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Fortnightly Magazine - October 2006

M&A Value Creation: Combating the "Winner's Curse"

Significant value waits to be unlocked through consolidation, but conventional approaches have been inadequate.

Jim Hendrickson, Robert Laurens, and Andre Begosso

Can consolidation create sustainable long-term value, or will it prove seductive but, ultimately, disappointing to shareholders, employees, customers, and management alike?

Corporate Integration: Keys to Success

Stage-by-stage advice from an M&A veteran.

William F. Hederman

Company leaders should expect to go through at least one company merger. If you’re in the energy industry, it’s time to begin pre-deal initiatives.

Stay Online With Partial Discharge Testing

How to maintain continuous power supply while measuring for weak spots.

Peter van der Wielen and Barry Ward

Failures in medium-voltage power cables and their components cause a large proportion of annual power service interruptions, especially in high-density urban areas. Locating and repairing weak areas in cables at an early stage can improve the reliability of the energy supply considerably. Partial discharge testing is a proven condition assessment/test methodology.

Betting Against the Gods

In search of the Holy Grail of utility risk management.

Richard Stavros

The search is on for the Holy Grail of risk management. Utilities are managing new risks, as more sophisticated systems and services become available.

Risk Management Starts at the Top

How to sort out strategies and weather the storm.

Andrew S. Hyman, Michael J. Denton, Leonard S. Hyman, Bradford G. Leach, and Gary A. Walter

Unless embraced as an integral part of the business strategy, risk management is nothing more than a bureaucratic exercise that lulls the management and directors into a false sense of security.

Letters to the Editor

Robert Garvin, MAJ, TC, 3RD Corps Support Command: Serving here and seeing how poor the people of Iraq are after 30 years of a dictatorship is truly life changing. You would not believe the electricity challenges they face here. In a country of over 25 million people, Iraq has only about 5,000 MW of electricity at any given time.

Daniel Simon decided to investigate how much the extra heat of incandescent light bulbs over CFLs might cost a customer in air-conditioning cooling costs, compared to an analysis in “Squeezing BTUs From Light Bulbs.”

A National Meltdown

Discordant global-warming solutions may end up burning utilities.

Richard Stavros, Executive Editor

How will utilities in the next 10 years manage a multi-billion-dollar infrastructure buildout, higher interest rates/cost of capital, diminishing free cash flows, state renewable mandates, and political pressures to keep rates or power prices low, all while complying with carbon emissions programs that emphasize higher-cost fuels? Meeting the challenges may depend on whether a national carbon program that regulates carbon emissions is established.

People

(October 2006) Kansas City Power & Light promoted Kevin Bryant to vice president of Energy Solutions. American Electric Power announced a series of executive reassignments as part of the company’s succession planning strategy. Pacific Gas and Electric Co. elected Bill Morrow as president and COO. Bob Drennan, a 23-year Progress Energy veteran, has been named vice president of investor relations. And others...

Don't Mess With Texas

America’s energy competition laboratory prepares to build.

Hind Farag and Gary L. Hunt

The ERCOT region remains a living example of how to make a successful transition to restructured wholesale and retail markets for electricity. At the same time, the market continues to witness some significant developments. Sights are turning from recovery to the next stage of the power business cycle: The Buildup.

The Most Effective Way

Market prices send investors clear signals to invest in the most efficient means for producing electricity.

Thomas L. Welch

Higher electricity prices have drawn sharp attention to the design of organized wholesale electricity markets—particularly to areas where residential customers’ rates will increase because multi-year rate freezes are ending. Some suggest changing the way that markets set wholesale electricity prices, or doing away with competitive markets entirely and returning to government regulation of prices. They say that the design of the markets exaggerates the effects of natural-gas price increases and unfairly rewards generators that use lower-cost fuels.

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