TRC Companies acquired Georgia-based Utility Support Systems (USS), a professional engineering company primarily supporting the power/utility market. Financial terms of the agreement were not disclosed. USS reported net revenues of $11.5 million in 2012. TRC expects the transaction to be earnings accretive in fiscal 2014.
TECO Energy filed its application with the New Mexico Public Regulation Commission (PRC) for approval of its acquisition of New Mexico Gas. The application was filed jointly with New Mexico Gas Co. and its parent company, Continental Energy Systems. A decision by the PRC is expected by early 2014. In May, TECO Energy entered into a definitive stock purchase agreement with Continental Energy Systems to acquire New Mexico Gas Co. for a purchase price of $950 million, subject to customary closing adjustments.
Direct Energy reached an agreement to acquire Bounce Energy, a privately-held retail electricity provider based in Houston, for $46 million in cash plus additional working capital.
Bounce Energy provides full-service electricity to more than 80,000 residential and small business customers in Texas, Pennsylvania and New York.
TC PipeLines (TCP) (the Partnership) entered into agreements to acquire an additional 45 percent interest in each of Gas Transmission Northwest LLC (GTN) and Bison Pipeline LLC (Bison) from TransCanada Corporation for an aggregate purchase price of $1.05 billion. The GTN pipeline system transports Western Canadian and Rocky Mountain natural gas for large utilities, producers and marketers in Washington, Oregon, Nevada and California.
Duke-American Transmission completed its previously announced purchase from Atlantic Power of 72 percent of the capacity of Path 15—an 84-mile, 500-kV transmission line in central California that connects the state’s northern and southern transmission grids. Pacific Gas & Electric owns 18 percent of the line's capacity through its ownership and operation of the connecting Los Banos and Gates substations. The remaining 10 percent is owned by Western Area Power Administration, which will continue to operate and maintain the line.
ITC Holdings shareholders approved the proposed acquisition of Entergy’s transmission business. The transaction is expected to close by the end of 2013, subject to regulatory approvals and closing conditions.
Atlantic Power closed on its previously announced sale of interests in three Florida projects—Auburndale, Lake Cogen, and Pasco Cogen—to Quantum Utility Generation, a Houston-based generation company owned by Quantum Energy Partners and Canada Pension Plan Investment Board. The total sale price was approximately $140 million, with net proceeds of $117 million, after repayment of project-level debt at Auburndale and settlement of all outstanding natural gas swap agreements at Lake and Auburndale.
San Diego Gas & Electric (SDG&E) signed five new renewable power purchase agreements for a total of nearly 62 MW of solar and wind energy. Two of these contracts, for a total of 27 MW, will be located in San Diego County.
Dynegy subsidiary Illinois Power Holdings agreed to acquire Ameren Energy Resources and its subsidiaries Ameren Energy Generating, AmerenEnergy Resources Generating, and Ameren Energy Marketing. Upon closing, Dynegy will own more than 8,000 MW of generating capacity in Illinois, and nearly 14,000 MW nationally. The AER retail and marketing businesses and the following plants are included in the transaction: Duck Creek, Coffeen, E.D. Edwards, Newton, and Joppa. The deal is expected to close in the fourth quarter of 2013.
Sempra U.S. Gas & Power sold one 625-MW block of its 1,250-MW Mesquite gas-fired power plant to Salt River Project (SRP) for $371 million. In addition to 100-percent ownership of the 625-MW power block, SRP gained a 50-percent undivided interest in plant facilities. Sempra retains ownership of the power plant’s remaining 625-MW power block and 50-percent interest in the plant facilities. As part of the transaction, Salt River Project will become the operator of the Mesquite facility.