Housing
When Power Companies Underwrite Appliance Recycling (ARCI, XEL)
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Appliance Recycling Centers of America Inc. (NASDAQ: ARCI) is far from a household name. Xcel Energy, Inc. (NYSE: XEL) is known, literally, if you live in parts of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. The large utility has engaged the tiny company to provide refrigerator recycling services for its residential electric customers in Colorado and New Mexico starting on June 1, 2009 through December 31, 2010.
The utility is paying $35.00 per refrigerator for those customers turning in inefficient refrigerators for newer energy efficient models.
As of the end of 2008, Xcel provided electricity services to approximately 3,374,772 customers and natural gas services to approximately 1,868,916 customers. ARCA currently provides services for 19 other electric utility programs in the U.S. and Canada.
Appliance Recycling Centers is seeing a boost from the news, but the volume is still very thin. Shares are up close to 20% at $2.00, and the 52-week trading range is $1.02 to $8.00.
JON C. OGG
MAY 26, 2009
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