Investopedia: ADA-ES A Coal Story The Market Actually Likes

Thermal coal companies are getting pounded, as a warm winter left utility stockpiles higher than normal and utilities switched to cheaper natural gas. Amidst all that, though, ADA-ES (Nasdaq:ADES) is near its 52-week high as the company continues to ramp up its refined coal business and sees ongoing demand in its emissions control business. ADA-ES has risks that are well above average, but as a rare play on cleaner coal technologies, the stock could still continue to work.

Momentum Coming out of the Fourth Quarter  
ADA-ES certainly closed out 2011 on a strong note, as revenue was well ahead of expectation. Revenue jumped 174% to almost $25 million, driven by 20% growth in the emissions control business, over 150% growth in the tiny CO2 (carbon dioxide) capture business and 244% reported revenue growth in the refined coal operations (to over $20 million).

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Investopedia: CB&I Harnessing Some Energy

These are bad days for large-scale construction, right? High debt and low tax revenue is hampering public works projects and manufacturing companies have little need to add capacity just yet. Likewise, construction activity in the leisure sector (hotels, casinos, and so on) has yet to pick up. On top of that, power generation is caught between those who hate the idea of more coal plants and those who really hate the idea of more nuclear plants. 

Well, yes and no. Construction activity in those segments is indeed weak, but there is a notable exception - the oil and gas sector. And that is where CB&I (NYSE:CBI) (formerly known as Chicago Bridge & Iron) makes its bread and butter; building a wide range of facilities like storage tanks, processing plants, liquefaction facilities and terminals.  
 


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Has Fluor Built Its Foundation?

Last week, we heard from Nucor (NYSE:NUE) and Steel Dynamics (Nasdaq:STLD), and both companies were pretty cautious about business conditions in the second half of 2010. Since both companies are leveraged to commercial construction, that is relevant. The engineering and construction industry, though, looks as though it might be building a base and perhaps getting ready to rebound.

Analysts seem relatively confident that capital spending is going to resume in the energy market, mining projects continue to go forward, and there is a general assumption that we are seeing the worst in the government-funded infrastructure business (so it will start to get better).

Interestingly, Fluor's (NYSE:FLR) stock tracks those steelmakers relatively closely, so who should we believe? Are the engineering companies (and steel) simply building a base for a second half rally, or are we looking at a sluggish environment for the next six months?


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New EPA Rules Could Stir The Air

Regulation is the ever-present risk for utility companies, and this came to the fore again this week with new potential EPA pollution regulations. In particular, these rules will target emissions of sulfur dioxide, nitrogen oxides and fine particles. If the EPA gets its way and the rules go into effect, it will mean tougher air pollution standards that affect 31 states in the eastern half of the United States. (Check out Save The Earth: Become A Capitalist.) 

Regulations always come with costs, though, and this one is no different. As the primary producers in the affected areas, American Electric Power (NYSE:AEP), Southern Company (NYSE:SO) and Duke Energy (NYSE:DUK) would face the brunt of the new rules.

Although the EPA says the regulations will add $2.8 billion a year in new costs, you can assume that the industry will disagree and point to higher costs. After all, these companies are going to face tough decisions about buying new technology, switching fuels, and shutting down small plants. Couple that with expected new rules on mercury emissions, and the industry is going to be facing some serious budgeting decisions in the coming years. 


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