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ARTICLE · 06 DECEMBER 2012

Voluntary Consolidation: The LDC Sector As Classic Rock

Borden Ladner Gervais LLP
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If electricity distribution were music it would be pure rock and roll.

CanadaEnergy and Natural Resources
Mark Rodger
Mark Rodger
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If electricity distribution were music it would be pure rock and roll. If sector consolidation was an album it would feature the best of classic rock. With the upcoming release of the Distribution Review Panel's Report, the EDA asked me to identify some core strategic considerations for LDCs considering voluntary transactions. Having negotiated numerous successful LDC deals over the past 15 years, here are a few suggestions on key considerations. For me, the following songs nicely capture the mood around these strategic priorities.

Welcome to the Jungle – Guns N Roses

Investors and financiers are not dazed and confused when it comes to distribution utilities. They view LDCs as being akin to safe, long bonds. And why wouldn't they? In a world of record low interest rates and uncertain equity returns, LDCs have never been more attractive. With a regulated return of around 10 per cent and with many LDCs facing significant system renewal over the next few years, these

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