By opening the field to far-flung deals, PUHCA’s repeal changes the merger game.
The repeal of the 1935 Public Utility Holding Company Act has attracted a surprising amount of attention in the business and consumer press. But while some analysts predict a wave of utility M&A activity, others are more sanguine about the change.
Analyzing the conservation effects of demand response programs.
Does demand response increase or decrease overall electricity usage?
New Opportunities: Dynegy Inc. announced that Carolyn M. Campbell has been named group general counsel-corporate finance & securities, and corporate secretary. Campbell joins Dynegy from Akin Gump Strauss Hauer & Feld LLP.
Should transmission owners get paid extra for distance and voltage?
People
New Opportunities:
Jack Hawks, EPSA's current vice president of public affairs and planning, took on additional responsibilities as EPSA's acting vice president of policy. He replaced Julie Simon, who left the association to join Constellation Energy Group as a managing director. Hawks previously was vice president, Regulatory Policy, for PG&E National Energy Group.
Buying Time
Slowly and cautiously, utilities are moving back into growth mode.
The air is buzzing with talk of mergers and acquisitions (M&A). It can be heard in the boardroom and on the trading floor. Bankers hear it, and they see their deal backlog beginning to grow. Fund managers hear it, as they hunt for the best buys in the market before strategic investors snatch them up. Financial advisers and lawyers hear it, too; their phones are ringing more than they have in years.
Business & Money
An analysis of the strategic implications of the re-basing of power and utility industry valuations.
Over the past several months, traditional valuation levels have re-emerged in the power and utility industry, with recent premium valuation metrics compressing significantly.
Perspective
Commission policies need to recognize customer obligations and state commission decisions.
Even the best of intentions can create unintended consequences. The Federal Energy Regulatory Commission (FERC) has acted aggressively and appropriately during the past few years to stimulate competitive wholesale electricity markets.
Building a system to evaluate the leadership's ability to meet corporate goals.
Nominating committees and CEOs need to ask hard, fundamental questions about their own boards and their board's ability to formulate and govern effective and ethical business strategies. One way to know where you stand is to draw a basic matrix chart. Along the top, list the skill sets your board will require to move the company toward its future goals. Down the left-hand column, list each director. Then begin to check the skills that each current director brings to the board.
Interviews
For Public Utilities Fortnightly's 75th Anniversary CEO issue, the magazine looked to the horizon and asked these new captains about the planned course for their companies, and for an entire industry.