FERC Establishes $10 Million Threshold for Merger Approvals

The Federal Energy Regulatory Commission on Feb. 26 issued a final rule amending its regulations governing public utility mergers and consolidations. The rule requires transactions with a value above $10 million to be first authorized by the commission before consummation. For transactions valued below that threshold but above $1 million, utilities do not have to…

Avista and Hydro One Abandon $5.3 Billion Merger Following Regulator Rejection

Hydro One Ltd. and Avista Corp. have decided to terminate plans to merge after regulators in Washington and Idaho refused to approve the deal, according to a Jan. 23 press release. After weighing the chances of getting those decisions reversed, both companies have decided to kill the plan, with Hydro One having to pay Avista a $103 million termination…

Oregon Regulator Suspends Action on $5.3 Billion Avista-Hydro One Merger

The Oregon Public Utilities Commission on Jan. 15 determined that there is no “justiciable controversy” to resolve in the proposed acquisition of Avista Corporation by Hydro One Limited, following denials in Washington and Idaho. The agency issued an order suspending the proceeding indefinitely until the companies notify of a reversal of the denials, providing an…

Avista, Hydro One’s $5.3 Billion Merger Faces Setback as Washington Regulator Denies Rehearing

The Washington Utilities and Transportation Commission declined a request to rehear the agency’s rejection of Canada-based Hydro One Limited’s proposed takeover of Washington-based Avista Corporation, according to a Jan. 8 press release. Last month, the agency rejected the merger over concerns of political interference from the Province of Ontario, Hydro One’s largest shareholder. Idaho regulators…

Ørsted to Expand U.S. Offshore Wind Portfolio With $510 Million Acquisition of Deepwater Wind

Denmark-based Ørsted A/S will buy Deepwater Wind LLC, which owns the first U.S. offshore wind farm, the 30-megawatt Block Island farm off the Rhode Island coast, according to the company’s Oct. 10 press release. Ørsted entered into an agreement with U.S.-based D.E. Shaw Group to buy a 100 percent stake in Deepwater Wind, resulting in…

GE Capital to Sell $1 Billion of Energy Investments to Apollo Global Management

GE Capital entered into an agreement to sell a $1 billion portfolio comprised primarily of equity investments in energy assets to funds managed by affiliates of Apollo Global Management LLC, according to the company’s Oct. 8 press release. The sale includes 20 investments in renewable energy, contracted gas-powered generation, and midstream energy infrastructure assets in…

Invenergy Renewables Wins FERC Approval to Sell 160-Megawatt Wind Farm in Michigan

The Federal Energy Regulatory Commission on Oct. 5 authorized Pine River Wind Energy LLC, a subsidiary of Invenergy Renewables LLC, to sell its 161-megawatt wind generation project to DTE Electric Company. The wind facility, which is under construction, will be interconnected to the transmission system controlled by the Midcontinent Independent System Operator Inc.’s market. DTE…

Dominion, SCANA File Settlement With North Carolina Regulators to Advance $14.6 Billion Merger

Dominion Energy Inc. and SCANA Corporation on Oct. 4 submitted an agreement to the North Carolina Utilities Commission detailing customer protection measures to advance their merger deal. Under the settlement, SCANA-owned Public Service Company of North Carolina Inc., a gas distribution company, would refund $3.75 million of its 2017 revenues, raise its charitable contributions in…

U.S. Enacts Law Establishing $10 Million Threshold For Merger Transactions to Seek FERC Approval

U.S. President Donald Trump signed legislation on Sept. 28 that requires mergers or consolidations of public utilities with a value above $10 million to be first approved by the Federal Energy Regulatory Commission. For transactions valued below that threshold but above $1 million, the law requires the utilities seeking merger to notify the commission within…

SunPower Wins FERC Approval to Sell 125-Megawatt Solar Project in Nevada

The Federal Energy Regulatory Commission on Sept. 25 authorized SunPower Corporation to sell its membership interests in Boulder Solar III LLC to 174 Power Global Corporation and KOMIPO America Inc. The Boulder Solar project is a 125-megawatt solar photovoltaic electric power generating facility under development in Nevada. The project is expected to come online in…

Macquarie Wins U.S. Approval to Sell 610- Megawatt Bayonne Gas Power Plant in New Jersey

The Federal Energy Regulatory Commission on Sept. 19 authorized NHIP II Bayonne Holdings LLC to indirectly acquire the outstanding equity interests in Thermal Bayonne Holdings LLC from MIC Thermal Power Holdings LLC. Thermal Bayonne is an indirect parent of Bayonne Energy Center LLC, which operates a 610-megawatt gas power plant in New Jersey, and Zone…

Enbridge Cleared by U.S. to Sell Stakes in 300-Megawatts of Renewable Power to Canadian Pension Board

The Federal Energy Regulatory Commission on July 20 authorized a subsidiary of the Canada Pension Plan Investment Board to acquire a 49-percent stake in Cedar Point Wind LLC and Silver State Solar Power North LLC from Enbridge Holdings (Power) LLC. Cedar Point owns a 252-megawatt wind farm in Colorado, while Silver State owns a 52-megawatt…