The Hawaii Public Utilities Commission said June 15 it had approved a 20-year contract for Maui Electric Company to purchase 21 megawatts (MW) of wind power from Sempra Generation’s Auwahi Wind project on the Ulupalakua Ranch in southeastern Maui. The approval also included a determination that Maui Electric could build an above-ground transmission connection to its main local grid line.
The broad stock market monitors roared back during this four-day trading week, with the Dow Jones Industrial Average hitting its highest level (+1.23% to 12,506) since June 2008. Clean energy and energy efficiency companies turned in mixed performances, led by the EnergyBoom Efficiency Subindex (+1.34%) and Guggenheim S&P Global Water (+1.36%).
American Depositary Receipts (ADRs) of Chinese solar wafer and module manufacturer ReneSola Ltd. (NYSE: SOL) (market cap $799 million) fell 16.74% Tuesday -- and recovered 3% in early trading today -- after reporting strong 2010 revenue and earnings growth, but scaring investors with lower gross margins in Q4 compared to Q3 and with a forecast that Q1 2011 revenues will be 14%-20% lower than Q4 2010 revenues.
(OTHER NEWS: Western Wind Energy Corp., A123 Systems, Inc.)
A123 Systems, Inc. (NASDAQ: AONE) shares were down 10 percent in early trading today after reporting disappointing Q3 (ended September 30, 2010) financial results at the market close Tuesday. The quarterly financial results overshadowed the company’s announcement from earlier Tuesday that it will supply lithium-ion cells to SAIC Motor Corp., China’s largest domestic automaker, for use in an electric vehicle.