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PNM Resources Reports Second Quarter 2022 Results

  • Aug 4, 2022
  • 64 views
Source: 
PR Newswire

2022 and 2023 Ongoing Earnings Guidance Affirmed

  • 2022 Second Quarter GAAP earnings of $0.18 per diluted share, including unrealized losses on investment securities
  • 2022 Second Quarter ongoing earnings of $0.57 per diluted share
  • Affirmed ongoing earnings guidance ranges of $2.50 - $2.60 for 2022 and $2.60 - $2.75 for 2023

ALBUQUERQUE, N.M., Aug. 4, 2022 /PRNewswire/ -- 

PNM Resources (In millions, except EPS)


 

 

 

 

 

Q2 2022

Q2 2021

YTD 2022

YTD 2021

GAAP net earnings attributable

to PNM Resources

$15.4

$53.7

$31.4

$71.3

GAAP diluted EPS

$0.18

$0.62

$0.36

$0.83

Ongoing net earnings

$49.4

$47.5

$92.7

$75.3

Ongoing diluted EPS

$0.57

$0.55

$1.08

$0.88

PNM Resources (NYSE: PNM) today released its 2022 second quarter results. In addition, management affirmed its 2022 consolidated ongoing earnings guidance of $2.50 to $2.60 per diluted share and its 2023 consolidated ongoing earnings guidance of $2.60 to $2.75 per diluted share.

"The end of the second quarter marked an important milestone in PNM's clean energy transition as we retired Unit 1 of the San Juan Generating Station after powering New Mexico for decades," said Pat Vincent-Collawn, PNM Resources chairman and CEO. "We sincerely appreciate the teams involved in the preparation and transition of this key resource during a record-breaking peak season at PNM."

"Our strong second quarter financial performance was driven by robust load growth and weather at TNMP alongside the constructive rate environment in Texas encouraging continued investment to support this increased demand," added Vincent-Collawn. "Our teams across Texas and New Mexico continue to prioritize the safety, reliability and resiliency of our infrastructure to support the growing needs of our customers."

SEGMENT REPORTING OF 2022 SECOND QUARTER EARNINGS

  • PNM a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
  • TNMPan electric transmission and distribution utility in Texas.
  • Corporate and Other – reflects the PNM Resources holding company and other subsidiaries.

EPS Results by Segment


 

 

GAAP Diluted EPS


 

Ongoing Diluted EPS


 

Q2 2022

Q2 2021


 

Q2 2022

Q2 2021

PNM

($0.07)

$0.48


 

$0.32

$0.39

TNMP

$0.30

$0.18


 

$0.31

$0.18

Corporate and Other

($0.05)

($0.04)


 

($0.06)

($0.02)


 

 

 

 

 

 

Consolidated PNM Resources

$0.18

$0.62


 

$0.57

$0.55

Net changes to GAAP and ongoing earnings in the second quarter of 2022 compared to the second quarter of 2021 include:

  • PNM: Increased transmission margins due to higher system demand and new customers, including the Western Spirit transmission contract, were more than offset by realized losses in decommissioning and reclamation trusts, O&M increases, planned plant outage costs, and higher depreciation and property tax expense associated with new capital investments.
  • TNMP: Increased usage due to load growth and higher temperatures and rate recovery through Transmission Cost of Service (TCOS) and Distribution Cost of Service (DCOS) increases were partially offset by higher depreciation and property tax expense associated with new capital investments.
  • Corporate and Other: Higher interest rates on variable rate debt increased losses

In addition, GAAP earnings decreased in the second quarter of 2022 resulting from $39.0 million in net unrealized losses on investment securities for decommissioning and reclamation trusts compared to $10.4 million in net unrealized gains in the second quarter of 2021.

Additional materials with information on quarterly results are available at

http://www.pnmresources.com/investors/results.cfm.

UPDATE ON MERGER

On January 3, 2022, PNM Resources and AVANGRID announced an amendment and extension of their merger agreement through April 20, 2023, and an appeal of the NMPRC decision with the New Mexico Supreme Court. The Court's briefing schedule will conclude on August 5, 2022 with the companies' response brief. Oral arguments have been requested. There is no statutory deadline for the Court to respond to the request for oral argument nor to act on the appeal.

SECOND QUARTER CONFERENCE CALL: 11 A.M. EASTERN THURSDAY, AUGUST 4

PNM Resources will discuss these items during a live conference call and webcast on Thursday, August 4th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources Chairman and Chief Executive Officer, Don Tarry, PNM Resources President and Chief Operating Officer, and Lisa Eden, Senior Vice President and Chief Financial Officer.

The conference call will be simultaneously broadcast and archived on our website at http://www.pnmresources.com/investors/events-and-presentations. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. 

Investors and analysts can participate in the live conference call by pre-registering using the following link to receive a special dial-in number and PIN: https://dpregister.com/sreg/10168818/f38f044c3e. Telephone participants who are unable to pre-register may participate in the live conference call by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior to the event and referencing "the PNM Resources second quarter earnings call".

Supporting material for PNM Resources' earnings announcements can be viewed and downloaded at http://www.pnmresources.com/investors/results.cfm.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2021 consolidated operating revenues of $1.8 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 3.1 gigawatts of capacity, with a goal to achieve 100% emissions-free energy by 2040. For more information, visit the company's website at www.PNMResources.com.

CONTACTS:


 

Analysts

 Media

Lisa Goodman

 Ray Sandoval

(505) 241-2160

 (505) 241-2782

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made in this news release for PNM Resources, Inc. ("PNMR"), Public Service Company of New Mexico ("PNM"), or Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies, including the unaudited financial results and earnings guidance, are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates and apply only as of the date of this report. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. Additionally, there are risks and uncertainties in connection with the proposed acquisition of us by AVANGRID which may adversely affect our business, future opportunities, employees and common stock, including without limitation, (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of any remaining required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iii) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (iv) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K, Form 10-Q filings and the information included in the Company's Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.        

Non-GAAP Financial Measures

GAAP refers to generally accepted accounting principles in the U.S. Ongoing earnings is a non-GAAP financial measure that excludes the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized gains and losses on investment securities, pension expense related to previously disposed of gas distribution business, and certain non-recurring, infrequent, and other items that are not indicative of fundamental changes in the earnings capacity of the Company's operations. The Company uses ongoing earnings and ongoing earnings per diluted share to evaluate the operations of the Company and to establish goals, including those used for certain aspects of incentive compensation, for management and employees. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with GAAP. The Company does not intend for these measures, or any piece of these measures, to represent any financial measure as defined by GAAP. Furthermore, the Company's calculations of these measures as presented may or may not be comparable to similarly titled measures used by other companies. The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Since the future differences between GAAP and ongoing earnings are frequently outside the control of the Company, management is generally not able to estimate the impact of the reconciling items between forecasted GAAP net earnings and ongoing earnings guidance, nor their probable impact on GAAP net earnings without unreasonable effort, therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance. Reconciliations between GAAP and ongoing earnings are contained in schedules 1-4.

PNM Resources, Inc. and Subsidiaries

Schedule 1

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)


 

 

 

 

 

 

 

 

 

 

 

PNM


 

TNMP


 

Corporate

and Other


 

PNMR

Consolidated


 

 

(in thousands)

Three Months Ended June 30, 2022


 

 

 

 

 

 

 

 

GAAP Net Earnings (Loss) Attributable to PNMR


 

$     (6,217)


 

$     26,051


 

$     (4,473)


 

$          15,361

Adjusting items before income tax effects:


 

 

 

 

 

 

 

 

Net change in unrealized gains and losses on investment securities2a


 

38,979


 


 


 

38,979

Regulatory disallowances and restructuring costs2b


 

1,399


 


 


 

1,399

Pension expense related to previously disposed of gas distribution business2c


 

614


 


 


 

614

Merger related costs2d


 

23


 

4


 

288


 

315

Total adjustments before income tax effects


 

41,015


 

4


 

288


 

41,307

Income tax impact of above adjustments1


 

(10,418)


 

(1)


 

(73)


 

(10,492)

 Income tax impact of non-deductible merger related costs3


 

(80)


 

61


 

(4)


 

(23)

 Timing of statutory and effective tax rates on non-recurring items4


 

3,326


 

379


 

(440)


 

3,265

Total income tax impacts5


 

(7,172)


 

439


 

(517)


 

(7,250)

Adjusting items, net of income taxes


 

33,843


 

443


 

(229)


 

34,057

Ongoing Earnings (Loss)


 

$     27,626


 

$     26,494


 

$     (4,702)


 

$          49,418


 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022


 

 

 

 

 

 

 

 

GAAP Net Earnings (Loss) Attributable to PNMR


 

$     (1,906)


 

$     41,111


 

$     (7,853)


 

$          31,352

Adjusting items before income tax effects:


 

 

 

 

 

 

 

 

Net change in unrealized gains and losses on investment securities2a


 

69,891


 


 


 

69,891

Regulatory disallowances and restructuring costs2b


 

1,399


 


 


 

1,399

Pension expense related to previously disposed of gas distribution business2c


 

1,228


 


 


 

1,228

Merger related costs2d


 

50


 

4


 

1,232


 

1,286

Total adjustments before income tax effects


 

72,568


 

4


 

1,232


 

73,804

Income tax impact of above adjustments1


 

(18,432)


 

(1)


 

(313)


 

(18,746)

 Income tax impact of non-deductible merger related costs3


 

(11)


 

282


 

34


 

305

 Timing of statutory and effective tax rates on non-recurring items4


 

5,974


 

194


 

(160)


 

6,008

Total income tax impacts5


 

(12,469)


 

475


 

(439)


 

(12,433)

Adjusting items, net of income taxes


 

60,099


 

479


 

793


 

61,371

Ongoing Earnings (Loss)


 

$     58,193


 

$     41,590


 

$     (7,060)


 

$          92,723


 

 

 

 

 

 

 

 

 

1 Tax effects calculated using a tax rate of 21.0% for TNMP and 25.4% for other segments

2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements of Earnings as

     follows:

a Decreases in "Gains (losses) on investment securities" reflecting non-cash performance relative to market, not indicative of funding

    requirements

b Increases in "Regulatory disallowances and restructuring costs"

c Increases in "Other (deductions)" 

d Increases in "Administrative and general"


 

 

 

 

 

 

 

 

3 Increases (decreases) in "Income Taxes"

4 Income tax timing impacts resulting from differences between the statutory rates of 25.4% for PNM, 21.0% for TNMP and the average

expected statutory tax rate of 23.2% for PNMR, and the GAAP anticipated effective tax rates of 11.9% for PNM, 13.3% for TNMP, and

10.8% for PNMR, which will reverse by year end

5 Income tax impacts reflected in "Income Taxes"


 

 

 

 

 

 

 

 

 

PNM Resources, Inc. and Subsidiaries

Schedule 2

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)


 

 

 

 

 

 

 

 

 

 

 

PNM


 

TNMP


 

Corporate

and Other


 

PNMR

Consolidated


 

 

(in thousands)

Three Months Ended June 30, 2021


 

 

 

 

 

 

 

 

GAAP Net Earnings (Loss) Attributable to PNMR


 

$     41,352


 

$     15,650


 

$     (3,293)


 

$          53,709

Adjusting items before income tax effects:


 

 

 

 

 

 

 

 

Net change in unrealized gains and losses on investment securities2a


 

(10,386)


 


 


 

(10,386)

Pension expense related to previously disposed of gas distribution business2b


 

849


 


 


 

849

Merger related costs2c


 

154


 

212


 

1,710


 

2,076

Total adjustments before income tax effects


 

(9,383)


 

212


 

1,710


 

(7,461)

Income tax impact of above adjustments1


 

2,383


 

(45)


 

(434)


 

1,904

Income tax impact of non-deductible merger related costs3


 

11


 

13


 

165


 

189

 Timing of statutory and effective tax rates on non-recurring items4


 

(751)


 

(98)


 

54


 

(795)

Total income tax impacts5


 

1,643


 

(130)


 

(215)


 

1,298

Adjusting items, net of income taxes


 

(7,740)


 

82


 

1,495


 

(6,163)

Ongoing Earnings (Loss)


 

$     33,612


 

$     15,732


 

$     (1,798)


 

$          47,546


 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021


 

 

 

 

 

 

 

 

GAAP Net Earnings (Loss) Attributable to PNMR


 

$     59,888


 

$     24,385


 

$   (12,985)


 

$          71,288

Adjusting items before income tax effects:


 

 

 

 

 

 

 

 

Net change in unrealized gains and losses on investment securities2a


 

(6,105)


 


 


 

(6,105)

Pension expense related to previously disposed of gas distribution business2b


 

1,698


 


 


 

1,698

Merger related costs2c


 

358


 

428


 

8,380


 

9,166

Total adjustments before income tax effects


 

(4,049)


 

428


 

8,380


 

4,759

Income tax impact of above adjustments1


 

1,029


 

(90)


 

(2,128)


 

(1,189)

Income tax impact of non-deductible merger related costs3


 

11


 

35


 

705


 

751

 Timing of statutory and effective tax rates on non-recurring items4


 

(317)


 

(98)


 

148


 

(267)

Total income tax impacts5


 

723


 

(153)


 

(1,275)


 

(705)

Adjusting items, net of income taxes


 

(3,326)


 

275


 

7,105


 

4,054

Ongoing Earnings (Loss)


 

$     56,562


 

$     24,660


 

$     (5,880)


 

$          75,342


 

 

 

 

 

 

 

 

 

1Tax effects calculated using a tax rate of 21.0% for TNMP and 25.4% for other segments

2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as

    follows:

a (Increases) in "Gains on investment securities" reflecting non-cash performance relative to market, not indicative of funding

     requirements

b Increases in "Other (deductions)"


 

 

 

 

 

 

 

 

Increases in "Administrative and general"


 

 

 

 

 

 

 

 

3 Increase in "Income Tax Expense"

4 Income tax timing impacts resulting from differences between the statutory tax rates of 25.4% for PNM, 21.0% for TNMP and the average

expected statutory tax rate of 24.0% for PNMR, and the GAAP anticipated effective tax rates of 15.8% for PNM, 10.6% for TNMP, and

13.4% for PNMR, which will reverse by year end

5 Income tax impacts reflected in "Income Taxes"


 

 

 

 

 

 

 

 

 

PNM Resources, Inc. and Subsidiaries

Schedule 3

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)


 

 

 

PNM


 

TNMP


 

Corporate

and Other


 

PNMR

Consolidated


 

 

(per diluted share)

Three Months Ended June 30, 2022


 

 

 

 

 

 

 

 

GAAP Net Earnings (Loss) Attributable to PNMR


 

$       (0.07)


 

$         0.30


 

$       (0.05)


 

$              0.18

Adjusting items, net of income tax effects:


 

 

 

 

 

 

 

 

Net change in unrealized gains and losses on investment securities


 

0.34


 


 


 

0.34

Regulatory disallowances and restructuring costs


 

0.01


 


 


 

0.01

 Timing of statutory and effective tax rates on non-recurring items


 

0.04


 

0.01


 

(0.01)


 

0.04

Total Adjustments


 

0.39


 

0.01


 

(0.01)


 

0.39

Ongoing Earnings (Loss)


 

$         0.32


 

$         0.31


 

$       (0.06)


 

$              0.57

Average Diluted Shares Outstanding: 86,226,318


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022


 

 

 

 

 

 

 

 

GAAP Net Earnings (Loss) Attributable to PNMR


 

$       (0.02)


 

$         0.47


 

$       (0.09)


 

$              0.36

Adjusting items, net of income tax effects:


 

 

 

 

 

 

 

 

Net change in unrealized gains and losses on investment securities


 

0.61


 


 


 

0.61

Regulatory disallowances and restructuring costs


 

0.01


 


 


 

0.01

Pension expense related to previously disposed of gas distribution business


 

0.01


 


 


 

0.01

Merger related costs


 


 

0.01


 

0.01


 

0.02

 Timing of statutory and effective tax rates on non-recurring items


 

0.07


 


 


 

0.07

Total Adjustments


 

0.70


 

0.01


 

0.01


 

0.72

Ongoing Earnings (Loss)


 

$         0.68


 

$         0.48


 

$       (0.08)


 

$              1.08

Average Diluted Shares Outstanding: 86,198,407


 

 

 

 

 

 

PNM Resources, Inc. and Subsidiaries

Schedule 4

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)


 

 

 

PNM


 

TNMP


 

Corporate

and Other


 

PNMR

Consolidated


 

 

(per diluted share)

Three Months Ended June 30, 2021


 

 

 

 

 

 

 

 

GAAP Net Earnings (Loss) Attributable to PNMR


 

$         0.48


 

$         0.18


 

$       (0.04)


 

$              0.62

Adjusting items, net of income tax effects:


 

 

 

 

 

 

 

 

Net change in unrealized gains and losses on investment securities


 

(0.09)


 


 


 

(0.09)

Pension expense related to previously disposed of gas distribution business


 

0.01


 


 


 

0.01

Merger related costs


 


 


 

0.02


 

0.02

 Timing of statutory and effective tax rates on non-recurring items


 

(0.01)


 


 


 

(0.01)

Total Adjustments


 

(0.09)


 


 

0.02


 

(0.07)

Ongoing Earnings (Loss)


 

$         0.39


 

$         0.18


 

$       (0.02)


 

$              0.55

Average Diluted Shares Outstanding: 86,106,810


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021


 

 

 

 

 

 

 

 

GAAP Net Earnings (Loss) Attributable to PNMR


 

$         0.70


 

$         0.28


 

$       (0.15)


 

$              0.83

Adjusting items, net of income tax effects:


 

 

 

 

 

 

 

 

Net change in unrealized gains and losses on investment securities


 

(0.05)


 


 


 

(0.05)

Pension expense related to previously disposed of gas distribution business


 

0.01


 


 


 

0.01

Merger related costs


 


 

0.01


 

0.08


 

0.09

Total Adjustments


 

(0.04)


 

0.01


 

0.08


 

0.05

Ongoing Earnings (Loss)


 

$         0.66


 

$         0.29


 

$       (0.07)


 

$              0.88

Average Diluted Shares Outstanding: 86,102,436


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PNM Resources, Inc. and Subsidiaries

Schedule 5

Condensed Consolidated Statements of Earnings

(Preliminary and Unaudited)


 

 

Three Months Ended

June 30,


 

Six Months Ended

June 30,


 

2022


 

2021


 

2022


 

2021


 

(In thousands, except per share amounts)

Electric Operating Revenues:


 

 

 

 

 

 

 

Contracts with customers

$   404,320


 

$   368,893


 

$   788,813


 

$  715,478

Alternative revenue programs

2,579


 

7,236


 

(2,926)


 

6,327

Other electric operating revenue

92,831


 

50,411


 

157,961


 

69,442

Total electric operating revenues

499,730


 

426,540


 

943,848


 

791,247

Operating Expenses:


 

 

 

 

 

 

 

Cost of energy

195,596


 

152,676


 

364,010


 

268,072

Administrative and general

51,342


 

52,473


 

107,203


 

111,938

Energy production costs

42,499


 

37,439


 

76,065


 

74,335

Regulatory disallowances and restructuring costs

1,399


 


 

1,399


 

Depreciation and amortization

76,769


 

70,727


 

152,533


 

140,601

Transmission and distribution costs

21,156


 

18,853


 

39,622


 

36,170

Taxes other than income taxes

24,577


 

20,169


 

48,556


 

42,762

Total operating expenses

413,338


 

352,337


 

789,388


 

673,878

Operating income

86,392


 

74,203


 

154,460


 

117,369

Other Income and Deductions:


 

 

 

 

 

 

 

Interest income

3,327


 

3,578


 

7,619


 

7,137

Gains (losses) on investment securities

(41,795)


 

13,192


 

(68,368)


 

14,160

Other income

5,151


 

4,654


 

9,481


 

8,906

Other (deductions)

(3,641)


 

(5,448)


 

(5,882)


 

(8,738)

Net other income and deductions

(36,958)


 

15,976


 

(57,150)


 

21,465

Interest Charges

29,217


 

24,119


 

55,437


 

50,003

Earnings before Income Taxes

20,217


 

66,060


 

41,873


 

88,831

Income Taxes

1,094


 

8,299


 

3,532


 

9,865

Net Earnings

19,123


 

57,761


 

38,341


 

78,966

(Earnings) Attributable to Valencia Non-controlling Interest

(3,630)


 

(3,920)


 

(6,725)


 

(7,414)

Preferred Stock Dividend Requirements of Subsidiary

(132)


 

(132)


 

(264)


 

(264)

Net Earnings Attributable to PNMR

$     15,361


 

$     53,709


 

$     31,352


 

$    71,288

Net Earnings Attributable to PNMR per Common Share:


 

 

 

 

 

 

 

Basic

$         0.18


 

$         0.62


 

$         0.36


 

$        0.83

Diluted

$         0.18


 

$         0.62


 

$         0.36


 

$        0.83

Dividends Declared per Common Share

$     0.3475


 

$     0.3275


 

$     0.6950


 

$    0.6550

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/pnm-resources-reports-second-quarter-2022-results-301599635.html

SOURCE PNM Resources, Inc.

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