Deals reached a value of $28.8 billion in the U.S., a 7% increase from the second quarter, driven largely by growing investments in natural gas and renewables. Utilities in the U.S. purchased $4.5 billion of renewable energy assets in the third quarter, including Sempra’s $1.54 billion sale to Consolidated Edison.
Investments in gas utilities reached a record level as well, with $36.5 billion in global transactions. Over half those deals, $18.3 billion, were made in U.S. markets. The largest deal in the sector was a $16.3 billion acquisition of APA group, a natural gas and electricity company in Australia, by the Chinese company Cheung Kong Infrastructure.