Canadians go on Shopping Spree for U.S. Power Assets
- Buyers bank on growing power demand and favorable regulations
- Going where the assets are for sale is a simple strategy
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Canada’s appetite for U.S. power assets continued a record run of deals Thursday with the $1.51 billion purchase of Pennsylvania power plants by TransCanada Corp. and Brookfield Renewable Energy Partners LP.
Cross border deals this year have totaled $11.7 billion, 48 percent more than last year’s record $7.9 billion, according to data compiled by Bloomberg. Companies from the Great White North are attracted by fast-growing power demand in parts of the U.S. and a regulatory model that allows bigger profit for utility monopolies, Rebecca Hazan, a fund manager at Leon Frazer & Associates Inc. in Toronto, said in a phone interview Thursday.