DAR ES SALAAM, Tanzania--(BUSINESS WIRE)--Recently, the second set of 1500hp geothermal drilling rig independently developed and manufactured by Shandong Kerui Petroleum & Gas Equipment Co., Ltd. was successfully delivered to Aruto Langano geothermal power station in central Ethiopia. As the first 50D mating drilling rig and first geothermal energy development project of Ethiopia Electric Power (as “EEP”), it is the largest investment in geothermal energy sector, and also a national project with great strategic significance supported by World Bank.

In this project, Kerui Petroleum & Gas provides two sets of 1500hp geothermal drilling rigs, drilling services, personnel training and related technology transfer and other one-stop comprehensive solutions to Ethiopia Electric Power company for the exploitation of 22 geothermal wells in Aluto Langano. The two sets of geothermal drilling rig delivered by this company are independently developed by itself. It has the advantages of automation and integration. It can meet the drilling requirements of petroleum, natural gas and geothermal resources, and adapt to the technological requirements of mud drilling, air drilling and foam drilling, and is equipped with logging, cementing, orientation, gas testing and other equipment.

Facing the severe epidemic situation in the world, Shandong Kerui Petroleum & Gas Equipment Co., Ltd. has successfully completed the commissioning and lifting of two sets of drilling equipment currently, and will officially start drilling soon.

Kerui Petroleum & Gas is an international comprehensive industrial group providing high-end oil equipment, oil and gas field technical services and EPC engineering services to the global oil and gas industry. At present, Kerui's marketing and service network has covered 57 countries and regions in the world, providing quality services and practical products for more than 8000 customers in more than 80 countries and regions.

Jason Guo
Sales Director - Kenya/Tanzania
Tel: +254-79-957-4005 Kenya
+255-76-650-6239 Tanzania
SHANDONG KERUI PETROLEUM & GAS EQUIPMENT CO.,LTD

• CenterPoint to receive $2.150 billion in cash, including recovery of approximately $425 million in cash of unrecovered storm-related incremental natural gas costs incurred in February 2021
• Transaction represents a landmark valuation at 38.0x 2020 earnings and 2.5x 2020 year-end rate base
• Sale proceeds will allow CenterPoint to recycle capital to fund its industry-leading 10% planned compound annual rate base growth
• Sale will not impact company’s targeted 6% - 8% annual utility non-GAAP EPS growth rate
• Sale demonstrates significantly higher market value for natural gas infrastructure assets, including CenterPoint’s remaining gas businesses

HOUSTON--(BUSINESS WIRE)--CenterPoint Energy, Inc. (NYSE: CNP) (“CenterPoint”) today announced the sale of its Arkansas and Oklahoma natural gas LDC assets to Summit Utilities for $2.150 billion in cash, including recovery of approximately $425 million in cash of unrecovered storm-related incremental natural gas costs incurred in February 2021, subject to true-up at transaction close. The assets include approximately 17,000 miles of main pipeline in Arkansas, Oklahoma, and Texarkana serving more than half a million customers residing in high-quality regulatory jurisdictions.

The proceeds of $1.725 billion in cash, after recovery of approximately $425 million in cash unrecovered storm costs, represents a 2.5x multiple of 2020 rate base and a 38.0x multiple of 2020 earnings. The transaction is anticipated to close by the end of 2021, subject to customary closing conditions, including Hart-Scott Rodino antitrust clearance and state regulatory approvals.

CenterPoint President and CEO Dave Lesar said, “I could not be more excited to share this announcement today. Summit Utilities is a seasoned operator of utility assets in the region and the ideal company to acquire these assets. We are excited that Summit has existing businesses in Arkansas and Oklahoma, which will facilitate the transition process for our employees and customers. Summit has an industry track record of being a high-quality operator and we are confident they will continue to provide safe, reliable, and low-cost natural gas service to our customers in Arkansas and Oklahoma.”

Lesar added, “This transaction reflects the hard work and determination of everyone on the CenterPoint team. This valuation represents a landmark multiple for the LDC space and is a clear testament of the premium utility assets in these two jurisdictions. These assets are a proven integral part of the energy supplies in the states in which they operate. The solid customer demand for reliable and efficient distribution of natural gas was only solidified by the recent winter storm events. We believe the price paid for these assets demonstrates that the market is significantly undervaluing the remainder of our natural gas businesses.”

“The announcement demonstrates not only our ability to efficiently recycle capital across our utility footprint, but also our ability to execute on our commitments to our shareholders. As outlined in our December 2020 Investor Day, our commitments include delivering annualized utility earnings per share growth of 6% - 8% and growing our rate base at a 10% compound annual growth rate. The ability to efficiently redeploy this capital and the eventual exit of the midstream investments will have no impact on our targeted 6% - 8% annualized earnings per share growth rate. Further, we will also be eliminating the Oklahoma and Arkansas storm-related incremental natural gas cost from our balance sheet,” said Lesar.

“We look forward to announcing our first quarter of 2021 financial results during our earnings call on May 6,” he said.

J.P. Morgan Securities LLC. and RBC Capital Markets, LLC. served as CenterPoint Energy’s financial advisors. Baker Botts L.L.P. served as CenterPoint Energy’s legal advisors.

About CenterPoint Energy, Inc.

As the only investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. As of December 31, 2020, the company owned approximately $33 billion in assets and also owned 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets. With approximately 9,500 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.

About Summit Utilities, Inc.

Summit Utilities, Inc. (Summit) owns natural gas distribution and transmission subsidiaries that operate in Arkansas, Colorado, Maine, Missouri, and Oklahoma. The company provides safe, clean and affordable natural gas to businesses and residents in five states through Colorado Natural Gas, Inc., Summit Natural Gas of Missouri, Inc., Summit Natural Gas of Maine, Inc. and Arkansas Oklahoma Gas Corporation. Each of Summit’s subsidiaries constructs and installs natural gas distribution systems with the goal of supporting economic development by providing clean-burning, safe and reliable natural gas to residential and commercial customers through exceptional customer service and commitment to community. Overall, Summit entities serve approximately 100,000 customers and operate more than 5,400 miles of pipeline in Arkansas, Colorado, Maine, Missouri and Oklahoma.

Use of Non-GAAP Measures

As included in this press release, our utility growth target of 6-8% is based on a non-GAAP utility earnings per share (“Utility EPS”), which is not a generally accepted accounting principles (“GAAP”) financial measure. This non-GAAP EPS based utility growth rate has been previously referenced by the CenterPoint Energy as the guidance-based growth rate. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance that excludes or includes amounts that are not normally excluded or included in the most directly comparable GAAP financial measure. The Utility EPS reflects dilution and earnings as if the Company’s Series B Preferred Stock converted on their mandatory conversion date. Utility EPS considers assumptions for certain significant variables that may impact earnings, such as customer growth and usage including normal weather, throughput, recovery of capital invested, effective tax rates, financing activities and related interest rates, regulatory and judicial proceedings. In addition, the Utility EPS assumes a continued re-opening of the economy in CenterPoint Energy’s service territories throughout 2021. To the extent actual results deviate from these assumptions, the Utility EPS may not be met and our projected annual Utility EPS growth rate range may change. Utility EPS includes an allocation of corporate overhead based upon our Utility segments relative earnings contribution. Corporate overhead consists primarily of interest expense, preferred stock dividend requirements and other items directly attributable to the parent along with associated income taxes, and considers certain significant variables that may impact earnings. Utility EPS excludes (a) earnings or losses from the change in value of the Company’s 2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 (“ZENS”) and related securities, (b) certain expenses associated with merger integration, and (c) Midstream Investments, including income from the Enable preferred units and a corresponding amount of debt in addition to an associated allocation of corporate overhead based on relative earnings contribution. Utility EPS also does not include other potential impacts, such as changes in accounting standards, impairments or unusual items, which could have a material impact on GAAP reported results for the applicable guidance period. CenterPoint Energy is unable to present a quantitative reconciliation of forward-looking Utility EPS because changes in the value of ZENS and related securities, future impairments and other unusual items are not estimable as they are highly variable and difficult to predict due to various factors outside of management’s control. Management evaluates CenterPoint Energy’s financial performance in part based on Utility EPS. Management believes that presenting this non-GAAP financial measure enhances an investor’s understanding of CenterPoint Energy’s overall financial performance by providing them with an additional meaningful and relevant comparison of current and anticipated future results across periods. The adjustments made in this non-GAAP financial measure exclude items that Management believes does not most accurately reflect the Company’s fundamental business performance. CenterPoint Energy’s Utility EPS non-GAAP financial measure should be considered as a supplement to, and not as a substitute for, or superior to, diluted earnings per share, which is the most directly comparable GAAP financial measure. This non-GAAP financial measure also may be different than non-GAAP financial measures used by other companies.

Forward-Looking Statements

The statements in this press release contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this press release are forward-looking statements made in good faith by us and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “target,” “will” or other similar words are intended to identify forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements relating to the consideration CenterPoint Energy expects to receive, the timing of closing the transaction, long-term growth strategy and investment plan, capital deployment, rate base growth, and CenterPoint Energy’s guidance basis utility earnings per share and guidance basis utility earnings per share growth target. Each forward-looking statement contained in this press release speaks only as of the date of this release. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to: (1) the timing of the expiration or termination of the Hart-Scott-Rodino waiting period and the receipt of any consents, waivers or approvals required to be obtained pursuant to applicable antitrust or regulatory laws, (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed transactions or could otherwise cause the failure of the proposed transactions to close, (3) the risk that a condition to the closing of the proposed transactions may not be satisfied, (4) the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted relating to the proposed transactions, (5) the timing to consummate the proposed transactions, (6) disruption from the proposed transactions making it more difficult to maintain relationships with customers, employees, regulators or suppliers, (7) the diversion of management time and attention on the proposed transactions and (8) other factors discussed in CenterPoint Energy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission (SEC).

Media:
John Sousa
Phone: 713.659.2111

Investors:
Philip Holder
Jackie Richert
Phone: 713.207.6500

StormFisher and Generate Capital team recognized for innovations in renewable natural gas production

LONDON, Ontario & SAN FRANCISCO--(BUSINESS WIRE)--StormFisher, a leader in the circular economy and decarbonization solutions and Generate Capital, a leading diversified sustainable infrastructure company, announced today that their facility in London, Ontario has been awarded the 2021 Project of the Year by the Canadian Biogas Association. This award recognizes StormFisher for its renewable natural gas production system created to reduce greenhouse gases in the environment through the transformation of food waste into carbon negative fuels.

“The entire StormFisher team is extremely proud to receive this award. The addition of our renewable natural gas production system is one of the first to produce renewable natural gas from food waste to help solve both the food waste and carbon emission challenges,” says Brandon Moffatt, Co-Founder and Vice President of Development.

Decarbonization of the natural gas supply system is the next big challenge to meet the world’s collective greenhouse gas reduction goals. With over 15 years of plant operating experience across many facilities, StormFisher is a key driver in transitioning Canada’s dependence on fossil fuels into sustainable renewable energy through waste while growing the economy.

“These awards recognize and honour the accomplishments of industry leaders in the biogas sector. We are proud to showcase successful Canadian biogas projects and provide well-deserved recognition to organizations like StormFisher who are creating sustainable solutions to create a safe and clean planet,” says Jennifer Green, Executive Director, Canadian Biogas Association.

StormFisher’s London facility is one of the largest in North America processing over 120,000 tons of organics from restaurants, grocery stores, municipalities and other organizations including Enbridge, Maple Leaf Foods, Bartels International, Ontario Centre of Innovation, Labatt, and Waste Management.

The facility is owned by Generate Capital Inc., which has partnered with StormFisher to scale the biogas industry in Canada. “We’ve developed several sustainable waste management assets with StormFisher over the last several years and plan to do many more,” said Scott Jacobs, CEO of Generate. “We’re thrilled the hard work, dedication and innovation of the StormFisher and Generate teams were recognized with this award.”

“On behalf of the Ontario government, I would like to congratulate StormFisher for their leadership and innovation in the production of renewable natural gas from food and organic waste,” said Jeff Yurek, Ontario’s Minister of the Environment, Conservation and Parks and MPP for Elgin-Middlesex-London. “Private sector investments like these in clean, renewable energy programs is a great example of how industry can do their part by bringing forward innovative solutions that help Ontario meet its greenhouse gas emissions targets, while creating local jobs and powering Ontario’s economic renewal.”

To learn more about the project and the award please see the following video: https://www.youtube.com/watch?v=6b_pWXEpJtk

About StormFisher

At StormFisher, our mission is to help mitigate climate change and create a safe and clean planet for people around the world through decarbonization strategies and solutions. We do this by converting food waste, water, and energy into renewable natural gas that can be used to power businesses, manufacturing plants, schools and other organizations. Visit stormfisher.com for more information or follow up on social media:

TW: @StormFisher05
Insta: @StormFisher8
FB: @StormFisher
LinkedIn: @stormfisher-environmental-ltd

About Generate

Generate Capital, Inc. is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 35 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.

Chris Guillon
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647-295-8440

Emily Chasan
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415-480-2914

New Android Auto™ compatibility unlocks the in-vehicle experience for Android™ users, bringing essential charging functionality directly into the vehicle

CAMPBELL, Calif.--(BUSINESS WIRE)--#Bethechange--ChargePoint, Inc. (NYSE:CHPT), a leading electric vehicle (“EV”) charging network, now working with Android Auto, is making the transition to electric mobility easier and more seamless for drivers. This new integration brings essential EV charging functionality inside the vehicle, allowing drivers to easily access charging information directly from their infotainment system.

“At ChargePoint, we know that the shift to electric mobility relies on driver experience, and ChargePoint’s Android Auto app is another pivotal step in the evolution already underway, driven by software and increased connectivity,” said Bill Loewenthal, Senior Vice President, Product, ChargePoint. “By integrating essential charging data directly into the vehicle’s infotainment system, drivers are even more empowered and informed. With the ability to connect their phone directly to their EV through Android Auto, drivers now have access to ChargePoint app information right on the vehicle display. The enhanced connection between app and vehicle represents the next step in how drivers and passengers are fueling mobility and how ChargePoint is delivering technology solutions to fit the needs of EV drivers now and in the future.”

Beginning today, Android users will be able to harness the power of the ChargePoint app on their vehicle display by simply connecting an Android phone, with the ChargePoint app installed and running Android 6.0 or above, to an Android Auto compatible vehicle. Key features of the application include:

• Map with nearby stations;
• Ability to check station status;
• Select the station list for more detailed information;
• Begin a charging session;
• Filter nearby stations by charging speed, availability and cost;
• Compatibility with the driver’s EV make and model; and
• If a station is busy, the driver can use the in-vehicle app to click Notify Me to find out when the station becomes available again.

This integration with Android Auto underscores ChargePoint’s decade-plus commitment to enhancing the experience for drivers and businesses helping to accelerate the shift to electric mobility.

About ChargePoint

ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 90 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. press offices or This email address is being protected from spambots. You need JavaScript enabled to view it..

Android and Android Auto are trademarks of Google LLC.

<CHPT-IR>

North American press inquiries:
Olivia Marcinka
Communications Specialist, North America
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European press inquiries:
Matthew Enevoldson
Communications Manager, Europe
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DAR ES SALAAM, Tanzania--(BUSINESS WIRE)--Recently, a 750 HP desert drilling rig and supporting equipment developed and manufactured by Shandong Kerui Petroleum & Gas Equipment Co., Ltd. arrived in Libya smoothly. The truck-mounted drilling and work-over rig provided by Kerui Petroleum & Gas Equipment is customized for the special service environment, which can adapt to 55 ℃ high temperature environment and fully meet the operation requirements of soft sand environment in the desert area in Sahara.

The chassis of the truck-mounted work over rig is a 10 × 10 full drive oil field special off-road chassis, equipped with desert tires, which can reasonably distribute the chassis load and has super off-road performance. The rig adopts a unique radiator suitable for high temperature desert areas to cool down the hydraulic oil. At the same time, the engine adopts a special air filter to adapt to the desert high temperature and strong sand working environment. The workover platform can realize overall transportation with the rig, thus to improve the moving efficiency and reduces the transportation unit and transportation cost.

Kerui Petroleum & Gas is an international comprehensive industrial group providing high-end oil equipment, oil and gas field technical services and EPC engineering services to the global oil and gas industry. At present, Kerui's marketing and service network has covered 57 countries and regions in the world, providing quality services and practical products for more than 8000 customers in more than 80 countries and regions. Up to now, Kerui has established a complete sales and service network in many major African petroleum producing countries such as Algeria, Ethiopia, Libya and Egypt. More than 10 sets of Kerui drilling and work-over rig are in operated actively in the vast Sahara area, contributing a great force to the oil exploitation and steady increase in Africa.

Jason Guo
Sales Director - Kenya/Tanzania
Tel: +254-79-957-4005 Kenya
+255-76-650-6239 Tanzania

Simplifies Operator Weather Workflow in One Interface While Meeting FAA Part 107 Weather Minimums

RESTON, Va. & SAN FRANCISCO & SYRACUSE, N.Y.--(BUSINESS WIRE)--TruWeather Solutions (“TruWeather”), a leading micro weather data and analytics company, and Spire Global, Inc. (“Spire”), a leading global provider of space-based data and analytics, announced today that they have signed a letter of commitment to support TruWeather’s Small Business Innovation Research (SBIR) grant with NASA. This commitment enhances previous agreements that align the strengths of both companies with the goal of enabling safer and more reliable Unmanned Aerial Systems (UAS) and Advanced Air Mobility (AAM) as the emerging industry and air traffic density accelerate in growth. TruWeather will have access to Spire’s weather observational data sets and global predictions to fuel TruFlite V360 micro-weather prediction models and hyper-local weather decision support APIs. Spire will leverage TruWeather’s 35 years of aviation weather operations experience and unique positioning in the unmanned systems market, and most importantly, have access to TruWeather’s last mile weather solutions to address bespoke UAS and AAM weather needs. TruWeather and Spire expect the relationship to result in a comprehensive and reliable end-to-end global weather service focused on increasing global awareness from the stratosphere to urban city building canyons for drones, air taxis and flight control and management systems and service providers.

TruWeather was recently awarded the NASA grant to develop an urban wind hazard service demonstration as part of NASA’s Weather Data Infrastructure initiative. The partnership’s precision micro weather analysis and urban predictions will contribute to decreasing operators’ flight pattern uncertainty and increasing their potential revenue, safety and utilization in urban areas. Future reliability and predictability of drone and air taxi services will depend on better weather services to detect Venturi wind and wake turbulence effects, micro-burst detection, localized fog and cloud icing that pose significant risk to drone and air taxi operations.

“My experience as the National Weather Science and Technology Director informed TruWeather’s decision to partner with Spire and leverage what we believe to be the most promising global weather prediction system in the world. TruWeather only works with the best weather partners to deliver the most advanced pinpoint weather intelligence possible to drone and air taxi operators, UAS Test Ranges, UTM and AAM systems, and federal and local governments worldwide,” said Don Berchoff, CEO of TruWeather Solutions. “TruWeather is aligning sensor and data partners now to address the toughest weather challenge, localized urban wind variances and building induced wake turbulence, and micro-climate icing, and IFR conditions that are sub-grid to weather systems today and must get better for a safe, predictable and reliable drone and air taxi industries.”

TruFlite V360° simplifies decision-making with subscription-based APIs that provide actionable weather insights designed to increase vehicle utilization rates and optimize stakeholder resources and scheduling for the best flight windows. TruWeather is the first weather solution provider to offer a deeply immersive weather experience built specifically for drone pilots and air taxi operations, all focused on helping the pilot meet FAA Part 107 weather minimums and Part 135 weather requirements.

“We believe the combination of Spire’s weather data sets and prediction model with TruWeather’s TruFlite V360 will help ensure that end-users will receive highly accurate forecasting allowing them to make smarter weather-driven decisions,” said Keith Johnson, Vice President and General Manager for Government Solutions at Spire. “We know how critical these decisions can be to mission success and we’re proud to partner with TruWeather, a leader in micro-weather data and analytics, to create what we expect to be one of the most robust global weather prediction systems that can predict the weather of today, tomorrow and the future.”

About TruWeather Solutions, Inc.

Established in 2015, TruWeather Solutions, Inc. is a leading provider of weather data analytics and innovative weather risk management products in the US market and beyond. TruWeather’s customized translation of real-time and predictive weather data into discrete workflow decision insights sharpen resource scheduling, planning and mission execution resulting in safer, more productive operations and business success.

About Spire Global, Inc.

Spire is a global provider of space-based data and analytics that offers unique datasets and powerful insights about Earth from the ultimate vantage point so organizations can make decisions with confidence, accuracy, and speed. Spire uses a multi-purpose satellite constellation to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, CA, Boulder, CO, Washington DC, Glasgow, Luxembourg, and Singapore. On March 1, 2021 Spire announced plans to go public via a planned business combination with NavSight Holdings, Inc. (NYSE: NSH), and expects to be traded on the NYSE under the ticker symbol “SPIR.” To learn more, visit spire.com.

About NavSight Holdings, Inc.

NavSight Holdings, Inc. (“NavSight”) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. NavSight was organized with the opportunity to pursue a business combination target in any business or industry, with the intent to focus its search on identifying a prospective target business that provides expertise and technology to U.S. government customers in support of their national security, intelligence and defense missions.

Additional Information and Where to Find It

In connection with the planned business combination with Spire (the “Proposed Transaction”), NavSight intends to file a Form S-4 Registration Statement (the “Registration Statement”) with the SEC, which will include a preliminary proxy statement to be distributed to holders of NavSight’s common stock in connection with NavSight’s solicitation of proxies for the vote by NavSight’s stockholders with respect to the Proposed Transaction and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to the Company’s stockholders in connection with the Proposed Transaction, and an information statement to Company’s stockholders regarding the Proposed Transaction. After the Registration Statement has been filed and declared effective, NavSight will mail a definitive proxy statement/prospectus, when available, to its stockholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus, any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available because they will contain important information about NavSight, the Company and the Proposed Transaction. Investors and security holders may obtain free copies of the preliminary proxy statement/prospectus and definitive proxy statement/prospectus (when available) and other documents filed with the SEC by NavSight through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, VA 20191.

Participants in Solicitation

NavSight and the Company and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transaction. Information about the directors and executive officers of NavSight is set forth in its Form 10-K filed on March 29, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Registration Statement and other relevant materials to be filed with the SEC regarding the Proposed Transaction when they become available. Stockholders, potential investors and other interested persons should read the Registration Statement carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the Proposed Transaction. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations of accelerating Spire’s sales and marketing efforts, expectations of product development, including the success of the weather service being developed in partnership with TruWeather, across Spire’s weather segment and the applicability of such products to Spire’s market, the strengthening of Spire’s competitive advantage, the importance of weather forecasting to Spire’s target markets, Spire’s ability to advance its offering of valuable and business-oriented weather prediction solutions to its core markets, the expansion of Spire’s business to new regions and markets, Spire’s future growth, estimates and forecasts of financial and performance metrics, expectations of achieving and maintaining profitability, projections of total addressable markets, market opportunity and market share, net proceeds from the Proposed Transactions, potential benefits of the Proposed Transaction and the potential success of the Company’s market and growth strategies, and expectations related to the terms and timing of the Proposed Transaction. These statements are based on various assumptions and on the current expectations of NavSight’s and the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of NavSight and the Company. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of NavSight's securities; (ii) the risk that the Proposed Transaction may not be completed by NavSight's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NavSight; (iii) the failure to satisfy the conditions to the consummation of the Proposed Transaction, including the approval of the Proposed Transaction by the stockholders of NavSight, the satisfaction of the minimum trust account amount following any redemptions by NavSight's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the inability to complete the PIPE investment in connection with the Proposed Transaction; (v) the failure to realize the anticipated benefits of the Proposed Transaction; (vi) the effect of the announcement or pendency of the Proposed Transaction on Spire’s business relationships, performance, and business generally; (vii) risks that the Proposed Transaction disrupts current plans of Spire and potential difficulties in Spire employee retention as a result of the Proposed Transaction; (viii) the outcome of any legal proceedings that may be instituted against NavSight or Spire related to the business combination agreement or the Proposed Transaction; (ix) the ability to maintain the listing of NavSight’s securities on the New York Stock Exchange; (x) the ability to address the market opportunity for Space-as-a-Service; (xi) the risk that the Proposed Transaction may not generate expected net proceeds to the combined company; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the Proposed Transaction, and identify and realize additional opportunities; (xiii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (xiv) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive space data analytics industry; and those factors discussed in NavSight’s final prospectus filed on September 11, 2020 under the heading “Risk Factors,” and other documents of NavSight filed, or to be filed, with the SEC. If any of these risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither NavSight nor the Company presently know or that NavSight and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NavSight’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. NavSight and the Company anticipate that subsequent events and developments will cause NavSight’s and the Company’s assessments to change. However, while NavSight and the Company may elect to update these forward-looking statements at some point in the future, NavSight and the Company specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NavSight’s and the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

For TruWeather:
Lisa Tinnesz
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For Spire Global, Inc.:
Investor Contact:
Michael Bowen and Ryan Gardella
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Media Contact:
Phil Denning
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For NavSight Holdings, Inc.:
Investor Contact:
Jack Pearlstein
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Tula Technology Presents Findings on its Dynamic Motor Drive at the 42^nd International Vienna Motor Symposium

SAN JOSE, Calif.--(BUSINESS WIRE)--#BEV--Tula Technology, Inc., a leader in propulsion efficiency, reported today at the International Vienna Motor Symposium that their product Dynamic Motor Drive (DMD™) mitigates efficiency losses of electric motors while significantly reducing reliance on rare-earth materials. DMD’s application to electric vehicle motors has the potential to increase range while using less energy.

Improving the efficiency of the powertrain is key to reducing the energy consumed by an electric vehicle. Electric motors equipped with rare earth magnets can exceed 90% efficiency at peak performance; however, real-world driving conditions often reduce motor efficiency to approximately 70-85%, far below the peak. The patented DMD pulse density strategy mitigates efficiency losses through improvements in control software. Tula has simulated the DMD concept and projects efficiency improvements of 2.5% on the Worldwide Harmonized Light Vehicle Test Procedure (WLTP) cycle for an average electric vehicle. These improvements increase driving range while lowering total energy consumed. DMD is cost-effective, software-driven and does not require hardware changes to the motor or vehicle. Additionally, DMD avoids many of the rare earth material challenges including escalating future costs, limited supply and sourcing risks.

R. Scott Bailey, president and CEO of Tula Technology, commented, “By 2040, more than half of all passenger vehicles sold globally will be electric*. Tula’s Dynamic Motor Drive technology delivers high-value efficiency improvement to the full spectrum of electrification applications. With DMD, we can take a synchronous reluctance motor with low permanent magnet content and increase its efficiency to a level nearly comparable to a full permanent magnet motor. This reduces reliance on rare earth metals, which translates to lower cost and greater supply chain security. We are very excited about our DMD results, and our team is ready to work with partners and customers to optimize motor system performance in the transportation, industrial and power generation industries.”

Tula’s first product, Dynamic Skip Fire (DSF®), is an advanced cylinder deactivation control strategy that has been shown to significantly reduce CO₂ emissions in gasoline engines and has been in production since 2018 with more than one million vehicles on the road. As presented jointly with Cummins at the Society of Automotive Engineers World Congress this year, the diesel application of DSF, Diesel Dynamic Skip Fire (dDSF™), was shown to reduce nitrogen oxide emissions by 74% and CO₂ emissions by 5% in a Class 8 truck operating in a low-load cycle. DMD takes Tula’s control strategy to electric motors and has the potential to improve efficiency beyond electric vehicles into other modes of transportation, propulsion, and power conversion.

*Electric Vehicle Outlook 2020, Bloomberg NEF

About Tula Technology, Inc.

Silicon Valley-based Tula Technology provides innovative award-winning software controls to optimize propulsion efficiency and emissions across the mobility spectrum, including gasoline-powered, diesel, alternative fuel, hybrid, and electric vehicles. Tula’s culture of innovation has resulted in breakthrough technology and a robust global patent portfolio of more than 340 patents issued and pending. Tula Technology is a privately held company backed by Sequoia Capital, Sigma Partners, Khosla Ventures, GM Ventures, BorgWarner and Franklin Templeton. More information is available at www.tulatech.com.

Editor’s note: Tula (DMD) video introduces Tula, current electric vehicle motor technology challenges and DMD™ concept, operation and benefits. https://youtu.be/Zx74lfvOZ-U

Tula Technology, Inc.
Ram Subramanian
Principal Marketing Strategist
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Media:
Financial Profiles, Inc.
Debbie Douglas
Senior Vice President
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(949) 375-3436

Providing STEM opportunities to more than 250 registered students from 7 countries

WESTFORD, Mass.--(BUSINESS WIRE)--NETSCOUT SYSTEMS, INC., (NASDAQ: NTCT), a leading provider of service assurance, networking, security, and business analytics, today announced it is sponsoring its seventh civic hackathon with Shooting Stars Foundation. This 12-hour virtual civic hackathon asks students to think about “Life in 2031” as they challenge themselves to solve new problems through hands-on STEM experience.

Civic hackathons grow students’ interest in STEM topics and community issues by providing an opportunity to practice 21^st century skills such as critical thinking, technology literacy, collaboration, and innovation. This year’s theme is “Life in 2031” and students will be asked to consider what the world might look like 10 years from now, whether in learning, travel, culture, climate change, environment, health, or technology. Students, who may or may not have coding experience, will then develop creative solutions to address those anticipated needs and challenges, with support from mentors as needed. At the end of the day, student teams will pitch their solutions to the panel of judges.

With organizers making a concerted effort to include minority students by reaching out to youth organizations in underserved communities, a diverse group of middle and high school students from 22 states and Puerto Rico, as well as Jamaica, Canada, and four other countries are registered.

Event highlights are noted below and more information can be found on the event website.

Saturday, May 8, 9 a.m. – 9 p.m. Eastern

• In advance of the event, registered students will be offered pre-event workshops in HTML and CSS coding as well as other engagement opportunities, including a workshop for brainstorming and a STEM career exploration workshop featuring a panel of six NETSCOUT employees.
• Two NETSCOUT executives will deliver keynote addresses:
  • Jeff Levinson, Vice President and General Counsel, has been trained as a Climate Reality Project Leader. He will talk about climate change problems and solutions and the future of a just transition to clean energy.
  • Tony King, Senior Vice President, International Sales, an experienced technology executive, will discuss global technology trends and offer students pointers for a successful pitch presentation.
• NETSCOUT employees will serve as mentors, guiding brainstorming and advising students on their projects throughout the day, and as judges for the final presentations.
• Prizes will be awarded in several categories.

About Shooting Stars Foundation

Shooting Stars Foundation is a 501(c)3 non-profit organization that empowers youth through education. We sponsor about 400 students in STEM Majors in universities in 8 countries and have executed multiple state-of-the-art technology camps in the US for the underserved communities. Shooting Stars strongly believes in empowering youth to break the cycle of poverty through relevant STEM education in the most needed communities!

About NETSCOUT

NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT) helps assure digital business services against disruptions in availability, performance, and security. Our market and technology leadership stems from combining our patented smart data technology with smart analytics. We provide real-time, pervasive visibility and insights customers need to accelerate and secure their digital transformation. Our approach transforms the way organizations plan, deliver, integrate, test, and deploy services and applications. Our nGenius™ service assurance solutions provide real-time, contextual analysis of service, network, and application performance. Arbor Smart DDoS Protection by NETSCOUT products help protect against attacks that threaten availability and advanced threats that infiltrate networks to steal critical business assets. To learn more about improving service, network, and application performance in physical or virtual data centers, or in the cloud, and how NETSCOUT’s performance and security solutions powered by service intelligence can help you move forward with confidence, visit www.netscout.com or follow @NETSCOUT on Twitter, Facebook, or LinkedIn.

©2021 NETSCOUT SYSTEMS, INC. All rights reserved. NETSCOUT, the NETSCOUT logo, Guardians of the Connected World, Adaptive Service Intelligence, Arbor, ATLAS, Cyber Threat Horizon, InfiniStream, nGenius, and nGeniusONE are registered trademarks or trademarks of NETSCOUT SYSTEMS, INC., and/or its subsidiaries and/or affiliates in the USA and/or other countries. Third-party trademarks mentioned are the property of their respective owners.

Media Contact:
Maribel Lopez
Manager, Marketing & Corporate Communications
NETSCOUT
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617-308-8551

DUBLIN--(BUSINESS WIRE)--The "Marine Audio Market Report: Trends, Forecast and Competitive Analysis" report has been added to ResearchAndMarkets.com's offering.

The global marine audio market is expected to reach an estimated $2,195.4 million by 2023 and it is forecast to grow at a CAGR of 2.5% from 2018 to 2023.

Emerging trends, which have a direct impact on the dynamics of the marine audio market, include development of multi-zone marine stereo receivers and the introduction of Wi-Fi stereos.

The future of the global marine audio market looks good with opportunities in the inboard, outboard, and sterndrive market. The major drivers for this market are the growth in re creational boats production and increasing customer demand for better quality sound systems.

The study includes the marine audio market size and forecast for the global marine audio market through 2023, segmented by component, boat type, and region.

Some of the marine audio companies profiled in this report include SONY, Harman, Clarion, JVC, Pioneer, Fusion, Rockford, JL Audio, Wet Sounds, and MTX Audio and others.

On the basis of its comprehensive research, the analyst forecasts that the speakers will remain the largest segment and subwoofer will experience the highest growth over the forecast period due to the increasing customer demand for better quality multimedia entertainment products.

Within this market, marine audio system for inboard will remain the largest boat type and it is expected to show highest growth over the forecast period due to rising demand of cruise in the emerging markets.

Europe is expected to remain the largest region due to higher production of recreational boat. Asia Pacific is expected to witness highest growth over the forecast period due to the increasing boat production and growth in tourism & water sports activities.

Some of the features of "Marine Audio Market Report: Trends, Forecast and Competitive Analysis" include:

• Market size estimates: Global marine audio market size estimation in terms of value ($M) and volume (Thousand Units) shipment.
• Trend and forecast analysis: Market trend (2012-2017) and forecast (2018-2023) by application, and end use industry.
• Segmentation analysis: Global marine audio market size by various applications such as component, and boat type in terms of value and volume shipment.
• Regional analysis: Global marine audio market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth opportunities: Analysis on growth opportunities in different applications and regions of marine audio in the global marine audio market.
• Strategic analysis: This includes M&A, new product development, and competitive landscape of marine audio in the global marine audio market.
• Analysis of the competitive intensity of the industry based on Porter's Five Forces model.

Key Topics Covered:

1. Executive Summary

2. Market Background and Classifications

2.1: Introduction, Background, and Classifications

2.2: Supply Chain

2.3: Industry Drivers and Challenges

3. Market Trends and Forecast Analysis from 2012 to 2023

3.1: Macroeconomic Trends and Forecast

3.2: Global Marine Audio Market Trends and Forecast

3.3: Global Marine Audio Market by Product Type

3.3.1: Speakers

3.3.2: Stereo Receivers

3.3.3: Subwoofers

3.3.4: Amplifiers

3.4: Global Marine Audio Market by Boat Type

4. Market Trends and Forecast Analysis by Region

4.1: Global Marine Audio Market by Region

4.2: North American Marine Audio Market

4.2.1: North America Marine Audio Market by Product Type

4.2.2: North America Marine Audio Market by Boat Type

4.2.3: United States Marine Audio Market

4.2.4: Canadian Marine Audio Market

4.2.5: Mexican Marine Audio Market

4.3: European Marine Audio Market

4.3.1: European Marine Audio Market by Product Type

4.3.2: European Marine Audio Market by Boat Type

4.3.3: Italian Marine Audio Market

4.3.4: United Kingdom Marine Audio Market

4.3.5: French Marine Audio Market

4.3.6: German Marine Audio Market

4.4: APAC Marine Audio Market

4.4.1: APAC Marine Audio Market by Product Type

4.4.2: APAC Marine Audio Market by Boat Type

4.4.3: Australian Marine Audio Market

4.4.4: Chinese Marine Audio Market

4.4.5: Taiwanese Marine Audio Market

4.4.6: New Zealand Marine Audio Market

4.5: ROW Marine Audio Market

4.5.1: ROW Marine Audio Market by Product Type

4.5.2: ROW Marine Audio Market by Boat Type

4.5.3: Brazilian Marine Audio Market

5. Competitor Analysis

5.1: Product Portfolio Analysis

5.2: Geographical Reach

5.3: Porter's Five Forces Analysis

6. Growth Opportunities and Strategic Analysis

6.1: Growth Opportunity Analysis

6.1.1: Growth Opportunities for the Global Marine Audio Market by Product Type

6.1.2: Growth Opportunities for the Global Marine Audio Market by Region

6.2: Emerging Trends in the Global Marine Audio Market

6.2.1: New Product Development

6.2.2: Mergers, Acquisitions, and Joint Ventures in the Global Marine audio Market

7. Company Profiles of Leading Players

7.1: SONY

7.2: Harman International Industries Ltd.

7.3: Clarion Co. Ltd.

7.4: JVC

7.5: Pioneer Corporation

7.6: Fusion Entertainment Ltd.

7.7: Rockford Corporation

7.8: JL Audio

7.9: Wet Sound

7.10: MTX Audio

For more information about this report visit https://www.researchandmarkets.com/r/52215z

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Town Installs State-of-the-Art Battery Technology from Buffalo-based Viridi Parente as a Backup Power System

AMHERST, N.Y.--(BUSINESS WIRE)--The Town of Amherst is partnering with Buffalo, N.Y.-based Viridi Parente, Inc., a developer of innovative battery technology that can be safely installed and operated in nearly any environment or location, to provide an instantaneous backup system for the town’s traffic intersections. This program ensures power consistency during weather events or general power outages.

As part of a pilot program, the town recently installed an intersection backup power system using safe lithium-ion battery technology from Viridi’s Volta Energy Products group. The Volta FAVEO Traffic System was installed at the corner of Maple and Flint Roads, where 27,700 vehicles pass through a day. At the conclusion of the pilot program period, Amherst will explore additional opportunities to apply this technology to other critical intersections which may include site specific street lights and traffic volume control systems.

Whenever grid power is interrupted, the Volta FAVEO system will instantaneously power up resulting in no disruption of service to traffic lights, police cameras, and other intersection technology. Fully functioning traffic signals also allow officers to provide other critical public safety services during power outages instead of directing traffic at major intersections.

“Non-functioning traffic lights are dangerous, especially at this busy intersection where we have experienced several outages,” says Amherst Supervisor Brian Kulpa. “We are proud to partner with Buffalo-based Viridi Parente and its revolutionary green technology to modernize our grid and make our roads safer for drivers. This not only optimizes public safety, it also generates cost savings as it reduces overtime and minimizes safety concern for those that would have to direct traffic, especially at high volume intersections.”

The Volta FAVEO system is capable of operating in extreme temperatures, has a waterproof steel casing, and is maintenance free — all features that further enhance signal resiliency during more frequent severe weather events and grid challenges. With an anticipated cost reduction of 52% for lithium-ion battery technology by 2030, Volta’s FAVEO system is an affordable long-term option for the Town of Amherst to provide reliable power to its traffic signals and all related technology that may be defined as part of a smart cities program.

With increasing demands to the town’s electrical system, Kulpa said Amherst is looking for alternative ways to meet the needs of the community while being environmentally responsible. Smart signals are one way to curb carbon emissions, as over time these signals create optimal traffic flow and reduce the amount of time cars sit idling. However, if power is lost, the signals must reset and “re-learn” traffic patterns. The FAVEO system prevents this issue, letting traffic continue to proceed efficiently. Transportation accounts for 36% of greenhouse gas emissions in New York. Organized traffic management decreases traffic idle time, reduces emissions and contributes to New York's climate response.

“We commend the Town of Amherst and Supervisor Kulpa for their forward-thinking commitment to a greener, safer and more resilient community,” says Jon M. Williams, CEO of Viridi Parente. “We’re thrilled to deploy our reliable, state-of-the-art renewable technology to the Town of Amherst at this critical traffic intersection.”

In May, Viridi Parente is planning to install a second FAVEO system in collaboration with the Town of Lancaster.

Volta Energy Products brings stationary, point-of-use storage technology that is safe, locatable and reliable to industrial, medical, commercial, municipal, and residential building applications. Its energy storage systems can be used individually or configured for various energy requirements up to 1 megawatt to provide reliable, locatable power. The battery pack is constructed from materials used for aerospace and military applications, making it safe enough for both indoor and outdoor use.

About Viridi Parente:

Viridi Parente (Viridi) is a disruptive energy company in Buffalo, New York, that is changing the way we use energy to improve systems, communities, and lives. Viridi deploys safe lithium-ion battery technology into applications that have been historically dominated by fossil fuel energy sources. Its innovative architecture is constructed from materials used for aerospace and military applications and is the only design in the market that can be safely installed and operated in nearly any environment or location. Through its subsidiary, Green Machine Equipment, Viridi is bringing quiet, fully renewable mobile energy solutions to products in construction equipment, waste disposal, last-mile delivery, and other portable industrial markets. Through its subsidiary, Volta Energy Products, Viridi brings stationary, point-of-use storage technology that is safe, locatable and reliable to industrial, medical, commercial, municipal, and residential building applications. Learn more at: www.viridiparente.com.

Viridi Parente
Wendy Prabhu
Mercom Communications
Tel: 1-512-215-4452
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Smart cities continue to provide significant opportunities for technology and service providers that can demonstrate support for sustainable and equitable city recovery programs

BOULDER, Colo.--(BUSINESS WIRE)--#cityrecovery--A new report from Guidehouse Insights examines recent developments in the global smart city market, with a focus on global revenue forecasts for smart city technologies, segmented by industry and region, through 2030.

The coronavirus pandemic has amplified many urban challenges and created new ones, particularly around health, mobility, education, and economic development issues. Some smart city investments have been delayed, redirected, or cancelled. However, city recovery programs are already showing a strong commitment to infrastructure investment, digital technologies, and increased sustainability. According to a new report from Guidehouse Insights, the global annual smart city technology market is expected to grow from approximately $101 billion in 2021 to $240 billion by 2030 at a compound annual growth rate of 10.2%.

“City governments are looking to rebuild better to ensure resilience to future pandemic events, accelerate the shift to zero carbon, and address the social inequalities in many cities,” says Eric Woods, research director with Guidehouse Insights. “Smart city solutions that support these ambitions are expected to thrive even during a tough period for local government finances.”

City leaders are advocating a focus on digital and clean technologies to make cities more resilient, sustainable, and equitable. The focus on climate change mitigation and adaptation in many national recovery funding programs is likely to boost city investment in clean energy programs and supporting infrastructure (including low carbon transportation and energy efficient buildings). Data platforms and data analytics are also expected to be a focus area. As cities look to reduce spending on legacy infrastructure and applications, the move to cloud-based infrastructure and application services is expected to further accelerate.

The report, Market Data: Smart Cities, examines recent developments in the global smart city market, with a focus on five key industries: energy, water, mobility, buildings, and government. The study examines key market and technology trends, city strategies, key projects, competitor profiles, and regional developments. Global revenue forecasts for smart city technologies, segmented by industry and region, extend through 2030. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 8,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, Market Data: Smart Cities, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

Lindsay Funicello-Paul
+1.781.270.8456
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OTTAWA, Ontario--(BUSINESS WIRE)--The Canadian Union of Public Employees (CUPE) says the passage of strike-breaking legislation by the Trudeau government through the House of Commons is a failure of leadership and an assault on the rights of 1,150 striking workers at the Port of Montreal.

Bill C-29, passed in the House of Commons early Thursday morning, would end the strike and, more importantly, rob those 1,150 workers represented by CUPE Local 375 of their fundamental right to free and fair collective bargaining.

"Throughout this process, we were clear we would return to work if the employer walked back their unfair, unilateral changes to our members' work conditions," said CUPE National President Mark Hancock. "But it was obvious the employer preferred to avoid bargaining altogether, and they successfully duped the Liberals into tipping the scales in their favour."

CUPE 375 went on strike Monday in response to escalating pressure tactics by their employer. The Maritime Employers Association (MEA), which served lockout notice on April 10, announced they would not honour job security provisions in the collective agreement, and extended workers' shifts by up to 100 minutes.

"The Liberals have shown yet again that when the chips are down, they're no friend to Canadian workers," said CUPE National Secretary-Treasurer Charles Fleury. "The courts say time and time again that back-to-work legislation violates Charter rights, and Mr. Trudeau has made it clear today that he does not respect the Charter that his father brought in as prime minister."

If anyone was still wondering if Conservative leader Erin O'Toole would hold true to his recent rhetoric about supporting rank-and-file union members, his party’s vote in support of Bill C-29 makes it clear. "Just one more thing the Conservatives now have in common with the Liberals: two parties who talk about supporting Canadian workers, who then sell them out the moment the rubber hits the road," said Hancock.

CUPE is Canada’s largest union, representing 700,000 workers nationwide.

:cc/cope491

Hugh Pouliot
Media relations, CUPE
613-818-0067
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• GAAP 2021 first quarter EPS was $0.67 compared with $0.56 in 2020.
• Xcel Energy reaffirms 2021 EPS earnings guidance of $2.90 to $3.00.

MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy Inc. (NASDAQ: XEL) today reported 2021 first quarter GAAP and ongoing earnings of $362 million, or $0.67 per share, compared with $295 million, or $0.56 per share in the same period in 2020.

Earnings reflect higher electric and natural gas margins, which more than offset additional depreciation, interest charges and less allowance for funds used during construction (AFUDC).

“Xcel Energy had a strong first quarter and we are reaffirming our expectation to deliver earnings within our annual guidance range,” said Ben Fowke, chairman and CEO. “We are also pleased to have achieved a significant milestone, reducing carbon emission 51% from 2005 levels, bringing us more than halfway to our vision of delivering 100% carbon-free electricity to our customers by 2050.”

“We recently proposed significant measures in Colorado that will transform the energy landscape and help the state continue its clean energy leadership. Our Colorado Clean Energy Plan adds more than 5,000 megawatts of renewable energy and accelerates the retirement of our coal plants. The plan will reduce carbon emissions 85% in Colorado and increase renewable energy to nearly 80% by 2030. To support this ambitious plan, we also proposed a significant transmission expansion that would add 560 miles of new lines to deliver renewable energy.”

At 9:00 a.m. CDT today, Xcel Energy will host a conference call to review financial results. To participate in the call, please dial in 5 to 10 minutes prior to the start and follow the operator’s instructions.

The conference call also will be simultaneously broadcast and archived on Xcel Energy’s website at www.xcelenergy.com. To access the presentation, click on Investor Relations. If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. CDT on April 29 through 12:00 p.m. CDT on May 2.

Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including the 2021 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2020 and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including our nuclear generation facilities; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs, changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.

This information is not given in connection with any
sale, offer for sale or offer to buy any security.

XCEL ENERGY INC. AND SUBSIDIARIES
Notes to Investor Relations Earnings Release (Unaudited)

Due to the seasonality of Xcel Energy’s operating results, quarterly financial results are not an appropriate base from which to project annual results.

Non-GAAP Financial Measures

The following discussion includes financial information prepared in accordance with generally accepted accounting principles (GAAP), as well as certain non-GAAP financial measures such as ongoing return on equity (ROE), electric margin, natural gas margin, ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are adjusted from measures calculated and presented in accordance with GAAP. Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.

Ongoing ROE

Ongoing ROE is calculated by dividing the net income or loss of Xcel Energy or each subsidiary, adjusted for certain nonrecurring items, by each entity’s average stockholder’s equity. We use these non-GAAP financial measures to evaluate and provide details of earnings results.

Electric and Natural Gas Margins

Electric margin is presented as electric revenues less electric fuel and purchased power expenses. Natural gas margin is presented as natural gas revenues less the cost of natural gas sold and transported. Expenses incurred for electric fuel and purchased power and the cost of natural gas are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are generally offset in operating revenues. Management believes electric and natural gas margins provide the most meaningful basis for evaluating our operations because they exclude the revenue impact of fluctuations in these expenses. These margins can be reconciled to operating income, a GAAP measure, by including other operating revenues, cost of sales - other, operating and maintenance (O&M) expenses, conservation and demand side management (DSM) expenses, depreciation and amortization and taxes (other than income taxes).

Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS)

GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method. Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items. Ongoing diluted EPS is calculated by dividing the net income or loss of each subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss of such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period.

We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. For the three months ended March 31, 2021 and 2020, there were no such adjustments to GAAP earnings and therefore GAAP earnings equal ongoing earnings for these periods.

Note 1. Earnings Per Share Summary

Xcel Energy’s 2021 first quarter earnings were $0.67 per share compared to $0.56 per share in 2020, primarily reflecting higher electric and natural gas margins (driven by capital investment recovery and regulatory outcomes), which more than offset additional depreciation, interest charges, less AFUDC and declining sales primarily due to the impacts of COVID-19. First quarter earnings also reflect margin from proprietary commodity trading transactions, primarily entered into under Xcel Energy’s ordinary practices prior to the weather event. See Note 5 for further discussion.

Summarized diluted EPS for Xcel Energy:

^(a) Amounts may not add due to rounding.

PSCo — Earnings increased $0.07 per share for the first quarter of 2021, reflecting higher natural gas and electric margins (primarily capital investment recovery and regulatory outcomes), partially offset by additional depreciation and taxes (other than income taxes).

NSP-Minnesota — Earnings increased $0.04 per share for the first quarter of 2021, reflecting higher electric margin (primarily capital investment recovery), partially offset by increased depreciation.

SPS — Earnings increased $0.03 per share for the first quarter of 2021, reflecting higher electric margin (regulatory outcomes in Texas and New Mexico), partially offset by increased depreciation.

NSP-Wisconsin — Earnings were flat for the first quarter of 2021.

Xcel Energy Inc. and Other — Primarily includes financing costs at the holding company.

Components significantly contributing to changes in 2021 EPS compared to 2020:

^(a) Includes production tax credits (PTCs) and plant regulatory amounts, which are primarily offset in electric margin.

Note 2. Regulated Utility Results

Estimated Impact of Temperature Changes on Regulated Earnings — Unusually hot summers or cold winters increase electric and natural gas sales, while mild weather reduces electric and natural gas sales. The estimated impact of weather on earnings is based on the number of customers, temperature variances, the amount of natural gas or electricity historically used per degree of temperature and excludes any incremental related operating expenses that could result due to storm activity or vegetation management requirements. As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance.

Degree-day or Temperature-Humidity Index (THI) data is used to estimate amounts of energy required to maintain comfortable indoor temperature levels based on each day’s average temperature and humidity. Heating degree-days (HDD) is the measure of the variation in the weather based on the extent to which the average daily temperature falls below 65° Fahrenheit. Cooling degree-days (CDD) is the measure of the variation in the weather based on the extent to which the average daily temperature rises above 65° Fahrenheit. Each degree of temperature above 65° Fahrenheit is counted as one CDD, and each degree of temperature below 65° Fahrenheit is counted as one HDD. In Xcel Energy’s more humid service territories, a THI is used in place of CDD, which adds a humidity factor to CDD. HDD, CDD and THI are most likely to impact the usage of Xcel Energy’s residential and commercial customers. Industrial customers are less sensitive to weather. Typically, sales are not impacted in the first or fourth quarter due to THI or CDD.

Normal weather conditions are defined as either the 10, 20 or 30-year average of actual historical weather conditions. The historical period of time used in the calculation of normal weather differs by jurisdiction, based on regulatory practice. To calculate the impact of weather on demand, a demand factor is applied to the weather impact on sales. Extreme weather variations, windchill and cloud cover may not be reflected in weather-normalized estimates.

Percentage increase (decrease) in normal and actual HDD:

Weather — Estimated impact of temperature variations on EPS compared with normal weather conditions:

Sales — Sales growth (decline) for actual and weather-normalized sales in 2021 compared to 2020:

^(a) Higher residential sales and lower commercial and industrial (C&I) sales were primarily attributable to COVID-19.

Weather-normalized and leap-year adjusted electric sales growth (decline) — year-to-date (excluding leap day)

Each of our utility subsidiaries experienced higher residential sales and lower C&I sales as a result of COVID-19 beginning in March 2020. In addition, the following items impacted sales:

• PSCo — Residential sales rose based on an increased number of customers and higher use per customer. The decline in C&I sales was primarily due to decreases in the manufacturing and service industries, partially offset by an increase in the energy sector.
• NSP-Minnesota — Residential sales growth reflects higher use per customer and increased customer additions. The decline in C&I sales was primarily due to decreases within the manufacturing and service sectors.
• SPS — Residential sales increased due to customer growth and higher use per customer. The decline in C&I sales was driven by decreases within the energy and manufacturing sectors.
• NSP-Wisconsin — Residential sales growth was attributable to customer additions and higher use per customer. The decline in C&I sales was largely related to decreases in the energy and manufacturing industries, partially offset by an increase in the service sector.

Weather-normalized and leap-year adjusted natural gas sales growth (decline) — year-to-date (excluding leap day)

• Natural gas sales primarily reflect lower customer use, offset by an increase in the number of customers.

Electric Margin — Electric revenues and fuel and purchased power expenses are impacted by fluctuations in the price of natural gas, coal and uranium. However, these price fluctuations have minimal impact on electric margin due to fuel recovery mechanisms that recover fuel expenses. In addition, electric customers receive a credit for PTCs generated, which reduced electric revenue and margin. See Note 5 for discussion on the impact of Winter Storm Uri.

Electric revenues and margin:

Changes in electric margin:

^(a) Sales excludes weather impact, net of decoupling/sales true-up, and demand is net of sales true-up.

Natural Gas Margin — Natural gas expense varies with changing sales and the cost of natural gas. However, fluctuations in the cost of natural gas has minimal impact on natural gas margin due to cost recovery mechanisms. See Note 5 for discussion on the impact of Winter Storm Uri.

Natural gas revenues and margin:

Changes in natural gas margin:

O&M Expenses — O&M expenses increased $5 million, or 0.9%, for the first quarter of 2021. The increase was primarily due to expenses associated with new wind farms, software and infrastructure costs, compensation, damage prevention and storms, partially offset by continuous improvement initiatives.

Depreciation and Amortization — Depreciation and amortization increased $58 million, or 12.5%, for the first quarter of 2021. The increase was primarily driven by several wind farms going into service, as well as normal system expansion. In addition, 2021 depreciation expense increased as a result of implementation of new depreciation rates in Colorado, New Mexico and Texas.

Other Income (Expense) — Other income (expense) increased $16 million for the first quarter of 2021, largely related to rabbi trust performance primarily offset in O&M expenses (compensation).

AFUDC, Equity and Debt — AFUDC decreased $14 million for the first quarter of 2021. Decrease was driven by various wind projects placed into service.

Interest Charges — Interest charges increased $6 million, or 3.0%, for the first quarter of 2021. The increase was largely attributable to higher debt levels to fund capital investments, partially offset by lower long-term and short-term interest rates.

Income Taxes — Effective income tax rate:

^(a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit of excess deferred credits are generally offset by corresponding revenue reductions.

Income tax benefit increased $16 million for the first quarter of 2021. The increase was primarily driven by an increase in wind PTCs due to additional wind facilities going into service. Wind PTCs are credited to customers (recorded as a reduction to revenue) and do not have a material impact on net income. Impact of wind PTCs was partially offset by higher pretax earnings in 2021.

Note 3. Capital Structure, Liquidity, Financing and Credit Ratings

Xcel Energy’s capital structure:

Paul Johnson, Vice President, Investor Relations, (612) 215-4535

For news media inquiries only, please call Xcel Energy Media Relations, (612) 215-5300

Xcel Energy website address: www.xcelenergy.com

Key newsmaker sessions from the world’s preeminent energy conference now available free, on-demand at www.ceraweek.com

HOUSTON--(BUSINESS WIRE)--Prominent sessions from CERAWeek by IHS Markit 2021—the world’s preeminent energy conference—are now available publicly for the first time at www.ceraweek.com and include newsmaker interviews and addresses featuring:

• Bill Gates – co-chair of the Bill and Melinda Gates Foundation, founder of Breakthrough Energy and author of the book, How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need
• John F. Kerry – United States Special Presidential Envoy for Climate
• Gina McCarthy – United States White House National Climate Change Advisor
• Jennifer Graholm – United States Secretary of Energy
• Hon. Shri Narendra Modi – Prime Minister of India
• Walter Isaacson – Professor of History, Tulane University and author of The Code Breaker: Jennifer Doudna, Gene Editing and the Future of the Human Race – a New York Times number one bestseller

“CERAWeek 2021 virtually gathered a global audience of more than 15,000 people for wide-ranging discussions about the future of energy, energy transition, climate and technology,” said Daniel Yergin, conference chair and vice chairman of IHS Markit. “We are now pleased to make some of the most high-profile sessions available to an even wider audience.”

CERAWeek by IHS Markit is the premier annual international gathering of energy industry leaders, experts, government officials and policymakers, leaders from the technology, financial and industrial communities – and energy technology innovators.

CERAWeek 2021: The New Map: Energy, Climate and Charting the Future, held virtually March 1-5, 2021, marked the 39th edition of the conference and is the first time that it was held as an all-virtual event. The conference is produced by IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions.

The conference program, inspired by Yergin’s new book, The New Map: Energy, Climate and the Clash of Nations, focused on key themes related to Energy Transition; Geopolitics, Economics and Markets; Investment and Financing; Technology and Innovation; Mobility and the Future Workforce.

Select quotes and direct links to complete sessions follow:

• Bill Gates

Watch the full video (originally aired March 1, 2021)

Drawing on his decades of work in science, technology and humanitarian aid, Bill Gates offers insights into the breakthrough technologies and pipelines of innovation to address the climate challenge.

On the magnitude of the climate challenge and achieving net zero carbon emissions by 2050:

“In the history of the industrial economy, things have never changed as fast as we’re asking them to change. It is so radical. Only an entire generation committed to making this a political priority, in at least all the rich countries, for all of those 30 years gives us a chance…the electric grid has to get three times as big. At the same time, it has to stay reliable using mostly intermittent sources, and people don’t want the price to go up. That makes all the electrification done only a small subset of what we’re asking them to do during this 30-year period. And that’s only one area of emission.”

Explaining his new concept of the “Green Premium”:

“The extra cost you pay to buy something that has no emissions above the normal cost—that’s the green premium…. The U.S. and the other rich countries, we owe more to the world than just brute force reducing our emissions by paying high Green Premiums. We have to innovate on behalf of the entire world. If we get the Green Premium in aggregate down by 95% then the idea of subsidizing becomes practical. The Green Premium to me is the metric that says are you on your way to success in 2050?”

On the knowledge and skills that oil companies can apply to green energy:

“Green hydrogen may need to play a very gigantic role. And a lot of the skill sets involved there are from the oil and gas industry: sequestering carbon, taking nuclear waste and burying it ridiculously deep so that people know that for millions of years you don’t have to worry about it—there are skills sets that those companies can bring. Can they help us with biofuels, can they help us with electric fuels? Green hydrogen is more in their skill sets. We need that capability to do complex engineering.”

• John F. Kerry

Watch the full video (originally aired March 2, 2021)

Over 125 countries have pledged or are considering commitment to net-zero CO2 emissions. Yet few have aligned climate aspirations with policies, laws and regulations to achieve them. Sec. Kerry discusses how United States will lead internationally to ensure that energy demand, climate aspirations and energy security intersect?

On the economic opportunities of addressing climate change:

“We are staring at the opportunity to have the greatest economic transformation since the industrial revolution – certainly since the communications and technology burst of the 1990s. This is the biggest market the world has ever known. It’s a five billion user market today. It’s going to go up to nine billion users over the course of the next 30 years as we grow in population.”

On competition and necessary collaboration with China on climate:

“Yes, there are tensions today that did not exist back then. Now they’re out in the open and it’s no secret that there is strong competition with China. That’s not a problem. We welcome the competition. The United States does well with competition. What we don’t want is an unfair playing field. These things are obviously significant issues and they will exist. But the climate crisis is not something that can fall victim to those other concerns and contests—because China is 30% of all the world’s emissions. It is the number one emitter in the world, we are the number two emitter in the world. There’s no solving this by any one country alone. You have to have China at the table.”

• Jennifer Granholm:

Watch the full video (originally aired March 3, 2021)

Speaking in her first public forum as energy secretary, Secretary Granholm discusses her vision for the U.S. Department of Energy, the agenda for energy research and innovation, and the Biden Administration’s strategy for net zero by 2050.

Comparing energy transition to her experience as Michigan governor during the auto industry collapse and helping industrial sectors transform:

“In times where the market is raising its hand and saying ‘we’re heading in this direction, you better come along or you’re going to be left behind,’ maybe we should listen to some of those signals. And it’s an opportunity for those who work in these sectors to work with us to diversify into clean energy solutions. This is where ‘the puck is headed’ and it would be great to have partners in making that a successful transition.”

On balancing U.S. oil, gas and energy security with the administration’s clean energy goals:

“It’s clear that we want to have energy security. It is a must. The question really is about how to decarbonize. How do you manage carbon emissions? So many of the DOE labs are focused on this technology, both demonstrating it and taking it to scale. If the goal is to get to net zero by 2050 the question is: what is the technology availability, cost, [and] deployment strategies to get us there?”

• Gina McCarthy:

Watch the full video: (originally aired March 4, 2021)

As one of the first acts of his Administration, President Joe Biden appointed the Hon. Gina McCarthy to become the first White House National Climate Advisor and lead the domestic climate policy agenda. McCarthy discussed what Biden’s climate strategy will be and how will the United States align long-term goals with short-term actions.

On the Biden administration’s dual priorities of climate change and job creation:

“This is really, in the end, all about transitioning from a time of pandemic to transitioning to what does our future look like? We’ve been devastated, as other countries have been, by COVID-19. So, now’s the time to rebuild, now’s the time to look to the future. Now is the time for us to actually grow jobs, really good union jobs, to advance that middle class that we need to really expand and to show people that the solutions on climate are actually solutions they should embrace for themselves today for growth of jobs, for a more stable economy, and for their health and wellbeing and safety.”

On the Biden administration’s whole-of-government approach to innovation:

“You’re going to see us continue to invest in innovation. The Department of Energy and the Department of Transportation and other parts of the administration have resources that they can put on the table that start building and building the momentum for new ideas and new technologies. We are thinking about nothing left behind, nothing left off the table but beginning to understand, what are the best investments as well as the best deployments?”

On a balanced approach to addressing climate change:

“We’re not in a zero-sum game here. It’s not ‘think about one’ and it’s at a detriment in terms of our ability to invest and get excited about a full range of opportunities…I don’t think it’s a question of thinking that you can’t do enough. It’s a question of investing in everything. I don’t think that we just need to rely on mitigation at every level to the detriment of any risk that we might face in our ability to have a resilient and vibrant energy sector. We’re not going to go down the road of getting to zero if that means we’re impacting our safety, our health, our viability of our essential services. But we do have to think about all of these things and mix and match them while at the same time reducing the emissions on the whole as quickly as we can.”

• Prime Minister Modi:

Watch the full video (originally aired March 5, 2021)

A keynote address on India’s energy future and the country’s role in the global economy by the Prime Minister of India Hon. Shri Narendra Modi, the recipient of the 2021 CERAWeek Global Energy and Environment Leadership Award in recognition of his commitment to sustainability in energy and the environment.

On the ecological visions of Mahatma Gandhi:

“Mahatma Gandhi rightly said, ‘We may utilize the gifts of nature just as we choose, but in her books, the debits are always equal to the credits.’ Nature keeps [a] simple balance sheet. Whatever is available or credited can be used or debited. But this has to be distributed properly because if we overconsume resources, we are snatching it from someone else. It is on similar lines that India is speaking about climate justice to help fight climate change. Now is the time to think logically and ecologically.”

On the power of behavioral change to fight climate change:

“The most powerful way to fight climate change is behavioral change. There is a very famous story many of you would have heard of. A small child was given a torn world map. The child was told to fix it thinking it could never be done. But the child actually did successfully. When asked how the child did so, the child said, ‘at the back of the world map was a figure of the man.’ All the child did was assemble to a figure of the man. And because of that the world map also got assembled. The message is clear. Let us fix ourselves and the world will be [a] better place. The spirit of behavioral change is a key part of our traditional habits which teaches us consumption with compassion. A mindless throw-away culture is not a part of our ethos.”

On collective behavioral changes in India to promote environmental stewardship:

“The people of India decided to invest LED bulbs on a scale that has never been seen before. As of March 1, 2021, around 37 million LED bulbs are being used. This has saved cost and energy. Over 38 million tons of carbon dioxide have been reduced per year.

“.…A simple request was made to people to give up their LPG subsidy for the benefit of the more needy people. Several people across India voluntarily gave up their subsidy. This played a major role in India being able to provide smoke-free kitchens to [many] households. LPG coverage in India has seen a remarkable growth from 55% in 2014 to 99.6% today. Women have been the major gainers due to this.”

• Walter Isaacson:

Watch the full video (originally aired March 1, 2021)

Part of the CERAWeek Agora-X Voices of Innovation series, Isaacson—best-selling author of the books Einstein, Steve Jobs, Leonardo Da Vinci and The Innovators—shares insights from his latest book on the Nobel Prize–winning scientist whose discovery of CRISPR, the tool that can edit DNA, opens a brave new world of medical miracles as well as moral questions.

On the “three great innovation revolutions” of our time:

"I do think that there have been three great innovation revolutions of our time all based on the fundamental particles we discovered around 1900, which is the atom, the gene and the bit.

“The atom and Einstein’s papers in 1905 lead us to things like nuclear weapons and GPS and space travel. The bit—or binary digit that can encode any information—leads us to the digital revolution. This new revolution is going to be by using molecules as the new microchips. We can reprogram molecules in order to make our own cells into a manufacturing engine."

On the scientific fundamentals of CRISPR:

“CRISPR is a wonderful technique that bacteria has been using for more than a billion years to fight off attacks from viruses. It takes a tiny genetic sampling of the virus that has attacked them, and it weaves it into these clustered repeats, known as CRISPRs, that are inside the DNA of the bacteria. It is an immune system that is able to fight off each new wave of virus. What Jennifer Doudna and others did is figure out a way to repurpose that so we can edit our own DNA using these wonderful molecules that are guide RNAs to guide as scissors and attack our DNA and cut it as we want to for gene editing or to help use it for vaccines or detection technologies or even cures for coronavirus.”

On the implications of a genetic revolution:

“The advent of coronavirus made me think: Maybe there are many good uses for CRISPR including making us less susceptible to viruses. Certainly, single gene mutations that are clearly bad such as Huntington’s disease, sickle cell anemia, Tay-Sachs disease, cystic fibrosis – if we can cure those, certainly we should use gene editing for that. The moral question becomes do we make gene edits and reproductive cells so that they are inherited, that we can change all of the human species?”

Visit www.ceraweek.com for instant access to these and other select sessions.

The complete CERAWeek 2021 program—more than 200 sessions—is available via subscription through the end of May. Subscribe to the complete program at https://ceraweek.com/register.html

About IHS Markit (www.ihsmarkit.com)

IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.

Jeff Marn
IHS Markit
+1 202 463 8213
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Press Team
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DULUTH, Minn.--(BUSINESS WIRE)--The ALLETE, Inc. (NYSE:ALE) board of directors has declared a quarterly dividend of 63 cents per share of common stock.

On an annual basis the dividend is equivalent to $2.52 per share, unchanged from the previous quarter.

The regular quarterly dividend is payable June 1 to common stock shareholders of record at the close of business May 14, 2021.

ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy, based in Bismarck, N.D.; and has an 8 percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

Investor Contact:
Vince Meyer
218-723-3952
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Recorded GAAP earnings were $0.06 per share for the first quarter of 2021, compared to earnings of $0.57 per share for the same period in 2020.
• Non-GAAP core earnings were $0.23 per share for the first quarter of 2021, compared to $0.89 per share for the same period in 2020.
• 2021 EPS guidance adjusted for GAAP earnings in the range of $0.07 to $0.21 and reaffirmed non-GAAP core earnings of $0.95 to $1.05 per share.

SAN FRANCISCO--(BUSINESS WIRE)--PG&E Corporation (NYSE: PCG) recorded first-quarter 2021 income available for common shareholders of $120 million, or $0.06 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $371 million, or $0.57 per share, for the first quarter of 2020.

GAAP results include non-core items that management does not consider representative of ongoing earnings, which totaled $367 million after-tax, or $0.17 per share, for the quarter. These results were primarily driven by costs related to 2019-2020 wildfire-related costs, prior period net regulatory recoveries, the amortization of wildfire insurance fund contributions under Assembly Bill (AB) 1054, PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11), and investigation remedies.

“This is an exciting time for PG&E,” said Patti Poppe, CEO of PG&E Corporation. “With our full leadership team now in place, we are pursuing the important work that we have all committed to – delivering clean, reliable energy for the benefit of our customers and hometowns, and doing so safely. We will meet that objective through our triple-bottom-line focus on people, the planet, and California’s prosperity, underpinned by performance.”

Non-GAAP Core Earnings

PG&E Corporation’s non-GAAP core earnings, which exclude non-core items, were $487 million, or $0.23 per share, in the first quarter of 2021, compared with $576 million, or $0.89 per share, during the same period in 2020.

The decrease in quarter-over-quarter non-GAAP core earnings per share was primarily driven by the increase in shares outstanding, unrecoverable interest expense, the timing of nuclear refueling outages, the timing of taxes, and wildfire mitigation costs above authorized, partially offset by the growth in rate base earnings.

PG&E Corporation uses “non-GAAP core earnings,” which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings to consolidated earnings available for common shareholders.

2021 Guidance

PG&E Corporation is adjusting 2021 GAAP earnings guidance in the range of $0.07 to $0.21 per share, which includes non-core items. PG&E is adjusting 2021 non-core items guidance to approximately $1.8 billion to $1.9 billion after tax, reflecting bankruptcy and legal costs, the amortization of wildfire insurance fund contributions, investigation remedies, and 2019-2020 wildfire-related costs, partially offset by the rate neutral securitization inception impact and prior period net regulatory recoveries.

On a non-GAAP basis, the guidance range for projected 2021 core earnings is reaffirmed at $0.95 to $1.05 per share. Factors driving non-GAAP core earnings include net below the line and spend above authorized of up to $100 million after tax and unrecoverable interest expense of $300 million to $325 million after tax.

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, the potential Net Operating Loss (NOL) securitization, and certain other factors.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation’s website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Earnings Conference Call

PG&E Corporation will also hold a conference call on April 29, 2021, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its first quarter 2021 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

What: First Quarter 2021 Earnings Call

When: Thursday, April 29, 2021 at 11:00 a.m. Eastern Time

Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

A replay of the conference call will be archived through June 6, 2021 at http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.

Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through June 6, 2021, by dialing (800) 585-8367. International callers may dial (416) 621-4642. For both domestic and international callers, the confirmation code 2090038 will be required to access the replay.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings with the CPUC and the Federal Energy Regulatory Commission (FERC) at http://investor.pgecorp.com, under the “Regulatory Filings” tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the “Chapter 11,” “Wildfire and Safety Updates” and “News & Events: Events & Presentations” tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com. In this press release, they are together referred to as “PG&E.”

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, including but not limited to earnings guidance for 2021. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility’s joint annual report on Form 10-K for the year ended December 31, 2020, their most recent quarterly report on Form 10-Q for the quarter ended March 31, 2021, and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov. PG&E Corporation and PG&E undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2021 and 2020, except for certain costs that are not tax deductible, as identified in the following footnotes. Amounts may not sum due to rounding.

All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2021, except for certain costs that are not tax deductible, as identified in the following footnotes. Amounts may not sum due to rounding.

Undefined, capitalized terms have the meanings set forth in the PG&E Corporation and the Utility’s joint quarterly report on Form 10-Q for the quarter ended March 31, 2021.

PG&E Corporation discloses historical financial results and provides guidance based on “non-GAAP core earnings” and “non-GAAP core EPS” in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items.

“Non-GAAP core earnings” is a non-GAAP financial measure and is calculated as income available for common shareholders less non-core items. “Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in Exhibit A. “Non-GAAP core EPS,” also referred to as “non-GAAP core earnings per share,” is a non-GAAP financial measure and is calculated as non-GAAP core earnings divided by common shares outstanding (diluted). PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance. With respect to our projection of Non-GAAP Core EPS for the years 2022-2025, we are not providing a reconciliation to the corresponding GAAP measures because we are unable to predict with reasonable certainty the reconciling items that may affect GAAP net income without unreasonable effort. The reconciling items are primarily due to the future impact of wildfire-related costs, timing of regulatory recoveries, special tax items, and investigation remedies. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures.

Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.

Investor Relations Contact: 415.972.7080
Media Inquiries Contact: 415.973.5930

BOISE, Idaho--(BUSINESS WIRE)--IDACORP, Inc. (NYSE: IDA) reported first quarter 2021 net income attributable to IDACORP of $44.8 million, or $0.89 per diluted share, compared with $37.5 million, or $0.74 per diluted share, in the first quarter of 2020.

“Our customer count grew 2.9% over the past twelve months and is accelerating," said IDACORP President and Chief Executive Officer Lisa Grow. “In March 2021 alone, our customer growth rate was 3.5%.

“This growth, combined with increased transmission-related revenues from higher rates and colder weather in the southwest U.S., more than offset a slight decrease in commercial customer sales related to the pandemic. Lower operations and maintenance expenses across the business also increased earnings this quarter.

"We expect robust customer growth to continue throughout 2021, as residential and business customers continue migrating to Idaho in search of our high quality-of-life and business-friendly environment."

IDACORP affirms its previously reported full-year 2021 earnings guidance to the range of $4.60 to $4.80 per diluted share and is also affirming that Idaho Power does not expect to utilize any of the additional tax credits available under its Idaho earnings support regulatory mechanism in 2021. This guidance assumes normal weather conditions over the balance of the year and includes assumed levels of impact from COVID-19 as described below, which also acknowledges circumstances could change and impact results going forward.

Performance Summary

A summary of financial highlights for the quarter ended March 31, 2021 and 2020 is as follows (in thousands, except per-share amounts):

The table below provides a reconciliation of net income attributable to IDACORP for the three months ended March 31, 2021, from the same period in 2020 (items are in millions and are before related income tax impact unless otherwise noted).

IDACORP's net income increased $7.3 million for the first quarter of 2021 compared with the first quarter of 2020, primarily due to higher net income at Idaho Power. Customer growth increased operating income by $3.7 million in the first quarter of 2021 compared with the first quarter of 2020, as the number of Idaho Power customers grew by approximately 16,700, or 2.9 percent, during the twelve months ended March 31, 2021. Lower sales volumes on a per-customer basis decreased operating income by $1.3 million in the first quarter of 2021 compared with the first quarter of 2020, as lower usage per commercial customer was mostly offset by higher usage per residential customer. A decrease of 2 percent in usage per commercial customer in the first quarter of 2021 compared with the mostly pre-pandemic first quarter of 2020 was partly due to the negative impacts of COVID-19 on commercial customers' operations. Residential customers used more energy for heating due to colder weather in Idaho Power's service area, which contributed to a 1 percent increase in usage per residential customer in the first quarter of 2021 compared with the first quarter of 2020.

During the first quarter of 2021, transmission wheeling-related revenues increased $4.1 million compared with the first quarter of 2020 due to an increase in wheeling volumes and an increase in Idaho Power's open access transmission tariff (OATT) rates. Colder winter weather in the southwest United States increased wheeling volumes in the first quarter of 2021 compared with the first quarter of 2020. Also, Idaho Power's OATT rates were approximately 10 percent higher in the first quarter of 2021 compared with the first quarter of 2020.

Other O&M expenses were $4.2 million lower in the first quarter of 2021 compared with the first quarter of 2020, partially due to a difference in the timing of cloud seeding activities and cost savings initiatives at the jointly-owned coal plants. The decrease was also due to the October 2020 closure of Idaho Power's jointly-owned coal plant in Boardman, Oregon. A regulatory mechanism facilitating the recovery of costs related to the closure of the Boardman plant also reduced operating revenues by a corresponding amount in the first quarter of 2021 compared with the first quarter of 2020. In addition, COVID-19-related decreases in employee travel and training costs reduced other O&M expenses in the first quarter of 2021 compared with the first quarter of 2020.

The increase in income tax expense for the first quarter of 2021, compared with the first quarter of 2020, was primarily due to greater 2021 pre-tax income.

2021 Annual Earnings Guidance and Key Operating and Financial Metrics

IDACORP is affirming its earnings guidance estimate for 2021. The 2021 guidance incorporates all of the key operating and financial assumptions listed in the table that follows (in millions, except per share amounts):

⁽¹⁾ As of April 29, 2021.
⁽²⁾ As of February 18, 2021, the date of filing IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2020.

To-date, Idaho Power has not experienced significant disruption to its business operations, critical supply-chain shortages, or major declines in customer usage related to COVID-19, with the exception of decreases in commercial and industrial customer usage. However, if circumstances associated with COVID-19 were to deteriorate more than Idaho Power anticipates in the company’s service area or nationally, Idaho Power could experience more substantial impacts, which could affect financial projections and results that are currently contemplated in the guidance range above. More detailed information on Idaho Power’s actions in response to COVID-19, as well as operational and financial risks associated with COVID-19, are described in IDACORP’s and Idaho Power’s Annual Report on Form 10-K filed on February 18, 2021, with the U.S. Securities and Exchange Commission, which is also available for review on IDACORP’s website at www.idacorpinc.com.

More detailed financial information is provided in IDACORP's Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission and posted to the IDACORP website at www.idacorpinc.com.

Web Cast / Conference Call

IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live webcast on IDACORP's website (www.idacorpinc.com), or by calling (833) 759-1159 for listen-only mode. The passcode for the call is 5178488. The conference call logistics are also posted on IDACORP's website and will be included in IDACORP's earnings news release. Slides will be included during the conference call. To access the slide deck, register for the event just prior to the call at www.idacorpinc.com/investor-relations/earnings-center/default.aspx. A replay of the conference call will be available on the company's website for 12 months and will be available shortly after the call.

Background Information

IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power began operations in 1916 and employs approximately 2,000 people to serve a 24,000-square-mile service area in southern Idaho and eastern Oregon. Idaho Power’s goal of 100% clean energy by 2045 builds on its long history as a clean-energy leader providing reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s more than 590,000 residential, business, and agricultural customers pay among the nation's lowest prices for electricity. To learn more about IDACORP or Idaho Power, visit www.idacorpinc.com or www.idahopower.com.

Forward-Looking Statements

In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance and estimated key operating and financial metrics, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, outlook, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "continues," "could," "estimates," "expects," "guidance," "intends," "potential," "plans," "predicts," "projects or projected," "targets," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include the following: (a) the effect of decisions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission that impact Idaho Power's ability to recover costs and earn a return on investment; (b) changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms; (c) the impacts of the COVID-19 pandemic on the global and regional economy and on Idaho Power's employees, customers, contractors, and suppliers, including on loads and revenues, uncollectible accounts, transmission revenues, and other aspects of the companies' business; (d) changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, and their associated impacts on loads and load growth, and the availability of regulatory mechanisms that allow for timely cost recovery through customer rates in the event of those changes; (e) abnormal or severe weather conditions (including conditions and events associated with climate change), wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation levels, repair costs, service interruptions, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers; (f) advancement of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduction of operational or cyber-security vulnerabilities to the power grid; (g) acts or threats of terrorist incidents, acts of war, social unrest, cyber-attacks, the companies' failure to secure data or to comply with privacy laws or regulations, physical security breaches, or the disruption or damage to the companies' business, operations, or reputation resulting from such events; (h) the expense and risks associated with capital expenditures for, and the permitting and construction of, utility infrastructure that Idaho Power may be unable to complete or may not be deemed prudent by regulators for cost recovery; (i) variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities; (j) the ability of Idaho Power to acquire fuel, power, electrical equipment, and transmission capacity on reasonable terms, particularly in the event of unanticipated power demands, price volatility, lack of physical availability, transportation constraints, disruptions or delays in the supply chain, or a credit downgrade; (k) disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems which can result in liability for Idaho Power, increase power costs, and reduce revenues; (l) accidents, terrorist acts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, mechanical breakdowns, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages, reduce generating output, damage company assets, operations, or reputation, subject Idaho Power to third-party claims for property damage, personal injury, or loss of life, or result in the imposition of civil, criminal, and regulatory fines and penalties for which Idaho Power may have inadequate insurance coverage; (m) the increased purchased power costs and operational challenges associated with purchasing and integrating intermittent renewable energy sources into Idaho Power's resource portfolio; (n) failure to comply with state and federal laws, regulations, and orders, including new interpretations and enforcement initiatives by regulatory and oversight bodies, which may result in penalties and fines and increase the cost of compliance, and the cost of remediation; (o) changes in tax laws or related regulations or new interpretations of applicable laws by federal, state, or local taxing jurisdictions, and the availability of tax credits, and the tax rates payable by IDACORP shareholders on common stock dividends; (p) adoption of, changes in, and costs of compliance with laws, regulations, and policies relating to the environment, natural resources, and threatened and endangered species, and the ability to recover associated increased costs through rates; (q) the inability to obtain or cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities; (r) failure to comply with mandatory reliability and security requirements, which may result in penalties, reputational harm, and operational changes; (s) the impacts of economic conditions, including inflation, interest rates, supply costs, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers, and the collection of receivables; (t) the ability to obtain debt and equity financing or refinance existing debt when necessary and on favorable terms, which can be affected by factors such as credit ratings, volatility or disruptions in the financial markets, interest rate fluctuations, decisions by the Idaho or Oregon public utility commissions, and the companies' past or projected financial performance; (u) changes in the method for determining LIBOR and the potential replacement of LIBOR and the impact on interest rates for IDACORP's and Idaho Power's credit facilities; (v) the ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended; (w) changes in actuarial assumptions, changes in interest rates, increasing healthcare costs, and the actual and projected return on plan assets for pension and other post-retirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows; (x) the assumptions underlying the coal mine reclamation obligations at Bridger Coal Company and related funding and bonding requirements, and the remediation costs associated with planned exits from participation in Idaho Power's co-owned coal plants; (y) the ability to continue to pay dividends and achieve target-payout ratios based on financial performance and in light of credit rating considerations, contractual covenants and restrictions, and regulatory limitations; (z) Idaho Power's concentration in one industry and one region and the lack of diversification, and the resulting exposure to regional economic conditions and regional legislation and regulation; (aa) employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the impact of an aging workforce and retirements, the cost and ability to attract and retain skilled workers and third-party vendors, and the ability to adjust the labor cost structure when necessary; and (bb) adoption of or changes in accounting policies and principles, changes in accounting estimates, and new U.S. Securities and Exchange Commission or New York Stock Exchange requirements, or new interpretations of existing requirements. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Readers should also review the risks and uncertainties listed in IDACORP, Inc.'s and Idaho Power Company's most recent Annual Report on Form 10-K and other reports the companies file with the U.S. Securities and Exchange Commission, including (but not limited to) Part I, Item 1A - “Risk Factors” in the Form 10-K and Management's Discussion and Analysis of Financial Condition and Results of Operations and the risks described therein from time to time. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.

Investor and Analyst Contact

Justin S. Forsberg
Director of Investor Relations & Treasury
Phone: (208) 388-2728
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Media Contact

Sven Berg
Corporate Communications
Phone: (208) 388-2905
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• Driven by climate change, the possibilities of energy storage, use as a fuel and ultimate replacement for reliance on coal and oil, hydrogen has the potential to morph from a niche power source into big business.
• New bulletin from AGCS highlights operational risks that need to be addressed in hydrogen projects, including fire and explosion hazards, impact of embrittlement and business interruption exposures.
• AGCS sees increasing demand for insurance coverage for hydrogen solutions in future.

NEW YORK--(BUSINESS WIRE)--#climatechange--Promoted by governmental funding programs worldwide, hydrogen is predicted to play a leading role in the energy transition towards a low-carbon economy. As an alternative to fossil fuels like oil and coal, hydrogen solutions could be key for tackling climate change in the future, helping many industries to reduce their carbon emissions. While hydrogen technology has been in use for decades, currently planned mega projects require a scaling up of risk management.

A new bulletin from Allianz Global Corporate & Specialty (AGCS) highlights some of the opportunities and challenges of the emerging hydrogen industry, stressing that potential risks around the production, storage and transportation of hydrogen – most notably fire and explosion but also technical failure and business interruption – need to be proactively managed.

“Hydrogen (produced from low-carbon or even renewable energies) is of growing importance for the substitution of fossil fuels in the fields of energy, supply, mobility and industry,” says Chris van Gend, Global Head of Energy and Construction at AGCS. “It has the potential to morph from a niche power source into big business, with countries committing billions to scale up their infrastructure and with projects being introduced around the globe. Despite these successes, there are challenges to overcome for hydrogen to become a major part of the energy transition, such as the cost of production, supply chain complexity and a need for new safety standards.”

Backed by governments: Over 30 countries have produced hydrogen roadmaps
The global shift toward decarbonization has triggered strong momentum in the hydrogen industry. Hydrogen offers several options for the transition towards a low-carbon economy: as an energy carrier and storage medium for conversion back to electricity, as a fuel for all means of transport and mobility and as a potential substitute for fossil hydrocarbons in industries such as steel production or petrochemicals.

Around the world, there is strong governmental commitment for hydrogen initiatives, backed by financial support and regulation: As of the beginning of 2021, over 30 countries have produced hydrogen roadmaps and governments worldwide have committed more than $70bn in public funding, according to McKinsey. There are more than 200 large-scale production projects in the pipeline.

In the US, more than 30 states have already adopted action plans to promote hydrogen technology. The goal is to build a broad-based hydrogen industry that will generate $140bn in annual income and employ 700,000 people by 2030.

Assessing the risk environment
Many of the technologies used for the generation of hydrogen or energy from hydrogen are well known in principle. “Today the vast majority of hydrogen is produced and used on site in industry. What is new is that the type and scale of its adaption is changing fundamentally, with the expected rapid growth of plants in future. We see the advent of giga-scale projects in many countries with various new players entering the market and established players sizing up – and risk management has to keep pace,” says Thomas Gellermann, an AGCS risk consultant and expert at Allianz Center for Technology.

From a technology perspective, the following operational risks are highlighted in the AGCS bulletin:

• Fire and explosion hazards: The main risk when handling hydrogen is of explosion when mixed with air. In addition, leaks are hard to identify without dedicated detectors since hydrogen is colorless and odorless. A hydrogen flame is almost invisible in daylight. Statistics show approximately one in four hydrogen fires can be attributed to leaks, with around 40% being undetected prior to the loss.
  
  An AGCS analysis of more than 470,000 claims across all industry sectors over five years shows how costly the risk of fire and explosion can be. Fire and explosions caused considerable damage and destroyed values of more than €14bn ($16.7bn) over the period under review. Excluding natural disasters, more than half of the 20 largest insurance losses analyzed were due to this cause, making it the number one cause of loss for businesses worldwide.

• Material embrittlement: Diffusion of hydrogen can cause metal and steel (especially high-yield steels) to become brittle and a wide range of components could be affected such as piping, containers or machinery components. In conjunction with embrittlement, hydrogen-assisted cracking (HAC) can occur. For the safety of hydrogen systems, it is important that problems such as the risk of embrittlement and HAC are taken into account in the design phase.

• Business interruption exposures: Hydrogen production or transport typically involves high-tech equipment and failure to critical parts could result in severe business interruption (BI) and significant financial losses. For example, in case of damage to electrolysis cells (used in water electrolysis) or heat exchangers in liquefaction plants it could take weeks, if not months to replace such essential equipment, resulting in production delays. In addition, BI costs following a fire can significantly add to the final loss total. For example, AGCS analysis shows that across all industry sectors, the average BI loss from a fire incident is around 45% higher than the average direct property loss – and in many cases the BI share of the overall claim is much higher, especially in volatile segments such as oil and gas.

Significant increase in demand for insurance expected
While standalone hydrogen projects have been rare in the insurance market to date, hydrogen production as part of integrated refining and petrochemical facilities, and as a part of AGCS’ coverage of industrial gas programs in its property book, has long been a staple of AGCS’ insurance portfolio. Given the numerous projects planned around the world, insurers can expect to see a significant increase in demand for coverage in future to construct and operate electrolysis plants or pipelines for hydrogen transportation.

“As with any energy risk, fire and explosion is a key peril. Business interruption and liability exposures are also key as are transit, installation and mechanical failure risks,” van Gend explains. He expects a significant ramp up in opportunities to which AGCS aims to respond in a proactive manner. “We are developing a more detailed underwriting approach for hydrogen projects, ensuring that we can serve clients globally. There is rightly great enthusiasm around hydrogen solutions as a key driver towards a low-carbon economy, but we shouldn’t overlook that these projects involve complex industrial and energy risks and require high levels of engineering expertise and insurance know-how in order to be able to provide coverage. We will apply the same rigor in risk selection and underwriting for hydrogen projects that we do on our existing energy construction and operational business.”

For the full overview of loss prevention measures for the hydrogen economy download here.

About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 10 dedicated lines of business.

Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.

Worldwide, AGCS operates with its own teams in 31 countries and through the Allianz Group network and partners in over 200 countries and territories, employing over 4,400 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2020, AGCS generated a total of €9.3 billion gross premium globally.

www.agcs.allianz.com

Cautionary Note Regarding Forward-Looking Statements

Sabrina Glavan
Allianz Global Corporate & Specialty
973 876 3902
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Erin Burke
Harden Communications Partners
631 239 6903
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HAMILTON, Bermuda--(BUSINESS WIRE)--April 29, 2021 – Triton International Limited (NYSE: TRTN) ("Triton")

Highlights:

• Net income attributable to common shareholders for the three months ended March 31, 2021 was $129.3 million or $1.92 per diluted share.
• Adjusted net income was $128.7 million or $1.91 per diluted share, an increase of 105.4% from the first quarter of 2020 and 12.4% from the fourth quarter of 2020.
• Trade volumes and container demand were exceptionally strong in the first quarter. Utilization increased 0.4% during the quarter to reach 99.3% as of March 31, 2021. Utilization was 99.4% as of April 23, 2021.
• As of April 23, 2021, Triton has purchased $2.6 billion of new containers for delivery in 2021, most of which have already been committed to high value, long duration leases.
• Triton’s corporate credit rating was upgraded to BBB- by S&P Global Ratings on March 30, 2021.
• Triton completed an inaugural $600 million 2.05% senior secured investment grade bond offering on April 15, 2021.
• Triton’s Board of Directors announced a quarterly dividend of $0.57 per common share payable on June 24, 2021 to shareholders of record as of June 10, 2021.

Financial Results

The following table summarizes Triton’s selected key financial information for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020.

Operating Performance

"Triton achieved outstanding results in the first quarter of 2021," commented Brian M. Sondey, Chief Executive Officer of Triton. "We generated $1.91 of Adjusted earnings per share in the first quarter, an increase of more than 100% from the first quarter of 2020 and an increase of 12.4% from the fourth quarter of 2020. We also achieved an annualized Return on equity of 25.0%."

"Triton continues to benefit from very favorable market conditions. Trade volumes remain strong due to a shift in consumer spending from services and experiences to goods, and demand for containers has been boosted further by a variety of logistical challenges that have slowed the global movement of containers. Our utilization increased to 99.3% as of March 31, 2021 and currently stands at 99.4%. The strong demand for containers has also led to high new container prices and market lease rates. Container factories are currently quoting over $3,500 for a new 20’ dry container, and market lease rates for new containers are significantly higher than the average lease rates in our lease portfolio. Our average selling price for used dry containers jumped further in the first quarter, leading to an increase in our disposal gains from the fourth quarter of 2020 despite a significant decrease in disposal volumes."

"Triton is investing heavily in new containers to help our customers manage the strong increase in trade volumes. Our customers generally did not anticipate the rapid growth in trade that began in the second half of 2020, and all major shipping lines have needed to add significant numbers of containers. Shipping lines have been primarily relying on the leasing market to fulfill their container requirements, and Triton has secured a meaningful share of leasing transactions due to our industry-leading supply capability and our strong reputation for reliability. Triton has purchased approximately $2.6 billion of containers for delivery in 2021, with $0.7 billion accepted in the first quarter, and we have already pre-committed most of our purchased containers to high-value, long-duration leases. We estimate that our existing orders would translate to asset growth of close to 20% for Triton in 2021."

"Triton is highly focused on locking-in durable improvements to our business, profitability and cash flow. The average lease duration for our 2021 new dry container lease commitments is over 12 years, and we estimate that approximately 75% of the used containers we have supplied since last July have been leased on life-cycle leases, which keep the containers on-hire until our typical disposal age. The large block of attractively priced new leases and improved off-hire protections for our used containers will provide a strong foundation to our profitability and cash flow for years to come."

"Our balance sheet remains in great shape. Our leverage remains well below our typical historical range, and our profitability supports our high current growth rate with little impact on our leverage. In March 2021, our corporate credit rating was upgraded to BBB- by S&P, reflecting our strong market and financial position. In the first quarter, we issued $1.2 billion of ABS notes and in April 2021, we successfully completed an inaugural issuance of $600 million investment grade senior secured notes. These successful transactions, which further reduce our overall average borrowing costs, provide an attractive source of financing to support our customers and will contribute to the strong return on our 2021 container investment."

Outlook

Mr. Sondey continued, "Looking ahead, we have significant operational and financial momentum, and we expect to achieve outstanding profitability throughout 2021. Trade volumes remain strong, our container fleet is close to maximum utilization, and we have approximately 500,000 TEU of new containers pre-booked for pick-up in the second and third quarters. We anticipate some normalization of consumer spending patterns as COVID vaccination rates grow, but economists are generally projecting a strong bounce to global GDP in the second half of 2021, and we typically experience peak dry container demand in the third quarter as retailers stock up for the holiday season. We expect our Adjusted net income per share to hold fairly steady from the first to the second quarter of 2021. We expect our leasing margin will increase substantially due to a high volume of new container pick-ups, though we expect this to be mostly offset by lower disposal gains due to a very low volume of container off-hires and disposals. Overall, we expect our profitability, Return on equity and cash flow to remain at very high levels."

Dividends

Triton’s Board of Directors has approved and declared a $0.57 per share quarterly cash dividend on its issued and outstanding common shares, payable on June 24, 2021 to shareholders of record at the close of business on June 10, 2021.

The Company’s Board of Directors also approved and declared a cash dividend payable on June 15, 2021 to holders of record at the close of business on June 8, 2021 on its issued and outstanding preferred shares as follows:

Share Repurchase Program Update

Triton has repurchased over 13.9 million common shares since the inception of the program in August 2018. There were no share repurchases during the first quarter of 2021 and as of March 31, 2021, the Company had a total of $102.1 million remaining under the current authorization.

Investors’ Webcast

Triton will hold a Webcast at 8:30 a.m. (New York time) on Thursday, April 29, 2021 to discuss its first quarter results. To listen by phone, please dial 1-877-418-5277 (domestic) or 1-412-717-9592 (international) approximately 15 minutes prior to the start time and reference the Triton International Limited conference call. To access the live Webcast please visit Triton’s website at http://www.trtn.com. An archive of the Webcast will be available one hour after the live call.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.5 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

Utilization, Fleet, and Leasing Revenue Information

The following table summarizes the equipment fleet utilization for the periods indicated:

The following table summarizes the equipment fleet as of March 31, 2021, December 31, 2020 and March 31, 2020 (in units, TEUs and CEUs):

The following table summarizes our leasing revenue for the periods indicated (in thousands):

Important Cautionary Information Regarding Forward-Looking Statements

Certain statements in this release, other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton’s control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.

These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: the impact of COVID-19 on our business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers’ decisions to buy rather than lease containers; our dependence on a limited number of customers and suppliers; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in demand for international trade; disruption to our operations resulting from the political and economic policies of the United States and other countries, particularly China, including but not limited to, the impact of trade wars, duties and tariffs; disruption to our operations from failures of, or attacks on, our information technology systems; disruption to our operations as a result of natural disasters; compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; our ability to obtain sufficient capital to support our growth; restrictions imposed by the terms of our debt agreements; changes in tax laws in, Bermuda, the United States and other countries and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission ("SEC"), on February 16, 2021, in any Form 10-Q filed or to be filed by Triton, and in other documents we file with the SEC from time to time.

The foregoing list of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on Triton or its business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

-Financial Tables Follow-