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The New Art of Plant Acquisition

Forget the mega merger as a means to acquire new power plants. FERC’s new rules may offer a better path.

Fortnightly Magazine - June 2006

filed by any entity acquiring beneficial ownership of more than 5 percent of a class of a company’s securities. See Id., n.107.

19. Docket EC04-78, March 19, 2004.

20. 93 FERC ¶ 61,164. Sections 33.3 (2) and 33.4(2).

21. Docket No. EC04-34, Dec. 5, 2003. FERC approved the transaction in 106 FERC ¶ 62,041, Jan. 21, 2004.

22. Virginia Electric and Power Co., Docket No. EC05-24, Dec. 2, 2004.

23. 110 FERC ¶ 62,077.

24. HHI is calculated as the sum of the squares of the market shares of suppliers in a market. HHI = where MSi is market share of firm i.

25. A long-term contract is defined as a contract with more than one year of duration.

26. Fox-Penner Affidavit, Docket No. EC05-132, Aug. 31, 2005.

27. 113 FERC ¶ 61,265, P. 15. Also see similar findings at 113 FERC ¶ 61,073 and 113 FERC ¶ 61,074.

28. Notice of Inquiry, Preventing Undue Discrimination and Preference in Transmission Services, Docket No. RM05-25-000, Sept. 16, 2005.

29. Oklahoma Gas and Electric Company and NRG McClain LLC, FERC Order Doc. No. EC03-131-000, Dec. 18, 2003.