California's retreat from its zero-emission targets eases the pressure on utilities, making time for a fresh look at public and private efforts.
Electric vehicles (EVs) hold interest...
PPL Corporation and Riverstone Holdings LLC announced a definitive agreement to combine their merchant power generation businesses into a new stand-alone, publicly traded independent power producer. The new company, which will own and operate 15,320 MW of generating capacity, will be called Talen Energy Corporation . Based on current generating capacity statistics, Talen Energy would be the third-largest investor-owned IPP in the nation. Under the terms of the agreement, at closing, PPL Corporation will spin off PPL Energy Supply, the parent company of PPL Generation, and PPL EnergyPlus, to shareowners of PPL and then immediately combine that business with Riverstone's generation business to form Talen Energy Corporation, an independent publicly traded company expected to be listed on the New York Stock Exchange. The transaction is subject to approval by the Nuclear Regulatory Commission , the Federal Energy Regulatory Commission and others.
Wisconsin Energy and Integrys Energy Group entered into a definitive agreement under which Wisconsin Energy will acquire Integrys in a transaction valued at $9.1 billion. Upon completion of the transaction, the combined company will be named WEC Energy Group, Inc. The combined entity is projected to have a regulated rate base of $16.8 billion in 2015, serve more than 4.3 million total gas and electric customers across Wisconsin, Illinois, Michigan and Minnesota, and operate nearly 71,000 miles of electric distribution lines and more than 44,000 miles of gas transmission and distribution lines. The combination brings together Wisconsin Energy's electric and gas utility (We Energies), plus a number of electric and gas utilities owned by Integrys (Wisconsin Public Service, Peoples Gas, North Shore Gas, Minnesota Energy Resources, and Michigan Gas Utilities).
Terra-Gen Power (Terra-Gen), an affiliate of ArcLight Capital Partners and Global Infrastructure Partners, signed a purchase and sale agreement with NRG Yield for the sale of its 947-MW Alta Wind I-V, X & XI, and Realty projects (Alta Wind). Terra-Gen expects to close the transaction in the third quarter of 2014, pending customary closing conditions, including the receipt of regulatory approval by FERC and the U.S. Department of Justice and the Federal Trade Commission. The sale of Alta Wind will divest Terra-Gen of its remaining phases of the Alta Wind Energy Center (AWEC). Terra-Gen originally acquired the AWEC development platform from Allco Finance in June 2008.
Dominion plans to acquire the CID Solar Project from EDF Renewable Energy (EDF RE). The asset sale agreement will close upon completion of installation, after which EDF RE will manage the commissioning and place the project in service. CID Solar Project, located on 200 acres of private land in eastern Kings County, California, was developed by EDF RE and is designed as a 27 MWp / 20 MWac ground-mount facility comprised of First Solar Series 3 solar photovoltaic modules with horizontal single-axis trackers. Construction commenced on June 12, 2014 with an anticipated date of operation in the fall 2014. The project's energy will be delivered to Pacific Gas and Electric under a 20-year PPA.