Electric Power in Asia: Pace of Reform Crucial as Demand and Profits Weaken Mar 99

Standard & Poors, March 1999

Abstract
Fallout from the Asian financial crisis has weakened electricity demand throughout the region. Declining growth in power sales, combined with insufficient tariff increases, has taken a toll on profitability. With many electric utilities still implementing ambitious capacity expansions to meet previously strong growth projections, the possibility of oversupply could lead to further deterioration of credit quality. However, the Asian financial crisis has not uniformly affected utilities across the region. In Australia and New Zealand, credit trends reflect industry reform and privatization rather than fallout from the recession in Asia. Throughout the region, the drive to introduce reforms is expected to affect the credit quality of industry participants in various ways, depending on business function, financial position, and industry structure. Throughout...

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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.

Korea Electric Power Corp.,Tokyo Electric Power Co. Inc.,Electricity Corp. of New Zealand Ltd.,Chubu Electric Power Co. Inc.,Chugoku Electric Power Co. Inc.,Shikoku Electric Power Co. Inc.,CLP Power Hong Kong Ltd.,Jemena Ltd.,National Power Corp.,Tenaga Nasional Bhd.,Hero Asia (BVI) Co. Ltd.,Transpower New Zealand Ltd.,Vector Ltd.,CE Casecnan Water and Energy Co. Inc.,Bauang Private Power Corp.,Paiton Energy Funding B.V.,United Energy Distribution Pty Ltd.,SPI Electricity Pty Ltd.,NGC Generation Holdings Ltd.,AES China Generating Co. Ltd.,Powercor Australia LLC,Quezon Power (Philippines) Ltd. Co.,Tata Power Co. Ltd.,ACTEW Corp. Ltd.,Contact Energy Ltd.,Powerco Ltd.,Advance Energy,Power Finance Corp. Ltd.,Austran Holdings Inc.,Huaneng Power International Inc.,Integral Energy Australia,NTPC Ltd.,NorthPower,Electricity Generating Authority of Thailand,Taiwan Power Co.

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