Evergy: Evergy is an investor-owned
electric utility headquartered in Kansas
City, Missouri, United States. Evergy generates
more than 27,000,000 megawatt-hours of electricity per year at its 12 power
plants.
Evergy's proposal explains
how the Next Era intends to capitalize on the rally in its stock, pushing
forward large acquisitions. In September, Next Era was reprimanded by Duke
Energy Corporation, another major utility with a takeover offer
New
York: Next-Era Energy Inc, the world's largest producer of wind and solar
power, raised about $15 for American utility Inc. Raised
millions of dollars. All of the dollar stock acquisitions have been offered,
people familiar with the matter said on Monday.
Sources
said that Evergy has turned down the proposal in recent times and it is unclear
whether the Next-Era will create a new approach. Who requested alimony as the
matter is confidential. One of the sources said that the Next-Era had no immediate
plans for the new bid.
Evergy's proposal states that Next-Era intends to capitalize on the rally in its stock
by emphasizing large acquisitions. In September, Next-Era was reprimanded by
Duke Energy Corp. another major utility it approached with takeover offers.
The
price of Next-Era's bid was $60 per share among Evergreen. Evers
informed Next-Era that the price was inadequate and sources said the deal also
required a detailed plan to remove regulatory hurdles.
Evergy
shares ended trading at $57.99, up 5.4% on Monday. Shares of Next Era traded
down 0.3% at $75.51, giving the enterprise corporation a market capitalization
of $148 billion.
The average requested bidding earlier this year under pressure from hedge fund
Elliott Management Corporation. This affected Next-Era's interest, but Evergy
decided to remain independent last summer. It is unclear what the next
acquisition approach of Next-Era indicated.
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"As
previously discussed ... we conducted a comprehensive strategic review process,
that process is complete, and our focus is on our sustainability focus on
change planning," a spokesman for Avenue said. Next Era did no longer
reply to a request for comment.
There
is pressure on the U.S.
utilities to gain scale through pressure, as they swell to serve larger
populations, upgrade aging infrastructure and invest in cleaner energy
production.
The company was pulled out of the merger of Great Plains Energy and Westar Energy
in 2018 and performed 1.6 million customers in Kansas
and Missouri.
In August, Chief Executive Officer Terry Bassham
announced that he would step down. The Kansas City, Missouri-based company has
also revealed a standalone plan that calls for infrastructure investment and
cost reduction.
Next-Era, the biggest U.S utility, owns two electric-powered groups in Florida that serve extra
than 5.5 million customers and is the largest producer of renewable energy. It
overtook market capitalization. Ion of oil giant Exxon Mobil Corporation’s last
month to serve as the most valuable U.S energy company, underscoring the value
that investors place on clean forms of energy.
Next-Era CEO James Robo
On September 30, he said he would not pursue host acquisitions because major
deals in his industry could only remove regulatory hurdles if companies carried
out co-operative work.
Regulators
often worry that merged consumers may increase or weigh the electricity bill
for capital expenditure. The Great Plains/Westar tie-up took nearly two years
to complete after Kansas
regulator demanded changes.
LOST DEALS
Next-Era has previously given up on acquisitions by not receiving regulatory
demands.
When
it sought to purchase Texan power utility Oncor four years in the past for $18.4
billion, Next Era used to be pressured with the aid of the use of regulator to
function. Oncor at arm's length, asked for Next Era, arguing that the board there
is a need for control and the ability to withdraw cash to withdraw your funds' dividend.
This resulted in the deal being destroyed, with Oncor later being acquired by
Sempra Energy.
Next-Era had spent two years trying to buy the first Hawaiian Electric Company for $4.3
billion. It abandoned the deal in 2016, which was insufficient for local
consumers amid the benefits promised by NextEra.
To
ensure this, Next-Era managed to complete the acquisition. It Paid $5.1 billion
for Gulf Energy from Southern Co in 2018, according to a regulatory statement
at the time, promising to keep cap transmission rates in Florida for five
years.
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| Renewable Energy Environment |
Your money is not good
here
Next
Era decided to acquire another electric utility, but its track record is not
good. While it did manage to take Gulf power from a Southern Company in 2019,
Gulf was much smaller, with only about 500,000 customers. The Duke merger, on
the other hand, would be the case for over $60 billion, easily the largest merger is seen in the US
utility industry.
A
similar acquisition proposed by Next-Era has been staged in recent years. In
2016, regulators bought the company's proposed $4.3 billion Hawaiian Electric
Industries, and in 2017, Texas
regulators called off Next Era's attempt to acquire Oncer Electric delivery for
$18.7 billion. South Carolina's Santee Cooper is
bidding to acquire utilities.
Kansas
City, here I come (or not)
Like Next-Era, Evergy has two separate electric utility businesses: Kansas City Power & Light and Westar
Energy. In addition to Kansas City, the utility
operates in the eastern part of Kansas and the northwestern part of Missouri.
It has approximately 1.6 million customer accounts and 11.6 GW production capacities.
Energy reportedly considered the $15 billion offer insufficient and also raised
concerns about regulatory hurdles.
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