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.
NRG Energy entered into a plan sponsor agreement with Edison Mission Energy (EME), certain of EME’s subsidiaries, the unsecured creditors committee, certain of EME’s unsecured noteholders, and the parties to the Powerton and Joliet sale leaseback transaction to acquire substantially all of the assets of EME, including its equity interests in certain of its subsidiaries, for an aggregate purchase price of $2.635 billion (or $1.572 billion net of $1.063 billion retained cash within EME).
Wall Street is back in business. What’s next for utility finance?
NRG Energy acquired Energy Curtailment Specialists (ECS), one of the largest, private demand response providers in North America. ECS offers business customers ways to contribute to energy load reduction during times of peak demand. Energy Curtailment Specialists currently manages more than 2,000 MW of demand response across the country for over 5,000 customers.
NRG Energy closed on the acquisition of the Gregory cogeneration plant in Corpus Christi, Texas. NRG paid approximately $244 million in cash for the plant, exclusive of adjustments relating to working capital. The Gregory cogeneration plant provides steam, processed water and a small percentage of its electrical generation to the Corpus Christi Sherwin Alumina plant. The majority of the base-load generation is available for sale in ERCOT. The current operator, DPS Gregory, will continue to operate the plant until a transition to NRG operations is completed.
Who’s afraid of the transactive grid?
Smart grids and nodal markets spark the emergence of a transactional grid. In fact it’s already happened, and we’re just becoming aware.
NRG Energy, through its wholly owned subsidiary NRG Solar, announced that two of the solar photovoltaic (PV) facilities the company acquired from Recurrent Energy earlier this year have reached commercial operation.
Atlantic Power sells 800 MW of generating capacity in Florida and Texas; Goldman Sachs buys Imperial Valley project from FirstSolar; Duke acquires two solar plants in California; Southern Company and Turner Renewable Energy buy Campo Verde project; plus other deals and issues totaling more than $2 billion.
NRG Energy began commercial operation at its Marsh Landing Generating Station, a 720-MW natural gas–fueled, peaking facility located near Antioch, Calif., in the San Francisco Bay area. The Marsh Landing station will employ technologies to meet or exceed the state of California’s standards for emissions control and air quality. The turbines will operate with ultra-low nitrogen oxides (NOx) combustors, along with selective catalytic reduction (SCR) and an oxidation catalyst system to reduce carbon monoxide and other organic compound emissions.