Cyber Attacks Biggest Threat To U.S Energy Infrastructure

The biggest risk to U.S. aging energy infrastructure is cyber-attacks. The same became clear as Colonial Pipeline was forced to close its entire 5,500 conduit after feeling the full force of cybercriminals. The shutdown, which affected gasoline supply from the gulf coast to New York, triggered a spike in gas prices to levels not seen in more than six years.

Energy Cyber-Attacks

Gasoline prices rose to $3 a gallon as Colonial Pipeline shut down operation as it sought to contain an assault that involved ransomware. While there is no evidence that the attack might have penetrated vital control systems, its consequences already highlight how vulnerable the U.S. energy infrastructure remains.

This is not the first time that a key U.S. energy infrastructure has come under attack. Last year, a similar ransomware attack moved from a natural gas company’s network into the control system, halting operations for two days. The wave of attacks should serve as a wake-up call for the energy industry as well as the company’s schools and hospitals.

Octopus Energy- Brilliant Energy Merger

Separately, Octopus Energy U.S. has inked a deal to acquire Brilliant Energy LLC. The company is to pay $2.23 million consequently assume ownership and responsibility of managing and supplying energy to about 9,000 residential homes.

The acquisition comes hot on the heels of Octopus announcing plans to invest $100 million into the U.S. energy market. The company intends to expand its footprint and target more than 25 million energy accounts by 2027.

Duke Energy 1Q Results

Additionally, Duke Energy is off to a solid start after reporting impressive first-quarter results driven by electric utilities and infrastructure growth. The company’s gas utilities and infrastructure also benefited from customer growth.

The company delivered earnings per share of $1.26 compared to the EPS of $1.24 delivered last year. The Electric Utilities and Infrastructure segment generated segment income of $820 million, up from $705 million reported last year. The Gas Utilities and Infrastructure segment, on the other hand, recognized net income of $245 million.

Duke Energy has since reaffirmed its 2021 adjusted EPS guidance range of between $5 and $5.30 and long-term growth of between 5% and 7%.

By reading our website you agree to the terms of our disclaimer, which are subject to change at any time. Owners and affiliates are not registered or licensed in any jurisdiction whatsoever to provide financial advice or anything of an advisory nature. Always do your own research and/or consult with an investment professional before investing. Low priced stocks are speculative and carry a high degree of risk, so only invest what you can afford to lose. By using our service you agree not to hold us, our editor’s, owners, or staff liable for any damages, financial or otherwise, that may occur due to any action you may take based on the information contained within our newsletters, website, twitter, Facebook or chat. We do not advise any reader to take any specific action. Our releases are for informational and educational purposes only. Never invest purely based on our articles. Gains mentioned on our website, twitter, Facebook, and on our website may be based on EOD or intraday data. We may be compensated for the production, release, and awareness of this article. We will disclose any and all compensation on the article page. This publication and its owner never hold positions in the securities mentioned in our articles. Our information may contain Forward-Looking Statements, which are not guaranteed to materialize due to a variety of factors. We do not guarantee the timeliness, accuracy, or completeness of the information on our site. The information in our disclaimers is subject to change at any time without notice. We are not held liable or responsible for the information in press releases issued by the companies discussed in these write-ups. Please do your own due diligence