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Power restored to 95%+ of Georgia Power customers impacted by Hurricane Helene

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Crews managing final intensive restorative efforts in hardest hit areas and will remain in the field until all customers who can accept power are reconnected

ATLANTA, Oct. 5, 2024 /PRNewswire/ — Georgia Power has restored power to 1.3 million+ customers following Hurricane Helene “ more than 95% of all customers who were impacted by the most destructive hurricane in the company’s history. Intensive restoration efforts remain underway to reconnect customers in the hardest hit areas of the state, notably Augusta where 80% of impacted customers had been reconnected as of Saturday morning and work was ongoing to reconnect the approximately 50,000 customers who remained without power. While damage and treacherous conditions remain, teams are working around the clock and will remain in the field until every customer who can accept power is reconnected.

“Our work isn’t done until every customer who can receive power has it “ we want our customers to know that commitment is shared by everyone on our team,” said Kim Greene, chairman, president and CEO of Georgia Power. “We have matched the devastation of Hurricane Helene with an army of thousands of lineworkers, who continue to work through fallen trees and miles of broken power poles and downed lines to bring light back to Georgia homes and businesses. I’m grateful for their tireless work to reconnect so many customers so quickly, and the continued resilience and patience of our customers and communities.”

Hurricane Helene caused widespread destruction across the state of Georgia “ from Atlanta’s northern suburbs, to Columbus, to Albany, to Valdosta and Savannah. Virtually no part of the state was spared by the storm. More than 20,000 personnel have contributed to the company’s rapid response to the hurricane and remain engaged with crews working their way through the power system efficiently and effectively to repair extreme damage and restore power to the most customers with every repair made. In many cases, the damage to infrastructure has been so severe that teams are essentially rebuilding sections of the grid and not just repairing specific elements.

Georgia Power is a part of the Southern Company (NYSE:) system, which continues to coordinate and contribute to restoration and relief efforts following Hurricane Helene. On Friday, multiple charitable foundations across the system pledged $3 million to support the recovery effort. Read more here.

“As Georgia continues to rebuild in the weeks and months ahead, we know that our customers will continue to need support. We are actively working with community leaders across the state, and identifying opportunities for us to provide assistance and demonstrate our commitment to being a citizen wherever we serve,” added Greene.

Updated damage estimates illustrating the extensive destruction of Hurricane Helene include:

  • 8,300+ power poles that must be repaired or replaced
  • 21,000+ spans of wire damaged equivalent to approximately 1,000 miles
  • 2,000+ transformers damaged
  • 3,200+ trees on power lines that must be removed or addressed to restore power

Restoration Status & Reconnection

Georgia Power appreciates the importance of accurate information for customers as they make plans for their families following this historic hurricane. As the company anticipated and announced before the arrival of the storm, restoration efforts are taking multiple days in many areas due to the extensive damage from Helene. Georgia Power continues to post updated estimated restoration times (ERTs) for communities on its Outage Map.

The company will continue to post updated information throughout the remainder of the restoration process and will make every effort to return power to customers sooner than expected. However, as new damage in previously inaccessible areas becomes apparent, restoration efforts may take longer than originally estimated. Customers are encouraged to check the Outage Map often for the latest information and not rely on possibly inaccurate details they may see from non-company sources.

The company currently estimates that up to 8,000 customer homes may not be able to be safely reconnected due electric service entrance damage. The company cannot repair or restore power to homes with damaged service entrances and encourages customers to call 1-877-749-3931 to request a service entrance repair or contact a certified electrician in their area. Read more here.

Preparation, Industry Support Key to Response

Georgia Power monitored the path of Hurricane Helene for more than a week prior to Hurricane Helene entering Georgia. As part of its preparations, Georgia Power mobilized additional staff from across the industry to respond. Mobilized crews across the state pre-positioned restoration workers, equipment, and supplies near areas of anticipated impact including extra transformers, poles, cables, wires and other equipment. Hurricane Helene had a statewide impact and Georgia Power matched that with a statewide response, including engagement of every Georgia Power crew at the beginning of the storm and thousands of additional lineworkers from outside of Georgia. All this is part of advance planning and strategy to allow the company to restore power more quickly and efficiently for its customers as soon as weather conditions allow.

The company continues to utilize additional resources from outside of its system including support from Alabama Power, Mississippi Power and dozens of other companies. The response force currently engaged is larger than the company’s response to other major hurricanes including Michael, Irma and Zeta.

Georgia Power is also a member of a nationwide mutual assistance network, which consists of hundreds of utilities from around the country. Georgia Power has proactively mobilized crews from dozens of companies from states including California, Florida, Indiana, Nevada, New Jersey, Oklahoma, Oregon, Pennsylvania and Texas, as well as Canada. The company continues to acquire additional outside resources to aid in response.

As always, the company encourages customers to keep safety first following Hurricane Helene:

  • Watch for Georgia Power crews working across the state. If driving, move over one lane for utility vehicles stopped on the side of the road “ it’s the law in Georgia.
  • Watch for downed wires. Downed power lines may be hidden by debris or fallen trees.
  • Never touch any downed wire or attempt to remove tree branches from power lines “ it can kill.
  • Don’t step in standing water or saturated ground where downed lines may be present. They could be electrified.
  • Avoid chain link fences. They may be electrified by a downed line out of sight and conduct electricity over great distances.
  • Never attempt repairs to electric service connections. Customers should also note that if their home, including the meter box or mast/connection point, is severely damaged repairs may need to be made by an electrician before Georgia Power can reconnect power.

Tools You Can Use to Stay Connected & Informed

  • Outage Alerts “ Customers subscribed to our free Georgia Power Outage Alert service will receive personalized notifications and updates via text message. Check that your contact number is up to date to receive the latest information.
  • Outage & Storm Center “ Available at www.GeorgiaPower.com/Storm, customers can visit this site to check their contact information is updated to receive Outage Alerts, report and check the status of outages, and access useful safety tips and information. Customers can also report and check the status of an outage 24 hours a day by contacting Georgia Power at 888-891-0938.
  • Outage Map “ Housed within the Outage & Storm Center, Georgia Power’s interactive Outage Map provides near real-time information, allowing users to see where outages are occurring across the state and track estimated restoration times.
  • Georgia Power Mobile App “ Download the Georgia Power mobile app for Apple (NASDAQ:) and Android devices to access storm and outage information on the go.
  • @GeorgiaPower on X (Twitter) “ Follow @GeorgiaPower on X for storm tips, outage updates, customer service and more.

About Georgia Power

Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America’s premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company’s promise to 2.7 million customers in all but four of Georgia’s 159 counties. Committed to delivering clean, safe, reliable and affordable energy, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and , as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day and the company is recognized by J.D. Power as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (NASDAQ:) (Facebook.com/GeorgiaPower), X (X.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

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Billionaire hedge fund manager Loeb shifts portfolio, eyes possible Republican U.S. election wins

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By Svea Herbst-Bayliss

NEW YORK (Reuters) – Billionaire investor Daniel Loeb adjusted his portfolio to capture a potential boom in corporate activity after the Nov. 5 U.S. election where he expects the Republican Party will chalk up wins.

Loeb believes the Republican presidential candidate, Donald Trump, is more likely to win the White House and that his party’s policies could help boost financial markets.

“The likelihood of a Republican victory in the White House has increased, which would have a positive impact on certain sectors and the market overall,” Loeb wrote to investors in his hedge fund Third Point on Thursday. Reuters obtained a copy of the letter.

Third Point has made stock and option purchases and increased positions that “could benefit from such a scenario” while also shifting the “portfolio away from companies that will not,” the letter said. He did not elaborate on what trades the firm has been making.

A Reuters/Ipsos poll this week found that Democratic Vice President Kamala Harris held a marginal lead of three percentage points over Trump as the two stayed locked in a tight race.

Even if Trump loses, Loeb expects the Republican Party will establish a majority in the U.S. Senate which he expects can limit the “economic downside of a “Blue Sweep” by the Democratic party.

Many large investors have expressed concern about the Democrats’ economic and fiscal proposals and Loeb wrote that the party’s plans could result in “crushing taxes,” and “stifling regulations” that could hurt growth.

Wall Street has long held out for a rebound in mergers and acquisitions activity and Loeb wrote that fewer regulations and the elimination of the current administration’s “activist antitrust stance” will “unleash productivity and a wave of corporate activity.”

Since January, Loeb’s flagship fund has returned roughly 14% with the broader stock market index gaining about 23.6%.

© Reuters. FILE PHOTO: Hedge fund manager Daniel Loeb speaks during a Reuters Newsmaker event in Manhattan, New York, U.S., September 21, 2016. REUTERS/Andrew Kelly/File Photo

Turning to the broader economy, Loeb said that interest rates still need to come down, at a time there is no evidence of a looming recession and as inflation is slowing.

But he also thinks markets should remain underpinned by healthy consumer spending and active levels of individual investing.

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NYMTM stock hits 52-week high at $24.55 amid market rally

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In a robust display of market confidence, New York Mortgage (NASDAQ:) Trust Inc Preferred (NYMTM) stock has soared to a 52-week high, reaching a price level of $24.55. This milestone underscores a significant period of growth for the company, which has witnessed an impressive 1-year change with an increase of 13.71%. Investors have shown increased interest in NYMTM, rallying behind the stock as it climbs to new heights, reflecting a strong performance in the face of market dynamics. The 52-week high serves as a testament to the company’s resilience and the positive sentiment surrounding its financial prospects.

InvestingPro Insights

New York Mortgage Trust Inc Preferred (NYMTM) has reached a significant milestone with its stock price hitting a 52-week high. This achievement is particularly noteworthy given the company’s current financial landscape. According to InvestingPro data, NYMTM boasts a substantial dividend yield of 8.07%, which aligns with one of the InvestingPro Tips highlighting that the company “pays a significant dividend to shareholders.” This attractive yield may be a key factor driving investor interest and contributing to the stock’s recent performance.

Despite the stock’s strong showing, it’s important to note that NYMTM faces some challenges. The company’s revenue for the last twelve months stands at $151.99 million, with a concerning operating income margin of -32.06%. This negative margin correlates with another InvestingPro Tip indicating that “analysts do not anticipate the company will be profitable this year.”

For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide valuable insights into NYMTM’s financial health and future prospects. These additional tips could be particularly useful for understanding the stock’s potential trajectory beyond its current 52-week high.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Isabella Bank Corp director Jill Bourland acquires shares worth $199

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In a recent transaction, Jill Bourland, a director at Isabella Bank Corp (OTC:ISBA), acquired additional shares of the company’s common stock. The transaction, dated October 16, 2024, involved the purchase of 9.5238 shares at a price of $21 per share, totaling approximately $199.

Following this acquisition, Bourland’s total direct ownership in Isabella Bank increased to 4,872.5363 shares. This figure includes shares acquired through the company’s quarterly dividend reinvestment program, as noted in the filing.

Isabella Bank Corp, headquartered in Mount Pleasant, Michigan, operates as a state commercial bank. The bank continues to focus on providing financial services to its local community and beyond.

In other recent news, Isabella Bank Corp revealed a potential loss of around $1.6 million due to negative balances in deposit accounts linked to a single customer. The total exposure to this customer, including loans and lines of credit, amounts to $4.0 million. Piper Sandler maintained a Neutral rating on the bank’s shares following this disclosure. The bank also declared a third-quarter cash dividend of $0.28 per common share. In addition, Piper Sandler raised its price target for Isabella Bank from $20.00 to $22.00 and increased its earnings per share estimates for 2024 and 2025 to $1.80 and $2.10, respectively. These recent developments underscore the bank’s commitment to enhancing shareholder value and its resilience in navigating challenging situations.

InvestingPro Insights

As Jill Bourland increases her stake in Isabella Bank Corp (OTC:ISBA), investors may find additional context in the company’s financial metrics and market performance. According to InvestingPro data, Isabella Bank currently boasts a market capitalization of $158.11 million and trades at a price-to-earnings ratio of 9.81, suggesting a potentially attractive valuation relative to earnings.

The bank’s dividend policy stands out as a key strength. An InvestingPro Tip highlights that Isabella Bank has maintained dividend payments for 17 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the current dividend yield of 5.27%, which may be particularly appealing to income-focused investors in the current market environment.

Despite a challenging economic backdrop, Isabella Bank remains profitable, with an operating income margin of 26.1% for the last twelve months as of Q2 2024. However, another InvestingPro Tip indicates that net income is expected to drop this year, which investors should monitor closely.

It’s worth noting that Isabella Bank’s stock is trading near its 52-week high, with the current price at 95.51% of that peak. This performance aligns with the company’s recent positive price returns, including a 20.91% total return over the past six months.

For investors seeking a deeper understanding of Isabella Bank’s financial health and market position, InvestingPro offers additional insights with over 10 more tips available for this stock.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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