Entergy acquires Kgen gas-fired plants in Arkansas and Mississippi; TransCanada buys BP share of Alberta gas storage facility; PSE acquires Tenaska plant; AEP issues $850 million in debt; Duke units float $650 million in bonds; plus debt issues by NextEra, Southern Company, Entergy, and others totaling nearly $3.2 billion.
Exelon sells plants in Maryland and Cali; Mitsui buys into Viridity; Duke issues $1.2B; plus deals at TVA, Xcel, PG&E, etc. totaling $4.9B.
Duke and Progress complete their merger; NRG agrees to acquire GenOn; Algonquin acquires National Grid's New Hampshire distribution business, and acquires an interest in Gamesa's Sandy Ridge wind project; plus other equity and debt transactions, totaling more than $34 billion.
Northeast Utilities closes Nstar acquisition; NextEra announces $600 million stock offering; PPL acquires AES power plants; plus debt and equity deals totaling $513 million.
With meters running backwards, utilities seek a niche.
As states implement renewable energy mandates, and as solar photovoltaic (PV) technology becomes more economical, the market for distributed rooftop solar is growing. As a result, various players are taking different approaches to finance PV development—from net-metered residential systems financed by third-party leases, to grid-scale, utility-owned projects. Fortnightly Contributor William Atkinson talks to some major players in solar PV finance and examines the implications for investor-owned utilities.
California Gov. Gray Davis named Michael Peevey president of the state's PUC, replacing Loretta Lynch. Lynch was expected to remain with the commission until the completion of her term, in January 2005. Peevey has served on the commission since March of 2002. He previously was president of Edison International. Davis also appointed Susan Kennedy commissioner, replacing Henry Duque.
Richard G. Newman, chairman and CEO of AECOM Technology Corp., joined the Sempra Energy board of directors.