October 2019 Newsletter


Wattsmart Multifamily Biz. Partner of the Year 2019

At this year’s Utah Housing Matters Conference in Park City, Rocky Mountain Power presented the Wattsmart Affordable Housing Multifamily Partner of the Year 2019 to Danville Development Corporation. The Award, now in its second year, recognizes an organization in the multifamily industry that has made a significant impact within the Rocky Mountain Power service area.

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Investment Fund Staff Goes Back to School to
Learn Financial Risks of Climate Change.

A US fund manager is sending its investment staff back to school. The $580 billion fund house has developed a training course with New York’s Columbia University on the financial risks of climate change, which the firm’s analysts and portfolio managers will be required to attend. A pilot group of 35 AllianceBernstein portfolio managers and analysts attended sessions at Columbia earlier this year to learn how to factor climate risks, such as rising sea levels, wildfires, and extreme weather, into their investment decisions. In the coming months, another 75 investment professionals representing all of the firm’s “senior risk takers” across all asset classes, including equities, fixed income, real estate, and alternatives, will take part in the training.

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Redburn Double Downgrades Exxon Mobil
and Removes All “Buy” Ratings From Big Oil

Redburn, the equity research house, has removed all “buy” ratings from the biggest integrated oil companies, arguing that the industry faces an “existential risk” as long-term forecasts for oil demand are up to 30% too high. Predictions for oil demand growth were still underestimating government action to tackle climate change, warned the research house, adding that the industry could eventually face even more draconian measures if consumption did not stop rising soon. Redburn’s move amounts to a near sector-wide downgrade. The research house forecasts that oil demand could peak within five years. “When industries face existential risk, historical multiples provide no floor for share prices,” said the report by analysts Peter Low and Stuart Joyner. “Rather, accelerating uncertainty means the sector’s cost of capital will rise further, perpetuating the derating.” Redburn said it was hitting with a rare “double downgrade”, bumping it from “buy” to “sell” in one move.

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New Employees at ICAST.

Bradley Frederick joined the ICAST team at the the beginning of the month as Construction Site Supervisor in Salt Lake City, UT. Brad has been in the construction industry for over six years.

Stephanie Moser joins the ICAST team as a Customer Service Representative in Salt Lake City, UT.  Stephanie has been in Customer Care for more than three years before she joined the ICAST team.

Amy Smith joins the ICAST team as a Construction Coordinator in Salt Lake City, UT.  Amy has worked in several different roles in the construction industry before joining ICAST.

Toni Renee Vierra joined the ICAST team as a Client Solutions Specialist in Albuquerque, NM after spending the last three years working as a Senior Energy Consultant.  She is both a LEED-AP BC&D and a BuildItGreen Certified Green Building professional.

Zachary Amendt has been working as a Grant Writer for over four years and joins the ICAST team as a Proposal Writer.

ICAST’s Impact in the Community it Serves

ICAST is making great strides in its triple bottom-line impact in the communities where it operates and the environment.  Summary of our impact:

Low-to-Moderate Income Households Served: 20,815

Investments Made in Local Communities: $19.7 Million

Lifetime Utility Cost Savings Created: $45 Million

Sustainable Jobs Created: 396

Carbon Emissions Reduced Over Lifetime of Upgrades: 263,787 tons

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