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How Cap-And-Trade Will Affect U.S. Power Markets And Merchant Generators' Profitability Sep 09
Standard & Poors, September 2009
The economic impact of carbon cap-and-trade legislation similar to the American Clean Energy And Security Act of 2009 passed by the House of Representatives could indeed be very substantial. Several dynamics will determine the pricing of carbon credits and we discuss some of these below. Standard & Poor's Ratings Services has also estimated the economic cost of compliance for companies as the change in EBITDA that a power plant (or portfolio of plants) earns under a base case with no carbon controls versus that under a stringent greenhouse gas (GHG) scenario. To come up with our estimates, and to identify aspects of the power markets that drive compliance costs, we used an hourly dispatch model of the U.S. power markets,...
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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