6.4.1.4Vertical
Thermal Plant Operations & Services
Operations and maintenance contractors for thermal power plants.
Business model & economics
Revenue model
Wholesale power and capacity (declining)
Key economics
- Recurring revenue
- Moderate
- EBITDA margin
- Pressured; managed wind-down
- Capex intensity
- High
declining baseload generation
Characteristics
- Structural, accelerating decline.
- Displaced by gas, renewables, and regulation.
- Managed retirement and site repurposing.
M&A deal context
Deal activityEmerging
Who’s acquiring
- Utilities managing retirement
- Site-repurposing developers
- Reliability-focused operators
What’s driving deals
- Plant retirement and managed wind-down.
- Site repurposing (gas, solar, storage).
- Reliability-driven retirement-timing extensions.
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