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BULLETIN: Southern Power's Capacity Sale Extension Will Not Affect Ratings
Standard & Poors, Feb 2006
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) Feb. 17, 2006--Southern Power Co.'s (BBB+/Stable/A-2) recent agreement to extend the sale of about 160 MW from its Oleander peaking plant to Florida Power & Light Co. (A/Watch Neg/A-1) from 2007 to 2012 is favorable for credit, but will not affect Southern Power's corporate credit rating. The agreement reduces the amount of peaking capacity that is potentially subject to merchant market exposure following contract termination. Southern Power sells the remainder of the Oleander capacity to Seminole Electric Cooperative (A-/Stable/--) through 2009. Peaking assets provide about 27% of Southern Power's generation capacity....
Companies mentioned in this report are: Southern Power Co.,Seminole Elec Coop,Florida Power & Light Co.
Action: Bulletin
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