Industry Report Card: U.S. Electric Utility Sector's Liquidity Remains Adequate In Third-Quarter 2009 Sep 09

Standard & Poors, September 2009

Abstract
As the fourth quarter of 2009 approaches, credit quality for U.S. regulated electric utilities continues to be solidly investment grade with 78% of the industry carrying stable outlooks. In 2008, electric utilities maintained access in a marketplace that suffered through a credit crunch and related turmoil; this trend has carried on throughout 2009. Investor appetite for electric utility debt remains strong; recent pricing for first mortgage bonds has been in a narrow spread. Given the amount of spending and debt refinancings the industry has in coming years, access to debt markets is important factor for credit quality. Liquidity positions remain adequate for the industry, although some margin posting related to lower natural gas prices has occurred in 2009. Credit facility...

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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.

- El Paso Electric Co.
- Empire District Electric Co.
- Florida Power & Light Co.
- Florida Power Corp. d/b/a Progress Energy Florida Inc.
- 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.
- 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.
- Madison Gas & Electric Co.
- Massachusetts Electric Co.
- Metropolitan Edison Co.
- DTE Gas 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.
- New York State Electric & Gas Corp.
- Niagara Mohawk Power Corp.
- North Shore Gas Co.
- Northern Natural Gas Co.
- Northern States Power Co.
- Northern States Power Wisconsin
- NorthWestern Corp.
- 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.
- The Peoples Gas Light & Coke 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 North Carolina Inc.
- Public Service Co. of Oklahoma
- Public Service Electric & Gas Co.
- Rochester Gas & Electric Corp.
- Rockland Electric Co.
- Sierra Pacific Power Co.
- South Carolina Electric & Gas Co.
- Southern California Edison Co.
- Southern Connecticut Gas Co.
- Southern Electric Generating Co.
- Southwestern Electric Power Co.
- Southwestern Public Service Co.
- Tampa Electric Co.
- Texas-New Mexico Power Co.
- Toledo Edison Co.
- Tucson Electric Power Co.
- Ameren Missouri
- Duke Energy Kentucky Inc.
- Virginia Electric & Power Co.
- Avista Corp.
- West Penn Power Co.
- AEP Texas North Co.
- Western Massachusetts Electric Co.
- Wisconsin Electric Power Co.
- Wisconsin Gas LLC
- Wisconsin Power & Light Co.
- Wisconsin Public Service Corp.
- Ohio Valley Electric Corp.
- Puget Sound Energy Inc.
- American Electric Power Co. Inc.
- CenterPoint Energy Houston Electric LLC
- Peoples Energy LLC
- KCP&L Greater Missouri Operations Co.
- Green Mountain Power Corp.
- NV Energy Inc.
- CILCORP Inc.
- IPALCO Enterprises Inc.
- SCANA Corp.
- TECO Energy Inc.
- System Energy Resources Inc.
- Puget Energy Inc.
- Black Hills Power Inc.
- DPL Inc.
- NextEra Energy Inc.
- Entergy Corp.
- Northeast Utilities
- Southern Co.
- Pinnacle West Capital Corp.
- CMS Energy Corp.
- Wisconsin Energy Corp.
- Columbus Southern Power Co.
- Edison International
- Enogex LLC
- MidAmerican Energy Holdings Co.
- Duquesne Light Holdings Inc.
- LG&E and KU Energy LLC
- Alliant Energy Resources LLC
- MidAmerican Energy Co.
- Integrys Energy Group Inc.
- DTE Energy Co.
- CenterPoint Energy Inc.
- PG&E Corp.
- OGE Energy Corp.
- Ameren Corp.
- Alliant Energy Corp.
- California Indpt Sys Operator Corp.
- KeySpan Corp.
- FirstEnergy Corp.
- KeySpan Gas East Corp.
- Consolidated Edison Inc.
- Iberdrola USA
- IDACORP Inc.
- Cleco Corp.
- NSTAR LLC
- Midwest Independent Transmission System Operator Inc.
- Xcel Energy Inc.
- Progress Energy Inc.
- American Transmission Co.
- Great Plains Energy Inc.
- Black Hills Corp.
- Oncor Electric Delivery Co. LLC
- Interstate Power & Light Co.
- Michigan Electric Transmission Co.
- PEPCO Holdings Inc.
- International Transmission Co.
- ITC Holdings Corp.
- PNM Resources Inc.
- Yankee Gas Services Co.
- Duke Energy Carolinas LLC
- Entergy Louisiana LLC
- FirstEnergy Solutions Corp.
- Entergy Gulf States Louisiana LLC
- Entergy Texas Inc.
- ITC Midwest LLC
- Berkshire Gas Co.
- Otter Tail Power Co.
- Alabama Power Co.
- Allegheny Energy Inc.
- Appalachian Power Co.
- Arizona Public Service Co.
- Entergy Arkansas Inc.
- CenterPoint Energy Resources Corp.
- Atlantic City Electric Co.
- Baltimore Gas & Electric Co.
- NSTAR Electric Co.
- The Brooklyn Union Gas Company
- Carolina Power & Light Co. d/b/a Progress Energy Carolinas Inc.
- Central Hudson Gas & Electric 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.
- Commonwealth Edison Co.
- NSTAR Gas Co.
- Connecticut Light & Power Co.
- Connecticut Natural Gas Corp.
- Consolidated Edison Co. of New York Inc.
- Consumers Energy Co.
- Dayton Power & Light Co.
- Delmarva Power & Light Co.
- DTE Electric Co.
- Dominion Resources Inc.
- Duke Energy Corp.
- Duquesne Light Co.

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