JEA, a Jacksonville-based electric utility, scrapped plans to explore privatization during a 24 December emergency meeting.
“The Board has determined that it is in the best interest of JEA to cancel the (Invitation to Negotiate for Strategic Alternatives) and all processes related thereto,” states a resolution passed at the meeting of the utility’s Board of Director’s stated.
The company began exploring privatization this summer, announcing a competitive process in July with JP Morgan and Morgan Stanley serving as financial advisors.
Sixteen firms bid for the company, which was valued between USD 7.9bn-USD 11bn according to city council reports.
Duke Energy, Veolia, Macquarie Infrastructure and Real Assets, IFM Investors, and NextEra Energy were among the nine firms shortlisted.