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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Analysis of Resource Adequacy in ERCOT - July - December 2020

LCG, June 30, 2020 - LCG Consulting just released its analysis of ERCOT for the second half of 2020, July through December.

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Industry News

Dominion Resources to Buy Louis Dreyfus Gas

LCG, Sept. 10, 2001--Dominion Resources Inc. said on Monday it had agreed to acquire Louis Dreyfus Natural Gas for $2.3 billion in cash, stock and assumed debt in a deal that would increase its natural gas reserves by 60 percent and expand its fast-growing energy trading business.

Virginia-based Dominion said it would pay $890 million in cash and exchange 0.3226 of a share for each share in Oklahoma City-based Louis Dreyfus. Based on Friday's closing price for Dominion shares on the New York Stock Exchange, the stock portion of the deal would be worth about $900 million. Dominion would also assume $505 million in Louis Dreyfus debt.

Dominion said the deal would double its energy trading and sales volumes over 2000 levels to 2.4 trillion cubic feet per year from 1.2 trillion cubic feet per year and would give the company total daily energy production capacity of more than three trillion British thermal units.

Thomas E. Capps, chief executive of Dominion Resources, said that Louis Dreyfus et Cie and its subsidiaries, which own more than 42 percent of Louis Dreyfus Natural Gas' outstanding shares, have committed to vote their shares in favor of the deal.

Dominion expects the transaction to close before the end of this year. There is a $70 million break-up fee if something goes wrong.

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