6.4.5.1Vertical

Combined Cycle Gas Plants

Operators of high-efficiency natural gas combined cycle plants.

Business model & economics

Revenue model

Wholesale power, capacity payments, and PPAs

Key economics

Recurring revenue
High

recurring dispatchable power

EBITDA margin
Spark-spread- and capacity-driven
Capex intensity
High

Characteristics

  • Largest single U.S. electricity source; reliability backbone.
  • Flexible, dispatchable power that firms renewables.
  • Valued for data-center load growth; faces long-term decarbonization.

M&A deal context

Deal activityHigh

Who’s acquiring

  • Independent power producers & utilities
  • Infrastructure funds
  • Corporate & data-center power buyers

What’s driving deals

  • Reliability and renewable-firming value.
  • Data-center load growth and PPAs.
  • IPP and fleet consolidation.

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