Acquisitions and Dispositions in Power Generation Assets: What's Old May Be New Again

摘要

During the past 15 or 20 years, a market developed in the buying and selling of power generation assets. Where once only vertically integrated utilities bought and sold-or more often developed and constructed-power plants, nonutility players entered and dominated as a result of two trends:rn(1) Mandates from state and federal regulatory authorities for formerly vertically integrated utilities to disaggregate and dispose of generation assets, andrn(2) The rapid growth in the number of financial or private equity players prepared to make investments in power generation, coupled with ready availability of debt to finance those investments.