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U.S. Electric Utility Consolidation Will Accelerate Following The Duke-Progress Merger; Industry Credit Quality Could Improve Jan 11

  • ID: 1787603
  • January 2011
  • Region: United States
  • Standard & Poors
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Abstract
Standard & Poor's Ratings Services believes this week's announcement of the merger of Duke Energy Corp. and Progress Energy Inc. marks the beginning of the acceleration of the long-awaited consolidation of the U.S. electric utility industry. In the 1980s, a utility analyst predicted that the number of U.S. electric utilities would drop to 50 from more than 100 in five years. His crystal ball was accurate but sluggish, since by our count the completion of the pending Northeast Utilities/NSTAR and FirstEnergy Corp./Allegheny Energy Inc. mergers will take the number of rated electric utility holding companies close to the predicted 50. Therefore, the Duke/Progress deal is the first step in our forecast that the pace of merger activity for electric utilities...

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.

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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.
- Duke Energy Progress, LLC
- Central and South West 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.
- Commonwealth Electric 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.
- Empire District Electric Co.
- Florida Power & Light Co.
- Duke Energy Florida, LLC
- Florida Progress Corp.
- Georgia Power Co.
- Gulf Power Co.
- 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.
- Otter Tail Corp.
- 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.
- Union Electric Co. d/b/a 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.
- Illinois Power Fuel 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.
- NV Energy Inc.
- CILCORP Inc.
- IPALCO Enterprises Inc.
- TNP Enterprises Inc.
- PacifiCorp Group Holdings Co.
- NextEra Energy Capital Holdings Inc.
- System Energy Resources Inc.
- Black Hills Power Inc.
- DPL Inc.
- NextEra Energy Inc.
- Entergy Corp.
- Eversource Energy
- Southern Co.
- Maui Electric Co. Ltd.
- Pinnacle West Capital Corp.
- Columbus Southern Power Co.
- Edison International
- Duquesne Light Holdings Inc.
- Central Hudson Gas & Electric Corp.
- LG&E and KU Energy LLC
- PVNGS II Funding Corp. Inc.
- Duquesne Capital L.P.
- PECO Energy Capital L.P.
- Met-Ed Capital L.P.
- Illinova Corp.
- PacifiCorp Delaware LP
- Unicom Corp.
- United Capital Funding Partnership L.P.
- Cinergy Corp.
- MidAmerican Energy Co.
- Ohio Edison Financing Trust
- PPL Corp.
- Oyster Creek Fuel Corp.
- Ohio Edison Financing Trust II
- PacifiCorp Capital I
- Entergy Louisiana Capital I
- Sierra Pacific Power Capital I
- Vermont Elec Coop Inc
- California Independent System Operator Corp.
- FirstEnergy Corp.
- AEP Resources Inc.
- IDACORP Inc.
- Cleco Corp.
- Southern Co. Services Inc.
- Midcontinent Independent System Operator, Inc
- Exelon Corp.
- Progress Energy Inc.
- Vectren Capital Corp.
- Southern Company Funding Corp.
- American Transmission Co.
- Cobb Elec Membership Corp
- Great Plains Energy Inc.
- Oncor Electric Delivery Co. LLC
- Texas Competitive Electric Holdings Co. LLC
- Interstate Power & Light Co.
- Michigan Electric Transmission Co.
- PEPCO Holdings Inc.
- International Transmission Co.
- ITC Holdings Corp.
- PNM Resources Inc.
- Texas Genco LLC
- Duke Energy Carolinas LLC
- Entergy Louisiana LLC
- FirstEnergy Solutions Corp.
- Entergy Gulf States Louisiana LLC
- Entergy Texas Inc.
- ITC Midwest LLC
- Otter Tail Power Co.
- Trans-Allegheny Interstate Line Co.
- American Transmission Systems Inc.
- UIL Holdings Corp.
- GenOn Energy Inc.
- National Grid North America Inc.
- Bangor Hydro-Electric Co.
- Canal Electric Co.
- Interstate Power Co.
- Iowa Power Inc.
- Iowa Southern Utilities Co.
- Maine Yankee Atomic Power Co.
- Northwestern Energy Montana
- Eastern Edison Co.
- GPU Inc.
- Hawaii Electric Light Co. Inc.
- Arnold Fuel Inc.
- CTC Mansfield Funding Corp.
- PNPP II Funding Corp.
- Penelec Capital
- CL&P Capital L.P.
- JC P&L Capital L.P.
- ComEd Financing I
- Alabama Power Capital Trust I
- Delmarva Power Financing I
- New Century Energies Inc.
- USGen New England, Inc.
- Empire District Electric Trust II
- Diverse Pwr Inc
- PacifiCorp Holdings Inc.
- Scottish Power Finance U.S.
- Mirant North America LLC
- Energy Future Intermediate Holding Co. LLC
- PNG Cos. LLC
- GenOn Escrow Corp.
- First Choice Power

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