Available with corporate subscription
Since 2015, Bluefield has tracked approximately 130 system acquisitions, annually, of which only a share have been executed using Fair Market Value (FMV). It is evident from the data that the states and their respective policies are not created equal in terms of asset ownership, size, and regulator experience. They do, however, present a foundation for growth in utility M&A that is already being exhibited in select states.
In this Market Insight:
- FMV adoption and timeline
- State ranking of FMV opportunities
- Leading IOU service territories
- Key policy differences between states
- Mapping deal flow, geographically
- FMV movers & shakers
Report Features
Table of Contents
- The Role of Fair Market Value Legislation: Background & Takeaways
- Defining Fair Market Value Legislation
- Fair Market Value Background
- FMV Policies Take Hold in New States
- FMV Adoption & Timeline
- All FMV States are Not Created Equal
- State Ranking of FMV Opportunities
- Leading Investor-Owned Utilities (IOUs) at the Forefront of FMV Adoption
- Leading IOU Service Territories
- Breaking Down Key Policy Differences
- Breakdown by State
- Mapping the Deal Flow, Geographically
- Top States Using FMV by Deal Count
- Top States by Total Announced Value (US$)
- FMV Transactions Tilt Toward Larger System Sizes
- FMV Deal Count by System Size (2015-2020)
- FMV Connections Acquired by System Size (2015-2020)
- FMV Deals Favor Publicly Owned Systems
- Deal Count by Target Asset Ownership (2015-2020)
- Connections by Target Asset Ownership Type (2015-2020)
- FMV Plays Small Role Even in Active States
- Deal Count (2015 – Q3 2020)
- FMV Drives Up Purchase Price of System Assets
- Average Cost per Connection (2015-2020)
- FMV Market Movers & Shakers
- Top Companies Applying FMV to Acquisitions (2015 – Q3 2020)
