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

Big Hidrocant√°brico Shareholders Back RWE Bid

LCG, March 1, 2001RWE AG of Germany, which is bidding against Electricidade de Portugal to acquire Spain's Hidroelctrica del Cantbrico, said yesterday it had won the backing of two Spanish families which between them own 5 percent of Hidrocantbrico and from a private equity fund that is in the process of acquiring 10 percent of Spain's fourth largest power generator.

RWE said it expected to get support from private investors owning another 10 percent of the Spanish utility, which would give it a healthy 25 percent backing and a good chance of upsetting Electricidade de Portugal, which most observers consider the frontrunner.

Hidrocantbrico has been the target of takeover bids for the past two years, but Dietmar Kuhnt, RWE's chairman, thinks his company will be the one to make it happen. "We are aiming for leadership in both voting rights and capital - it cannot be our aim to create an ownership situation that would lead to a stalemate with EdP," Kuhnt said.

Hidrocantbrico's voting rules limit shareholders, regardless of the size of their holdings, to a 10 percent vote. Thus it is far better to have four supporters with 10 percent each than two with 20 percent each. By the same token, it does not make sense for a suitor to acquire more than 10 percent on its own.

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