Utilities including AEP and Duke are unloading renewables, other assets
Utilities including AEP and Duke are unloading renewables, other assets | Utility Dive
Both Duke Energy and American Electric Power are moving to sell unregulated renewable energy assets, with Duke CEO Lynn Good calling the sale “an important step in our transition into a purely regulated company.” Meanwhile, PG&E and NiSource have also announced plans or expectations to sell parts of their businesses.
Utilities including AEP and Duke are unloading renewables, other assets
Duke is selling its 3.4-GW commercial renewable energy business for $2.8B while AEP is selling nearly 1.4 GW of wind and solar assets in a $1.5B deal, among other sales announced by utilities in 2023.
- NiSource to sell minority stake in NIPSCO to private equity firm Blackstone for $2.15B
The deal announced Tuesday is part of a trend that includes FirstEnergy and Duke Energy raising capital by sales to private equity investors.
Read the full article ➔
- Duke Energy to sell its 3.4-GW commercial renewables business to Brookfield for $2.8B
The utility company said it plans to use the proceeds to strengthen its balance sheet and focus on growing its regulated business.
Read the full article ➔
- FERC approves PG&E plan to spin off 5.6 GW in advance of possible minority stake sale
“We've actually seen pretty robust inbound interest in the asset, and so we do expect a fairly competitive process,” Carolyn Burke, PG&E Corp. CFO, said.
Read the full article ➔
- AEP plans to sell competitive retail, distributed energy businesses in move to simplify, lower risks
It is also considering selling transmission joint ventures to focus on its service territory, Julie Sloat, AEP president and CEO, said Thursday.
Read the full article ➔
- AEP moves to ‘de-risk’ with $1.5B sale of unregulated wind and solar assets as it eyes further sales
American Electric Power expects to make a decision before July on whether it will sell AEP Energy, its competitive retail energy business, company officials said Thursday.
Read the full article ➔
Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.