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Credit Quality Trends And Outlooks For Electric Utilities Around The World Are Mixed, But Mostly Stable Dec 10 Product Image

Credit Quality Trends And Outlooks For Electric Utilities Around The World Are Mixed, But Mostly Stable Dec 10

  • ID: 1714127
  • December 2010
  • Region: Global
  • Standard & Poors

FEATURED COMPANIES

  • AEP Texas Central Co.
  • Dayton Power & Light Co.
  • Fingrid Oyj
  • Landsvirkjun
  • PacifiCorp Delaware LP
  • SP Manweb PLC
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Abstract
Credit quality trends continued to be somewhat mixed for rated global utilities well into 2010. This largely stems from the diversity of market structures (e.g., regulated versus restructured), which makes this sector far from a homogenous group. Because utilities produce power locally and their customers consume it locally, a utility's success ties into its unique macroeconomic and operating environment. Furthermore, utilities have different ownership structures, varying government support, and very diverse regulatory regimes. Credit quality is generally stable in countries such as the U.S., Canada, Australia, and New Zealand, or is even improving in regions like Latin America. In Europe, utility credit quality has a slightly negative bias, owing to the economic downturn, slack demand, particularly in the industrial sector,...

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.

- Arkansas Elec Coop Corp
- Hoosier Energy Rural Elec Coop Inc
- Pedernales Elec Coop Inc
- Chugach Elec Assoc
- Appalachian Power Co.
- Arizona Public Service Co.
- Entergy Arkansas Inc.
- Cambridge Electric Light Co.
- Duke Energy Progress Inc.
- Ameren Illinois Co.
- Central Maine Power Co.
- Cleveland Electric Illuminating Co.
- Columbus & Southern Ohio Electric Co.
- Consumers Energy Co.
- Dayton Power & Light Co.
- DTE Electric Co.
- Duke Energy Corp.
- Electricite de France S.A.
- Florida Power & Light Co.
- Duke Energy Florida Inc.
- Florida Progress Corp.
- Gulf Power Co.
- Hawaiian Electric Co. Inc.
- Hawaiian Electric Industries Inc.
- Idaho Power Co.
- Illinois Power Co.
- Indianapolis Power & Light Co.
- Jersey Central Power & Light Co.
- Kansas City Power & Light Co.
- Kansas Gas & Electric Co.
- Westar Energy Inc.
- Kentucky Power Co.
- Kentucky Utilities Co.
- Louisville Gas & Electric Co.
- Nevada Power Co.
- Niagara Mohawk Power Corp.
- Northern Indiana Public Service Co.
- Ohio Edison Co.
- Ohio Power Co.
- Oklahoma Gas & Electric Co.
- 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
- 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.
- Tucson Electric Power Co.
- Union Electric Co. d/b/a Ameren Missouri
- The United Illuminating Co.
- Utah Power & Light Co.
- Virginia Electric & Power Co.
- West Penn Power Co.
- Western Massachusetts Electric Co.
- Wisconsin Electric Power Co.
- Wisconsin Power & Light Co.
- Wisconsin Public Service Corp.
- American Electric Power Co. Inc.
- Korea Electric Power Corp.
- NV Energy Inc.
- PacifiCorp Group Holdings Co.
- NextEra Energy Capital Holdings Inc.
- System Energy Resources Inc.
- DPL Inc.
- NextEra Energy Inc.
- Entergy Corp.
- Northeast Utilities
- Southern Co.
- Pinnacle West Capital Corp.
- Edison International
- Duquesne Light Holdings Inc.
- EDF Energy PLC
- Western Power Distribution (East Midlands) PLC
- Western Power Distribution (South Wales) PLC
- Endesa S.A.
- Northern Powergrid (Yorkshire) PLC
- Western Power Distribution (South West) PLC
- Electricity North West Ltd.
- Shikoku Electric Power Co. Inc.
- Vattenfall AB
- PNPP II Funding Corp.
- SSE PLC
- Iberdrola S.A.
- Scottish Power U.K. PLC
- Vattenfall Treasury AB
- PVNGS II Funding Corp. Inc.
- EVN AG
- Tenaga Nasional Bhd.
- PECO Energy Capital L.P.
- Penelec Capital
- PacifiCorp Delaware LP
- ESKOM Holdings SOC Ltd.
- E.ON SE
- Cinergy Corp.
- MidAmerican Energy Co.
- Ohio Edison Financing Trust
- PacifiCorp Capital I
- EDF Energy Investments
- Statnett SF
- Vermont Elec Coop Inc
- Israel Electric Corp. Ltd.
- Cheung Kong Infrastructure Holdings Ltd.
- Tata Power Co. Ltd.
- Northern Powergrid Holdings Co.
- Fingrid Oyj
- Conectiv
- Irkutskenergo, AO EiE
- FirstEnergy Corp.
- Taiwan Power Co.
- Kyushu Electric Power Co. Inc.
- Tohoku Electric Power Co. Inc.
- IDACORP Inc.
- PPL WW Holdings Ltd.
- Manila Electric Co.
- EDP - Energias de Portugal S.A.
- KELAG
- Graninge AB
- Enel SpA
- Midcontinent Independent System Operator, Inc
- CLP Holdings Ltd.
- RWE Npower PLC
- Exelon Corp.
- Progress Energy Inc.
- Vectren Capital Corp.
- EnBW Energie Baden-Wuerttemberg AG
- Mighty River Power Ltd.
- Southern Company Funding Corp.
- Alabama Power Co.
- Allegheny Energy Inc.
- American & Foreign Power Inc.
- Atlantic City Electric Co.
- Baltimore Gas & Electric Co.
- NSTAR Electric Co.
- Central and South West Corp.
- Central Hudson Gas & Electric Corp.
- Central Illinois Light Co.
- Cleco Power LLC
- AEP Texas Central Co.
- AEP Texas North Co.
- Central Vermont Public Service Corp.
- Commonwealth Edison Co.
- Commonwealth Electric Co.
- Connecticut Light & Power Co.
- Duquesne Light Co.
- El Paso Electric Co.
- Empire District Electric Co.
- Georgia Power Co.
- Indiana Michigan Power Co.
- Iowa-Illinois Gas & Electric Co.
- IPALCO Enterprises Inc.
- Massachusetts Electric Co.
- Metropolitan Edison Co.
- ALLETE Inc.
- Mississippi Power Co.
- Monongahela Power Co.
- Narragansett Electric Co.
- National Grid USA
- New England Power Co.
- Northern States Power Co.
- Northern States Power Wisconsin
- Orange and Rockland Utilities Inc.
- Texas-New Mexico Power Co.
- Toledo Edison Co.
- TNP Enterprises Inc.
- Tokyo Electric Power Co. Inc.
- Ohio Valley Electric Corp.
- Wisconsin Electric Fuel Trust
- CenterPoint Energy Houston Electric LLC
- KCP&L Greater Missouri Operations Co.
- Green Mountain Power Corp.
- CILCORP Inc.
- Black Hills Power Inc.
- Maui Electric Co. Ltd.
- Hawaii Electric Light Co. Inc.
- Columbus Southern Power Co.
- CTC Mansfield Funding Corp.
- LG&E and KU Energy LLC
- Chubu Electric Power Co. Inc.
- Chugoku Electric Power Co. Inc.
- E.ON Sverige AB
- E.ON U.K. PLC
- CLP Power Hong Kong Ltd.
- Verbund AG
- CEZ a.s.
- Met-Ed Capital L.P.
- Illinova Corp.
- JC P&L Capital L.P.
- Nuon Power Generation B.V.
- Public Power Corp. S.A.
- PPL Corp.
- Ohio Edison Financing Trust II
- Sierra Pacific Power Capital I
- EDF Energy Nuclear Generation Group Ltd.
- Powergen (East Midlands) Investments
- Mosenergo (AO)
- Hrvatska Elektroprivreda d.d.
- Landsvirkjun
- Yorkshire Power Group Ltd.
- California Independent System Operator Corp.
- Enemalta Corp.
- Kazakhstan Electricity Grid Operating Co. (JSC)
- Hongkong Electric Co. Ltd.
- Electricity Generating Authority of Thailand
- Hokkaido Electric Power Co. Inc.
- Hokuriku Electric Power Co.
- Kansai Electric Power Co. Inc.
- National Grid Holdings One PLC
- Fortum Power & Heat AB
- Hydro One Inc.
- Cleco Corp.
- Southern Co. Services Inc.
- Powergen U.S. Holdings Ltd.
- Powergen Ltd.
- Union Fenosa S.A.
- Red Electrica Corporacion S.A.
- Caribbean Utilities Co. Ltd.
- American Transmission Co.
- Fortis Inc.
- Eltra amba
- Cobb Elec Membership Corp
- CU Inc.
- Origin Energy Ltd.
- Great Plains Energy Inc.
- E.ON Energy Solutions Ltd.
- Southern Electric Power Distribution PLC
- SSE Generation Ltd.
- Scottish Power Investments Ltd.
- Scottish Power Energy Retail Ltd.
- Scottish Power Generation Ltd.
- SP Transmission Ltd.
- SP Manweb PLC
- Oncor Electric Delivery Co. LLC
- Genesis Energy Ltd.
- Northern Powergrid (Northeast) Ltd.
- PEPCO Holdings Inc.
- Korea Hydro & Nuclear Power Co. Ltd.
- Korea Southern Power Co. Ltd.
- Eesti Energia AS
- Yorkshire Electricity Group PLC
- Fortum Oyj
- Scottish Power Ltd.
- Terna SpA
- Statkraft AS
- S.C. Hidroelectrica S.A.
- EnergyAustralia Holdings Ltd.
- RTE Reseau de Transport d Electricite
- Statkraft Energi AS
- AGL Energy Ltd.
- Scottish Power U.K. Holdings Ltd.
- PT Cikarang Listrindo
- RusHydro (OJSC)
- ITC Midwest LLC
- Companhia Energetica de Minas Gerais S.A.
- Moscow Integrated Power Co. JSC
- DONG Energy Power A/S
- Elkraft Transmission amba
- Elkraft System amba
- Meridian Energy Ltd.
- SSE Energy Supply Ltd.
- Scottish Hydro-Electric Transmission Ltd.
- Scottish Hydro-Electric Power Distribution Ltd.
- Diverse Pwr Inc
- Texas Competitive Electric Holdings Co. LLC
- Korea Western Power Co. Ltd.
- Interstate Power & Light Co.
- Toronto Hydro Corp.
- Hamilton Utilities Corp.
- Michigan Electric Transmission Co.
- PacifiCorp Holdings Inc.
- RAO UES of Russia
- C.N. Transelectrica S.A.
- Stadtwerke Duesseldorf AG
- International Transmission Co.
- ITC Holdings Corp.
- AltaLink L.P.
- PNM Resources Inc.
- Electric Power Development Co. Ltd.
- TPP Maritsa East 2 EAD
- Elia System Operator S.A./N.V.
- Federal Grid Co. of the Unified Energy System
- Natsionalna Elektricheska Kompania EAD
- Texas Genco LLC
- Okinawa Electric Power Co. Inc.
- Mirant North America LLC
- Korea South East Power Co. Ltd.
- PT Perusahaan Listrik Negara (Persero)
- FirstEnergy Solutions Corp.
- Saudi Electric Co.
- Red Electrica de Espana S.A.U.
- Companhia Energetica do Ceara - Coelce
- Otter Tail Power Co.
- Atomic Energy Power Corp. JSC
- Korea Midland Power Co. Ltd.

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