and Midwestern states.

The first phase of the rule was implemented January 1, 2015. In November 2015,
the EPA released a proposed rule that would further reduce NOx emissions in
2017. The final "CSAPR Update Rule" was published in the Federal Register in
October 2016 and required additional reductions in NOx emissions beginning in
May 2017. On December 6, 2018, EPA finalized a rule to close out the CSAPR,
having determined that the CSAPR Update for the 2008 ozone NAAQS fully addressed
Clean Air Act interstate transport obligations of 20 eastern states. EPA
determined that 2023 is an appropriate future analytic year to evaluate
remaining good neighbor obligations and that there will be no remaining
nonattainment or maintenance receptors with respect to the 2008 ozone NAAQS in
the eastern United States in that year. Accordingly, the 20 CSAPR
Update-affected states would not contribute significantly to nonattainment in,
or interfere with maintenance of, any other state with regard to the 2008 ozone
NAAQS. Both the CSAPR Update and the CSAPR Close-Out rules were challenged in
the D.C. Circuit. The D.C. Circuit ruled September 13, 2019, that because the
EPA allowed upwind States to continue to significantly contribute to downwind
air quality problems beyond statutory deadlines, the CSAPR Update Rule provided
only a partial remedy that did not fully address interstate ozone transport, and
remanded the CSAPR Update Rule back to the EPA. The D.C. Circuit issued an
opinion October 1, 2019, finding that because the CSAPR Close-Out Rule relied on
the same faulty reasoning as the CSAPR Update rule, the CSAPR Close-Out Rule
must be vacated. On October 15, 2020, the EPA proposed to tighten caps on
emissions of NOx from power plants in 12 states in the CSAPR trading program in
response to the D.C. Circuit's decision to vacate the CSAPR Update rule. The
rule is intended to fully resolve 21 upwind states' remaining good neighbor
obligations under the 2008 ozone NAAQS. Additional emissions reductions are
required at power plants in 12 states, including Illinois; the EPA predicts that
emissions from the remaining nine states, including Iowa and Texas, will not
significantly contribute to downwind states' ability to attain or maintain the
ozone standard. The EPA accepted comment on the proposal through December 15,
2020. On March 15, 2021, the EPA finalized the Revised CSAPR Update largely as
proposed. Significant new compliance obligations are not anticipated as a result
of the rule.

Regional Haze

The EPA's Regional Haze Rule, finalized in 1999, requires states to develop and
implement plans to improve visibility in designated federally protected areas
("Class I areas"). Some of PacifiCorp's coal-fueled generating facilities in
Utah, Wyoming, Arizona and Colorado and certain of Nevada Power's and Sierra
Pacific's fossil-fueled generating facilities are subject to the Clean Air
Visibility Rules. In accordance with the federal requirements, states are
required to submit SIPs that address emissions from sources subject to BART
requirements and demonstrate progress towards achieving natural visibility
requirements in Class I areas by 2064.


The state of Utah issued a regional haze SIP requiring the installation of SO2,
NOx and particulate matter controls on Hunter Units 1 and 2, and Huntington
Units 1 and 2. In December 2012, the EPA approved the SO2 portion of the Utah
regional haze SIP and disapproved the NOx and particulate matter portions.
Subsequently, the Utah Division of Air Quality completed an alternative BART
analysis for Hunter Units 1 and 2, and Huntington Units 1 and 2. In
January 2016, the EPA published two alternative proposals to either approve the
Utah SIP as written or reject the Utah SIP relating to NOx controls and require
the installation of SCR controls at Hunter Units 1 and 2 and Huntington Units 1
and 2 within five years. EPA's final action on the Utah regional haze SIP was
effective August 4, 2016. The EPA approved in part and disapproved in part the
Utah regional haze SIP and issued a federal implementation plan ("FIP")
requiring the installation of SCR controls at Hunter Units 1 and 2 and
Huntington Units 1 and 2 within five years of the effective date of the rule.
PacifiCorp and other parties filed requests with the EPA to reconsider and stay
that decision, as well as filed motions for stay and petitions for review with
the Tenth Circuit Court of Appeals ("Tenth Circuit") asking the court to
overturn the EPA's actions. In July 2017, the EPA issued a letter indicating it
would reconsider its FIP decision. In light of the EPA's grant of
reconsideration and the EPA's position in the litigation, the Tenth Circuit held
the litigation in abeyance and imposed a stay of the compliance obligations of
the FIP for the number of days the stay is in effect while the EPA conducts its
reconsideration process. To support the reconsideration, PacifiCorp undertook
additional air quality modeling using the Comprehensive Air Quality Model with
Extensions dispersion model. On January 14, 2019, the state of Utah submitted a
SIP revision to the EPA, which includes the updated modeling information and
additional analysis. On June 24, 2019, the Utah Air Quality Board unanimously
voted to approve the Utah regional haze SIP revision, which incorporates a BART
alternative into Utah's regional haze SIP. The BART alternative makes the
shutdown of PacifiCorp's Carbon plant enforceable under the SIP and removes the
requirement to install SCR technology on Hunter Units 1 and 2 and Huntington
Units 1 and 2. The Utah Division of Air Quality submitted the SIP revision to
the EPA for approval at the end of 2019. In January 2020, the EPA published its
proposed approval of the Utah Regional Haze SIP Alternative, which makes the
shutdown of the Carbon plant federally enforceable and adopts as BART the
existing NOx controls and emission limits on the Hunter and Huntington plants.
The proposed approval withdraws the FIP requirements to install SCR on Hunter
Units 1 and 2 and Huntington Units 1 and 2. The EPA released the final rule
approving the Utah Regional Haze SIP Alternative on October 28, 2020. With the
approval, the EPA also finalized its withdrawal of the FIP requirements for the
Hunter and Huntington plants. The Utah Regional Haze SIP Alternative took effect
December 28, 2020. As a result of these actions, the Tenth Circuit dismissed the
Utah regional haze petitions on January 11, 2021. On January 19, 2021, Heal
Utah, National Parks Conservation Association, Sierra Club and Utah Physicians
for a Healthy Environment filed a petition for review of the Utah Regional Haze
SIP Alternative in the Tenth Circuit. PacifiCorp and the state of Utah moved to
intervene in the litigation, which has been stayed pending the Biden
administration's review of the rule.

Critical accounting estimates

Certain accounting measurements require management to make estimates and
judgments concerning transactions that will be settled several years in the
future. Amounts recognized on the Consolidated Financial Statements based on
such estimates involve numerous assumptions subject to varying and potentially
significant degrees of judgment and uncertainty and will likely change in the
future as additional information becomes available. Estimates are used for, but
not limited to, the accounting for the effects of certain types of regulation,
derivatives, impairment of goodwill and long-lived assets, pension and other
postretirement benefits, income taxes and revenue recognition - unbilled
revenue. For additional discussion of the Company's critical accounting
estimates, see Item 7 of the Company's Annual Report on Form 10-K for the year
ended December 31, 2020. There have been no significant changes in the Company's
assumptions regarding critical accounting estimates since December 31, 2020.


                        PacifiCorp and its subsidiaries
                         Consolidated Financial Section


                                     PART I

Item 1: financial statements

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Conn. http://leaf-eu.org/conn/ Mon, 03 May 2021 09:58:00 +0000 http://leaf-eu.org/conn/

Connecticut cities are negotiating deals with solar developers on dozens of contested property tax assessments on residential solar installations.

Solar companies have filed around 200 lawsuits in recent years challenging local assessors’ interpretation of a state law they said sought to exempt residential solar installations from property taxes. Ambiguous language, however, has led some cities to adopt tax systems that supply the electricity grid or belong to third parties.

At least half a dozen of the roughly 20 cities facing such lawsuits have proposed pending settlements, state court records show. And the city of Stratford has solved all of its cases, according to Christopher Tymniak, the city’s executive director. While details of the regulations have not yet been disclosed in most cases, in those that have been, cities agree not to tax the systems in the future. It is not known if they are refunding money already paid by the developers.

“All the cities and all the plaintiffs have been referred to mediation with Judge Ron Kowalski,” said Benjamin Proto, a lawyer representing several cities. “He literally takes these cities by city and tries to find a deal with each one.”

Cities and solar developers have been in a legal stalemate for several years on how to interpret a state status which grants an exemption from the property tax to renewable energy sources that produce electricity for “private residential use”.

As of 2017, a small minority of reviewers began to interpret this to mean that only solar panels owned by an owner and / or that generate electricity solely for the property are exempt, while those that feed the grid or belong to a third party are not.

They began to assess property taxes on solar panel systems in which the owner relied on leases or power purchase agreements – the vast majority of systems in Connecticut. In some cases, facilities have been assessed after having previously been exempted.

Solar companies have started to sue, arguing that the law was intended to apply to leased and net-meter systems as well. This position was supported by Senate Majority Leader Bob Duff, who chaired the Energy and Technology Committee when the exemption was passed.

Efforts to resolve the problem through a legislative solution have so far failed. Lawmakers are trying a new approach this session.

Previous bills expressly exempted all residential signs in the future, while still allowing cities to keep the tax revenue they had already collected on those signs. A bill – HB 6106 – approved last month by the planning and development committee specifies that the exemption applies to solar installations participating in net metering and / or owned by a third party.

“I think the bill has a good chance of getting out of the House, because it just says that in the future you cannot tax solar panels at the municipal level,” said Representative Joseph P. Gresko. , one of the sponsors. “Let the rest be played out in court. If cities want to settle, they can try to settle. “

The town of Stratford, in Gresko, is one of those doing just that. In a settlement, Stratford and Castello Solar I agree that the company’s solar generation systems will be tax-exempt with respect to the 2020 Grand List – the annual list of all taxable and tax-exempt properties – and to the future, unless the law changes. .

The municipality also undertakes not to “hinder” the passage of the HB 6106.

That leaves the question of disputed tax payments made on Castello’s solar systems assessed on the big 2017, ’18 and ’19 lists. The court record indicates that the parties have entered into a separate and confidential written agreement on how to handle these payments. Tymniak declined to say whether the city has refunded any money, noting that other cities are still in negotiations.

“We have developed an aggressive plan to settle all of our cases and remove uncertainty from our books,” Tymniak said. “The more you keep going, the greater the responsibility on both sides. We are always looking for the state to step in and clarify the language because there is a gray area there.

Somers, Fairfield, Greenwich, Killingly and Ansonia have negotiated settlement proposals with various developers who are awaiting approval from each city’s selection board before they are officially filed in court.

Adam Stern, head of CT Solar Leasing, one of the companies sued, said he had reached “satisfactory” settlements. But he said he remained frustrated with the time and expense of a process that he said should never have happened given that “it’s pretty clear that the exemption exists.

“It is very upsetting that many cities continue to spend taxpayer dollars on litigation, and that they are spending multiples more than they ever will,” Stern said.

His firm has submitted a public records request to the Town of Cromwell to obtain invoices for legal fees accrued in his case so far. Copies of these invoices show a total of $ 17,719 invoiced in March. This sum appears to be a “misuse of taxpayer funds,” Stern said, given that the property tax allegedly owed on solar panels owned by his company is $ 1,569 per year, or less than $ 6,000 at that time. day.

Marianne Sylvester, Chief Financial Officer of Cromwell, confirmed that she provided the legal invoices in response to the registration request.

Connecticut is one of 33 states that exempt solar PV systems from property tax, according to testimony submitted in support of HB 6106 by Meghan Nutting, executive vice president of policy and communications at Sunnova Energy Corp .

She said the widely held policy reflects “a common understanding” that “such tax exemptions encourage and advance the deployment of renewable energy systems.”

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2nd Covid wave approaching rural India, impact visible in high-frequency indicators: CRISIL http://leaf-eu.org/2nd-covid-wave-approaching-rural-india-impact-visible-in-high-frequency-indicators-crisil/ Mon, 03 May 2021 09:50:00 +0000 http://leaf-eu.org/2nd-covid-wave-approaching-rural-india-impact-visible-in-high-frequency-indicators-crisil/

The impact of state-announced brakes is manifested through high-frequency indicators, including retail and workplace mobility, power supply, electronic GST bill collection, and power supply , which are down for the second week in a row now. The nation’s second crushing Covid-19 wave continues to reach new highs with each passing day, as daily cases have approached the four lakh level for several days now.

“The second wave is approaching rural India. The share of predominantly rural districts in new cases in April was 30%, up from 21% in March. This is still less than the peak reached in the first wave (at 40 percent in August 2020), ”says the CRISIL report.

Also Read: COVID-19 Vaccination: India Needs 8 Years 9 Months To Get Herd Immunity

CRISIL, in its research report “ Wall of Worry, Covid-19 and its Impact on Economic Activity in India, ” claims that retail mobility fell by 8.2pp on average over the past year. week ending May 2 vs. 11.4 pp decrease in the week ending April 25. .

Mobility at work slowed by 7.1 pp from 7.9 pp a week ago. Likewise, the collection of tolls via electronic mode decreased by 2% on weekdays, against -8% the previous week. Power supply rose 0.9% on weekdays, down from a 1.9% contraction a week ago, he said.

Goods and Services Tax (GST) electronic invoice collection (volume) decreased 6.9% on weekdays for the week ending April 25 vs. -6.2% for the week ending April 18 . Rail freight loading fell 2.1% in the week ending April 18. May 2 versus -0.7 percent a week earlier.

Also Read: India To Reach ‘Peak’ Of Second Covid Wave In 20 Days From Now, Says SBI Research

The report adds that daily vaccinations are slowing as vaccine stocks are choked. The vaccine supply “fell from 1992 per million the previous week to 1,585 per million on average during the week ending May 2,” he said.

This is notably the third week in a row where daily vaccinations have decreased despite the launch by the Center of the inoculation campaign from May 1. Cumulatively, India has administered doses of 15.4 crore so far. With vaccine supplies still disrupted, several states have expressed their inability to start the campaign due to lack of supplies.

The CRISIL report says India could learn from other countries around the world that went through waves two and three. “Many advanced economies that experienced a resurgence in late 2020 / early 2021 have been cracked down with new restrictions, some more stringent than the first time around (eg Germany, UK),” he said. said, adding that people and businesses are learning to live. with the virus, economic activity has been less impacted.

In addition, the “economic stimulus” pumped into economies in the second and third quarters of 2020 somewhat “cushioning” the impact of subsequent waves, the CRISIL report said.

Also read: Barclays Cuts India’s GDP Forecast For Fiscal 22 To 10%; the numbers get worse if the sidewalks continue

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Kenya Power seeks lender to fill cash gap http://leaf-eu.org/kenya-power-seeks-lender-to-fill-cash-gap/ Mon, 03 May 2021 09:21:44 +0000 http://leaf-eu.org/kenya-power-seeks-lender-to-fill-cash-gap/

Kenyan distribution company Kenya Power is facing serious debt problems which have led the company to seek a lender to fill its cash shortfall.

In 1973, the government of Kenya signed an agreement with the then East African Power and Lighting Company to connect electricity to rural areas.

Under this rural electrification program (RES), the sole electricity distributor was to build new power lines in rural areas, build substations, erect transformers and connect electricity to rural shopping centers, to factories and homes.

Four decades later, the Jubilee administration launched the Last-Mile Connectivity project, with the aim of connecting all Kenyans to the national electricity grid.

As a result, the company’s successor, Kenya Power, increased its high and medium voltage power grid from 41,486 kilometers in 2013 to 84,681 kilometers in 2020. The monopoly also increased its transformer capacity from 6,490 mega-volt amps to 13 383 mega-volt amps. period.

Meanwhile, the number of customers who are now connected to the national grid has grown to 7.5 million from 1.2 million eight years ago.

Did you read?
Kenya Power investigates allegations of fraud in postpaid billing system

Capital intensive projects

But to carry out these capital-intensive projects, Kenya Power borrowed billions of shillings to finance the expansion in addition to grants. However, the projects produced meager returns to recoup the investment.

Former Auditor General Edward Ouko summed up the scheme in an audit report in 2018: “RES schemes are generally referred to as subeconomic because their operating and maintenance costs exceed the revenues from them. Indeed, activities are undertaken in rural areas where income is low. “

The financing of these ambitious projects, coupled with mismanagement and operational inefficiencies within the company, allowed him to develop a greater appetite for borrowing, which ultimately saw his debt increase by more than 26 times. over the past 15 years, totaling over $ 1 billion in June 2020 compared to just $ 38. million in 2004.

Of this amount, $ 525 million is owed to commercial banks, while $ 494 million is on-lent, guaranteed by the Kenyan government.

Primary activity

Even as Kenya Power’s debt has exploded over the past decade and a half, revenues from its core business, which is selling electricity, have only increased sixfold, from $ 188 million. in 2004 to $ 1.2 billion in 2020.

At the time, the company was making a profit of $ 4.2 million. However, the utility company’s financial performance quickly plummeted to a loss of $ 8.7 million for the year ended June 2020.

Did you read?
Kenya flowers bloom in solar farms

To get a clear idea of ​​how loans are bleeding the country’s only electricity distributor, Kenya Power paid $ 315 million in interest on its loans alone between 2012 and 2019. In 2012, interest was climbing to $ 10.2 million, rising to $ 12 million in 2013. and $ 20 million in 2014.

In 2015, the utility paid $ 42.6 million in interest on loans, $ 53.8 million in 2016, $ 41 million in 2017, $ 56.1 million in 2018 and 65.8 million dollars in 2019.

Meanwhile, in the six months leading up to December 2020, Kenya Power’s financial costs, which include interest paid on loans, bank overdrafts, and late bill payment penalties, reached $ 74.2 million. , compared to $ 35.2 million over the six months to December 2019.

But in a belated attempt to pull itself out of the growing debt hole, the company launched an expression of interest (EOI) for refinancing its commercial debt after the government granted it a one-year renewable moratorium on the debt. repayment of its $ 493.5 million. on-lending of the debt.

The company said the projects it has funded using its loans are long term and can take many years to realize returns, hence the need to negotiate longer repayment periods for the loans. and to seek better conditions.

“The company hopes to take advantage of the current macroeconomic situation to obtain lower interest rates than existing facilities, thereby reducing its overall financing costs,” Kenya Power said in the EOI.

The company’s debt service has reached $ 185.5 million per year, 85% of long-term unhedged debt denominated in US dollars and euros, but its income is in Kenyan shillings, exposing it to currency risks.

Bank debt

“The proceeds from part of the existing bank debt have been used to finance specific long-term projects, hence the need for streamlining at this point,” Kenya Power said in the EOI.

“As a result of the foregoing, expressions of interest are therefore invited from eligible bidders to refinance the existing term bank debt and convert the outstanding overdraft into a term loan, and to provide a facility to reduce costs. payables, ”the company says.

Banks and other interested financial institutions will get 30 points if they easily have $ 545 million, just over a third of the threshold required to accept Kenya Power’s debt, while financiers who have at least $ 297 million will get 15 points.

Through Brian Ambani, original article on Nation

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Huawei and ABGD launch the first Huawei Solar Road Show in Brazil http://leaf-eu.org/huawei-and-abgd-launch-the-first-huawei-solar-road-show-in-brazil/ Mon, 03 May 2021 09:03:00 +0000 http://leaf-eu.org/huawei-and-abgd-launch-the-first-huawei-solar-road-show-in-brazil/

The project, which will cross more than 50 Brazilian cities in 15 states, aims to qualify professionals and encourage entrepreneurial initiatives with renewable energies.

SAO PAULO, May 3, 2021 / PRNewswire / – Today, Huawei and the Brazilian Distributed Production Association (ABGD) will begin the first Huawei Solar Tour, a mobile truck fully adapted for qualification courses, with a classroom, space for workshops and a demonstration house with kitchen and laundry room, fully equipped, powered by a grid-distributed and off-grid microgeneration system, which will be used for demonstration Activities.

Huawei and ABGD launch the first Huawei Solar Road Show in Brazil

The initiative, whose main sponsor is Huawei, also benefits from the support of the São Paulo State Secretariat for Infrastructure and Environment (SIMA) and other companies in the solar energy market, which will provide fundamental courses on installing photovoltaic systems in more than 50 cities, covering the main states of Brazil. Departure is scheduled for May 3rd.

Solar power means greater production capacity, clean energy around the clock, optimized costs, intelligence, efficiency and safety – this is the message Huawei wants to convey at all stops on the Road Show with ABGD and offer an immersive experience to participants. In the residential scenario, the participant will be able to see Huawei’s smart photovoltaic solution for homes up close, which provides 24 hours of clean, stable and profitable energy with no impact on the routine and quality of life of its residents.

“Imagine a unique solution based on digital technologies that ensures the delivery of clean energy day and night, in a very intuitive, efficient and economical way for residential, commercial and industrial environments. This is not a future trend. is now possible, “says Fabio Mendes, Director of Huawei Channel Partners, Enterprise Group for Latin America.

The project has three objectives: to raise awareness of the importance of the use of renewable sources for energy production; qualify, with a traveling classroom, professionals interested in the installation of photovoltaic systems and bring knowledge to relatively remote areas.

“Our idea is to include in the itinerary the main capitals and important cities identified in the itinerary, promoting solar photovoltaic energy in practice”, comments Carlos Evangelista, president of ABGD.

“We have prepared a course with a workload of 8 hours, which includes the basics of regulation of distributed electricity production, preliminary sizing of solar photovoltaic projects, safety and quality of installations and sales” , explains Evangelista. ABGD plans to train over 2,000 people along the route, which includes a 12-month road tour.

Besides the technical aspects, the course covers several stages of the commercialization process of photovoltaic systems and promotes entrepreneurship. Evangelista stresses that renewable energies can be a determining factor in the economic recovery as a whole.

“By strengthening the market for photovoltaic systems in a region, you offer residences and commercial establishments the possibility of saving on the energy tariff and, in addition to that, it stimulates the economy and generates several jobs”, underlines the president of ABGD.

In the residential scenario, inside the truck, with a kitchen and laundry room equipped and powered by solar photovoltaic energy, it shows how in practice, in everyday life, an environment where electricity is produced right there with the sunlight.

“Throughout ABGD’s work, we have identified many doubts in the population regarding the complexity and feasibility of installing a photovoltaic system, as well as ensuring the energy supply,” says Evangelista. The executive points out that in the Huawei Solar Roadshow truck it will be possible to dispel the myths related to distributed production.

Priscila Carazzatto, Commercial Director at ABGD, adds: “ABGD has increasingly sought to promote business development in the distributed power generation sector. The HUAWEI Solar Road Show provides nationwide coverage and a great opportunity to show a fully operational off-grid system. will be able to provide means to encourage job creation in a growing sector.We are talking about the sustainable development of the sector, one of the operating principles of ABGD, whose story is: combine economic growth, professional qualification and environmental benefits in transformation projects ”, she concludes.

Carazzatto says that ABGD is already in the process of formatting the second phase of the project, which will be a roving FV boat sailing the Purus River (a tributary of the Amazon River), providing training and qualification to populations bordering the Amazon, in addition to disseminating and making available all public policies focused on renewable energies and applicable in the Brazilian Amazon region.

How to visit and participate

The truck tour, which will also feature the display of renewable energy videos, will be open to the public and organized in accordance with COVID-19 safety and social distancing protocols. ABGD has the support of an infectious disease specialist to develop its own protocol for the Huawei Solar Road Show, which will have constant disinfection of the environment, the distance between participants, the distribution of two masks for each student and a gel alcoholic.

The Huawei Solar Road Show in Brazil will pass through more than 50 Brazilian cities, in 15 states, aims to qualify professionals and encourage entrepreneurial initiatives with renewable energies.

The Huawei Solar Road Show in Brazil will pass through more than 50 Brazilian cities, in 15 states, aims to qualify professionals and encourage entrepreneurial initiatives with renewable energies.

To take the course, you must register on the site www.roadshowhuaweisolar.com.br and bring 1 kg of non-perishable food on the day of the training. The ABGD will also invite local businesses to contribute with food donations, which will be delivered to an institution in the city where the unit is present.

About ABGD

The Brazilian Association of Distributed Generation (ABGD), the largest Brazilian association in the renewable energy sector, has more than 900 members, including solution providers, EPCs, integrators, distributors, manufacturers, companies of different sizes and segments, in addition to professionals and academics, who have in common the direct or indirect performance in the distributed generation. It was founded in 2015 to give legitimacy to the demands of companies dedicated to microgeneration and mini-generation of electrical energy from clean and renewable sources. ABGD represents and defends the interests of its associates with government agencies, class entities, regulatory bodies, industry agents and, more than that, works on the dissemination of distributed production to different sectors of society, by integrating the concepts of sustainability, financial performance, legal certainty, energy efficiency and predictability of expenditure with respect to the production and consumption of energy at or near the site of consumption.

About Huawei

Founded in 1987, Huawei is one of the world’s leading providers of information and communication technology (ICT) infrastructure and smart devices. We have more than 197,000 employees and operate in more than 170 countries and regions, serving more than three billion people around the world.

Our vision and mission is to bring digital to every person, home and organization for a fully connected and intelligent world. To this end, we will foster ubiquitous connectivity and promote equal access to networks; bring the cloud and artificial intelligence to the four corners of the earth to deliver superior computing power where you need it, when you need it; create digital platforms to help all industries and organizations become more agile, efficient and dynamic; redefine the user experience with AI, making it more personalized for people in all aspects of their lives, whether they are at home, in the office or on the go. For more information, please visit Huawei online at www.huawei.com or follow us on:

Access Huawei Solar Brazil at solar.huawei.com/br or follow on social media @HuaweiSolarBrasil (LinkedIn, Instagram and Facebook).


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Daily update: May 3, 2021 http://leaf-eu.org/daily-update-may-3-2021/ Mon, 03 May 2021 08:56:40 +0000 http://leaf-eu.org/daily-update-may-3-2021/

Subscribe on LinkedIn to stay up to date with every new daily update – a curated selection of essential information on financial markets and the global economy from S&P Global.

The COVID-19 pandemic has accelerated the technological disruption of global banks, creating new customer expectations, new forms of competition and new opportunities.

Despite the record levels of deposits seen during the pandemic, virtual and traditional banks have struggled under the conditions created by the coronavirus crisis. New virtual banks faced vulnerabilities due to extremely low interest rates, while traditional banks recorded billions in loan loss provisions and saw asset quality deteriorate. While digital banking has consolidated as a pillar for populations in urgent need of access to credit, alongside existing banks that have expanded their digital services and offers, S&P Global Ratings believes that the health crisis has revived competition from the digitization of global banks as the crisis continues.

In Asian economies, virtual banks and financial technologies are becoming the norm. But in some industries, incumbent operators have the advantage. In India, leading private sector banks and the State Bank of India are at the forefront of technology adoption and laying the groundwork for a fintech to enter the country’s under-penetrated system. However, market watchers predict that they will need to do more to prepare their IT systems for the surge in consumers switching to digital channels. Meanwhile, in Malaysia, S&P Global Ratings expects digital-only banks to remain niche players over the next 3-5 years due to initial operational constraints, while the country’s industry leaders have an established digital infrastructure, diversified earnings profiles and large customer bases to seize these diversification opportunities earlier.

In the United States, increasing investment in digital capabilities will be key to the long-term competitive success of retail banks.

“The COVID-19 pandemic has catapulted banks’ digital retail offerings into another league as social distancing restrictions increase customer preference for digital products,” S&P Global Ratings said in a report on technology disruption in retail banking in the United States. “The pandemic has allowed banks to showcase their product line online, validating the investment that the biggest banks have made in technology in recent years, and hastened the closure of physical branches. Many smaller regional banks are also responding to the obvious need for scale through mergers, in part because of the demand for additional investment in technology. “

This is also evident in the UK, where banks are stepping up plans to close local branches in favor of expanding digital offerings. The more than 410 branch closures planned by UK banks for this year already exceed the 368 seen over the past year, according to a report by consumer group Which. The UK now has fewer branches than most major European countries, with around 113 per million inhabitants, compared to nearly 514 per million in Spain and 550 in France, according to data from S&P Global Market Intelligence.

“An increasing number of customers are choosing to use new technology to pay and manage their money when and where it is convenient for them, especially during the pandemic,” a UK Finance spokesperson told S&P. organization that represents the country’s banks. Global market intelligence. “But technology is not for everyone and banks are committed to ensuring that customers can continue to access the important services they need, including access to cash. Branches play a key role in the life of local communities, which means decisions to close them are never taken lightly. “

Increasing investments in sustainable finance, a wave of mergers and acquisitions and decentralized currency inflows are further shaping this new landscape.

Today it’s Monday 3 May 2021, and here is the essential intelligence of today.

The credit cycle

The Fed’s policy review during the current recovery

The current stance of the Fed’s monetary policy is sufficiently accommodative, as evidenced by the deviations of the fictitious federal funds rate from a policy rule estimated over a period of relative macroeconomic stability. This contrasts with the immediate consequences of the Great Recession, when policy was not accommodating enough.

: Read the full report from S&P Global Ratings

The banking sector under pressure

BBVA CEO Develops M&A Outlook and Engages in Turkey Amid Turbulence

Spain’s Banco Bilbao Vizcaya Argentaria SA does not feel pressured to pursue merger and acquisition opportunities despite the consolidation underway in the Spanish market and the bank sitting on excess capital following the sale of its US operations, according to the CEO Onur Genç.

—Read the full article from S&P Global Market Intelligence

ESG during the COVID-19 era

First 100 days: US agencies ‘move at remarkable speed’ on energy and climate

One hundred days after taking office, US President Joe Biden has made rapid progress in dismantling his predecessor’s energy and climate program and implementing his own, according to policy experts.
—Read the full article from S&P Global Market Intelligence

With ‘Skin In the Game’, Scatec CEO leads the global solar start-up push

Raymond Carlsen was on a plane from Oslo, Norway, to London in late 2018 when he received a call from an executive at Equinor ASA, informing him that the Norwegian oil company had become a major shareholder in Scatec ASA, the small solar developer that Carlsen had led for nearly a decade. The news, made slightly embarrassing by the fact that he was on his way to meet a competitor partly owned by BP PLC, another oil major, caught Carlsen off guard.

—Read the full article from S&P Global Market Intelligence

The future of energy and raw materials

Ark., Oklahoma, utility sale is victory for Centerpoint, gas companies – Analysts

CenterPoint Energy Inc.’s $ 2.15 billion deal to sell its Arkansas and Oklahoma gas service territories to Summit Utilities Inc. is a victory for both the utility industry Houston-based multiples and for the local distribution company industry as a whole, analysts said.

—Read the full article from S&P Global Market Intelligence

Urals NWE crude overtakes Mediterranean market for first time since July

The North West Urals’ crude market has passed the Mediterranean for the first time since July, according to data from Platts, as a tighter export schedule out of the Baltic Sea and the Improved refining margins have stimulated the interest of buyers.

—Read the full article from S&P Global Platts

Petrochina’s new pipeline sales pave the way for trading on Chinese stock exchanges

State-owned oil and gas company PetroChina has sold natural gas by pipeline on two Chinese commodity exchanges with new specifications that include clearances for the resale of gas volumes, the use of warehouse receipts and lockouts. volume for winter supply – characteristics that are essential for the development of a financial market based on physical transactions.

—Read the full article from S&P Global Platts

US Finished Steel Prices Rise To Continue: Platts Survey

U.S. steel market sentiment for finished steel prices is the strongest since January, with participants continuing to expect firmer finished steel prices as May approaches, according to the monthly market survey conducted by S&P Global Platts.

—Read the full article from S&P Global Platts

The European Parliament launches a new call for the shutdown of the Nord Stream 2 gas link

The European Parliament has again called for the shutdown of the Nord Stream 2 gas pipeline project, at least the third since August after the poisoning of Russian opposition politician Alexei Navalny.

—Read the full article from S&P Global Platts

India at a glance: Oil demand issues and COVID-19 storm resistance

India’s astronomical surge in COVID-19 cases to record levels has baffled policymakers and overwhelmed the country’s medical infrastructure. The current spread of infection has raised fears that a crisis of unprecedented magnitude is weighing on demand for oil.

—Read the full article from S&P Global Platts

Written and compiled by Molly Mintz.

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