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Fortnightly Magazine - April 15 2002


The industry has moved beyond the debate.
Michel Marcoux is a partner in Bruder, Gentile & Marcoux, L.L.P., a Washington, D.C., law firm engaged in natural gas and electric utility industry work. He can be reached at (202) 783-1350. Web site:

Off Peak

The solution to California's crisis may have been lapping at the beach.

Off Peak

April 15 , 2002

Utility Valuation: Shedding Light on the Black Box

Experts debate how energy companies should be valued in the wake of electric restructuring and Enron.
Richard Stavros


The Fear Factor

Understanding power company volatility in the context of valuation theory.
Kevin Phillips

Vertical Integration: Necessity or Distraction?

An analysis of the latest wave of unbundling, re-bundling, and convergence plays in the gas-power industries.
Dan Gabaldon and Joe Quoyeser

A Hope, A Wing, and A Prayer

On the virtues and vices of ICAP, ACAP, FTRs, hubs, flowgates, DAMs, and gaming.
Bruce W. Radford

Special Report ... Special Report ... Special Report ... Special Report ... Special Report ... Special Report ... Special Report ...

Repeatable M&A: Creating a Value Chain Reaction

How building capabilities for repeated M&A can increase shareholder value.
see Table 1

How building capabilities for repeated M&A can increase shareholder value.

Despite significant recent upheavals, the energy industry's long-term consolidation is likely to continue. Many companies appear to be moving towards, or have announced, consolidation strategies in their preferred areas of the industry. ()

M&A 2002: The Need for Strategic Clarity

What type of merger strategy should energy companies pursue in light of new industry uncertainties?
Richard J. Rudden and James P. Bolduc

Three-Legged Stool

The smart money now treats transmission as a player. Just like generation. Just like load.

Over at the Federal Energy Regulatory Commission, new chairman Pat Wood has let it be known he might have done it the other way. If he had been in charge, say the press reports, he would have postponed Order 2000. He would not have asked electric utilities for any commitment to join a regional transmission organization (RTO) until after the FERC had first devised a comprehensive set of rules-a standard market design (SMD)-for RTOs and stand-alone independent transmission companies (transco's, or ITCs).


William S. Weaver