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AEP Will Proceed with North Central Wind Projects Despite Texas Commission Denying Approval

LCG, July 8, 2020--American Electric Power (AEP) announced last Thursday that, following the PUC of Texas not approving AEP subsidiary Southwestern Electric Power Co.'s (SWEPCO) plan to add 309 MW of wind energy to serve Texas customers, AEP will proceed to acquire the entire planned 1,485 MW of North Central wind projects.

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JEA Board Approves Transaction with FPL to Close 848-MW Coal Unit in Georgia

LCG, June 30, 2020--The JEA Board of Directors in a special meeting last Friday unanimously approved a transaction that will result in closing an 848-MW unit at Plant Scherer and entering into a 20-year purchase power agreement (PPA) with Florida Power & Light Company (FPL).

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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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