Download or read book U S Utility Mergers and the Restructuring of the New Global Power Industry written by Edward B. Flowers and published by Praeger. This book was released on 1998-05-30 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consume thy rival may be the new law of corporate survival in the U.S. utilities industry. This book describes close to $70 billion of global utility mergers stemming from the anticipated deregulation of the U.S. gas and electrical utilities industries. Occurring from 1995 to 1997, these mergers are completely restructuring U.S. power utilities. Thirty-seven billion dollars of these mergers, a full 53 percent, occurred abroad. About two-thirds of the foreign mergers were U.S. takeovers, while the remaining one-third was mergers, defensive and otherwise, of U.K. firms with other U.K. firms. This may be the first time U.S. industrial restructuring has generated more investment abroad rather than in domestic markets. Exploring the diversity of strategies and changes driving these mergers, the author concludes that although complex, the mergers can be explained by strategies traditionally used in domestic M&As. These very large U.S. utilities now consider themselves to be operating in a global industry of private, deregulated utilities, and they are determined to survive through mergers that help them cut costs, spread expenses, and increase profits.
Download or read book Regulating Mergers and Acquisitions of U S Electric Utilities Industry Concentration and Corporate Complication written by Scott Hempling and published by Edward Elgar Publishing. This book was released on 2020-10-30 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens when electric utility monopolies pursue their acquisition interests—undisciplined by competition, and insufficiently disciplined by the regulators responsible for replicating competition? Since the mid-1980s, mergers and acquisitions of U.S. electric utilities have halved the number of local, independent utilities. Mostly debt-financed, these transactions have converted retiree-suitable investments into subsidiaries of geographically scattered conglomerates. Written by one of the U.S.’s leading regulatory thinkers, this book combines legal, accounting, economic and financial analysis of the 30-year march of U.S. electricity mergers with insights from the dynamic field of behavioral economics.
Download or read book Power Loss written by Richard F. Hirsh and published by National Geographic Books. This book was released on 2002-07-26 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the late 1990s, the formerly staid and monopolistic electric utility industry entered an era of freewheeling competition and deregulation, allowing American consumers to buy electricity from any company offering it. In this book, Richard F. Hirsh explains how and why this radical restructuring has occurred. Hirsh starts by describing the successful campaign waged by utility managers in the first decade of the twentieth century to protect their industry from competition. The regulated system that emerged had the unanticipated consequence of endowing utility managers with great political and economic power. Seven decades later, a series of largely unanticipated events, including technological stagnation in traditional generating equipment, the 1973 energy crisis, and the rise of the environmental movement, undermined the managers' control of the system. New players, such as academics, environmental advocates, politicians, and potential competitors, wrested control from power company managers by challenging utilities' standing as "natural monopolies" and by questioning whether their firms provided universal benefits. In other words, the once-closed system came under increasing pressure to transform itself. Hirsh follows the flow of power as this transformation occurred. He also examines the relationship between technological change and regulation, showing how innovations such as cogeneration and renewable energy technologies stimulated questions about the value of government oversight of the system. And he shows how the increasing prominence of ideas such as conservation, energy efficiency, and free markets helped propel the system toward open competition. Though the new electric utility system is still in its infancy, Hirsh's perceptive account of its birth will help readers think more rationally about its future.
Download or read book Electricity Restructuring in the United States written by Steve Isser and published by Cambridge University Press. This book was released on 2015-04-16 with total page 527 pages. Available in PDF, EPUB and Kindle. Book excerpt: The electric utility industry in the US is technologically complex, and its structure as a classic network industry makes it intricate in business terms as well, so deregulation of such a complicated industry was a particularly detailed process. Steve Isser provides a detailed and comprehensive analysis of the history of the transformation of this complex industry from the 1978 Energy Policy Act to the present, covering the economic, legal, regulatory, and political issues and controversies in the transition from regulated utilities to competitive electricity markets. The book is a multidisciplinary study that includes a comprehensive review of the economic literature on electricity markets, the political environment of electricity policymaking, administrative and regulatory rulemaking, and the federal case law that restrained state and federal regulation of electricity. Isser offers a valuable case study of the pitfalls and problems associated with the deregulation of a complex network industry.
Download or read book The Restructuring of the Electric Power Industry written by and published by . This book was released on 1998 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book United States Mergers Restructure the New Global Power Industry written by Edward B. Flowers and published by . This book was released on 1997 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Roll Up written by Thomas J. Flaherty and published by Greenleaf Book Group. This book was released on 2022-04-05 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ultimate guide to the ongoing consolidation of the utilities industry Roll-Up delves into the rich history of utilities consolidation—from the original, highly fragmented U.S. industry structure, through the development of industry views on consolidation and participation, to the drivers and events occurring in the cycles of the modern era, from 1995–2020. Expert utilities consultant Tom Flaherty interviewed eleven current or former chief executive officers, investment bankers, attorneys, and ratings analysts who provided introspection and commentary on their experiences with consolidation in the modern era. These notable individuals made the tough decisions about whether to pursue a transaction, evaluated the logic of potential combinations, crafted merger agreements, designed the process for successful outcomes, and guided the execution of mergers through the strategy, financing, regulatory, and integration processes. In Roll-Up, Flaherty has combined these interviews of experts in the utilities industry with detailed research and decades of experience to explore topics like • the changing motivations for combinations, • hands-on perspectives of successful transaction execution, • the current nature of business simplification and portfolio rationalization, • what could happen next for utility mergers and acquisitions. Roll-Up covers the past and present of utilities consolidation and looks over the horizon at how future transactions might evolve beyond those historically conducted.
Download or read book The Restructuring of the Electric Power Industry written by and published by . This book was released on 1998 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Wired for Greed written by Joe Seeber and published by iUniverse. This book was released on 2005-10 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most Americans still do not understand electric utilities, and many consumers have only a vague grasp of the intricacies of regulation and deregulation. This is a paradox of sorts; regulation, in particular, seems easy enough to grasp. The real difficulty lies in understanding how power companies have manipulated the regulators. If you think utility deregulation has done away with electric utility monopolies, think again! Deregulation is a myth-it's business as usual for the power companies. For most of America, utility deregulation has yet to become a reality. Even if it does, electric companies will still swindle those they serve. Why? One reason: deregulation allows the utility giants to retain control of the transmission and distribution of electricity. Utility cheating has gone unchecked for more than a century. Author Joe Seeber has caught the electric companies red-handed, from fudged financials and courtroom trickery to meter manipulation and outright fraud. He paints a compelling portrait of an industry wired for greed-and argues that it's time someone pulled the plug.
Download or read book A Shock to the System written by Timothy J. Brennan and published by Routledge. This book was released on 2014-04-04 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Shock to the System is a guide to the decisions that will be faced by electricity providers, customers, and policymakers. Produced by a team of analysts at Resources for the Future, this concise and balanced work provides background necessary to understand the increasing role of competition in electricity markets. The authors introduce important concepts and terminology, and offer the history of public policy regarding electricity. They identify the significant proposals for implementing competition, and examine the potential consequences for regulation, industry structure, cost recovery, and the environment.
Download or read book Power Structure written by John E. Kwoka Jr. and published by Springer Science & Business Media. This book was released on 2007-08-28 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Power Structure examines the effects on economic performance of several key features of the U.S. electric power industry. Paramount among these are public versus private ownership, vertical integration versus deintegration, and retail competition versus monopoly distribution. Each of these, as well as other structural characteristics of utilities and their markets, are analyzed for their effects on costs and price. These issues are important for a number of reasons. The U.S. electric power industry is presently embarking on a fundamental restructuring in terms of integration and competition. In other countries, privatization of state-owned enterprises is being viewed as the answer to unsatisfactory performance. From a longer perspective, the question of the relative performance of publicly owned versus privately owned utilities in the U.S. has never been resolved. And despite much speculation there is little reliable evidence as to the importance of either vertical integration or competition.
Download or read book Restructuring and Deregulation of the U S Electric Utility Industry written by Susan Elizabeth Meyer and published by . This book was released on 1997 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on U S Electricity Restructuring written by and published by . This book was released on 2008 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: The traditional structure of the electricity sector in the U.S. has been that of large vertically integrated companies with sole responsibility for distributing power to end users within a franchise area. The restructuring of this sector that has occurred in the past 10-20 years has profoundly altered this picture. This dissertation examines three aspects of that restructuring process. First chapter of my dissertation investigates the impacts of divestitures of generation, an important part of the process of restructuring, on the efficiency of distribution systems. We find that while all divestitures as a group do not significantly affect distribution efficiency, those mandated by state public utility commissions have resulted in large and statistically significant adverse effects on distribution efficiency. Second chapter of my dissertation explores whether independent system operator (ISO) formation in New York has led to operating efficiencies at the unit and the system level. ISOs oversee the centralized management of the grid and the energy market and are expected to promote more efficient power generation. We test these efficiencies focusing on the generation units in New York ISO region from 1998 to 2004 and find that the NYISO formation has introduced limited efficiencies at the unit and the system level. Restructuring in the electricity industry has spawned a new wave of mergers, both raising questions and providing opportunities to examine these mergers. Third chapter of my dissertation investigates the drivers of electric utility mergers consummated between 1992 and 2004. My results provide support for disturbance theory of mergers, size hypothesis, and inefficient management hypothesis as drivers of electric utility mergers. I also find that the adjacency of the service territories is the most noteworthy determinant of the pairings between IOUs.
Download or read book Restructuring of the U S Electric Utility Industry written by and published by . This book was released on 1989* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Electric Utility Restructuring written by and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, reliability of the U.S. bulk power system (electricity generation and high voltage transmission) has become a high priority. California's attempt at electric utility restructuring, the Enron bankruptcy, and the August 2003 blackout have increased the concern about maintaining reliability at a high level while trying to achieve the desired benefits of a market-oriented electric power system. Maintaining reliability is important because power interruptions result in economic losses costing over an estimated $100 billion per year in the United States. Many attribute the utility industry problems as a loss in reliability brought on by electric utility restructuring. Restructuring advocates assert that functional changes in the electric utility industry resulting from restructuring are designed to add certainty and therefore improve reliability while providing lower prices to consumers. Functional changes such as improved planning and coordination, the ability to attract new market participants, increased redundancy, and the development of ancillary service markets all tend to lower risk and ultimately improve reliability. Restructuring opponents argue that resulting functional changes in the industry tend to increase uncertainty. These changes include added complexity, added risk for investors, unclear responsibilities for reliability, and the potential to manipulate markets in ways that may cause power supply instability. Most experts conclude that industry changes from restructuring designed to improve reliability have not been realized while the factors tending to degrade reliability are having an effect. In general, the existing bulk power system was designed for operation by vertically integrated utilities with minimally required transmission connections between them. Restructuring of the electric utility industry requires that an ample set of suppliers and consumers negotiate transactions across a robust transmission system with high capacity. Therefore, the reliability of the existing bulk power system appears to be degrading because it was not designed to operate in a restructured environment and market procedures have not been developed to overcome these deficiencies. This report will be updated as events warrant.
Download or read book Electric Utility Restructuring written by Peter S. Fox-Penner and published by . This book was released on 1997-01-01 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examine this overview of the complex issues facing restructuring of the electric utilities industry. Understand the economic and political pressures driving deregulation. Grasp the conflicts. This highly readable, expertly written explanation will enable readers to understand and analyze future policy options, determine the risks, and tackle new marketing opportunities.
Download or read book U S Electric Utility Industry Mergers and Acquisitions written by Resource Data International and published by . This book was released on 1993* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
