EXHIBIT 3 

Power and Utilities M&A Fee Precedents

Case:17-03283-LTS Doc#:24695-3 Filed:06/30/23 Entered:06/30/23 12:18:50 Desc:

Exhibit 3 - Power and Utilities M&A Fee Precedents Page 1 of 2
Buyside Sellside

Ann. Date Target Acquiror Deal Value ($M) Total Fee ($M) % of Value Deal Value ($M) Total Fee ($M) % of Value

08/18/17 Calpine Corp Calpine Corp SPV $15,973 $21.6 0.14%

07/19/17 Avista Corp Hydro One Ltd 5,260 28.0 0.53

03/07/17 TerraForm Global Inc Brookfield Asset Mgmt Inc 1,094 21.1 1.93

03/07/17 TerraForm Power Inc Brookfield Asset Mgmt Inc 4,057 37.9 0.93

01/25/17 WGL Holdings Inc AltaGas Ltd 6,584 36.0 0.55

08/01/16 SolarCity Corporation Tesla Motors Inc $5,270.0 $7.0 0.13% 5,270 14.4 0.27

06/03/16 Talen Energy Corp Riverstone Holdings LLC 5,200 10.0 0.19 5,200 25.0 0.48

05/31/16 Westar Energy Inc Great Plains Energy Inc 12,154 27.6 0.23 12,154 30.0 0.25

02/09/16 Empire District Electric Co Liberty Utilities Co 2,369 13.7 0.58

02/09/16 ITC Holdings Corporation Fortis Inc. 11,305 45.9 0.41

02/01/16 Questar Corporation Dominion Resources Inc. 6,074 28.7 0.47

10/26/15 Piedmont Natural Gas Co Inc Duke Energy Corp 6,578 24.0 0.36

09/04/15 TECO Energy Inc Emera Inc 10,361 34.5 0.33

08/24/15 AGL Resources Inc Southern Co 11,797 33.0 0.28 11,797 34.5 0.29

07/20/15 Vivint Solar Inc SunEdison Inc 1,757 17.8 1.01

02/25/15 UIL Holdings Corp Iberdrola USA Inc 4,666 22.4 0.48

12/03/14 Hawaiian Electric Industries NextEra Energy Inc 4,375 16.0 0.37 4,375 30.0 0.69

10/20/14 Cleco Corp Investor Group 4,667 29.0 0.62

06/23/14 Integrys Energy Group Inc Wisconsin Energy Corp 9,120 22.0 0.24 9,120 18.5 0.20

04/30/14 Pepco Holdings Exelon Corporation 12,186 28.9 0.24

12/11/13 UNS Energy Corp Fortis Inc 4,489 16.5 0.37

05/29/13 NV Energy Inc MidAmerican Energy Holdings Co 10,366 21.0 0.20

07/22/12 GenOn Energy Inc NRG Energy Inc 4,047 20.0 0.49 4,047 15.0 0.37

02/21/12 CH Energy Group Inc Cascade Acquisition Sub Inc 1,464 6.2 0.42

12/05/11 Entergy Corp-Elec Transmission ITC Holdings Corp 5,575 30.0 0.54

06/20/11 Capital Power Income LP Atlantic Power Corp 1,964 12.5 0.64

04/28/11 Constellation Energy Group Inc Exelon Corp 11,431 43.0 0.38

04/20/11 DPL Inc AES Corp 4,662 14.9 0.32

12/15/10 Dynegy Inc Icahn Enterprises LP 2,953 23.0 0.78

12/07/10 Nicor Inc AGL Resources Inc 2,983 16.0 0.54 2,983 13.0 0.44

10/18/10 NSTAR Inc Northeast Utilities 6,930 31.7 0.46 6,930 17.0 0.25

08/13/10 Dynegy Inc Blackstone Group LP 4,953 20.0 0.40

04/11/10 Mirant Corp RRI Energy Inc 2,082 27.5 1.32 2,082 30.0 1.44

02/11/10 Allegheny Energy Inc FirstEnergy Corp 8,944 35.0 0.39 8,944 23.0 0.26

10/26/07 Puget Energy Inc Padua Holdings LLC 6,717 15.0 0.22

06/25/07 Energy East Corp Iberdrola SA 8,124 17.0 0.21

02/26/07 TXU Corp TXU Corp SPV 44,372 50.5 0.11

02/07/07 Aquila Inc Great Plains Energy Inc 2,780 13.0 0.47

09/15/06 LS Power Group Dynegy Inc 2,333 32.0 1.37

04/25/06 NorthWestern Corp Babcock & Brown Infrastructure 1,972 17.2 0.87

02/27/06 KeySpan Corp National Grid PLC 11,872 30.4 0.26

05/09/05 Cinergy Corp Duke Energy Corp 14,138 24.0 0.17

12/20/04 Public Svc Enterprise Grp Inc Exelon Corp 27,357 30.0 0.11 27,357 20.0 0.07

Mean $7,057 $22.7 0.49% $8,223 $24.6 0.47%

Median 5,235 24.8 0.42 6,074 23.0 0.37

Power & Utilities M&A Fee Precedents

Source: Publicly available SEC filings, McKinsey & Company. 

Note: Analysis based on deals with transaction values of $1 billion+ since 2004. Excludes deals where only fee available is for a fairness opinion assignment. Fees displayed may reflect multiple advisors. Market Data as of October 31, 

2017.

1. Reflects range of total estimated generation, transmission, and distribution reconstruction costs post-Hurricane Maria per a McKinsey & Company October 2017 report.

 Citi has proposed a success-based fee of $24mm (relevant comparison numbers are Sellside / Total Fee). The fee is to be realized upon a board-approved restructuring of PREPA. 

Milestone payments may be considered per mutual agreement

 At McKinsey & Company’s estimated value range of $4.9bn - $10.6bn1, the proposed success-based fee reflects approximately 0.23% - 0.49% of total estimated deal value

– At the low-end of the potential value range, the percentage of deal value (0.49%) is approximately equivalent to the mean of the precedent transactions (0.47%), and at the highend of the potential value range, the percentage (0.23%) is well below both the mean and median statistics for precedent transactions (0.47% and 0.37% respectively)

Case:17-03283-LTS Doc#:24695-3 Filed:06/30/23 Entered:06/30/23 12:18:50 Desc:

Exhibit 3 - Power and Utilities M&A Fee Precedents Page 2 of 2