Exelon and Constellation join forces in $7.9bn deal
Major US power utility Exelon Corporation and its rival Constellation Energy have signed a definitive agreement to combine the two companies in a stock-for-stock transaction worth $7.9bn.
The combined company will retain the Exelon name and be headquartered in Chicago, but Exelon’s power marketing business and Constellation’s retail and wholesale business will be consolidated under the Constellation brand and be headquartered in Baltimore.
Both companies’ renewable energy businesses will also be headquartered in Baltimore, and the three utilities within the new Exelon – BGE, ComEd and PECO – will remain stand-alone organizations, read a statement.
Exelon shareholders will own approximately 78 per cent of the combined company and Constellation 22 per cent.
Mayo Shattuck, Constellation’s CEO, will become executive chairman of the combined company, while Exelon’s COO, Christopher Crane, will become president and CEO. upon finalization of the deal.
AES agrees acquisition of DPL for $4.7bn
The AES Corporation has agreed to acquire DPL Incorporated in a deal valued at $4.7bn.
DPL is the parent company of the Dayton Power & Light Company (DP&L).
Under the terms of the agreement, AES will pay $30 per share in cash to DPL shareholders and will pay a total of $3.5bn in cash for the equity, assuming $1.2bn in net debt.
DPL will remain a stand-alone business, with local management and corporate functions, its headquarters will remain in Dayton and customers will continue to be served by DP&L.
Approval for the merger is expected within six to nine months.
Alstom, Shanghai Electric to create joint boilers company to take on the world
Alstom and Shanghai Electric have agreed to create Alstom-Shanghai Electric Boilers Company, a 50/50 joint company combining both partners’ activities in the boiler market for coal fired power plants.
Alstom’s CEO, Patrick Kron, said that Alstom-Shanghai Electric Boilers Company would be the world’s leading supplier of boilers, with combined sales in the region of approximately €2.5bn ($3.6m).
Alstom Power’s global boiler business inlcudes manufacturing facilities in Germany, the USA, India and China.
Enel and NEC join forces to establish smart grid strategic partnership
NEC Corporation and Enel Distribuzione, the Distribution System Operator of Italy’s Enel SpA, have established a strategic partnership on the development of new smart grid technologies and solutions.
Under the partnership, Enel Distribuzione and NEC will undertake joint feasibility studies as well as deploying advanced, flexible and cost-effective solutions for smart grids, with a particular emphasis on energy storage. The two companies will launch a pilot project testing energy solution systems based on lithium-ion batteries, developed by NEC and applied to the Enel distribution network.
Within the framework of the agreement, the two companies will leverage their technological and operational assets to jointly evaluate a wide range of solutions for Smart Grids and Smart Cities.
Atomenergomash joins Indian partner for equipment JV
Dodsal, a multinational based in Dubai, and Atomenergomash, a Russian heavy equipment engineering company specializing in nuclear and conventional energy, have agreed to co-operate in the manufacture and supply of power equipment for nuclear and thermal projects in India, as well as projects in the oil & gas industry.
Dodsal and Atomenergomash plan to establish a manufacturing unit in India with an initial investment of some $150m. Commercial production will begin in the first quarter of 2013.
Pöyry acquires engineering unit from Vattenfall
European utility major Vattenfall has agreed to sell parts of its Swedish engineering consultancy, Vattenfall Power Consultant AB, to Pöyry plc of Finland.
The engineering consultancy, which focuses on hydropower, wind power, power networks and thermal power, will be incorporated into a newly established company called SwedPower AB.
Vattenfall’s new direction will focus on its core business and markets in Sweden, Germany and the Netherlands.
Hydro hand over: Voith Fuji Hydro has acquired the hydro turbine business of Ebara Corporation, effective 1 June 2011. Voith Fuji Hydro is a joint venture between Fuji Electric and Voith Hydro.
EPRI appointment: The chairman, president and CEO of US utility Edison International, Theodore Craver, has been named chairman of the Board at the Electric Power Research Institute (EPRI).
Nuclear deal in peril: According to a report in the Wall Street Journal, Siemens may abandon its plans to form a partnership with the Russian State Atomic Energy Corporation (Rosatom), which it announced in 2009.
Grid JV created: Duke Energy and American Transmission Company have established Duke-American Transmission Company, which will build, own and operate new electrical transmission infrastructure in North America. Both companies hold an equal share in the JV.
Solar tech head named: Dr. Philip Gleckman has joined Areva Solar as its new chief technology officer. In this role Gleckman will oversee the company’s research and development projects to advance its compact linear Fresnel reflector superheated solar thermal technology.
Wind farms acquired: Renewable power generator Infinis has acquired a 100 per cent stake in three UK wind farms – Dalswinton, Minsca and Slieve Divena – owned by Scottish and Southern Energy. The farms have a combined capacity of 96 MW.
New US venture: RJM International, the UK-based emissions control specialist, has launched a new US business venture with Systems Analyses and Solutions, an advanced engineering analyst.
Canadian VP named: Westinghouse has appointed Joe Zwetolitz as vice president, Americas.
Tepco to pay up: The Japanese government has told Tokyo Electric Power to compensate families affected by the incident at the Fukushima Daiichi nuclear complex, estimated to be 48 000.
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