A record-breaking energy efficiency boost helped Diamondback Power stock hit an all-time high Monday, as the utility added more than 5,300 megawatts of renewable energy capacity and reported a profit of $4.1 billion.
The company also said it earned $7.9 billion in operating income, or about 4 cents per share.
The $7 billion figure is up about 10 per cent from a year ago.
Diamondback reported net income of $1.2 billion for the fiscal year ending Dec. 31, up 2.1 per cent over the previous year.
That helped drive the stock’s stock price up nearly 17 per cent in after-hours trading Monday, to $20.26, after the company posted its third straight record-high profit of nearly $2 billion.
Diamondback’s profit margin of 5.9 per cent is the highest in the industry, according to FactSet.
The utility said its renewable energy portfolio added nearly 3,500 megawatts (MW) of capacity in the first half of this year, a big jump from a record-low level of 2,500 MW in the previous 12 months.
The increase is due in part to the fact that the utility is adding more wind turbines, solar panels and other renewable energy sources.
It said it now has more than 50 megawatts in solar power, more than the company’s target of about 30 MW.
It also said its hydro power is up 5 per cent and its natural gas and electricity generation is up 11 per cent.
While Diamondback’s performance is still below the industry average, the company is seeing some gains in the renewable energy space.
Diamondbacks power generation grew by about 3 per cent to 823 MW in 2016, according the utility.
Diamondbacks solar power is growing faster than the industry as a whole, with the utility seeing the industry grow by 4 per cent this year.
The solar panel market has also grown strongly in recent years, with more people being able to afford solar panels, as well as new types of solar panels.
Diamondbers power generation is also growing faster in Texas than the rest of the U.S., which has seen a boom in the solar industry over the past decade.
Diamonds solar panel output grew by 6 per cent year-over-year in Texas in 2016 to 2,739 MW.
That’s up from 1,851 MW in 2015.
Energy companies can also see signs of progress in their energy use.
While the amount of power generated in the U., at least for the last decade, has grown by just over 6 per million people, the amount generated by utilities has grown nearly 5 per million.
Diamonds solar power generated 3.7 gigawatts in 2016 compared with 3.4 gigawatts by the utilities.
The U.K.’s Independent Electricity Markets Association (IEMA) says it expects a strong growth in renewable energy in the years ahead, and expects to see more solar installations in the UK by 2020.
The sector is expected to become more competitive, particularly with wind, as more people and businesses are willing to install solar panels on their homes.