New York Poised to Close Last Coal-fire Power Plant

LCG, December 4, 2019--The last operating coal-fired power plant in New York is moving toward closure shortly. Last month, Somerset Operating Company, a subsidiary of Riesling Power LLC, submitted a request to the New York State Public Service Commission (NYSPSC) to waive the state's required, 180-day notice to close the Somerset Station, allowing the facility to be retired on February 15, 2020. Closure is contingent on approvals by both NYSPSC and the New York Independent System Operator (NYISO), which will evaluate if it will cause an adverse effect on grid reliability.

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Construction Commences on Enel’s Aurora Wind Farm in North Dakota

Enel Green Power North America, Inc. (“EGPNA”), the US renewable energy company of the Enel Group, has started construction of the 299-MW Aurora Wind Farm in North Dakota.

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Industry News

Pepco May Buy Conectiv, Paper Says

LCG, Feb. 8, 2001Potomac Electric Power Co. is in negotiations to acquire Conectiv Inc. for around $2 billion in cash and stock, the Wall Street Journal reported this morning, speculating that a deal could be announced "within days."

According to the paper, several issues remain to be resolved and the talks could fall apart. In addition, a rival buyer could emerge at the last minute.

With those caveats, the Wall Street said Pepco is offering a half cash, half stock deal that would value Conectiv at close to $25 per share, a premium of $6 over its closing price yesterday and about $4 over its 52-week high. Pepco is also expected to assume nearly $3 billion in Conectiv debt.

Conectiv, which was created from the merger of Delmarva Power & Light Co. and Atlantic Energy Inc., serves about a million customers in Delaware, Maryland, New Jersey and Virginia, all states that have deregulated their electric industries. The company is considered small to play in a competitive market. Without any bad news, the value of its stock has dropped by about an eighth in the past two years.

Pepco has been trying to break out of its Washington, D.C., market, and in 1997 came close to merging with Baltimore Gas & Electric Co. before regulators attached onerous conditions.

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