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Avangrid and Puget Sound Energy Sign PPA, Including Upgrade and Life Extension, for Washington Wind Project

LCG, May 19, 2026--Avangrid, Inc., a member of the Iberdrola Group, today announced the signing of a long-term Power Purchase Agreement (PPA) with Puget Sound Energy (PSE) for the 199.5-MW Big Horn I wind project in Klickitat County, Washington. This agreement represents the fourth PPA executed by the two companies for projects in the Pacific Northwest.

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DOE Acts to Ensure Key Coal-fired Power Plants Are Available in MISO to Supply Peak Summer Demands

LCG, May 18, 2026--The U.S. Secretary of Energy today issued an emergency order to address critical grid reliability issues in the Midwest anticipated this summer. The order is in effect beginning on May 19, 2026, through August 16, 2026. The emergency order directs the Midcontinent Independent System Operator (MISO), in coordination with Consumers Energy, to ensure that the J.H. Campbell coal-fired power plant (Campbell Plant) in West Olive, Michigan shall take all steps necessary to remain available to operate and to minimize costs for the region.

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Industry News

Enron May Drop Selling Price to $5 Billion

LCG, Nov. 27, 2001--With the investment community casting growing doubt on the future of Dynegy Inc.'s agreement to purchase much larger Enron Corp. for $8.3 billion, Enron may try to keep the deal alive by cutting its price to about $5 billion, the Wall Street Journal reported today.

Under the stock swap agreement reached two weeks ago between Dynegy and Enron, each share of Dynegy would fetch 3.72 shares of Enron. Dynegy closed yesterday on the new York Stock Exchange at $29.25, which would place a value of $7.86 on each Enron share.

However, Enron closed at $4.01, after trading at all time lows during the day.

The Wall Street Journal said renegotiation of the two-week-old deal, and particularly the exchange ratio for the stock swap, is almost unprecedented in corporate transactions.

Clearly something had to give because of an escape clause in the agreement that give Dynegy the option to walk away from the deal if there is a material deterioration in Enron's business or assets. Recent news has painted Enron as a house of cards, burdened by $13 billion in debt and with relatively few hard assets.

Enron also is attempting to head off a liquidity crisis by negotiating to extend the maturity dates of some of its borrowings, the paper said.

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