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A Changing Future for Seminole Electric Cooperative
Standard & Poors, March 2002
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Electric cooperatives are no longer functioning in isolated markets. Tampa, Fla.-based Seminole Electric Cooperative Inc. (A/Stable/--) is a good example of a cooperative entering into new relationships with merchant energy producers and risk managers. Electric cooperatives function under a different set of business principles than investor-owned utilities. Co-ops are member-owned, and operate to serve their members' specific needs. Many co-ops operate in sparsely populated rural areas, averaging between five and 24 electric meters per line mile. This is well below the averages for investor-owned and municipal electric systems. These factors affect the co-ops' operating costs. Seminole Electric sells energy under 'all-requirements' contracts to 10 distribution cooperatives that serve portions of 45 counties throughout peninsular Florida. Debt and contractual obligations are...
Companies mentioned in this report are: Seminole Elec Coop,Florida Progress Corp.,KCP&L Greater Missouri Operations Co.,Calpine Corp.,Aquila Merchant Services Inc
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