<p>随着美国电力需求预计在未来两年达到创纪录的高点，公用事业公司正在加大对能够提升其发电能力的资产的投资，同时出售其他资产以资助其巨额支出计划。</p>
<p>这一交易热潮正值行业为全国电力消费的快速增长做准备，部分原因是支持人工智能使用激增所需的耗电数据中心。根据一项由能源部支持的研究，预计美国数据中心的电力需求将在未来三年内几乎增加三倍，消耗全国电力的 12%。</p>
<p>以下是 2025 年宣布的一些重大并购和资产剥离：</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>公司</td>
<td>交易描述</td>
<td>交易价值</td>
<td>预计完成日期</td>
</tr>
<tr>
<td>NextEra Energy</td>
<td>从能源资本合作伙伴购买 Symmetry Energy Solutions</td>
<td>未披露</td>
<td>2026 年第一季度</td>
</tr>
<tr>
<td>Black Hills</td>
<td>以全股票交易收购 NorthWestern Energy</td>
<td>36 亿美元</td>
<td>12 到 15 个月</td>
</tr>
<tr>
<td>Constellation Energy</td>
<td>收购私营天然气和地热公司 Calpine</td>
<td>160 亿美元</td>
<td>2025 年末</td>
</tr>
<tr>
<td>NRG Energy</td>
<td>从 LS Power 购买发电资产</td>
<td>120 亿美元</td>
<td>2026 年第一季度</td>
</tr>
<tr>
<td>NRG Energy</td>
<td>从 Rockland Capital 收购 738 兆瓦天然气资产</td>
<td>5.6 亿美元</td>
<td>4 月完成</td>
</tr>
<tr>
<td>TXNM Energy</td>
<td>将被黑石基础设施部门收购</td>
<td>115 亿美元</td>
<td>2026 年下半年</td>
</tr>
<tr>
<td>Vistra</td>
<td>从 Lotus Infrastructure Partners 收购七座天然气电厂</td>
<td>19 亿美元</td>
<td>2025 年末或 2026 年初</td>
</tr>
<tr>
<td>American Electric Power</td>
<td>将 20% 的输电网络股份出售给 KKR 和 PSP 投资</td>
<td>28.2 亿美元</td>
<td>2025 年下半年</td>
</tr>
<tr>
<td>Sempra</td>
<td>出售在墨西哥的能源基础设施资产及其在 Sempra Infrastructure 的少数股权</td>
<td>未披露</td>
<td>2026 年中期</td>
</tr>
<tr>
<td>Eversource Energy</td>
<td>出售公共供水单位</td>
<td>24 亿美元</td>
<td>2025 年末</td>
</tr>
<tr>
<td>National Grid</td>
<td>将美国陆上可再生能源业务出售给 Brookfield Asset Management</td>
<td>17.4 亿美元</td>
<td>2026 年 3 月 31 日前的财年上半年</td>
</tr>
<tr>
<td>Ares Management</td>
<td>将位于弗吉尼亚的 774 兆瓦天然气电厂出售给黑石</td>
<td>约 10 亿美元</td>
<td>未披露</td>
</tr>
<tr>
<td>Partners Group</td>
<td>从 Avenue Capital Group 购买能源资产管理平台和加州的燃气发电厂</td>
<td>22 亿美元</td>
<td>未披露</td>
</tr>
<tr>
<td>AES Corp</td>
<td>将其在俄亥俄州子公司的 30% 股权出售给 CDPQ</td>
<td>5.46 亿美元</td>
<td>2025 年上半年</td>
</tr>
</tbody>
</table>

NRG能源

<p>美国公用事业公司正在进行重大并购，以增强发电能力，以应对数据中心和人工智能使用推动的电力需求上升。值得注意的交易包括 NextEra Energy 收购 Symmetry Energy Solutions，Black Hills 收购 NorthWestern Energy，以及 Constellation Energy 收购 Calpine。其他交易涉及 NRG Energy、TXNM Energy、Vistra、American Electric Power、Sempra、Eversource Energy、National Grid、Ares Management、Partners Group 和 AES Corp，交易金额从 5.46 亿美元到 160 亿美元不等</p>

<p>With electricity demand in the U.S. set to hit record highs over the next two years, utilities are doubling down on assets that can boost their power generation capacity while shedding others to fund their massive spending plans.</p>
<div class="lb-trans"><p>随着美国电力需求预计在未来两年达到创纪录的高点，公用事业公司正在加大对能够提升其发电能力的资产的投资，同时出售其他资产以资助其巨额支出计划。</p>
</div><p>The dealmaking spree comes as the industry prepares for rapid growth in electricity consumption nationwide, partly driven by power-hungry data centers needed to support the boom in artificial intelligence usage. Power demand from data centers in the U.S. is expected to nearly triple in the next three years and consume as much as 12% of the country's electricity, according to a Department of Energy-backed study.</p>
<div class="lb-trans"><p>这一交易热潮正值行业为全国电力消费的快速增长做准备，部分原因是支持人工智能使用激增所需的耗电数据中心。根据一项由能源部支持的研究，预计美国数据中心的电力需求将在未来三年内几乎增加三倍，消耗全国电力的 12%。</p>
</div><p>Here are some of the biggest mergers, acquisitions and divestitures announced in 2025:</p>
<div class="lb-trans"><p>以下是 2025 年宣布的一些重大并购和资产剥离：</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Company</td>
<td>Deal Description</td>
<td>Deal Value</td>
<td>Expected Closing Date</td>
</tr>
<tr>
<td>NextEra Energy</td>
<td>Buying Symmetry Energy Solutions from Energy Capital Partners</td>
<td>Not Disclosed</td>
<td>First quarter of 2026</td>
</tr>
<tr>
<td>Black Hills</td>
<td>Acquiring NorthWestern Energy in an all-stock deal</td>
<td>$3.6 billion</td>
<td>12 to 15 months</td>
</tr>
<tr>
<td>Constellation Energy</td>
<td>Acquiring Calpine, a private natural gas and geothermal company</td>
<td>$16 billion</td>
<td>Late 2025</td>
</tr>
<tr>
<td>NRG Energy</td>
<td>Buying power generation assets from LS Power</td>
<td>$12 billion</td>
<td>First quarter of 2026</td>
</tr>
<tr>
<td>NRG Energy</td>
<td>Acquired 738 MW natural gas assets from Rockland Capital</td>
<td>$560 million</td>
<td>Closed in April</td>
</tr>
<tr>
<td>TXNM Energy</td>
<td>To be acquired by Blackstone Infrastructure unit</td>
<td>$11.5 billion</td>
<td>Second half of 2026</td>
</tr>
<tr>
<td>Vistra</td>
<td>Acquiring seven natural gas plants from Lotus Infrastructure Partners</td>
<td>$1.9 billion</td>
<td>Late 2025 or early 2026</td>
</tr>
<tr>
<td>American Electric Power</td>
<td>Selling 20% stake in transmission network to KKR and PSP Investments</td>
<td>$2.82 billion</td>
<td>Second half of 2025</td>
</tr>
<tr>
<td>Sempra</td>
<td>Selling energy infrastructure assets in Mexico and minority stake in Sempra Infrastructure</td>
<td>Not disclosed</td>
<td>Mid-2026</td>
</tr>
<tr>
<td>Eversource Energy</td>
<td>Selling public water supply unit</td>
<td>$2.4 billion</td>
<td>Late 2025</td>
</tr>
<tr>
<td>National Grid</td>
<td>Selling U.S. onshore renewables business to Brookfield Asset Management</td>
<td>$1.74 billion</td>
<td>First half of the financial year to March 31, 2026</td>
</tr>
<tr>
<td>Ares Management</td>
<td>Selling 774 MW natural gas plant in Virginia to Blackstone</td>
<td>About $1 billion</td>
<td>Not disclosed</td>
</tr>
<tr>
<td>Partners Group</td>
<td>Buying energy asset management platform and gas-fired plants in California from Avenue Capital Group</td>
<td>$2.2 billion</td>
<td>Not disclosed</td>
</tr>
<tr>
<td>AES Corp</td>
<td>Selling 30% equity interest in Ohio subsidiary to CDPQ</td>
<td>$546 million</td>
<td>First half of 2025</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>公司</td>
<td>交易描述</td>
<td>交易价值</td>
<td>预计完成日期</td>
</tr>
<tr>
<td>NextEra Energy</td>
<td>从能源资本合作伙伴购买 Symmetry Energy Solutions</td>
<td>未披露</td>
<td>2026 年第一季度</td>
</tr>
<tr>
<td>Black Hills</td>
<td>以全股票交易收购 NorthWestern Energy</td>
<td>36 亿美元</td>
<td>12 到 15 个月</td>
</tr>
<tr>
<td>Constellation Energy</td>
<td>收购私营天然气和地热公司 Calpine</td>
<td>160 亿美元</td>
<td>2025 年末</td>
</tr>
<tr>
<td>NRG Energy</td>
<td>从 LS Power 购买发电资产</td>
<td>120 亿美元</td>
<td>2026 年第一季度</td>
</tr>
<tr>
<td>NRG Energy</td>
<td>从 Rockland Capital 收购 738 兆瓦天然气资产</td>
<td>5.6 亿美元</td>
<td>4 月完成</td>
</tr>
<tr>
<td>TXNM Energy</td>
<td>将被黑石基础设施部门收购</td>
<td>115 亿美元</td>
<td>2026 年下半年</td>
</tr>
<tr>
<td>Vistra</td>
<td>从 Lotus Infrastructure Partners 收购七座天然气电厂</td>
<td>19 亿美元</td>
<td>2025 年末或 2026 年初</td>
</tr>
<tr>
<td>American Electric Power</td>
<td>将 20% 的输电网络股份出售给 KKR 和 PSP 投资</td>
<td>28.2 亿美元</td>
<td>2025 年下半年</td>
</tr>
<tr>
<td>Sempra</td>
<td>出售在墨西哥的能源基础设施资产及其在 Sempra Infrastructure 的少数股权</td>
<td>未披露</td>
<td>2026 年中期</td>
</tr>
<tr>
<td>Eversource Energy</td>
<td>出售公共供水单位</td>
<td>24 亿美元</td>
<td>2025 年末</td>
</tr>
<tr>
<td>National Grid</td>
<td>将美国陆上可再生能源业务出售给 Brookfield Asset Management</td>
<td>17.4 亿美元</td>
<td>2026 年 3 月 31 日前的财年上半年</td>
</tr>
<tr>
<td>Ares Management</td>
<td>将位于弗吉尼亚的 774 兆瓦天然气电厂出售给黑石</td>
<td>约 10 亿美元</td>
<td>未披露</td>
</tr>
<tr>
<td>Partners Group</td>
<td>从 Avenue Capital Group 购买能源资产管理平台和加州的燃气发电厂</td>
<td>22 亿美元</td>
<td>未披露</td>
</tr>
<tr>
<td>AES Corp</td>
<td>将其在俄亥俄州子公司的 30% 股权出售给 CDPQ</td>
<td>5.46 亿美元</td>
<td>2025 年上半年</td>
</tr>
</tbody>
</table>
</div>

美国公用事业公司在交易狂潮中瞄准 2025 年的重大突破