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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

AES, Rival Both Drop out of Bidding for Chile's Edelnor

LCG, Oct. 15, 2001--AES Corp. of the united States said this morning in a terse statement that is withdrawing its tender offer to purchase the debt of Chilean power company Empresa Electrica del Norte Grande, or Edelnor.

The notice came on the heels of a similar announcement from Electroandina of Chile, which had made a rival offer for the debt.

Edelnor, one of the largest power producers in northern Chile, is controlled by U.S. energy firm Mirant Corp., and has been plagued by losses. Mirant has said it will not make any further investments in Edelnor.

Acquisition of the debt would have given either AES or Electroandina control of Edelnor, but no both companies have apparently lost interest.

"We have decided not to go ahead with the offer for Edelnor," Manlio Alessi, a senior manager of Tractebel Andino, one of the partners in Electroandina said. No similar statement was forthcoming from AES.

AES had bid $375 per $1,000 of Edelnor's debt, while Electroandina had offered $380. Neither price was high enough to attract interest from bondholders.

"There is a big difference between the price we are willing to pay and the price at which the bond holders are willing to sell," Alessi said.

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