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AWEA Issues Fourth Quarter 2019 Market Report

LCG, February 7, 2020--The American Wind Energy Association (AWEA) recently released its new U.S. Wind Industry Fourth Quarter 2019 Market Report. AWEA reports new wind turbine installations have added 5,476 MW of electric generating capacity during the fourth quarter, which results in 2019 installations totaling 9,143 MW. The total installations represent an increase over 2018, but the total for 2019 falls short of total annual installations for 2015 and 2016. In addition to new capacity additions, developers completed 2,500 MW of turbine repowerings for the year.

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Duke Energy Florida Announces New Solar Power Projects

LCG, January 29, 2020--Duke Energy Florida (DEF) Monday announced the locations of its two newest solar power plants that will provide a combined installed capacity of nearly 150 MW. DEF is investing an estimated $1 billion to construct or acquire a total of 700 MW of cost-effective solar power facilities from 2018 through 2022 in Florida, and planning for another 1,500 MW of solar generation through 2028.

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Industry News

Dynegy to Buy Enron; No Job for Lay

LCG, Nov. 12, 2001--Enron Corp. agreed on Friday to be bought out by the much smaller Dynegy Inc. for about $9 billion in stock, and that fire sale price of around $10.41 a share reflects a fat premium over Enron's Friday closing price of $8.63 on the New York Stock Exchange.

ChevronTexaco Corp., which owns a 27 percent interest in Dynegy, will provide $2.5 billion in new equity in Dynegy to back the deal, the companies said.

Enron chief executive Kenneth Lay said the move was agreed to reluctantly. He had hoped his company, which he helped build from a mid-level natural gas pipeline into a corporate powerhouse, could find its own way out of its problems, but said the daily doses of negative news proved too much.

"It has been a fairly consistent barrage of really negative articles and it's been very tough to beat those back," said Lay, who will not have a role in management of the combined companies.

Enron's reported revenues of $100 billion for the year 2000 dwarf Dynegy's reported $29 billion, but the smaller company may be using money with more substance, and Enron's figures could more accurately reflect trading volume and not sales of something it owned.

Enron earned only $1 billion in 2000 -- a paltry one cent on the dollar of what it reported as revenues. Dynegy earned a half-billion, a return of 1.7 percent.

Chuck Watson, chairman and chief executive of Dynegy, said Enron was subjected to the most searching scrutiny before the offer was made. "We looked under the hood and guess what? It's just as strong as we thought it was," he said.

Enron was riding high earlier in the year, with its stock trading in the low $80s, but revelations about mysterious partnerships and "off-balance-sheet" transactions sent it into a power dive from which it never recovered.

"Off-balance-sheet financing is a nice, gentlemanly label given to misrepresentation," said Shyam Sunder, a Yale University accounting professor.

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