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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

PSEG's Bid for Cinergy Said to be Faltering

LCG, March 12, 2001--Public Service Enterprise Group Inc.'s discussions to acquire Cinergy Corp. for $5.6 billion in stock have broken down, the Wall Street Journal reported in its online edition today. The paper, so far, is the only source that there was a potential deal in the first place.

When the Wall Street reported the talks on Friday, it noted that among the sticking points could be the desire of Cinergy chief executive James Rogers to head up the combined company but said it was likely that James E. Ferland, PSEG's top man, would probably remain chief executive for at least five years.

The paper also pointed out that PSEG's offer would provide only a modest premium for holders of Cinergy stock. That premium seems to have been erased in subsequent trading on the New York Stock Exchange.

The Wall Street now says that movement in the stock prices seems to have brought a halt to the merger talks. Citing "people familiar with the situation," the paper said the companies may revive negotiations at any time.

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