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...
has a power purchase agreement with Wolf Hollow, through 2023, to purchase 350 MW of its output. The Wolf Hollow transaction is subject to approval by the Public Utility Commission of Texas and the notification and reporting requirements under the Hart-Scott-Rodino Act. Exelon plans to finance the transaction with existing cash flow and liquidity resources and expects to close it in the third quarter of 2011. Barclays Capital acted as financial advisor to Exelon.
Magma Energy and PlutonicPower completed their merger, which was approved by the Supreme Court of British Columbia on May 9, 2011. Magma acquired all of the outstanding shares of Plutonic on the basis of 2.38 common shares of Magma and Cdn. $0.0001 in cash for each Plutonic common share. Magma will change its name to “Alterra Power Corp.” and its common shares are expected to trade on the Toronto Stock Exchange under the symbol “AXY.”
Juhl Wind closed its acquisition of the 10.2-MW Woodstock Hills wind farm, located near the company’s headquarters in Woodstock, Minn. Juhl was the original developer of the Woodstock Hills wind farm, which entered service in 1999 and was previously owned in concert with two institutional investor partners. The 10.2-MW wind farm uses 17 Vestas V-44 turbines and sells the output to Xcel Energy under a long-term power purchase agreement. Juhl paid $400,000 to acquire a controlling, 99.9-percent ownership interest alongside the 0.1-percent local owner. Juhl expects the wind farm to continue to generate revenue of approximately $1.2 million per year, as it has historically.
Science Applications International Corp. (SAIC) acquired the transmission and distribution (T&D) engineering capabilities of Patrick Energy Services (PES), which provides services for planning, design, engineering and construction of transmission, substation, distribution, smart grid, SCADA (supervisory control and data acquisition), and protection and control systems.
Fortis agreed to acquire the outstanding common shares of Central Vermont Public Service , the largest integrated electric utility in Vermont, for $35.10 per share in cash, for an aggregate purchase price of approximately $700 million, including the assumption of approximately $230 million of debt on close.
DTE Energy selected Itron and Tropos to supply technologies for its $168 million SmartCurrents program. SmartCurrents is targeted at modernizing the electric grid, improving distribution system reliability and efficiency, as well as providing electric customers with more information about their power usage. Phase one spans more than 500 square miles and includes the installation of approximately 800,000 Itron OpenWay meters; DTE already has installed nearly 300,000 OpenWay meters. In addition to the meters and endpoints, the communications architecture for the SmartCurrents program includes Tropos high-performance wireless communications technology and mesh routers. The project also includes rollout of distribution automation applications and involves upgrades to 11 substations and 55 distribution circuits.
Bangor Hydro implemented Itron software to help it migrate from automated meter reading (AMR) processes to an AMI system. Itron Enterprise Edition meter data management (IEE MDM) is a part of Bangor Hydro’s smart grid initiative and will calculate billing determinants for multiple pricing programs—including day-ahead hourly pricing, which Bangor Hydro says is one of the first