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NextEra Energy Completes Purchase from Southern Company of Ownership Interests in Two Florida Power Plants

LCG, December 5, 2018--NextEra Energy announced yesterday that it completed the acquisition of Southern Company's indirect ownership interests in the Stanton and Oleander natural gas power plants in Florida. The acquisition was previously announced in May of this year.

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Emera to Sell Three Combined-Cycle Power Plants in New England

LCG, November 29, 2018 --Emera Inc., headquartered in Halifax, Nova Scotia, announced this week that it has agreed to sell three natural gas-fired electric generating facilities that it owns in New England to the investment firm Carlyle Group for $590 million. The combined electric generating capacity of the three facilities is approximately 1,100 MW. The acquisition is expected to close in first quarter 2019.

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Industry News

SoCal Ed Special Session Put Off a Week

LCG, Sept. 28, 2001--California Gov. Gray Davis yesterday called a special session of the state legislature for October 9 in an effort to get legislation passed that would save the state's second-largest utility, Southern California Edison Co., from bankruptcy.

The governor's office had said earlier this week that the special session would be called for October 2 -- next Tuesday.

Steve Maviglio, the governor's spokesman, said the delay would be used to build political support for the SoCal Ed "rescue" package. "We've had constructive talks all week and we want to continue those talks," he said.

"This is a time of great economic uncertainty," Davis said in a statement announcing the session. "Another utility bankruptcy is not in anyone's interest."

Davis faces two huge obstacles in his effort to keep SoCal Ed out of bankruptcy court, where the state's largest utility, Pacific Gas & Electric Co. put itself in April when it sought protection under Chapter 11 of the U.S. bankruptcy law.

In the first place, two of SoCal Ed's leading creditors, Mirant Corp. and Reliant Energy inc., have been openly seeking support for a petition that would force the Southern California company into involuntary bankruptcy. It only take three creditors to file such a petition and the utility has hundreds of creditors who are nervous about getting their money.

The other hurdle is gaining support from lawmakers, even those within his own Democrat Party. When the legislature adjourned for the year on September 15 without passing a SoCal Ed bailout measure, Democrat Sen. John Burton, president pro tem of the state Senate, said "We should have killed this baby once and for all," referring to the rescue package.

Burton said at the time that the SoCal Ed legislation had support of only seven members of the 40-member chamber.

A third problem for Davis might be that one or both houses of the legislature might simply refuse to convene a special session. Sources in the state Senate said that Burton would only return for a special session if an agreement had been reached and progress in the past few days indicated that a deal was possible.

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