Issuer Ranking: U.S. Energy Merchants/Power Developers/Trading And Marketing Companies, Strongest To Weakest Nov 09
Standard & Poors, November 2009
Abstract
The past year has underscored the exposure of U.S. unregulated merchant power generators to commodity price risks. The recession has not only crushed natural gas prices, but also increased the possibility that the tightening of reserve margins, which power merchants desire, will be pushed further out, changing market fundamentals. Meanwhile, additional gas supply has come in at exactly the time when demand was falling. Realization of strong cash flows and an improvement in financial profiles could occur much later than many merchants hoped for. For the related industry report card, see "Industry Report Card: U.S. Power merchants Continue To Suffer From Low Natural Gas Prices," published Nov. 5, 2009 on RatingsDirect. The following list, dated Nov. 5, 2009, ranks all...
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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.
- Allegheny Energy Inc.
- Covanta Energy Corp.
- Energy Future Holdings Corp.
- NextEra Energy Capital Holdings Inc.
- Public Service Enterprise Group Inc.
- Edison Mission Energy
- The AES Corp.
- Calpine Corp.
- Dynegy Holdings LLC
- Shell Energy North America (US) L.P.
- PPL Corp.
- NRG Energy Inc.
- PSEG Energy Holdings LLC
- GenOn Energy Holdings Inc.
- Constellation Energy Group Inc.
- Dynegy Inc.
- GenOn Americas LLC
- Allegheny Energy Supply Co. LLC
- Orion Power Holdings Inc.
- AmerenEnergy Generating Co.
- GenOn REMA LLC
- Midwest Generation LLC
- Exelon Corp.
- GenOn Mid-Atlantic LLC
- Exelon Generation Co. LLC
- PSEG Power LLC
- RRI Energy Inc.
- PPL Energy Supply LLC
- Southern Power Co.
- Texas Competitive Electric Holdings Co. LLC
- Mirant North America LLC
- AEI
- Calpine CCFC Holdings LLC
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