Saturday, December 18, 2004
BUY YOUR WAY INTO PUBLIC SERVICE
For Just $12 Billion
I see in today’s New York Times that one can buy one’s way into public service for a mere $12 billion.
Okay, it’s not what you think.
What’s happening is that Exelon Corp. is in the advanced stages of negotiations to acquire Public Service Enterprise Group Inc. (See “Biggest Utility in New Jersey Seen as Target of Acquisition,” by Jad Mouawad and Andrew Ross Sorkin, New York Times, December 18.)
Exelon, based in Chicago, was formed through the 2000 acquisition by PECO Energy Inc., the parent of Philadelphia Electric Co., of Unicom Corp., the parent of Commonwealth Edison Co. of Chicago.
In turn, Public Service Enterprise, headquartered in Newark, N.J., is the parent company of Public Service Electric & Gas Co., the largest regulated energy utility in New Jersey.
A combination of Exelon and PSEG, both of which rely more heavily than most electricity producers on nuclear-generated power, would create the largest utility holding company in the U.S., according to the Times.
Um, Jim? Electric utilities?
Fascinating stuff, huh? Look, back in the early-to-mid stages of my pre-blogging life I spent many hours over the course of many years analyzing and reporting on the electric- and gas-utility industries (among several others) and their associated investment opportunities.
In life there are some things of which it’s hard to let go. Although this subject area, even for me, doesn’t rank at the very top of such a list, its pull, and whence it comes I have no idea, remains surprisingly strong.
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JAMES MARTIN CAPOZZOLA
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James Martin (Jim) Capozzola launched The Rittenhouse Review in April 2002, TRR: The Lighter Side of Rittenhouse, HorowitzWatch, and Smarter Andrew Sullivan in July 2002, and Bulldogs for Kerry-Edwards in October 2004. He is also a contributing member of President Boxer.
He received the 2002 Koufax Award for Best Post> for "Al Gore and the Alpha Girls" (published November 25, 2002). Capozzola's record in the Koufax Awards includes two additional nominations for 2002 (Best Blog and Best Writing), three nominations for 2003 (Best Blog, Best Series, and Best Writing), and two finalist nominations in 2004 (Best Blog and Best Writing).
Capozzola’s experience beyond the blogosphere includes a lengthy career in financial journalism, securities analysis, and investment research, and in freelance writing, editing, ghost-writing, and writing instruction.
He earned his bachelor's degree in political science from the University at Albany and a master's in foreign affairs from the University of Virginia.
Capozzola lives in Philadelphia with his bulldog, Mildred.
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