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Offshore Wind Projects Receive Boost from Massachusetts and Biden Administration

LCG, March 31, 2021--The Governor of Massachusetts signed legislation last Friday that authorizes the state to direct utilities to purchase an additional 2,400 MW of offshore wind energy by 2027.

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NV Energy's Greenlink Nevada Transmission Project Approved by PUCN

LCG, March 25, 2021--The Public Utilities Commission of Nevada (PUCN) on Monday approved proceeding with NV Energy's Greenlink Nevada transmission and renewable energy initiative. NV Energy's planned investment in Greenlink is over $2.5 billion.

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Industry News

Fenosa Backs Out of Deal to Buy AES Colombia Firms

LCG, Oct. 2, 2000Spain's Unin Fenosa has backed away from an agreed-upon purchase of three Colombian power companies belonging to AES Corp. of the U.S., according to Grupo EDC, the Venezuelan electric company acquired earlier this year by the American company.

AES acquired Grupo EDC in a hostile takeover this past summer, paying $1.6 billion for Venezuela's largest publicly traded power company. A tentative deal with Fenosa to acquire the Colombian firms at bargain prices was considered part of the deal.

Grupo EDC officials said last week that the Fenosa arrangement had never been signed and that the Spanish company was having second thoughts. In a statement issued Friday, EDC President Richard Bulger said "We are studying all possible options with respect to these businesses including other saleopportunities or continuing to operate the companies on behalf of all shareholders."

Grupo EDC was profitable in Venezuela for the first half of this year, with its Electricidad de Caracas posting earnings of $9.1 million, but losses by the three Columbia utilities of $14.3 million resulted in an overall loss of $5.2 million.

If it could find a buyer willing to tackle Colombia's drug wars, political guerilla attacks on the power infrastructure and inefficient bureaucracy, it might give the three companies away. Grupo EDC bought them in 1997, paying $280 million for Epsa, which serves the city of Cali, and about $275 million for Electrocosta and Electricaribe.

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