Cameco takes hit as uranium sales fall

By Calgary Herald


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Lower earnings in uranium, fuel and electricity led to a 30 per cent drop in second quarter earnings for Cameco Corp.

The company reported net earnings of $150 million, or 44 cents per share, down from $205 million (58 cents per share) for the same period in 2007.

Earnings per share were higher than analysts expected, and Cameco's stock price recovered from a fall of 43 cents, to $33.32. Revenues were $620 million, down from $725 million in the 2007 quarter.

"Since Cameco's quarterly results vary significantly, comparing today's results to our record second quarter last year is not a good indicator of future performance," said Jerry Grandey, Cameco's president and CEO, in the second quarter report.

"We will continue to benefit from our uranium contracting strategy, which will provide upside benefit from rising market prices and protection should prices fall."

Lower uranium sales volumes offset higher realized selling prices, the company said. By comparison, uranium deliveries were unusually high in the second quarter of 2007, making up 35 per cent of last year's total.

The average realized price was up 27 per cent to $43.84 US per pound, from $30.87 US last year.

To the end of June, Cameco had mined 8.9 million pounds of uranium, down from 10.1 million pounds for the same six months of 2007. Cameco plans to mine 19.6 million pounds in 2008, down from a projected 20.6 million.

In a conference call with analysts and media, questions were wide-ranging, but many were asked about Cigar Lake. Cameco was forced to cease remediation work at that property recently when the mine shaft began to take on a substantial amount of water. The mine had originally flooded in 2006.

"While the event at Cigar Lake has set us back, we have made significant progress toward our vision to be a leading nuclear energy company in several other areas since the first quarter," Grandey said.

He also added that Cameco has completed the acquisition of the Kintyre deposit in Western Australia, which offers the potential for low-cost production and further diversifies the company's portfolio.

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Georgia Power customers to see $21 reduction on June bills

Georgia Power June bill credit delivers PSC-approved savings, lower fuel rates, and COVID-19 relief for residential customers, driven by natural gas prices and 2018 earnings, with typical 1,000 kWh users seeing June bill reductions.

 

Key Points

A PSC-approved one-time credit and lower fuel rates reducing June bills for Georgia Power residential customers.

✅ $11.29 credit for 1,000 kWh usage on June bills

✅ Fuel rate cut saves $10.26 per month from June to September 2020

✅ PSC-approved $51.5M credit based on Georgia Power's 2018 results

 

Georgia Power announced that the typical residential customer using 1,000-kilowatt hours will receive an $11.29 credit on their June bill, reflecting a lump-sum credit model also used elsewhere.

This reflects implementation of a one-time $51.5 million credit for customers, similar to Gulf Power's bill decrease efforts, approved by the Georgia Public Service Commission, as a result of

Georgia Power's 2018 financial results.

Pairing the June credit with new, lower fuel rates recently announced, the typical residential customer would see a reduction of $21.55 in June, even as some regions face increases like Pennsylvania's winter price hikes elsewhere.

The amount each customer receives will vary based on their 2018 usage. Georgia Power will apply the credit to June bills for customers who had active accounts as of Dec. 31, 2018, and are still active or receiving a final bill as of June 2020, and the company has issued pandemic scam warnings to help customers stay informed.

Fuel rate lowered 17.2 percent

In addition to the approved one-time credit in June, the Georgia PSC recently approved Georgia Power’s plan to reduce its fuel rates by 17.2 percent and total billings by approximately $740 million over a two-year period. The implementation of a special interim reduction will provide customers additional relief during the COVID-19 pandemic through even lower fuel rates over the upcoming 2020 summer months. The lower fuel rate and special interim reduction will lower the total bill of a typical residential customer using an average of 1,000-kilowatt hours by a total of $10.26 per month from June through September 2020.

The reduction in the company’s fuel rate is driven primarily by lower natural gas prices, even as FPL proposed multiyear rate hikes in Florida, as a result of increased natural gas supplies, which the company is able to take advantage of to benefit customers due to its diverse generation sources.

February bill credit due to tax law savings

Georgia Power completed earlier this year the third and final bill credit associated with the Tax Cuts and Jobs Act of 2017, resulting in credits totaling $106 million. The typical residential customer using an average of 1,000 kilowatt-hours per month received a credit of approximately $22 on their February Georgia Power bill, a helpful offset as U.S. electric bills rose 5% in 2022 according to national data.

 

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Snohomish PUD Hikes Rates Due to Severe Weather Impact

Snohomish PUD rate increase addresses storm recovery after a bomb cyclone and extended cold snap, stabilizing finances and grid reliability while offering assistance programs, payment plans, and energy efficiency for customers.

 

Key Points

Temp 5.8% residential hike in Feb 2025 to recover storm costs, meet cold snap demand, and uphold reliable service.

✅ 5.8% residential increase effective Feb 2025

✅ Driven by bomb cyclone damage and cold snap demand

✅ Aid includes payment plans, efficiency rebates, low income support

 

In early February 2025, the Snohomish County Public Utility District (PUD) announced a temporary increase in electricity rates to offset the financial impact of severe weather events, including a bomb cyclone and an extended cold snap, that occurred in late 2024. This decision aims to stabilize the utility's finances, a pattern seen at other utilities such as Florida Power & Light, which pursued a hurricane surcharge to recover storm costs, while ensuring continued service reliability for its customers.

Background of the Weather Events

In November 2024, the Pacific Northwest experienced a powerful bomb cyclone—a rapidly intensifying storm characterized by a significant drop in atmospheric pressure. This event brought heavy rainfall, strong winds, and widespread power outages across the region. Compounding the situation, a prolonged cold weather period in December 2024 and January 2025 led to increased energy demand, and similar conditions drove up Pennsylvania power rates in the same winter season, as residents and businesses relied heavily on heating systems.

Impact on Snohomish PUD

The combination of the bomb cyclone and the subsequent cold weather placed considerable strain on the Snohomish PUD's infrastructure and financial resources. The utility incurred substantial costs for emergency repairs, restoration efforts, and the procurement of additional electricity to meet the heightened demand during the cold snap. These unforeseen expenses prompted the PUD to seek a temporary rate adjustment to maintain financial stability and continue providing reliable service to its customers.

Details of the Rate Increase

Effective February 2025, the Snohomish PUD implemented a temporary electricity rate increase of 5.8% for residential customers, compared with a 3% BC Hydro increase in the same region for context. This adjustment is designed to recover the additional costs incurred during the severe weather events. The PUD has communicated that this rate increase is temporary and will be reevaluated after a specified period to determine if further adjustments are necessary.

Customer Impact and Assistance Programs

While the rate increase is intended to be temporary, it may still pose a financial burden for some customers, even as some markets expect rates to stabilize in 2025 in other jurisdictions. To mitigate this impact, the Snohomish PUD has outlined several assistance programs:

  • Payment Plans: Customers facing financial hardship can enroll in extended payment plans to spread the cost of the increased rates over a longer period.

  • Energy Efficiency Programs: The PUD offers incentives and resources to help customers reduce energy consumption, potentially lowering their overall bills.

  • Low-Income Assistance: Eligible low-income customers may qualify for additional support through state and federal assistance programs.

The utility encourages customers to contact their customer service department to explore these options and find the best solutions for their individual circumstances.

Community Response and Future Considerations

The announcement of the rate increase has elicited mixed reactions from the community. Some residents express understanding, recognizing the necessity of maintaining infrastructure and service reliability. Others have voiced concerns about the financial impact, particularly among vulnerable populations, a debate also seen with higher BC Hydro rates in nearby British Columbia.

Looking ahead, the Snohomish PUD is committed to enhancing its infrastructure to better withstand future extreme weather events, an approach aligned with other utilities' multi-year rate proposals to fund upgrades. This includes investing in grid modernization, implementing advanced weather forecasting tools, and developing comprehensive emergency response plans. The utility also plans to engage with the community through public forums and surveys to gather feedback and collaboratively develop strategies that balance financial sustainability with customer affordability.

The temporary electricity rate increase by the Snohomish County Public Utility District reflects the financial challenges posed by severe weather events and parallels regional trends, including BC Hydro's 3.75% over two years adjustments, and underscores the importance of proactive infrastructure investment and community engagement. While the rate adjustment aims to stabilize the utility's finances, the PUD remains focused on supporting its customers through assistance programs and ongoing efforts to enhance service reliability and resilience against future climate-related events.

 

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Washington Australia announces $600 electricity bill bonus for every household

WA $600 Electricity Credit supports households with power bills as a budget stimulus, delivering an automatic rebate via Synergy and Horizon, funded by the Bell Group settlement to aid COVID-19 recovery and local spending.

 

Key Points

A one-off $600 power bill credit for all Synergy and Horizon residential accounts, funded by the Bell Group settlement.

✅ Automatic, not means-tested; applied to Synergy and Horizon accounts.

✅ Can offset upcoming bills or carry forward to future statements.

✅ Funded by Bell Group payout; aims to ease cost-of-living pressures.

 

Washington Premier Mark McGowan has announced more than a million households will receive a $600 electricity credit on their electricity account before their next bill.

The $650 million measure will form part of Thursday's pre-election state budget, similar to legislation to lower electricity rates in other jurisdictions, which has been delayed since May because of the pandemic and will help deflect criticism by the opposition that Labor hasn't done enough to stimulate WA's economy.

Mr McGowan made the announcement on Sunday while visiting a family in the electorate of Bicton.

"Here in WA, our state is in the best possible position as we continue our strong recovery from COVID-19, but times are still tough for many West Australians, and there is always more work to do," he said.

"[The credit] will mean WA families have a bit of extra money available in the lead up to Christmas.

"But I have a request, if this credit means you can spend some extra money, use it to support our local WA businesses."

The electricity bill credit will be automatically applied to every Synergy or Horizon residential account from Sunday, echoing moves such as reconnections for nonpayment by Hydro One in Canada.

It can be applied to future bills and will not be means tested.

"The $600 credit is fully funded through the recent Bell Group settlement, for the losses incurred in the Bell Group collapse in the early 1990s," Mr McGowan said.

"It made sense that these funds go straight back to Western Australians."

In September, the liquidator for the Bell Group and its finance arm distributed funds to its five major creditors, including $670 million to the WA government. The payment marked the close of the 30-year battle to recover taxpayer funds squandered during the WA Inc era of state politics.

The payout is the result of litigation stemming from the 1988 partnership between then Labor government and entrepreneur Alan Bond in acquiring major interests in Robert Holmes à Court’s failing Bell Group, following the 1987 stock market crash.

WA shadow minister for cost of living, Tony Krsticevic, said the $600 credit was returning money back into West Australian's pockets from "WA Labor's darkest days".

“This is taxpayers’ money out of a levy which was brought in to pay for Labor’s scandalous WA Inc losses of $450 million in the 1980s,” he said.

“This money should be returned to West Australians.

“WA families are in desperate need of it because they are struggling under cost of living increases of $850 every year since 2017 under WA Labor, amid concerns elsewhere that an electricity recovery rate could lead to higher hydro bills.

“But they need more than just a one-off payment. These $850 cost of living increases are an on-going burden.”

Prior to the onset of the coronavirus pandemic, the opposition believed it was gaining traction by attacking the government's increases to fees and charges in its first three budgets, and by urging an electricity market overhaul to favor consumers.

Last year, Labor increased household fees and charges by $127.77, which came on top of increases over the prior two budgets, as other jurisdictions faced hydro rate increases of around 3 per cent.

According the state's annual report on its finances released in September, the $2.6 billion budget surplus forecast in the at the end of 2019 had been reduced by $920 million to $1.7 billion despite the impact of the coronavirus.

But total public sector net debt was at $35.4 billion, down from the $36.1 billion revision at the end of 2019 in the mid-year review.

 

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Electricity prices spike in Alberta

Alberta electricity price spike drives 25% CPI surge amid heatwave demand, coal-to-gas conversions, hydro shortfalls, and outages; consumers weigh fixed-rate plans, solar panels, home retrofits, and variable rates to manage bills and grid volatility.

 

Key Points

A recent 25% monthly rise in Alberta power prices driven by heatwave demand, constraints, outages, and fuel shifts.

✅ Heatwave pushed summer peak demand near record

✅ Coal-to-gas conversions and outages tightened supply

✅ Fixed-rate plans, solar, retrofits can reduce bill risk

 

Albertans might notice they are paying more when the next electricity bill comes in as bills on the rise in Calgary alongside provincial trends.

According to the consumer price index, Alberta saw its largest monthly increase since July 2015 as the price of electricity in Alberta rose 25 per cent amid rising electricity prices across the province.

“So I paid negative $70 last month. I actually made money. To supply power to the grid,” said Conrad Nobert, with Climate Action Edmonton.

Norbert is an environmental activist who favours solar power and is warning that prices will continue to go up along with the rising effects from climate change.

“My thoughts are that we can mitigate the price of power going up by taking climate action.”

Alberta experienced one of the hottest summers on record and many people were left scrambling to buy air conditioners.

That demand, along with a number of other factors, drove up prices, prompting some households to lock in rates for protection, says an assistant professor at the University of Calgary who teaches electricity systems.

“At the end of June, during the heatwave, we were a couple megawatts shy of setting an all-time record demand for electricity in the province. That would have been the first time that record for demand in the summer. Traditionally Alberta is a winter peaking province, as shown by an electricity usage record during a deep freeze not long ago,” explained Sara Hastings Simon, an assistant professor at the University of Calgary.

Other reasons for the spike: Alberta’s continuing shift from coal to natural-gas-fired power and changes to electricity production and pricing across the market.

There are a few ways consumers can save money on their power bill; installing solar panels and retrofitting your home to opting for a fixed-rate plan, or considering protections like a consumer price cap where applicable.

“So by default, people are put into a variable rate plan, that changes month to month and that helps to manage prices so you don’t get that big surprise at where prices might be. I think we will get a lot more people looking at that option.”

A statement provided by Dale Nally, Alberta’s Associate Minister of natural gas and electricity, noted recent policy changes including the carbon tax repeal and price cap now in place that affect consumers, says in part:

“This period of high market prices is driven by low supplies of hydro-generated electricity from British Columbia and the pacific northwest, scheduled outages for coal-gas-conversions, unplanned infrastructure outages and unprecedented, and record-breaking high demand due to hot weather. We expect some of the factors that have caused recent increases in prices will be short-term.”

 

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Former B.C. Hydro CEO earns half a million without working a single day

B.C. Hydro Salary Continuance Payout spotlights executive compensation, severance, and governance at a Crown corporation after a firing, citing financial disclosure reports, Site C dam ties, and a leadership change under a new government.

 

Key Points

Severance-style pay for B.C. Hydro's fired CEO, via salary continuance and disclosed in public filings.

✅ $541,615 total compensation without working days

✅ Salary continuance after NDP firing; financial disclosures

✅ Later named Canada Post interim CEO amid strike

 

Former B.C. Hydro president and chief executive officer Jessica McDonald received a total of $541,615 in compensation during the 2017-2018 fiscal year, a figure that sits amid wider debates over executive pay at utilities such as Hydro One CEO pay at the provincial utility, without having worked a single day for the Crown corporation.

She earned this money under a compensation package after the in-coming New Democratic government of John Horgan fired her, a move comparable to Ontario's decision when the Hydro One CEO and board exit amid share declines. The previous B.C. Liberal government named her president and CEO of B.C. Hydro in 2014, and McDonald was a strong supporter of the controversial Site C dam project now going ahead following a review.

The current New Democratic government placed her on what financial disclosure documents call “salary continuance” effective July 21, 2017 — the day the government announced her departure — at a utility scrutinized in a misled regulator report that raised oversight concerns.

According to financial disclosure statements, McDonald remained on “salary continuance” until Sept. 21 of this year, and the utility has also been assessed in a deferred operating costs report released by the auditor general. During this period, she earned $272,659, a figure that includes benefits, pension and other compensation.

McDonald — who used to be the deputy minister to former premier Gordon Campbell — is now working for Canada Post, which appointed her as interim president and chief executive officer in March, while developments at Manitoba Hydro highlight broader political pressures on Crown utilities.

She started in her new role on April 2, 2018, and now finds herself in the middle of managing a postal carrier strike.

 

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Germany launches second wind-solar tender

Germany's Joint Onshore Wind and Solar Tender invites 200 MW bids in an EEG auction, with PV and onshore wind competing on price per MWh, including grid integration costs and network fees under BNA rules.

 

Key Points

A BNA-run 200 MW EEG auction where PV and onshore wind compete on price per MWh, including grid integration costs.

✅ 200 MW cap; minimum project size 750 kW

✅ Max subsidy 87.50 per MWh; bids include network costs

✅ Solar capped at 10-20 MW; wind requires prior approval

 

Germany's Federal Network Agency (BNA) has launched its second joint onshore wind and solar photovoltaic (PV) tender, with a total capacity of 200 MW.

A maximum guaranteed subsidy payment has been set at 87.50 per MWh for both energy sources, which BNA says will have to compete against each other for the lowest price of electricity. According to auction rules, all projects must have a minimum of 750 kW.

The auction is due to be completed on 2 November.

The network regulator has capped solar projects at 10 MW, though this has been extended to 20 MW in some districts, amid calls to remove barriers to PV at the federal level. Onshore wind projects did not receive any such restrictions, though they require approval from Federal Immission Control three weeks prior to the bid date of 11 Octobe

Bids also require network and system integration costs to be included, and similar solicitations have been heavily subscribed, as an over-subscribed Duke Energy solar solicitation in the US market illustrates.

According to Germanys Renewable Energy Act (EEG), two joint onshore wind and solar auctions must take place each year between 2018 and 2021. After this, the government will review the scheme and decide whether to continue it beyond 2021.

The first tender, conducted in April, saw the entire 200 MW capacity given to solar PV projects, reflecting a broader solar power boost in Germany during the energy crisis. Of the 32 contracts awarded, value varied from 39.60 per MWh to 57.60 per MWh. Among the winning bids were five projects in agricultural and grassland sites in Bavaria, totalling 31 MW, and three in Baden-Wrttemberg at 17 MW.

According to the Agency, the joint tender scheme was initiated in an attempt to determine the financial support requirements for wind and solar in technology-specific auctions, however, solar powers sole win in the April auction meant it was met with criticism, even as clean energy accounts for 50% of Germany's electricity today.

The heads of the Federal Solar Industry Association (BSW-Solar) and German Wind Energy Association (BWE) saying the joint tender scheme is unsuitable for the build-out of the two technologies.

A BWE spokesman previously stressed the companys rejection of competition between wind and solar, saying: It is not clear how this could contribute to an economically meaningful balanced energy mix,

Technologies that are in various stages of development must not enter into direct competition with each other. Otherwise, innovation and development potential will be compromised.

Similarly, BSW-Solar president Carsten Krnig said: We are happy for the many solar winners, but consider the experiment a failure. The auction results prove the excellent price-performance ratio of new solar power plants, as solar-plus-storage is cheaper than conventional power in Germany, but not the suitability of joint tenders.

 

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