October 27, 2010
Briefly
Ambit Launches Product Aimed at Small Commercial Customers in ERCOT
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Mergers & Acquisitions (M&A)
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October 27, 2010
EDF, Constellation Reach Agreement on UniStar Sale, Put Option
EDF S.A. and Constellation Energy announced that the companies have reached a comprehensive agreement that restructures the companies' partnership, eliminates the outstanding put option, and establishes the full ownership of UniStar Nuclear Energy by EDF. The comprehensive agreement was approved by…
October 26, 2010
Non-Unanimous Settlement Filed in Pennsylvania FirstEnergy-Allegheny Merger Proceeding
FirstEnergy Corp., Allegheny Energy, and a total of 18 parties have filed a non-unanimous stipulation that would resolve the companies' merger proceeding before the Pennsylvania PUC (A-2010-2176520). Signatories include the Office of Trial Staff, Office of Consumer Advocate, three industrial…
October 25, 2010
PUCT Declines to Require Pre-approval for REP Changes in Control
The PUCT declined to modify the REP certification rules to provide that a REP must seek pre-approval for the change in control of a REP or REP certificate (Project 37685).
October 22, 2010
Smitherman Opposes Proposed REP Change in Control Provision
PUCT Chairman Barry Smitherman reiterated his opposition to draft proposed rule §25.107(i)(3), which would require Commission pre-approval for REP changes in control (37685). The Commission will consider Staff's draft proposal for adoption at today's open meeting ( Matters, 10/8/10 ).
October 20, 2010
EDF Trading Purchases Minority Stake in Champion Energy Services
EDF Trading has purchased a minority interest in Champion Energy Services, LLC and has expanded its existing supply arrangement with Champion.
October 20, 2010
Rendell: Direct Energy Auction Proposal Deserves Consideration
Direct Energy's retail auction proposal to serve mass market customers at what would be the combined FirstEnergy Corp.-Allegheny Energy distribution companies in Pennsylvania should be considered "carefully," Pennsylvania Governor Ed Rendell said in a keynote to a National Energy Marketers…
October 19, 2010
Northeast Utilities, Nstar Agree to "Merger of Equals"
Northeast Utilities and Nstar yesterday announced that both companies' Boards of Trustees have unanimously approved a definitive stock for stock "merger of equals."
October 18, 2010
Constellation Offers to Sell Stake in UniStar, But Won't Link Sale to Put Option
Constellation Energy has offered to sell its 50% stake in UniStar to EDF for $1, but refused to link the sale to Constellation waiving its ability to exercise a put option which would require EDF to purchase a dozen Constellation plants for $2 billion.
October 15, 2010
Anderson Suggests Requiring Pre-Approval Only if Acquiring REP is Not Licensed and Not in Good Standing
The PUCT yesterday deferred action on Staff's proposal for adoption concerning changes to the REP certification rules which would require Commission pre-approval of any changes in control (Project 37685).
October 14, 2010
EDF Offers to Buy Constellation Stake of UniStar if Put Option Not Exercised
EDF has offered to buy Constellation Energy's 50% share of nuclear venture UniStar at "fair market value," but only if Constellation does not exercise a put option that would compel EDF to buy a dozen plants from Constellation for $2 billion. Most of the plants are coal-fired.
October 13, 2010
Rendell Opposes FirstEnergy-Allegheny Merger, Cites Competitive Harm
Pennsylvania Governor Edward Rendell yesterday called on the Pennsylvania Public Utility Commission to deny the merger application of FirstEnergy Corp. and Allegheny Energy, warning that the proposed transaction could harm competition in electricity markets at a time when prices are rising, while…
October 8, 2010
RBS-Sempra to Sell Wholesale North American Power, Gas Operation to JP Morgan
Sempra Energy and The Royal Bank of Scotland announced yesterday that they have agreed to sell most of the remaining assets of RBS Sempra Commodities, including the North American wholesale gas and power trading business, to JP Morgan Ventures Energy Corp. for approximately $220 million.
October 5, 2010
Maryland PSC Staff Says FirstEnergy-Allegheny Merger Will Reduce Retail Competition
The FirstEnergy Corp.-Allegheny Energy merger, "will reduce retail competition, not enhance it, and may lead to higher competitive prices for electricity, directly harming PEC [Potomac Edison] ratepayers," Maryland PSC Staff said in testimony in the FirstEnergy-Allegheny merger proceeding (Case 9233…
October 4, 2010
More than Eight in 10 Pennsylvanians Support Alternative Default Service Supplier, Direct Energy Survey Finds
Some 84% of Pennsylvania electric customers support, "allowing a company other than the utility company," to provide default electricity supply if all of the current consumer protections remain in place, according to a poll by Zogby International commissioned by Direct Energy Services and included…
September 30, 2010
Pa. ALJs Deny Motion to Strike Direct Energy Auction Proposal from FirstEnergy-Allegheny Merger Case
Two Pennsylvania ALJs have denied West Penn Power and FirstEnergy Corp.'s joint motion in limine to exclude from the record in their merger proceeding before the PUC certain expert testimony filed on behalf of Direct Energy Services.