Categoría: Geovanny Vicente

DENVER, Feb. 23, 2021 /PRNewswire/ — HomeAdvisor, a leading digital marketplace and operating business of ANGI Homeservices (NASDAQ: ANGI), has relaunched its annual True Cost Report*, which looks into the complexities behind the cost of home projects. This report, compiled by HomeAdvisor’s Chief Economist, Mischa Fisher, looks at the distinct levers adjusting the cost of common home projects including how and why they have been impacting pricing at the consumer level. It also takes a deep dive into understanding the most important and most complex of cost factors: labor quality.

«There is a big information imbalance when it comes to home services and a lot of that centers around cost. Homeowners often lack a full understanding of what goes into pricing and commonly have a hard time answering the question, ‘is this a fair price for the work I want done,'» said Mischa Fisher, Chief Economist, HomeAdvisor. «We wanted to take a deep dive this year into this information imbalance and answer some of the fundamental questions about cost including looking at the top completed projects of 2020 their costs and how and why those costs have been changing. For the market to work at its best, it is important for homeowners to understand what different home services cost and to understand what drives those costs.»

«Home services is also a unique industry in that the consumer is directly exposed to the majority of the supply chain – they buy the materials, see the work done first-hand and often have labor itemized on their bills,» continued Fisher. «The more they understand what they don’t necessarily see – the hidden value of a high-quality pro – the more they’ll be open to cost adjustments to reflect the work done in the most important place to them – their homes.»

This report looks into the intangible value high-quality pros bring to their projects, such as honesty, transparency, artistry, environmental responsibility, accurate time and cost estimates, consideration of the homeowner’s lifestyle, consulting on design choices, consideration of materials for certain climates and more.

Additional insights include:

–  Lower costs do not necessarily mean increased popularity of projects. The top three completed projects in 2020 included interior painting (average cost $2,007), bathroom remodels (average cost $13,401) and new flooring (average cost $4,680).
–  From 2019 to 2020, additions, closets and cabinetry had the biggest rise in pricing, with project prices increasing by 30%, 33% and 56% respectively.
–  From 2019 to 2020, computer networking, smart home systems and above ground swimming pools all dropped the most in average price, falling 10%, 39% and 40% respectively.
–  For homeowners, there are four main factors essential to understanding cost: material quantity, material quality, labor quantity and labor quality.

This report also looked at how the COVID-19 pandemic impacted the cost and pricing of home services. Topline costs for most of the top 20 projects went up, with a few exceptions, and it was likely primarily due to an increase in the cost of materials.

«COVID-19 likely caused scarcity and factory shutdowns, as well as supply chain disruptions and greater consumer demand for home services,» said Fisher. «Despite this higher demand, home services are unique in that pros will opt to turn down jobs rather than raise prices. Instead of seeing prices rise due to shortages of labor, we’re seeing them due to scarcity of materials.»

To view the complete report, visit HomeAdvisor’s True Cost Report page.

About HomeAdvisor
HomeAdvisor^® is a digital marketplace evolving the way homeowners connect with service professionals to complete home projects. With HomeAdvisor’s on-demand platform, homeowners can find and vet local, prescreened home service professionals; view average home project costs using True Cost Guide; and instantly book appointments online or through HomeAdvisor’s award-winning mobile app, which is compatible with all iOS, Android and virtual assistants, including Amazon Echo. HomeAdvisor is based in Denver, Colo., and is an operating business of ANGI Homeservices, Inc. (NASDAQ: ANGI). 

*Data included in the True Cost Report is based on internal HomeAdvisor marketplace data of median costs, and surveys conducted by HomeAdvisor’s internal research team of the general population. Project costs are calculated based on a rolling median of consumer reported pricing for jobs completed through HomeAdvisor. Spending priorities for the top projects in 2020 and the top planned projects in 2021 came from a survey of 1,400 US adults. The survey used post-sample weighting of multiple demographic attributes to develop a representative sample of the entire U.S. population. This is a groundbreaking level of detail on home spending that provides new insights into how people spend on their homes. The material and information contained in this report is for general information purposes only. You should not rely upon such information as a basis for making any business, legal or any other decisions.

View original content:http://www.prnewswire.com/news-releases/homeadvisor-breaks-down-cost-in-relaunch-of-annual-true-cost-report-301232989.html

SOURCE HomeAdvisor

MADISON, Wisconsin, 23 de febrero de 2021 /PRNewswire-HISPANIC PR WIRE/ — American Family Insurance reveló hoy su iniciativa Free to Dream, un compromiso de $105 millones para los próximos cinco años para dar continuidad a su trabajo cerrando brechas de equidad y mejorar la calidad de vida de las comunidades. American Family concentrará su enfoque en los siguientes cinco asuntos fundamentales para la sociedad, denominados los pilares Free to Dream: empoderamiento económico, equidad en la educación y la salud, resiliencia climática, reforma a la justicia penal y diversidad, equidad e inclusión de la fuerza laboral.

American Family considera que el sector privado debe desempeñar un papel crucial colaborando con las comunidades para profundizar la equidad. Para lograr este objetivo, la compañía incrementará de forma significativa sus ya sólidas inversiones en las cinco áreas pilares, de tal manera que todas las personas, sin importar su raza, grupo étnico, género o identidad sexual, vivan en un ambiente en el que puedan prosperar. 

«Debemos usar nuestra voz y solidez financiera para ayudar a crear un ambiente donde todas las personas tengan la libertad de perseguir sus sueños», expresó Jack Salzwedel, presidente y director ejecutivo. «American Family siempre defenderá y trabajará por la equidad. Es el deber ser para nuestra compañía, nuestros empleados y nuestras comunidades». 

«Free to Dream es mucho más que American Family. Busca inspirar, crear y apoyar alianzas con otras empresas, organizaciones y el sector público para abordar los problemas juntos y de forma efectiva», señaló Telisa Yancy, directora ejecutiva. «Este es el momento de trascender las palabras e implementar acciones deliberadas y colaborativas que generen cambios profundos».

El compromiso de American Family con las comunidades se emula igualmente dentro de la organización. La búsqueda continua de una fuerza laboral más diversa posicionará a la compañía para atender mejor a los clientes y a las comunidades, y ofrecerá aproximaciones más innovadoras a la solución de los problemas. 

«No solo vemos la diversidad, la equidad y la inclusión como un asunto social sino también como un enfoque que genera una ventaja competitiva», comentó Yasir Kamal, vicepresidente de Inclusive Excellence, quien agregó que American Family estableció un objetivo ambicioso y alcanzable para incrementar la diversidad racial y étnica al contratar, desarrollar y retener activamente el talento en la totalidad de su personal.

Kamal indicó que la compañía seguirá centrándose en el incremento de la diversidad por medio de una serie de estrategias, entre las que se incluyen la contratación deliberada y selectiva (como el enfoque en universidades y colegios universitarios históricamente afroamericanos) y las alianzas con organizaciones que apoyan el desarrollo y la contratación diversa en los niveles de empleados y líderes. La compañía trabajará además desde su cultura inclusiva y en oportunidades de desarrollo y avance que ayuden a retener a los empleados diversos.

Generación de impacto con Free to Dream

Durante los próximos cinco años, el compromiso de $105 millones financiará alianzas e inversiones en emprendimientos de impacto social por medio del American Family Institute for Corporate and Social Impact y de apoyo financiero a través de la American Family Insurance Dreams Foundation e inversiones y alianzas comunitarias, las cuales son áreas existentes de la compañía que en la actualidad adelantan programas para cerrar las brechas de equidad. 

Gracias al apoyo y las inversiones en impacto social que superaron los $67 millones en los últimos cinco años, American Family cuenta ya con una trayectoria de colaboración para influir positivamente en las comunidades. 

Solo en 2020, Dreams Foundation entregó subvenciones destinadas a la educación permanente y a necesidades básicas de 230 organizaciones en todo el país. En 2021, la fundación continuará su labor concentrándose en los logros académicos y la educación, el desarrollo de una juventud sana y las oportunidades económicas, además de las necesidades básicas.

Desde su creación en 2018, American Family Insurance Institute ha invertido más de $15 millones en 18 emprendimientos con impacto social enfocados en cerrar brechas de equidad, incluyendo las que ayudan a abordar el cambio climático y apoyan la educación, la salud mental, el bienestar y a las personas y familias envueltas en asuntos judiciales. En la medida en que estas compañías crezcan, tienen el potencial de incrementar significativamente su impacto sobre los individuos y las comunidades, mientras ofrecen retornos financieros a los inversionistas que las apoyan. 

«Este trabajo hace parte fundamental de nuestro ADN», afirmó Bill Westrate, presidente y director ejecutivo electo. «Durante más de 90 años, American Family ha invertido en iniciativas que benefician a nuestra sociedad. Nuestra función es promover alianzas que creen las bases para la salud, la equidad y la prosperidad económica en nuestras comunidades».

«Estamos orgullosos del trabajo que hemos adelantado ayudando a fortalecer las comunidades y mejorar la calidad de vida, pero todavía estamos lejos de haber concluido esta labor», expresó Westrate. «Sabemos que aún se puede lograr mucho más si reforzamos nuestro compromiso e incrementamos nuestras inversiones».

Pilares Free to Dream de American Family

Empoderamiento Económico: La brecha de la riqueza en los Estados Unidos representa una barrera para las personas de color al esforzarse para hacer sus sueños realidad. American Family Insurance se involucrará en iniciativas, inversiones y alianzas innovadoras que les permitan a más familias lograr el éxito financiero y perseguir su sueño americano.

Equidad en educación y salud: Las desigualdades en educación y salud física y mental limitan los resultados de las comunidades de bajos ingresos, las cuales incluyen de forma desproporcionada a las personas de color. La educación es un vehículo esencial para romper los ciclos de pobreza generacional para los estudiantes y sus familias. American Family Insurance priorizará sus inversiones, alianzas y pensamiento innovador para ayudar a abordar las brechas en salud y educación por todo el país.

Resiliencia climática: El cambio climático ha impactado de manera particular a las comunidades de color de bajos ingresos, muchas de las cuales ya se encuentran desfavorecidas. American Family Insurance ha invertido en varios emprendimientos misionales que identificaron soluciones innovadoras para tener un impacto positivo en estas comunidades. Free to Dream ampliará el conocimiento de estas empresas y estimulará a otras para que se unan a apoyar la sostenibilidad ambiental. 

Reforma a la justicia penal: American Family Insurance busca limitar la reincidencia y ampliar las oportunidades de empleo para personas antes privadas de la libertad y aquellas con historiales de condenas y arrestos. Free to Dream apoyará estos esfuerzos, y la compañía abogará por cambios en políticas públicas que propendan por un sistema de justicia penal más justo y humano. 

Diversidad, equidad e inclusión en la fuerza laboral: American Family Insurance está dando pasos vitales para ubicar la diversidad, la equidad y la inclusión en el lugar de trabajo como un estándar fundamental en la forma en que la compañía conduce negocios y alianzas con la comunidad en general. Esto es algo tan importante que la compañía lo integró en su plan estratégico a cinco años. El compromiso de American Family con la diversidad, la equidad y la inclusión se demuestra mejor a través de su programa Inclusive Excellence, con objetivos estratégicos de crear una fuerza laboral diversa que represente a los Estados Unidos desde los cargos de nivel de entrada hasta los cargos directivos y de alta dirección, cultivando todo el tiempo una cultura inclusiva en la que todas las personas puedan prosperar.

Acerca del grupo American Family Insurance
Con sede en Madison, Wisconsin, American Family Insurance ha atendido clientes desde 1927. Inspiramos, protegemos y restauramos sueños por medio de nuestros seguros, un servicio excepcional por parte de los propietarios y empleados de nuestra agencia, las inversiones en la comunidad y las alianzas creativas que abordan retos sociales. Actuamos desde nuestra convicción en la diversidad y la inclusión, evolucionando constantemente para satisfacer las necesidades y preferencias de los clientes. El grupo American Family Insurance es el 13.° grupo de seguros para propiedades y siniestros más grande del país, clasificado en la posición 254 en la lista Fortune 500. El grupo vende los productos de la marca American Family principalmente a través de propietarios exclusivos de agencias en 19 estados. El grupo American Family Insurance incluye además CONNECT, desarrollado por American Family Insurance, The General, Homesite y Main Street America. Entre todas las compañías, el grupo cuenta con más de 13,500 empleados a nivel nacional.

 Contact: Freetodream@elitemediawill.com  

FUENTE American Family Insurance

WILMINGTON, Del., Feb. 23, 2021 /PRNewswire-PRWeb/ — DuPont™ Performance Building Solutions (PBS) is committed to a more sustainable future, which includes intentional action on climate change. Recent product innovation is delivering reduced GHG emissions and lower embodied carbon profiles for two long-time, market leading brands: DuPont™ Styrofoam™ Brand Extruded Polystyrene (XPS) Foam Insulation and Froth-Pak™ Spray Foam. The reformulated products are being introduced in 2021.

«With DuPont’s leadership position in the construction industry, we are driving a meaningful and immediate reduction in greenhouse gas emissions as we launch our reduced global warming potential products» says Jeff Hansbro, global advocacy director, DuPont.

Embodied carbon and operational carbon must be managed to address climate change appropriately in the built environment. High-performing buildings include the installation of quality insulation and air sealing products to decrease operational energy usage through a reduction in heating and cooling needs. This contributes to more affordable housing for occupants while supporting comfortable environments to live, work and play. Both Styrofoam™ Brand Extruded Polystyrene and Froth-Pak™ Spray Foam product lines offer immediate and long-term carbon mitigation through the reduction of energy usage.

«The building and construction industry accounts for nearly 40 percent of the world’s carbon emissions, and the manufacturing of building materials accounts for 11 percent of global carbon emissions,» said Hansbro. «As part of the global solution to address climate change, the building industry must achieve carbon neutrality and deliver solutions focused on climate resiliency.»

DuPont celebrates the U.S. rejoining the Paris Agreement and has always supported policies and actions that address climate change. DuPont is uniquely positioned to support our customers and communities in creating solutions across all six sides of the building envelope. We focus our research investment and scientific talent on developing technologies and materials to enable low-carbon energy generation and improve energy efficiency for homes and buildings. Learn more at http://www.dupont.com/position-statements/climate-change.html.

Leveraging decades of building science expertise to address industry challenges, PBS recently announced its 2030 Sustainability Goals, which include a 75 percent reduction in greenhouse gas emissions from operations relative to 2019. More information about the PBS sustainability goals can be found at http://www.dupont.com/building/sustainability.html.

About DuPont Performance Building Solutions and Corian® Design

Grounded in science, DuPont™ Performance Building Solutions and Corian® Design is working alongside those who also seek a sustainable tomorrow to help people thrive at home and in their communities for years to come. By developing solutions for managing the air, water and thermal performance of buildings and residences, we help our customers build energy-efficient, resilient, and durable shelters in a rapidly changing world. Backed by unmatched industry insight, building knowledge, and technical support, as well as world-class brands such as Styrofoam™ Brand, Tyvek®, and Great Stuff™, our products and services portfolio enables customers to focus on what they do best, no matter where and how they choose to build.

About DuPont

DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at http://www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.

###

DuPont™, the DuPont Oval Logo, and all trademarks and service marks denoted with ™, SM or ® are owned by affiliates of DuPont de Nemours, Inc. unless otherwise noted.

2/23/21

Media Contact

Stacy Coughlin, DuPont, +1 9898986442, stacy.coughlin@dupont.com

SOURCE DuPont

PALM BEACH,  Fla., Feb. 23, 2021 /PRNewswire/ — Everything solar is booming! Solar power is now cheaper than coal in some parts of the world, and generating power from the sun is likely to be the lowest-cost energy option globally in less than ten years, according to Bloomberg. In many places around the world, solar is already the lowest-cost option. Even the big utilities are moving rapidly toward solar (and wind, which is also poised to best coal in terms of cost). The New York Times reports that Xcel Energy—which provides electricity to the middle of the country, from Colorado to Texas to Michigan—has asked for proposals to build large wind and solar power plants in Colorado, and bids are already coming in lower than the operating costs for coal plants. West Coast energy provider Pacific Gas & Electric has committed to making renewable energy, including solar, 55 percent of its power portfolio by 2031. Many experts think that California will hit the 50 percent renewables mark by 2025—maybe even sooner. A report from Fortune Business Insights said projected that the global solar power market size, which was USD 163.70 billion in 2019, is projected to reach USD 194.75 billion by 2027, exhibiting a CAGR of 5.9%. Active solar companies in the market this week include First Solar, Inc. (NASDAQ: FSLR), Green Stream Holdings Inc. (OTCPK: GSFI), SunPower Corp. (NASDAQ: SPWR), SolarEdge Technologies, Inc. (NASDAQ: SEDG), Enphase Energy, Inc. (NASDAQ: ENPH).

Another report from Grand View was also optimistic about the submarket for solar panels, saying that: «The global solar PV panels market size was valued at USD 115.2 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. Growing demand for renewable-based clean electricity coupled with government policy tax rebates and incentives to install solar panels is expected to drive the market in the coming years. Firms in commercial and industrial sectors are among the chief consumers of solar photovoltaic (PV) panels owing to their large scale requirement for green power. Economies of scale installation in these sectors compensate for any loss in panel efficiency, thereby making the solar PV systems profitable for large scale power generation. The residential sector is gaining momentum in solar PV panel installations owing to net metering schemes for on-grid systems.»

Green Stream Holdings Inc. (OTCPK: GSFI)  BREAKING NEWS:  Green Stream Holdings (OTC: GSFI) Completes Structural Engineering for 160 Imlay Street Project; Submits for Solar Interconnectivity with ConEdison NY Grid – Green Stream Holdings Inc. («the Company») («Green Stream») (http://www.GreenRainSolar.com ), an emerging leader in the solar utility and finance space, announces today key updates on its flagship project site 160 Imlay Street in Brooklyn, NY.

The Company has officially completed its structural engineering for the 160 Imlay Street Project and has submitted its application to integrate its solar and photovoltaic initiatives with conEd’s powerful electric distribution grid.   

Con Edison provides electric services to 3.2 million customers in New York City and portions of Westchester County. Electricity is delivered through approximately 94,000 miles of underground cable, and almost 37,000 miles of overhead cable.

As the demand for solar energy soars, the industry is booming in New York. Solar clients expect prompt interconnection, but this isn’t always the case. The State of New York and utility companies, such as Con Edison, both have interconnection requirements.  The vast majority of solar installers apply for interconnection on behalf of their residential and commercial clients.  

As part of its Clean Energy Commitment, conEd wants to make it possible for customers to buy 100 percent clean electricity by 2040. Con Edison Inc. is the second largest solar producer in North America and seventh largest in the world. Approval of Green Stream Holdings’ initial application with conEd for Imlay street will facilitate the opportunity to harness renewable energy for GSFI to then lease back to the surrounding communities toward a sustainable, long-term income stream, as it continues to position itself as an industry leading lease-back utility company in the renewable energy space.

Green Stream’s initiatives for 160 Imlay include implementation of a rooftop photovoltaic system providing at a minimum of 300- 450 Kw of electric Photo Voltic Power, utilizing approximately 1000-1440 panels, on approximately 22,000 square foot space on the property. Green Stream Holdings, together with Morali Architects as their joint venture partner in this project, will design, erect, construct and install or retrofit the property, increasing its value and reducing the property’s carbon footprint all the while.  Continued…. Read this full release and more news for GSFI at:  https://www.financialnewsmedia.com/news-gsfi/     

Other recent developments in the solar industry include:

First Solar, Inc. (NASDAQ: FSLR) recently announced that it has entered into a Purchase and Sale Agreement (the «Agreement») with Leeward Renewable Energy Development, LLC («Leeward»), pursuant to which Leeward will acquire from First Solar a utility-scale solar project platform of approximately 10 gigawatts (GW)_AC. The transaction is expected to close in the first quarter of 2021, after obtaining regulatory approvals and satisfying customary closing conditions.

Headquartered in Dallas, Texas, Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans. Upon closing of the transaction, Leeward will acquire the US project platform, which includes the Rabbitbrush, Madison, Oak Trail, Horizon, and Ridgely projects that are expected to commence construction in the next two years, as well as the 30 MW_AC Barilla Solar project, which is operational. First Solar will retain 1.1 GW_AC of projects in the US that are expected to be sold separately. Key members of the First Solar project development team are also expected to join Leeward upon closing.

SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, recently announced the new mySunPower™ app, the company’s new experience for homeowners to review and manage their energy generation, consumption, and battery storage settings from a mobile device. The new mySunPower app for monitoring will be available for download for SunPower Equinox® customers on Feb. 16 on the Apple App Store and Google Play and will be available to all of SunPower’s 285,000 monitoring customers by spring 2021.

Designed to integrate seamlessly with SunPower’s existing homeowner platform, the mySunPower app makes it possible to optimize energy use, save money, and become less dependent on traditional energy providers in the face of rolling blackouts, natural disasters, and the impacts of climate change.

SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy, recently announced its financial results for the fourth quarter and year ended December 31, 2020.  «Our fourth quarter results are reflective of strength in the U.S. residential market and record revenues from outside of Europe and the U.S., led by Australia,» said Zvi Lando, CEO of SolarEdge. «The return to growth in installations in the U.S. residential market drove our sequential growth and return to the anticipated solar margins. Despite the global pandemic, we concluded the year with slight growth in revenues, healthy cash generation and are well positioned for 2021 and beyond, having invested significantly in development of new products to be released this year as well as development of our non-solar businesses, with readiness to supply full powertrain kits for the e-Mobility sector in Europe.»

SolarEdge is a global leader in smart energy. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by PV systems. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions.

Enphase Energy, Inc. (NASDAQ: ENPH), a global energy management technology company and the world’s leading supplier of microinverter-based solar-plus-storage systems, recently announced that it has agreed to acquire the Solar Design Services business of DIN Engineering Services LLP. Based in Noida, India, the business is a leading provider of outsourced proposal drawings and permit plan sets for residential solar installers in North America.

DIN’s Solar Design Services business has more than a decade of experience working with local jurisdictions in the U.S. DIN leverages this knowledge to streamline the proposal and permitting process for installers.  «We are pleased to join forces with the Solar Design Services business to be acquired from DIN Engineering Services,» said Jeff McNeil, chief operating officer of Enphase Energy. «We look forward to welcoming DIN’s current installers to Enphase upon close. We believe DIN’s proposal and permit plan services will benefit Enphase’s installers by enabling them to better utilize their limited resources to focus on other key areas of their business.»

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This release contains «forward-looking statements» within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. «Forward-looking statements» describe future expectations, plans, results, or strategies and are generally preceded by words such as «may», «future», «plan» or «planned», «will» or «should», «expected,» «anticipates», «draft», «eventually» or «projected». You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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View original content:http://www.prnewswire.com/news-releases/global-solar-power-market-size-expected-to-exceed-194-billion-by-2027-301233068.html

SOURCE FinancialNewsMedia.com

WESTPORT, Conn., Feb. 23, 2021 /PRNewswire/ — Today, Energy Income Partners («EIP») sent a supplemental letter to the Board of Directors of the general partner of TC PipeLines, LP (NYSE: TCP) supporting its objections to and its intent to vote AGAINST the proposal to approve and adopt the Merger Agreement with TC Energy Corporation (NYSE: TRP). EIP is the largest non–affiliated unitholder of TCP, owning more than 10% of the units outstanding and has maintained a position in the company for nearly 15 years.

A copy of EIP’s letter is below.  A full copy of EIP’s initial letter sent to the Board on last Friday, including supporting analysis of its objections is available on EIP’s website, www.eipinvestments.com. 

Members of the Board of Directors
c/o Secretary
TC PipeLines, GP, Inc., as the general partner of TC PipeLines, LP
700 Louisiana Street, Suite 1300
Houston, Texas 77002

Re: TCP/TRP Merger Proposal Vote

Ladies and Gentlemen:

On Friday, February 19, 2021 Energy Income Partners, LLC («EIP») sent a letter to the TCP Board containing an analysis of the TC PipeLines LP («TCP») / TC Energy Corporation («TRP») merger proxy statement/prospectus, dated January 26, 2021 («Merger Proxy»), including elements of the Partnership Fairness Opinion issued by the financial advisor («Evercore»).  In that letter, we advised you of our decision to vote against the merger.  The letter also contained EIP’s view that there were material deficiencies in the information considered by, provided to, and relied upon by the Conflicts Committee in their decision to accept this offer.

After EIP’s letter on Friday to the TCP Board, EIP has more thoroughly reviewed TCP’s Form 8-K filing with the U.S. Securities and Exchange Commission, dated February 17, 2021, which contained supplemental disclosures to the Merger Proxy in response to litigation surrounding the merger. Incorporating these additional disclosures into our prior analysis, EIP’s view remains unchanged. Accordingly, we are advising you that if the meeting is held without further considerations and with the terms of the merger unchanged, we will vote against the merger.  In fact, we believe critical questions remain that LP investors need answers to, such as:

• The Merger Proxy contains what appears to us to be a disturbing and unusual fact pattern wherein the two members of the Conflicts Committee negotiated for separate and additional Indemnification Agreements while concurrently negotiating the exchange ratio and other aspects of the Merger Agreement on behalf of TCP unitholders. Why did the Conflicts Committee negotiate for legal protections during this process over and above what was historically deemed necessary?
• The Proxy firm ISS took the rare approach of issuing a «cautionary support FOR» the merger as evidenced by their flagging the merger vote as «deserving attention due to contentious issues or controversy». We view this as an important and notable distinction for TCP’s unitholders. In fact, yesterday, ISS reiterated their «cautionary» qualifier to their recommendation citing EIP’s letter from last Friday, February 19, 2021. Why was this caveat left out of TCP’s recent press releases to the public citing ISS’ «FOR» recommendation?
• As mentioned in our prior letter, EIP believes Evercore’s precedent transaction analysis is deeply flawed. Even using Evercore’s analysis, the additional disclosures in the 8-K provide a mean/median EV/EBITDA transaction multiple on precedent transactions of approximately 10x. This is 10% higher than the proposed merger valuation multiple that equates to a 20% higher per unit equity price than the current offer. Why did the Conflicts Committee accept an exchange offer that was 20% below that suggested by the data cited by their financial advisor Evercore?
• Evercore’s reliance of the valuation measure EV/EBITDA for asset sale transactions to justify TRP’s offer for TCP is problematic.
• EV/EBITDA ignores the payments to the general partner in the form of GP incentive distribution rights («IDRs») and so depresses the multiple. Why weren’t these multiples adjusted higher accordingly? Yesterday, Kinder Morgan announced the partial sale of 25% of Natural Gas Pipeline of America (NGPL) at 11.2x EBITDA. NGPL is highly comparable to TCP assets and has no incentive payments to general partners.
• EV/EBITDA ignores taxes and incentives to general partners which are paid by equity holders just as interest payments on debt and capital to sustain the business. What matters to equity holders is earnings per share. Isn’t this why long-term investors such as Warren Buffet and Charlie Munger have repeatedly derided EBITDA as a poor/misleading earnings measure? Why wasn’t a thorough valuation analysis of after-tax earnings to unitholders given the same consideration as EV/EBITDA?

• The treatment of taxes paid by unitholders in Evercore’s analysis highlighted in the 8-K was, in our view, biased and incomplete. Evercore has reduced the value of TCP units by personal taxes paid by those unitholders but ignored both the dividend tax and the 15% Canadian withholding tax TCP unitholders would pay as TRP shareholders following the merger. Why wasn’t an apples-for-apples type of valuation exercise conducted or relied upon?

Considering the above items raised around the adequacy of the merger consideration and fairness of the process, EIP strongly believes the Conflicts Committee was not fully informed in their decision to approve the merger.  Accordingly, EIP requests that the GP Board postpone the upcoming Merger Vote so that the Conflicts Committee can re-convene to consider the additional information that we and others have provided. Further, it is EIP’s view that the Conflicts Committee must either 1) re-open the merger negotiations to obtain a fair and reasonable valuation for TCP LP unitholders or 2) rescind their previous decision of recommendation to the GP Board approving the Merger; thereby rescinding «Special Approval» of the Merger Agreement.

While EIP does not currently object in principle to the Board’s determination to pursue a merger, we believe that terms of the proposed merger are unfair to unitholders.  EIP’s intention remains to vote «AGAINST» the proposed merger of TCP and TC Energy («TRP») based upon our view that TRP’s offer of 0.70 common shares of TRP for each unit of TCP is inadequate and grossly undervalues TCP’s assets and existing organic growth opportunities.

If you have any questions please contact Nandita Hogan, our Chief Compliance Officer, at (203) 349-8232.

Sincerely,

James Murchie
CEO and co-founder, Energy Income Partners, LLC

About EIP:

Based in Westport, Connecticut, EIP is an asset manager founded in 2003 that focuses specifically on energy infrastructure.  EIP’s seven-member investment team collectively has significant experience in the energy, pipeline, and utility industries.  As of January 31, 2021, EIP has $3.9 billion of assets under management. 

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SOURCE Energy Income Partners