A Call for Consolidation
Electric utility mergers loom as the next step in restructuring.
The electric utility industry is inefficient: the firms are too small, lacking economies of scale achievable through mergers and acquisitions.
Mergers & Acquisitions
Transactions (June 2014)
Energen signs stock purchase to sell Alagasco to The Laclede Group; Calpine agrees to sell six power plants to LS Power; Exelon agrees to buy Pepco Holdings Inc.; GE offers to acquire power and grid businesses from Alstom.
Transactions (May 2014)
Sunrun acquires AEE Solar and SnapNrack; FirstEnergy completes sale of hydroelectric power stations to Harbor Hydro Holdings; Alterra acquires Shannon wind project from Horn Wind.
Transactions (April 2014)
Calpine acquires Texas combined-cycle plant from MinnTex; FirstEnergy sells 11 hydro stations to LS Power; Alterra Power acquires 202-MW wind farm; plus deals and debt issues totaling $1.8 billion.
Transactions (March 2014)
SCE&G acquires larger share of VC Summer nuclear project; APS buys SCE's share of Four Corners power plant; Allete (Minnesota Power) acquires from AES 231 MW of wind farms in four states; EdF acquires 194-MW Texas wind project; NRG issues $1.1 billion in bonds; ComEd floats $650 million in two tranches; plus transactions involving TransCanada, Alterra, PSEG, and others totaling $3.4 billion.
Transactions (February 2014)
Fortis acquires UNS Energy for $4.3 billion; EdF sells half of Texas wind project to UBS; SunEdison sells $1.2 billion in bonds and redeems $750 million in debt; plus equity and debt transactions totaling nearly $7 billion.
Transactions (January 2014)
Calpine acquires 1,050-MW combined-cycle plant in Texas; Allete buys AES wind farms; NextEra acquires Silver State solar project from First Solar; plus equity and debt deals involving EdF, Emera, First Wind, SunEdison, AEP, NV Energy and others, totaling $2.7 billion.
Transactions (December 2013)
NRG and Sempra acquire Edison Mission assets; Google invests in AES-Riverstone venture; TransAlta acquires NextEra wind farm; plus debt issues from TransCanada, NiSource, Duke, and Southwest Gas totaling $2.4 billion.
Transactions (November 2013)
Carlyle Group acquires Red Oak plant from Energy Capital Partners; Tenaska acquires U.S. Power Generating Co.; Southern California Edison floats $1.6 billion in bonds in three tranches; Energy Trading Partners issues $1.5 billion in bonds; plus debt issues by ONEOK, Spectra Energy, TVA, MidAmerican, PECO, and Duke, totaling $9.2 billion.
Transactions (October 2013)
Constellation and EdF transfer nuclear licenses to Exelon for $400 million; NRG closes $244 million acquisition of Gregory cogen plant in Texas; Vivint Solar secures $200 million for rooftop solar leases; Virginia Power floats $585 million in bonds; Southern Company issues $700 million; plus equity deals totaling $844 million and debt issues totaling $3.635 billion.