ABB US orders jump 82%; LS Power and Blackstone close funds
LS Power's $6bn fund earmarks $1.7bn for Constellation, while Blackstone's energy-transition fund closes at $8.7bn.
At a glance
ABB's US orders rose 82% on utility and data-center grid demand, while group orders reached a record $12 billion.
LS Power closed a $6 billion private equity fund and earmarked $1.7 billion for Constellation.
Blackstone closed Energy Transition Partners V at $8.7 billion, 50% above its prior fund.
ABB's US orders rose 82% on utility and data-center grid demand, while group orders reached a record $12 billion. Net income fell 2%, partly on hedging charges tied to the Rotork acquisition.
LS Power closed a $6 billion private equity fund and earmarked $1.7 billion for Constellation. LS Power COO Darpan Kapadia said demand growth is real and supply will take time to catch up.
Blackstone closed Energy Transition Partners V at $8.7 billion, 50% above its prior fund. The oversubscribed vehicle began investing in June. It has funded three platform companies and acquired three energy-efficiency and resiliency businesses.
Central Georgia EMC plans a 50-MW home battery fleet with Base Power, its first utility partnership outside Texas, as data centers seek grid access.
In Virginia, Governor Spanberger proposed a six-year rate freeze to secure approval for the Dominion-NextEra merger. She also asked regulators to raise Dominion's debt share to 60% from 48% to lower its allowed rate of return.
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