Mergers & Acquisitions

Don't Cry for Utility Shareholders, America

Maybe Steve Huntoon Was Right

We decided to check out the numbers. Utilities earned more than the cost of capital in most years. Utility investors earned an average market return, while taking a lower than average risk.
Byline: 

Leonard Hyman and William Tilles

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Getting Ready for Competition in Japan

Lessons from Abroad

A comprehensive analysis of Japanese investments in the U.S., Mexico, the U.K., and Australia. From a team expert in the fast-changing electric industry in Japan.
Byline: 

Sean Gammons, Glenn George, Robert Southern, and Willis Geffert

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Energy People: Bob Catell

We talked with Bob Catell, former deputy chairman of National Grid plc.

Bob Catell was formerly chairman and CEO of KeySpan Corporation, the former Brooklyn Union Gas. He’s presently chairman of the Advanced Energy Research and Technology Center at Stony Brook University, and of the New York State Smart Grid Consortium.
Byline: 

Bob Catell, with Steve Mitnick

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Lessons for Tomorrow's Deals

Many Deals Completed, What Have We Learned?

Almost half of the last 20 non-financial buyer transactions have been companies more than 500 miles away from one another. The value of scale lies in enhanced flexibility rather than size for its own sake. Finishing the job of integration is fundamental to success.
Byline: 

Tom Flaherty

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Energy People: Stan Garnett

We talked with Stan Garnett, former senior exec of two utilities, the day after the United Kingdom voted to leave the European Union.

The Brexit vote neatly frames a rather historic episode in the utility industry worldwide.
Byline: 

Stan Garnett, with Steve Mitnick

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Energy People: Jim Rogers

We talked with Jim Rogers, former CEO of Duke Energy.

Duke is now made up of five companies that existed in 1992. There are three difficult tasks in doing a successful combination. One is to negotiate it. The second, maybe the most difficult task, is actually getting the approval at both the state and federal levels. And lastly, the really hard work of combining the companies. It’s getting the cost savings as well as the revenue enhancements associated with the transaction. It is keeping the most talented people.
Byline: 

Jim Rogers, with Steve Mitnick

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Expanding Deals, Shrinking Companies

After 20 years of consolidation, the industry looks distinctly different.

Today the focus has returned to building scale, as well as enhancing market access, financial stability, asset portfolio mix, and customer scale.
Byline: 

Tom Flaherty and Owen Ward

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