M&A

In January, Constellation Energy (a huge power-generating company) announced a deal to buy out and merge with Calpine (another huge power-generating company). Calpine owns 79 energy facilities across the country, generating some 27 gigawatts (GW) of electricity, with a large number located in the eastern U.S. Many of Calpine’s facilities use natural gas to produce electricity. The two companies combined would own almost 60 GW of nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration, and battery storage. Although several regulatory agencies must sign off on the deal, the primary agency that needs to clear it is the Federal Energy Regulatory Commission (FERC). Last week, FERC gave its stamp of approval. Read More “FERC Approves Major Powergen Deal: Constellation Buying Calpine”

In May, NRG Energy announced a deal to acquire LS Power’s portfolio of natural-gas power plants in a deal valued at roughly $12 billion, including debt, that will expand NRG’s footprint in Texas and along the East Coast (see NRG Buys 18 Gas-Fired Power Plants, Including 5 in PA, for $12B). NRG said the acquisition would add 18 more natural-gas-fired facilities in nine states, including five in Pennsylvania and one in Ohio, doubling its generation capacity to approximately 25 gigawatts (GW). In June, NRG asked the Federal Energy Regulatory Commission (FERC) to approve the deal (see NRG, LS Power Asks FERC to Approve $18B Deal for 12 Gas-Fired Plants). “Not so fast,” says Monitoring Analytics, LLC, acting in its capacity as the Independent Market Monitor (IMM) for PJM Interconnection. The IMM states that FERC must set certain conditions before approving the deal. Read More “PJM Monitor Asks FERC to Impose Conditions on NRG, LS Power Deal”