Issuer Ranking: U.S. Energy Merchants/Power Developers/Trading And Marketing Companies, Strongest To Weakest Apr 09
Standard & Poors, April 2009
Abstract
The past 10 months have underscored the exposure of U.S. unregulated merchant power generators to liquidity and commodity price risks. Some key factors that contributed to a strong merchant power sector outlook during the previous two years are still present, such as the high cost of construction of new power plants, difficulty in permitting new fossil fuel assets, volatility in fuel prices that result in high full requirement supply premiums, transmission congestions, and declining reserve margins (albeit at a slower pace). However, the economic downturn has not only crushed natural gas prices, but also increased the possibility that reserve margins tightening, which merchants highly desire, will be pushed further out, changing market fundamentals. Realization of strong cash flows, and an...
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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.
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