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California Independent Power Projects Face Uncertain Future Under PG&E Bankruptcy
Standard & Poors, April 2001
Abstract
Last Friday, the California power crisis took another turn, arguably one of the more predictable ones in this tragic restructuring saga, when Pacific Gas & Electric (PG&E) filed for bankruptcy in order to seek protection from its many creditors. The billions of dollars of unpaid bills and obligations to wholesale power generators, qualifying facilities (QF; independent power projects), and lenders proved too much to handle in the face of the state's unsuccessful efforts to draft a comprehensive solution to the power crisis. Lenders and other creditors know that any recovery of past claims, as well as payment on future obligations, is uncertain at best and likely only after a tortuous path of negotiation, and perhaps also, litigation. Politics, which, in...
Companies mentioned in this report are: Duke Energy Corp.,Pacific Gas & Electric Co.,Southern California Edison Co.,Williams Cos. Inc. (The),CenterPoint Energy Houston Electric LLC,NRG Energy Inc.,Mirant Corp.,Dynegy Inc.
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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