Choose a blog

PowerSecure inks $4.3 million in acquisitions

PowerSecure International, the fast-growing Wake Forest energy services company, announced a series of acquisitions Thursday valued at $4.3 million.

The 700-employee company said it bought the final 10 percent ownership stake from Southern Energy Management and the final 33 percent ownership stake in IES LED lighting business. Both acquisitions had been previously announced with options to buy out the entire business.

PowerSecure also said it acquired Powerline EHV & Safety Training, a utility infrastructure safety training business. This acquisition strengthens PowerSecure's focus on safety industrial programs, the company said.

PowerSecure has several lines of business: solar panel installations, high-efficiency lighting, emergency power generators,and utility infrastructure maintenance and services.

Gov. Pat McCrory: Time for offshore drilling and an 'unconventional' approach to Medicaid

Under the provided headline "More Federal Cooperation Is Needed To Unleash North Carolina’s Economy," Gov. Pat McCrory offers these thoughts before he heads to Houston on Monday for a governors' Outer-Continental Shelf meeting.

-------------------

By Gov. Pat McCrory

To get North Carolina moving forward again, our administration is concentrating on reforms in three fundamental areas: the economy, education and efficiency. We’re making great progress on some complex long-term problems, but on two critical issues – health care and energy – we’re going to need the federal government’s cooperation.

On Monday, I will participate in a panel of Outer-Continental Shelf governors on the need to expand offshore energy exploration. In February during a White House visit, I asked President Obama directly to expand offshore leasing off the coasts of North Carolina, Virginia and South Carolina. He told me the issue is being reviewed.

The time for delay is over. It’s time to get off the sidelines and allow the states to exert the leadership that will create thousands of jobs, reduce America’s dependence on Middle Eastern oil and protect the environment. The federal government must form a more cooperative partnership with the states so that more Americans – especially North Carolinians - can get back on the payroll.

There are estimates that opening up the Atlantic shores to energy exploration could create up to 140,000 new jobs during the next 20 years. These are good-paying jobs that will allow families to save and build an economic future.

There’s real-world evidence of energy’s economic contributions as well. North Dakota enjoys the nation’s lowest unemployment rate at 3.3 percent (March 2013). Much of North Dakota’s economic success can be attributed to investments made in energy exploration on private and state lands. Growth has been so robust that energy production has surpassed agriculture as the state’s largest economic sector.

Offshore energy exploration would also provide significant returns to the public sector. Under a bipartisan plan recently introduced in the U.S. Senate, North Carolina would receive at least 27.5 percent of royalties and other energy revenue from lease sales off our coast. An additional 10 percent could be earned by making land-side investments in conservation and renewable energy projects. North Carolina could use the money. We have a long list of needs. Energy revenue could be used for additional investments in education, transportation and health care.

Federal cooperation is vital on another issue that deeply affects North Carolina – Medicaid.

Last week, we received news that Medicaid budget overruns from Gov. Bev Perdue’s administration will total $248 million, twice what was originally expected. The unpredictability of Medicaid costs and its adverse impact on the entire state budget is reason alone for reform.

However, budgetary concerns are not the prime reason we’re overhauling North Carolina’s Medicaid program. We’re pursuing reform so we can take better care of our fellow citizens. Our plan centers on the patient’s well-being, not just physical needs. We would like to provide mental health and substance abuse coverage. Our plan also calls for coordination with social service providers so that nonmedical needs that contribute to the patient’s healing process can be delivered. Our reform goals are simple. We want to do everything we can to get the Medicaid patient healthy sooner and provide him with avenues that will lead to a long-term, healthier life.

To implement this holistic approach, we’ll need a waiver from Washington. I hope the president approves this unconventional approach so we can take care of our Medicaid patients in a caring, comprehensive manner while at the same time reducing costs to the taxpayer.

Medicaid reform and energy are just two issues where the federal government needs to join North Carolina in solving problems that affect people’s everyday lives. I hope the president adopts our view that government must be a partner - not an adversary - to progress.

By working together, we can get North Carolina and the nation back on the right track by simply unleashing the unlimited potential of our people.

This formula has worked before. I guarantee it will work again.

1367613717 Gov. Pat McCrory: Time for offshore drilling and an 'unconventional' approach to Medicaid The News and Observer Copyright 2011 The News and Observer . All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Fun ways to free an NC bill stuck in a committee

Charlotte Observer editorial page editor Taylor Batten had a blog post this week on the interesting way some bills are moving through committees:

ABB reports record U.S. revenues in 2012

Tags: .biz | ABB | energy | utilities

Electric industry conglomerate ABB, a major employer in the Triangle, continues breaking sales and employment records in the United States as the Swiss company rides a wave of resurgence in utility investment here.

Much of the company's growth has taken place in North Carolina, where ABB has North American headquarters and its statewide workforce has more than doubled to 2,000 people in recent years.

ABB said it now employs 20,000 people in the United States, ABB's single largest market which accounted for $6.7 billion in corporate revenues during 2012.

Dwane Powell Deja View: Pat McCrory circa July 2008

Hmmmm

PowerSecure shares reach 30-month high after earnings release

PowerSecure International, the Wake Forest energy services company, said Thursday it experienced a record financial performance for the year and quarter, sending its shares to soar to a 2 1/2-year high.

The company said fourth-quarter sales rose 18 percent to $46.8 million and per-share-earnings grew 60 percent to 8 cents. Net income improved to nearly $1.6 million from $1.1 million during the same three-month period a year earlier.

PowerSecure, which forecasts it will double its sales within two years, reported significant growth in two of its three divisions: emergency backup generators and utility infrastructure products and services.

The energy efficiency division saw a 51 percent decline in sales, which the company blamed on grocery retailers buying less LED lighting solutions due to economic concerns stemming from fiscal cliff battles in Washington.

With operations throughout the Triangle, PowerSecure has been expanding since the end of the recession. Its shares closed at $9.54, up 48 cents.

Progress Energy seeks approval to pay small businesses to be more energy-efficient

Progress Energy wants to pay flower shops, pizzerias and other small businesses up to 80 percent of the cost of installing energy-efficient equipment.

Raleigh-based Progress proposed the energy-efficiency program to the N.C. Utilities Commission on Friday and hopes to have the program approved this year. If approved, the program would cover several thousand dollars in costs per business for upgrades to lighting, refrigeration, and heating and cooling.

Progress is seeking approval of the program to meet its state-imposed mandate to promote renewable energy and efficiency programs. The company would be able to recover the costs of the program, including lost energy sales, from all customers through rate increases.

Meeting energy demand through energy efficiency programs is generally considered to be cheaper that building power plants to produce an equivalent amount of energy.

 

T. Boone Pickens applauds NC fracking bill

Investor, financier and hedge fund manager T. Boone Pickens is giving a Texas-sized cheer to North Carolina for the Old North State's emerging energy policies.

Pickens, who chairs BP Capital Management, has issued an enthusiastic blurb in support of a package of three energy bills that would legalize fracking in this state and urge drilling off the coast of the Atlantic Ocean. The bills were passed Wednesday by a state Senate committee on energy policy and will be introduced before the General Assembly in May.

To be precise, Pickens lauded one provision in the sweeping legislative package that would reshape the state's political landscape with new boards, taks forces and a smorgasbord of requirements. What Pickens liked is the proposed "aggressive move to move the state's school buses off OPEC oil/diesel/gasoline and onto domestic natural gas."

Fact Check: Would fracking only bring at most 100 jobs?

Claim: "(Fracking) would only bring to the state at most about 100 jobs."

Speaker: Bill Faison at Democratic gubernatorial debate Monday

Consumer price index rose again in March

Consumer prices rose at a slower pace in March than in February, according to an index released by the Bureau of Labor Statistics.
 
The Consumer Price Index, which measures the average change over time in the prices paid by consumers, rose .3 percent in March, compared with February's .4 percent increase. 
 
The rise was led by a .9 percent increase in energy prices, specifically gasoline and oil.
 
This increase was smaller, however, than in February, when energy prices jumped by 3.2 percent. Energy prices have increased by almost 5 percent since March a year ago.
 
A gallon of regular unleaded gas in the Triangle costs an average $3.90, up from $3.73 a year ago and $3.75 a month ago.
 
The price of food increased by .2 percent and has jumped by 3.3 percent in a year's time.
 
-Tori Stilwell
Cars View All
Find a Car
Go
Jobs View All
Find a Job
Go
Homes View All
Find a Home
Go

Want to post a comment?

In order to join the conversation, you must be a member of newsobserver.com. Click here to register or to log in.
Advertisements