{"id":15918,"date":"2016-02-26T10:55:24","date_gmt":"2016-02-26T15:55:24","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/?p=15918"},"modified":"2016-02-26T10:55:24","modified_gmt":"2016-02-26T15:55:24","slug":"southern-co-gets-serious-about-smart-grid-buys-powersecure","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2016\/02\/southern-co-gets-serious-about-smart-grid-buys-powersecure.html","title":{"rendered":"Southern Co. gets serious about smart grid: buys PowerSecure"},"content":{"rendered":"

\r\nWhile FPL wastes $3 billion on the 20th century Sabal Trail fracked methane pipeline,\r\n<\/a>\r\nSouthern Company (SO) shows it’s serious about distributed energy by buying\r\ndistributed grid infrastructure company PowerSecure (POWR) for $431 million.\r\nThat announcement not only bumped POWR stock up by about 75%,\r\nthe same day (yesterday) smart grid company EnerNOC (ENOC) shares went up 20%.\r\nThat last could be coincidental, since ENOC announced earnings.\r\nBut with two smart grid companies going up, the renewable solar and wind energy future\r\nis coming closer.\r\n

\r\nPRNewswire,\r\n24 February 2016,\r\n\r\nSouthern Company to Acquire PowerSecure International, Inc.:\r\nAddition of PowerSecure’s proven expertise positions Southern Company to advance distributed infrastructure development<\/a>,\r\n\r\n\r\n

\r\n

\r\n\r\nATLANTA and WAKE FOREST, N.C., Feb. 24, 2016 \/PRNewswire\/ —\r\nSouthern Company (NYSE: SO) and PowerSecure International, Inc.\r\n(NYSE: POWR) today announced that the boards of directors of both\r\ncompanies have approved a definitive merger agreement through which\r\nSouthern Company will acquire PowerSecure, with PowerSecure becoming\r\na wholly owned subsidiary of Southern Company.\r\n<\/p>\r\n

\r\nSouthern Company believes that the advancement of distributed\r\ninfrastructure technologies — the very technologies in which\r\nPowerSecure specializes through its unique business model —\r\nhelps meet customers’ future energy needs as part of the full\r\nportfolio of energy resources. These technologies typically receive\r\nhighest demand largely in markets outside of the Southeast, where\r\ndistributed infrastructure investments tend to provide greater\r\ncustomer value. Through this natural evolution of the companies’\r\ncurrent business models, the combined company would be particularly\r\nsuited to address reliability concerns and promote technology\r\nadvances with a focus on the future.\r\n<\/p>\r\n

\r\nAs Southern Company and PowerSecure prepare for tomorrow, the\r\ncombination of one of America’s leading energy companies with a\r\nsuccessful, customer-focused provider of differentiated energy\r\nsolutions and innovative energy infrastructure is designed to expand\r\nSouthern Company’s opportunities to provide customized energy\r\nproducts to customers.\r\n<\/p>\r\n

\r\n“As energy technologies and customer expectations continue to\r\nevolve, the electric utility business model is increasingly\r\nexpanding beyond the meter,” said Southern Company Chairman,\r\nPresident and CEO Thomas A. Fanning. “Today there is demand for\r\ndistributed infrastructure solutions that best meet each customer’s\r\nunique energy needs. With the addition of PowerSecure to Southern\r\nCompany, we’re extending our commitment to create America’s energy\r\nfuture by tapping into industry-leading expertise to deliver\r\ncutting-edge solutions to energy consumers nationwide.”\r\n<\/p>\r\n

\r\nBy acquiring a premier provider of distributed generation, energy\r\nefficiency and utility infrastructure solutions, Southern Company\r\nwill be positioned to accelerate the ongoing expansion of energy\r\nproduct offerings that are intended to provide customers greater\r\ncontrol of their energy use and will add complementary technical\r\ndepth in customer-located reliability and efficiency technologies.\r\n<\/p>\r\n

\r\n“Southern Company has earned a reputation as one of America’s\r\npremier utilities by deploying its technical expertise and financial\r\nstrength to best serve customers,” said Sidney Hinton, chief\r\nexecutive officer of PowerSecure. “These attributes, combined with\r\nSouthern Company’s nationally recognized customer service, make\r\nSouthern Company the ideal partner for PowerSecure to deliver even\r\ngreater value to our customers. We are incredibly excited about the\r\npotential to accelerate and expand our business as part of Southern\r\nCompany as we continue to serve our data center, hospital, utility\r\nand other customers.”\r\n<\/p>\r\n

\r\nUnder the terms of the agreement, PowerSecure’s stockholders will be\r\nentitled to receive $18.75 in cash for each share of PowerSecure\r\ncommon stock in a transaction with a purchase price of approximately\r\n$431 million.\r\n<\/p>\r\n

\r\nAfter closing, the companies anticipate that PowerSecure’s\r\noperations, including its management team and corporate\r\nheadquarters, will continue to be based in Wake Forest, N.C.\r\n<\/p>\r\n

\r\nCompletion of the transaction is conditioned upon, among other\r\nthings, the approval of PowerSecure stockholders. The transaction is\r\nalso subject to the notification and clearance and reporting\r\nrequirements under the Hart-Scott-Rodino Antitrust Improvements Act\r\nof 1976. The companies expect to complete the transaction by the end\r\nof the second quarter of 2016.\r\n<\/p>\r\n

\r\nJones Day, Gibson Dunn & Crutcher LLP and Troutman Sanders LLP are\r\nserving as legal counsel to Southern Company. J.P. Morgan Securities\r\nLLC is serving as the exclusive financial advisor to PowerSecure and\r\nWachtell, Lipton, Rosen & Katz and Kegler Brown Hill + Ritter are\r\nserving as legal counsel to PowerSecure.\r\n<\/p>\r\n<\/blockquote>\r\n

\r\nThere’s more background on the companies\r\n\r\nin the PR<\/a>, including this:\r\n

\r\n

About Southern Company\r\n<\/H4>\r\n

\r\nWith more than 4.5 million customers and approximately 46,000\r\nmegawatts of generating capacity, Atlanta-based Southern Company\r\n(NYSE: SO) is the premier energy company serving the Southeast\r\nthrough its subsidiaries. A leading U.S. producer of clean, safe,\r\nreliable and affordable electricity, Southern Company owns electric\r\nutilities in four states and a growing competitive generation\r\ncompany, as well as fiber optics and wireless communications.\r\nSouthern Company brands are known for excellent customer service,\r\nhigh reliability and affordable prices that are below the national\r\naverage. Through an industry-leading commitment to innovation,\r\nSouthern Company and its subsidiaries are inventing America’s energy\r\nfuture by developing the full portfolio of energy resources,\r\nincluding nuclear, 21st century coal, natural gas, renewables and\r\nenergy efficiency, and creating new products and services for the\r\nbenefit of customers. Southern Company has been named by the U.S.\r\nDepartment of Defense and G.I. Jobs magazine as a top military\r\nemployer, listed by Black Enterprise magazine as one of the 40 Best\r\nCompanies for Diversity and designated a 2014 Top Employer for\r\nHispanics by Hispanic Network. The company earned the 2014 National\r\nAward of Nuclear Science and History from the National Atomic Museum\r\nFoundation for its leadership and commitment to nuclear development,\r\nand is continually ranked among the top utilities in Fortune’s\r\nannual World’s Most Admired Electric and Gas Utility rankings. Visit\r\nwww.southerncompany.com<\/a>.\r\n<\/p>\r\n

About PowerSecure\r\n<\/H4>\r\n

\r\nPowerSecure International, Inc. is a leading provider of utility and\r\nenergy technologies to electric utilities, and their industrial,\r\ninstitutional and commercial customers. PowerSecure provides\r\nproducts and services in the areas of Interactive Distributed\r\nGeneration \u00ae (IDG\u00ae), solar energy, energy efficiency and utility\r\ninfrastructure. The company is a pioneer in developing IDG\u00ae power\r\nsystems with sophisticated smart grid capabilities, including the\r\nability to 1) forecast electricity demand and electronically deploy\r\nthe systems to deliver more efficient, and environmentally friendly,\r\npower at peak power times, 2) provide utilities with dedicated\r\nelectric power generation capacity to utilize for demand response\r\npurposes and 3) provide customers with the most dependable standby\r\npower in the industry. Its proprietary distributed generation system\r\ndesigns utilize a range of technologies to deliver power, including\r\nrenewables. The company’s energy efficiency products and services\r\ninclude energy efficient lighting solutions that utilize LED\r\ntechnologies to improve lighting quality, and the design,\r\ninstallation and maintenance of energy conservation measures which\r\nthe company offers, primarily as a subcontractor, to large energy\r\nservice company providers, called ESCOs, for the benefit of\r\ncommercial, industrial and institutional customers as end users and\r\ndirectly to retailers. PowerSecure also provides electric utilities\r\nwith transmission and distribution infrastructure maintenance and\r\nconstruction services, and engineering and regulatory consulting\r\nservices. Additional information is available at\r\nwww.powersecure.com<\/a>.\r\n<\/p>\r\n<\/blockquote>\r\n

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