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Power transactions and trends:Global power and utilities transactions Analysis (2014-2015)

Power transactions and trends:Global power and utilities transactions Analysis (2014-2015)

 
Introduction:
 
  • 2014 was a year of transformation for P&U companies across the globe, driving with a significant jump in transactions led by portfolio optimization in the US, business model and geographical restructuring in Europe and financial consolidation in the Asia-Pacific region. Deal value reached US$177 b from 474 deals, up 4% from 2013.
     
  • As innovations in financing and technology emerged as new drivers of transactions activity, utilities, for example E.ON, responded as predicted by adapting traditional business models and rebalancing portfolios. The year also saw institutional investors and private equity firms taking a more important buy-side role in the sector, accounting for almost a quarter (24%) if the total deal value in 2014, a share which represents a five-year high.
     
  • The reshaping of the US sector continued as diversified utilities focused on regulated assets and independent power producers (IPPs) grew their presence. The US sector saw 15 billion-dollar-plus transactions – significantly more than in 2013 – with buyers paying a premium for rate-regulated assets.
     
  • In Europe, regulatory changes created a challenging operating environment, with many utilities questioning the viability of traditional business models as renewable energy became increasingly representative in the generation mix. Divestments and global capital redeployment are now at the heart of the utility agenda.
     
  • As predicted in 2013, market reforms in Japan and Mexico became clearer and started to drive activity. In 2015, had expected to see Japan and Mexico grow further, and we are calling out Africa as the next areas of growth, as governments alter structural arrangements to welcome new entrants and will be expected to become the next wave of hot spot in global market (P&U) trading.
     
  • Looking ahead to 2015 and among the recent few years, regional agendas will lead a robust power and renewable energy trading market and is expected better than 2014 in performance.