THE HEADLINES | NUCLEAR • Constellation spends $4.3 billion-plus across six sites in Illinois, Pennsylvania and New Jersey; first uprate by 2028. A separate 15-year deal covers 2.7 GW of existing PJM output. • Both call it a response to PJM’s bring-your-own-power plan; PJM is ~6.8 GW short (Utility Dive). No price. CEG closed up 12%. We ran Amazon’s Calvert Cliffs uprate Oct. 1. | UTILITIES • All stock: Emera holders get ~60%. The combined company has C$45 billion of rate base, six million customers and ~80% of earnings from Florida and Alberta. • ATCO’s housing, defence and ports businesses become New ATCO. A C$32 billion plan through 2030 targets 7–8% rate-base growth. Close is 3Q–4Q 2027; the AUC, FERC and CFIUS must sign off. | MIDSTREAM • $1.95 billion of cash plus ~33.3 million units buys ~300 miles of pipe in Loving, Reeves, Ward and Winkler and the Caymus plant, with room to reach ~1.2 Bcf/d. • Fee-based contracts on ~100,000 dedicated acres run ~10 years. It already ties into ET’s gas and NGL network. No multiple or synergy number; Q4 close. | UPSTREAM • C$12 a share, 65–75% cash. Leismer and Corner sit next to Christina Lake and May River; Cenovus sees a path to 115 Mbbl/d of thermal output by 2032. • Synergies run ~C$85 million a year, and it consolidates Duvernay Energy. Year-end pro forma net debt lands at C$5.0–5.5 billion against a C$4 billion target. December close. | GAS • The physical trader gets ~300 MMcf/d net, ~72,000 net acres in the core Haynesville and Bossier, ~300 operated locations, and gathering and saltwater disposal. No price. • Silver Hill built the position through deals from late 2021 to mid-2023 and grew output from under 100 MMcf/d. It’s Centalion’s second Haynesville buy this year. |
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