EU Energy Policy Review To Map Out Future Direction For European Utilities Oct 06

Standard & Poors, October 2006

Abstract
The Green Paper, "A European Strategy for Sustainable, Competitive and Secure Energy," published by the European Commission in March 2006, sets out an energy strategy for Europe. The paper identifies six priority areas that require consideration, broadly categorized as relating to sustainable development, competitiveness, and security of supply. Standard & Poor's Ratings Services believes that the policy review could have significant implications for the credit characteristics of the European utility sector, mainly because it will help to frame the future environment in which European utilities operate. Specifically, the EU energy policies that may have direct, near-term effects on utility credit quality are: Policies adopted to increase competition in EU electricity and gas markets--which could reduce the market share and earnings...

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.

- Electricite de France S.A.
- GDF SUEZ S.A.
- Vattenfall AB
- SSE PLC
- Iberdrola S.A.
- Suez S.A.
- E.ON SE
- Edison SpA
- Public Power Corp. S.A.
- EDF Energy Nuclear Generation Group Ltd.
- Centrica PLC
- Alliander N.V.
- National Grid Holdings One PLC
- EDP - Energias de Portugal S.A.
- RWE AG
- Enel SpA
- Union Fenosa S.A.
- EnBW Energie Baden-Wuerttemberg AG
- Essent N.V.
- N.V. Eneco Beheer
- Fortum Oyj
- Delta N.V.
- Energinet.dk SOV

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