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Digest (June 2014)

Fortnightly Magazine - June 2014

of 1.125 RMB/KWh and 1.1 RMB/KWh, respectively, including subsidies from the local government. Both locations are among areas with the highest insolation level in Jiangsu Province.

Nuclear Power

Ontario Power Generation (OPG), through its subsidiary, Canadian Nuclear Partners (CNP), and Westinghouse Electric have established an agreement that will enable the companies to consider a diversity of nuclear projects including refurbishment, maintenance and outage services, decommissioning and remediation of existing nuclear power plants, and new nuclear power plants. Westinghouse and OPG have collaborated recently on several key projects. Currently, Westinghouse is performing work to design filtered containment vents at OPG's Darlington Nuclear power station as part of the site's refurbishment program.

Power Markets

NV Energy filed a request with the Public Utilities Commission of Nevada (PUCN) seeking approval to participate in the new, extraterritorial energy imbalance market (EIM) to be operated by the California Independent System Operator Corporation (Cal-ISO). Meanwhile, the California grid operator separately is asking the Federal Energy Regulatory Commission (FERC) to approve the implementation agreement with NV Energy. (See FERC Docket ER14-1729, filed Apr. 16, 2014). Earlier, on April 8, the FERC by letter order had OK'd an EIM tariff amendment proposed by Cal-ISO setting out terms by which the ISO would recover software development costs to reconfigure its systems to incorporate PacifiCorp as a participant in the EIM, by October 1 of this year. (See, FERC Docket ER14-1350). The energy imbalance market is a voluntary, five-minute balancing market that provides participants the opportunity to more efficiently manage existing energy resources. A broad cross-section of industry stakeholders supports the EIM, including the Natural Resources Defense Council (NRDC), which was active in the EIM creation process at the ISO.

M&A

Exelon and Pepco Holdings signed a definitive agreement to combine the two companies in an all-cash transaction. The agreement, which has been unanimously approved by both companies' boards of directors, brings together Exelon's three electric and gas utilities - BGE, ComEd and PECO - and Pepco Holdings' electric and gas utilities - Atlantic City Electric , Delmarva Power and Pepco - to create the leading Mid-Atlantic electric and gas utility. The combined utility businesses will serve approximately 10 million customers and have a rate base of approximately $26 billion. The transaction requires the approval of the stockholders of Pepco Holdings. Completion of the transaction is also conditioned upon approval by the Federal Energy Regulatory Commission, the District of Columbia Public Service Commission (PSC) and several state commissions, including the Delaware PSC, the Maryland PSC, and the New Jersey Board of Public Utilities. The companies anticipate closing in the second or third quarter of 2015.

GE submitted a binding offer to acquire the thermal, renewables (power) and grid businesses of Alstom consisting of $13.5 billion enterprise value and $3.4 billion of net cash, totaling $16.9 billion. The Alstom board of directors has positively received GE's offer and has appointed a committee of independent directors led by Jean-Martin Folz to review the transaction. Although the transaction involves the acquisition of Alstom's power and grid businesses, GE's offer, typical of a public company