During the month of June, MidAmerican issued $1 billion in bonds for solar projects in California; PG&E sold $750 million in two tranches; ITC floated bonds totaling $550 million; plus debt issues from Duke, TransCanada, Entergy, and others totaling $4.35 billion.
Delivering value in a zero-growth market.
Disruptive technologies and resource shifts are changing the utility business model. Market factors are driving companies toward four possible paths.
Positioning to win in the contest for scale.
The industry’s slow-and-steady pace of mergers seems to be picking up speed, as larger and well-positioned players overtake smaller and weaker targets. Realizing the greatest value from consolidation requires companies to assess their strengths and weaknesses and focus on performance improvement—both before and after a deal gets done.
2011 Groundbreaking Law & Lawyers Survey and Report
With a flurry of major new environmental regulations, the Environmental Protection Agency (EPA) is altering the power generation landscape. But will the new federal rules survive court challenges—to say nothing of next year’s national elections? Fortnightly's Michael T. Burr considers the controversy over new environmental standards. PLUS: Top Utility Lawyers of 2011.
Energy Trading & Risk Management: A better framework for making decisions is required to ensure earnings stability and shareholder value in the utilities industry.
Although utilities are refocusing attention on their traditional utility businesses, it is clear that the traditional utility decision-making framework is not sufficiently robust to meet the needs of today's utility executive. An effective executive decision framework provides better answers in the complex utility environment that exists today.
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.
Utility stocks have outperformed the broader market. Can the industry deliver a show-stopping second act?
The utility sector has been one of the best performing sectors in the equity capital markets for more than two years. In many respects, this has been a case of the rising tide lifting all ships.
What's behind today's oddball mergers?
Look at the gargantuan, gerrymandered service territories you would get with the latest pending merger deals: Exelon-PSEG, Duke-Cinergy, and Warren Buffet's bid to combine PacifiCorp with his MidAmerican Energy. Now ask yourself if they make any sense.
The Next M&A Wave: If mergers are once again a potential strategy for accomplishing growth objectives, the previous round of transactions offer several lessons.