Sustained Lower Natural Gas Prices Are Unlikely To Change U.S. Electric Utilities' Credit Quality May 10
Standard & Poors, May 2010
Abstract
Many U.S. regulated electric utilities switched to burning gas rather than coal in 2009. According to some industry estimates, the big switch caused utilities to use an additional 1.5 billion to 2.5 billion cubic feet per day. The underlying reason for this fuel switch was the sharp decline of "dark spreads"--the theoretical gross margin for coal-fired power plants--due to reduced electricity demand from the recession and shifting gas and coal prices. Recently, Standard & Poor's U.S. economic forecast indicated that the recession has bottomed, U.S. gross domestic product should slowly grow at about 3% annually, and unemployment will gradually go below 8% by 2013 (see "U.S. Risks To The Forecast: What is Normal-," published March 18, 2010). In addition, Standard...
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Research Type: Commentary
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- Arkansas Elec Coop Corp
- Hoosier Energy Rural Elec Coop Inc
- Pedernales Elec Coop Inc
- Chugach Elec Assoc
- Alabama Power Co.
- Allegheny Energy Inc.
- American & Foreign Power Inc.
- Appalachian Power Co.
- Arizona Public Service Co.
- Entergy Arkansas Inc.
- Atlantic City Electric Co.
- Baltimore Gas & Electric Co.
- NSTAR Electric Co.
- Cambridge Electric Light Co.
- Carolina Power & Light Co. d/b/a Progress Energy Carolinas Inc.
- Central Hudson Gas & Electric Corp.
- Central Illinois Light Co.
- Ameren Illinois Co.
- Cleco Power LLC
- Central Maine Power Co.
- AEP Texas Central Co.
- Central Vermont Public Service Corp.
- Duke Energy Ohio Inc.
- Cleveland Electric Illuminating Co.
- Columbus & Southern Ohio Electric Co.
- Commonwealth Edison Co.
- Connecticut Light & Power Co.
- Consumers Energy Co.
- Dayton Power & Light Co.
- DTE Electric Co.
- Duke Energy Corp.
- Duquesne Light Co.
- El Paso Electric Co.
- Electricite de France S.A.
- Empire District Electric Co.
- Florida Power & Light Co.
- Florida Power Corp. d/b/a Progress Energy Florida Inc.
- Florida Progress Corp.
- Georgia Power Co.
- Gulf Power Co.
- Entergy Gulf States Inc.
- Hawaiian Electric Co. Inc.
- Hawaiian Electric Industries Inc.
- Idaho Power Co.
- Illinois Power Co.
- Indiana Michigan Power Co.
- Indianapolis Power & Light Co.
- Iowa-Illinois Gas & Electric Co.
- Jersey Central Power & Light Co.
- Kansas City Power & Light Co.
- Kansas Gas & Electric Co.
- Westar Energy Inc.
- Kentucky Power Co.
- Kentucky Utilities Co.
- Entergy Louisiana Holdings Inc.
- Louisville Gas & Electric Co.
- Massachusetts Electric Co.
- Metropolitan Edison Co.
- ALLETE Inc.
- Entergy Mississippi Inc.
- Mississippi Power Co.
- Monongahela Power Co.
- Narragansett Electric Co.
- Nevada Power Co.
- National Grid USA
- New England Power Co.
- Entergy New Orleans Inc.
- Niagara Mohawk Power Corp.
- Northern Indiana Public Service Co.
- Northern States Power Co.
- Northern States Power Wisconsin
- Ohio Edison Co.
- Ohio Power Co.
- Oklahoma Gas & Electric Co.
- Orange and Rockland Utilities Inc.
- Pacific Gas & Electric Co.
- PacifiCorp
- Pennsylvania Electric Co.
- PPL Electric Utilities Corp.
- Pennsylvania Power Co.
- PECO Energy Co.
- Portland General Electric Co.
- Potomac Edison Co.
- Potomac Electric Power Co.
- Public Service Co. of Colorado
- Duke Energy Indiana Inc.
- Public Service Co. of New Hampshire
- Public Service Co. of New Mexico
- Public Service Co. of Oklahoma
- Public Service Electric & Gas Co.
- Rochester Gas & Electric Corp.
- Rockland Electric Co.
- St. Joseph Light & Power Co.
- Savannah Electric & Power Co.
- Sierra Pacific Power Co.
- South Carolina Electric & Gas Co.
- Southern California Edison Co.
- Southern Electric Generating Co.
- Southern Indiana Gas & Electric Co.
- Southwestern Electric Power Co.
- Southwestern Public Service Co.
- Tampa Electric Co.
- Texas-New Mexico Power Co.
- Toledo Edison Co.
- Tucson Electric Power Co.
- Ameren Missouri
- Duke Energy Kentucky Inc.
- The United Illuminating Co.
- Utah Power & Light Co.
- Virginia Electric & Power Co.
- West Penn Power Co.
- AEP Texas North Co.
- Western Massachusetts Electric Co.
- Wisconsin Electric Power Co.
- Wisconsin Power & Light Co.
- Wisconsin Public Service Corp.
- Eastern Edison Co.
- Ohio Valley Electric Corp.
- Wisconsin Electric Fuel Trust
- American Electric Power Co. Inc.
- CenterPoint Energy Houston Electric LLC
- KCP&L Greater Missouri Operations Co.
- Green Mountain Power Corp.
- Korea Electric Power Corp.
- NV Energy Inc.
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- Hongkong Electric Co. Ltd.
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- Taiwan Power Co.
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- Mighty River Power Ltd.
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- AES Sul Distribuidora Gaucha de Energia S.A.
- Caribbean Utilities Co. Ltd.
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- Nova Scotia Power Inc.
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- Cobb Elec Membership Corp
- Powerdirect Australia Pty Ltd.
- Great Plains Energy Inc.
- E.ON Energy Solutions Ltd.
- Southern Electric Power Distribution PLC
- SSE Generation Ltd.
- SSE Energy Supply Ltd.
- Scottish Hydro-Electric Transmission Ltd.
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- South Eastern Power Networks PLC
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- EDF Energy Customers PLC
- Scottish Power Investments Ltd.
- Scottish Power Energy Retail Ltd.
- Scottish Power Generation Ltd.
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- SP Transmission Ltd.
- SP Manweb PLC
- Ontario Power Generation Inc.
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- Diverse Pwr Inc
- Compania de Alumbrado Electrico de San Salvador, S.A. de C.V.
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- Distribuidora Electrica de Usulutan, S.A. de C.V.
- Oncor Electric Delivery Co. LLC
- Texas Competitive Electric Holdings Co. LLC
- Genesis Power Ltd.
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- Interstate Power & Light Co.
- Toronto Hydro Corp.
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- PacifiCorp Holdings Inc.
- Korea Hydro & Nuclear Power Co. Ltd.
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- London Hydro Inc.
- C.N. Transelectrica S.A.
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- PNM Resources Inc.
- Scottish Power Ltd.
- SP PowerAssets Ltd.
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- Federal Grid Co. of the Unified Energy System
- Terna SpA
- Empresa Electrica de Guatemala S.A.
- Statkraft AS
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- S.C. Hidroelectrica S.A.
- Texas Genco LLC
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- Scottish Power Finance U.S.
- Neoenergia S.A.
- EnergyAustralia Holdings Ltd.
- Okinawa Electric Power Co. Inc.
- SP AusNet Group
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- Korea South East Power Co. Ltd.
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- Empresa Energetica de Mato Grosso do Sul S.A.
- RTE Reseau de Transport d Electricite
- Entergy Louisiana LLC
- Electricidad Argentina S.A.
- Empresa Generadora de Electricidad Itabo S. A.
- Statkraft Energi AS
- AES Panama S. A.
- PT Perusahaan Listrik Negara (Persero)
- Scottish Power U.K. Holdings Ltd.
- Companhia Brasiliana de Energia
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- Ergon Energy Queensland Pty Ltd.
- Empresa Generadora de Electricidad Haina S. A.
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- Companhia de Energia Eletrica do Estado do Tocantins
- FirstEnergy Solutions Corp.
- Hidroelectrica Piedra del Aguila S.A.
- Saudi Electric Co.
- PT Cikarang Listrindo
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- Empresa de Energia de Bogota S. A. E. S. P.
- Entergy Gulf States Louisiana LLC
- Entergy Texas Inc.
- ITC Midwest LLC
- Red Electrica de Espana S.A.U.
- Moscow Integrated Power Co. JSC
- Interregional Distributive Grid Co. of Center JSC
- Companhia Energetica de Minas Gerais S.A.
- Companhia Energetica do Ceara - Coelce
- Otter Tail Power Co.
- Enexis Holding N.V.
- Enexis B.V.
- Atomic Energy Power Corp. JSC
- Cemig Distribuicao S.A.
- Cemig Geracao e Transmissao S.A.
- Trans-Allegheny Interstate Line Co.
- American Transmission Systems Inc.
- FortisAlberta Inc.
- Empresa Distribuidora de Electricidad de Mendoza S.A.
- Oakville Hydro Corp
- AltaLink Investments L.P.
- Companhia Piratininga de Forca e Luz
- Centrais Eletricas Matogrossenses S.A.
- Centrais Eletricas do Para S.A.
- AGL Hydro Partnership
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