The Conetiv sale needs to go at $1.75 billion to be accretive to POM's earnings. At %2B, share buybacks are possible. At 2.25B, divvy raise is on the table. At 1.5B, it will be a long slog to 2012 to get the benefits.
The deal came at price that will make it less than accretive to neutral for this year's earnings, depending on how the hedges, etc. work out when the books are cleared as the assets are handed over to Calpine. But it gives POM a chance to get on track to support the divvy in 2011 and beyond. So all in all, good, but it's not going to put octane in POM's share price. So I sold 80% of the shares I added to my position on yesterday's weakness, and will let the 20% ride for the nice divvy.