Calendar of Events

Aug 04, 2014 to Aug 15, 2014 | Michigan State University, East Lansing, MI
Aug 11, 2014 to Aug 12, 2014 | New York, NY
Sep 08, 2014 to Sep 10, 2014 | Chicago, IL

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M&A News

 
 
 

New York OKs Ownership of Central Hudson by Canadian Firm

Finding that the proposed deal will bring “significant, tangible benefits” to jurisdictional ratepayers, the New York Public Service Commission approved the acquisition of CH Energy Group Inc. by Newfoundland-based Fortis Inc. CH Energy Group is the parent company of Central Hudson Gas & Electric Corporation, while Fortis is a utilities holding company with numerous subsidiaries and assets throughout Canada, Central America, and the Caribbean.

TRC Acquires Utility Support Systems

TRC Companies acquired Georgia-based Utility Support Systems (USS), a professional engineering company primarily supporting the power/utility market. Financial terms of the agreement were not disclosed. USS reported net revenues of $11.5 million in 2012. TRC expects the transaction to be earnings accretive in fiscal 2014.

TECO Energy Seeks Acquisition Approval from New Mexico Public Regulation Commission

TECO Energy filed its application with the New Mexico Public Regulation Commission (PRC) for approval of its acquisition of New Mexico Gas. The application was filed jointly with New Mexico Gas Co. and its parent company, Continental Energy Systems. A decision by the PRC is expected by early 2014.  In May, TECO Energy entered into a definitive stock purchase agreement with Continental Energy Systems to acquire New Mexico Gas Co.

Direct Energy to Acquire Bounce Energy for $46 Million

Direct Energy reached an agreement to acquire Bounce Energy, a privately-held retail electricity provider based in Houston, for $46 million in cash plus additional working capital. 
Bounce Energy provides full-service electricity to more than 80,000 residential and small business customers in Texas, Pennsylvania and New York.

TC PipeLines Buys Into U.S., Canadian Gas Capacity

TC PipeLines (TCP) (the Partnership) entered into agreements to acquire an additional 45 percent interest in each of Gas Transmission Northwest LLC (GTN) and Bison Pipeline LLC (Bison) from TransCanada Corporation for an aggregate purchase price of $1.05 billion. The GTN pipeline system transports Western Canadian and Rocky Mountain natural gas for large utilities, producers and marketers in Washington, Oregon, Nevada and California.

Duke-American Transmission Buys Stake in 84-mile California Transmission Line

Duke-American Transmission completed its previously announced purchase from Atlantic Power of 72 percent of the capacity of Path 15—an 84-mile, 500-kV transmission line in central California that connects the state’s northern and southern transmission grids. Pacific Gas & Electric owns 18 percent of the line's capacity through its ownership and operation of the connecting Los Banos and Gates substations.

ITC Shareholders Approve Entergy Acquisition

ITC Holdings shareholders approved the proposed acquisition of Entergy’s transmission business. The transaction is expected to close by the end of 2013, subject to regulatory approvals and closing conditions. 

Atlantic Power Sells Florida Facilities to Quantum

Atlantic Power closed on its previously announced sale of interests in three Florida projects—Auburndale, Lake Cogen, and Pasco Cogen—to Quantum Utility Generation, a Houston-based generation company owned by Quantum Energy Partners and Canada Pension Plan Investment Board.

SDG&E Signs Five Solar and Wind PPAs

San Diego Gas & Electric (SDG&E) signed five new renewable power purchase agreements for a total of nearly 62 MW of solar and wind energy. Two of these contracts, for a total of 27 MW, will be located in San Diego County.

Dynegy to Acquire Ameren Energy Resources

Dynegy subsidiary Illinois Power Holdings agreed to acquire Ameren Energy Resources and its subsidiaries Ameren Energy Generating, AmerenEnergy Resources Generating, and Ameren Energy Marketing. Upon closing, Dynegy will own more than 8,000 MW of generating capacity in Illinois, and nearly 14,000 MW nationally. The AER retail and marketing businesses and the following plants are included in the transaction: Duck Creek, Coffeen, E.D.

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