M&A in Power - Thematic Research

In this report, we look at merger and acquisition (M&A) activity in the power sector over the last five years. We have also highlighted potential future takeover targets in the sector, which companies are likely to acquire them, and why.

The global power M&A market remained strong in 2018 with transaction volumes reaching $158bn, the second highest in the last five years. However, the number of deals registered decreased to 622, compared to 651 deals in 2017. As of 2019 year-to-date (YTD), 244 M&A deals were witnessed.

The largest announced M&A deal in the power industry in 2018 was the acquisition of Innogy by E.ON for $52.9bn.

Deals around coal-fired plants, renewables (particularly solar, hydro and wind), and gas fired plants were prominent in M&A activity. Deals featuring renewable energy are expected to set the trend in coming years due to growing awareness of clean energy and desire to meet global targets set by the Paris agreement, leading towards low-carbon emission investments.

Some of the key catalysts driving these financial activities include emergence of new markets, thinning margins, investment in renewable energy, and the shift away from exposure to fossil fuels, mainly coal.

Scope

The report analyses the impact of M&A as a theme on the power industry.

The report discusses M&A trends in the power industry and how these M&A deals have benefitted power companies.

The report analyses major M&A deals in the power industry and highlights the key developments across the various sectors within the industry.

The report also identifies potential acquisition targets that are aligned towards one or more specific themes in the power industry.

Reasons to buy

To understand major M&A trends in the power industry and their significance on the power industry.

To gain insights of the major deals undertaken by power companies across various sectors.

Companies mentioned

Availon, Acciona, Brookfield Business Partners, China Guodian, China Nuclear Engineering & Construction Corporation, China National Nuclear Corp, CenterPoint Energy, Dominion Energy, E.ON, Enel Green Power ...

Availon, Acciona, Brookfield Business Partners, China Guodian, China Nuclear Engineering & Construction Corporation, China National Nuclear Corp, CenterPoint Energy, Dominion Energy, E.ON, Enel Green Power RSA (Pty) Ltd, Engie, EnBW, EUROS, Elia System Operator NV, Eurogrid International SCRL, Eurowind Energy, Eniig Renewables, Greenko Group, GE, Hanwha Solar Holdings, Innogy, LM Wind Power, NextEra Energy, National Power, Nordex, Northern Power Systems, Orange Renewable Power, SSP Technology A/S, Santee Cooper, SCANA, Siemens Gamesa Renewable Energy, Senvion, Kenersys, Vestas, Vectren, WEG SA, Westinghouse

Table of Contents

1 Table of Contents 1

2 Introduction 2

3 M&A trends in the power industry 3

4 Potential acquisition targets over the next two years ...

1 Table of Contents 1

2 Introduction 2

3 M&A trends in the power industry 3

4 Potential acquisition targets over the next two years 3

4.1 Power Generation 3

4.2 Power transmission and distribution 4

5 M&A activity over the last five years 5

5.1 Mergers and Acquisitions 11

6 Appendix: Our “Thematic” Research Methodology 14

6.1 Viewing the world’s data by themes makes it easier to make important decisions 14

6.2 Traditional research does a poor job of picking winners and losers 14

6.3 That is why we developed our “thematic engine” 14

6.4 How do we create our sector scorecards? 14

6.5 What is in our sector scorecards? 15

6.6 How do we score companies in our thematic screen? 15

6.7 How our research reports fit into our overall thematic research ecosystem 16

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