Jones Day - Services - Energy Delivery & Power M&A

The Energy Delivery & Power team has distinguished itself as an industry leader on mergers, acquisitions, dispositions, and restructurings. Our lawyers have advised on 19 major U.S. utility mergers since 1995, including three of the four largest that went to completion, as noted by Thomson Financial: PECO and Unicom ($16.7 billion), AEP and CSW ($12.3 billion), and FirstEnergy and GPU ($10.9 billion).

Jones Day has advised on approximately $300 billion worth of energy M&A transactions worldwide since 2000, including numerous recent and notable asset sales. These include FirstEnergy's $1.96 billion sale of part of the Midlands plant to Aquila; Aquila and FirstEnergy's subsequent sale of Midlands to Powergen; AEP's $805 million divestiture of its Texas Central generating units; Ameren's $1.35 billion acquisition of CILCORP from AES; CenterPoint Energy's acquisition of a portion of interstate pipeline system from Ozark Gas Transmission; OG&E's $159.9 million acquisition of a controlling interest in the 520 MW McClain power plant from NRG Energy; Entergy's $170 million acquisition of a 719 MW power plant from a subsidiary of CLECO; and Xcel Energy's $673 million exchange offer for the publicly traded shares of NRG Energy.

We counsel our clients on how best to proceed to obtain the anticipated benefits of a transaction in a manner consistent with the unique regulatory requirements applicable to the energy industry. Along with corporate, tax, antitrust, and employee benefit lawyers, our team includes 19 lawyers focused on energy regulation, with extensive experience in FERC and state PUC matters in the U.S. We have assisted clients in obtaining requisite approvals for:

First long-distance electric utility merger (AEP and CSW).
Second long-distance electric utility merger (NSP and New Century Energies to form Xcel Energy).
Third long-distance electric utility merger (PECO and Unicom to form Exelon).
First acquisition by a vertically integrated utility of a merchant plant operating in its control area (OG&E's acquisition of a controlling interest in the McClain power plant).
First combination in recent times of a large purely electric utility with a large purely gas utility (Houston Industries and NorAm).
First double cash election merger in the utility industry (Sierra Pacific Resources and Nevada Power).

We have also participated in cross-border transactions, including Powergen's acquisition of LG&E Energy and E.ON's subsequent acquisition of Powergen and LG&E Energy.

With the recent massive changes in the independent power markets and energy trading in the U.S., we have advised on numerous restructurings, including CenterPoint's $419.8 million spinoff of Reliant Resources; Xcel Energy's successful separation from NRG Energy following NRG's bankruptcy filing; and El Paso Corporation's financial restructuring of, and the negotiation of security and intercreditor agreements relating to, approximately $7 billion of conventional and highly structured financings.

Jones Day's Mergers & Acquisitions team is among the largest in the world. Since 2000, we have ranked first in M&A worldwide based on number of transactions, according to Thomson Financial and Bloomberg.

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Lawyers Staff Overview Experience Professionals News Publications Achievements Main Practice Energy Delivery & Power	The Energy Delivery & Power team has distinguished itself as an industry leader on mergers, acquisitions, dispositions, and restructurings. Our lawyers have advised on 19 major U.S. utility mergers since 1995, including three of the four largest that went to completion, as noted by Thomson Financial: PECO and Unicom ($16.7 billion), AEP and CSW ($12.3 billion), and FirstEnergy and GPU ($10.9 billion). Jones Day has advised on approximately $300 billion worth of energy M&A transactions worldwide since 2000, including numerous recent and notable asset sales. These include FirstEnergy's $1.96 billion sale of part of the Midlands plant to Aquila; Aquila and FirstEnergy's subsequent sale of Midlands to Powergen; AEP's $805 million divestiture of its Texas Central generating units; Ameren's $1.35 billion acquisition of CILCORP from AES; CenterPoint Energy's acquisition of a portion of interstate pipeline system from Ozark Gas Transmission; OG&E's $159.9 million acquisition of a controlling interest in the 520 MW McClain power plant from NRG Energy; Entergy's $170 million acquisition of a 719 MW power plant from a subsidiary of CLECO; and Xcel Energy's $673 million exchange offer for the publicly traded shares of NRG Energy. We counsel our clients on how best to proceed to obtain the anticipated benefits of a transaction in a manner consistent with the unique regulatory requirements applicable to the energy industry. Along with corporate, tax, antitrust, and employee benefit lawyers, our team includes 19 lawyers focused on energy regulation, with extensive experience in FERC and state PUC matters in the U.S. We have assisted clients in obtaining requisite approvals for: First long-distance electric utility merger (AEP and CSW). Second long-distance electric utility merger (NSP and New Century Energies to form Xcel Energy). Third long-distance electric utility merger (PECO and Unicom to form Exelon). First acquisition by a vertically integrated utility of a merchant plant operating in its control area (OG&E's acquisition of a controlling interest in the McClain power plant). First combination in recent times of a large purely electric utility with a large purely gas utility (Houston Industries and NorAm). First double cash election merger in the utility industry (Sierra Pacific Resources and Nevada Power). We have also participated in cross-border transactions, including Powergen's acquisition of LG&E Energy and E.ON's subsequent acquisition of Powergen and LG&E Energy. With the recent massive changes in the independent power markets and energy trading in the U.S., we have advised on numerous restructurings, including CenterPoint's $419.8 million spinoff of Reliant Resources; Xcel Energy's successful separation from NRG Energy following NRG's bankruptcy filing; and El Paso Corporation's financial restructuring of, and the negotiation of security and intercreditor agreements relating to, approximately $7 billion of conventional and highly structured financings. Jones Day's Mergers & Acquisitions team is among the largest in the world. Since 2000, we have ranked first in M&A worldwide based on number of transactions, according to Thomson Financial and Bloomberg.