(March 2012) DTE Energy awards contract to URS; Exelon and Constellation reach an agreement with Electricite de France; Dominion and Lockheed Martin enter a joint marketing and development alliance; plus deals involving Nissan North America, CenterPoint Energy Field Services, Honeywell, Silver Spring Networks, and others.
Tools to facilitate changing utility economics.
These are challenging times for the electric and gas utilities. Reliability projects, renewable portfolio standards, greenhouse-gas emissions control, AMI, smart-grid investments, and conservation programs—all these things add to costs, but might bring in no additional revenue. Moreover, there will be unprecedented capital investment in transmission, renewable generation projects, and replacement of old facilities from the 1950s and 1960s. Thus, earnings likely will be more closely watched and traditional general rate cases might not be able to keep up.
(August 2008) Luminant (the former TXU power generation unit) announced that Texas Secretary of State Phil Wilson joined the company as senior vice president of public affairs. NiSource named Stephen P. Smith CFO. AEP named Richard E. Munczinski senior vice president, shared services. And more...
(October 2006) Kansas City Power & Light promoted Kevin Bryant to vice president of Energy Solutions. American Electric Power announced a series of executive reassignments as part of the company’s succession planning strategy. Pacific Gas and Electric Co. elected Bill Morrow as president and COO. Bob Drennan, a 23-year Progress Energy veteran, has been named vice president of investor relations. And others...
Mergers & Acquisitions
CP&L + Florida Progress. Carolina Power & Light announced Aug. 23 that it would purchase Florida Progress Corp. for $5.3 billion in a combination that would create the nation's ninth-largest utility in terms of generating capacity, with $6.7 billion in annual revenues and 2.5 million customers in three states. CP&L would pay a premium (between 16.5 percent and 21 percent) over the pre-announcement share price of FP stock.
Ralph Mabey, trustee for Cajun Electric Power Co-op. in its bankruptcy proceeding, has filed a reorganization plan at the Federal District Court in Baton Rouge, LA. Mabey chose a bid from NRG Energy, Inc. and Zeigler Coal Holding Co.: about $1.1 billion in cash to purchase most of Cajun's nonnuclear assets. However, that offer faces a competing bid filed by the Cajun Electric Members Committee, Southwestern Electric Power Co. (SEP), and Gulf States Utilities.
The Arkansas Public Service Commission (PSC) has rejected a set of promotional programs proposed by Southwestern Electric Power Co. that included incentives for customers to install heat pumps and electric hot water heaters. The PSC found that the programs came down heavily on the side of fuel substitution as opposed to serving conservation goals.