Diamondback Energy and Chesapeake Energy both reported quarterly results that exceeded expectations, with Diamondback's adjusted earnings per share of $4.74 beating estimates and Chesapeake's capital expenditures for 2024 coming in below expectations. Diamondback highlighted its merger with Endeavor and its position as the third largest producer in the Permian Basin, while Chesapeake announced a merger with Southwestern.
Eversource, Connecticut's largest electrical utility, has filed for a rate increase that could raise the average household bill by $38 a month, attributing the spike to a 2019 state deal with Dominion Energy and initiatives adopted during the COVID pandemic. The company has proposed solutions to shield customers from "rate shock," including phasing in the potential rate increase over time and changing the ratemaking methodology to forecast costs and avoid future issues.
Falling electricity prices are hindering EDF's negotiations for long-term contracts with industrial customers, posing a threat to the debt-laden energy group's financial stability and its ability to maintain its aging nuclear plants. Despite progress in reducing debt and increasing profits, the lack of forward deals raises concerns about EDF's long-term commercial outlook. The drop in prices is disrupting the market and EDF, potentially impacting its funding and credit ratings. EDF and customers are at a standstill in negotiations, with uncertainty over future prices slowing investment decisions for energy-intensive industries.
