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Does The Shale Gas Glut Pose A Threat To U.S. Integrated Power Merchants' Credit Quality? Oct 10 Product Image

Does The Shale Gas Glut Pose A Threat To U.S. Integrated Power Merchants' Credit Quality? Oct 10

  • Published: October 2010
  • Standard & Poors

FEATURED COMPANIES

  • Allegheny Energy Inc.
  • Calpine CCFC Holdings LLC
  • Dynegy Holdings LLC
  • GenOn Americas LLC
  • NextEra Energy Inc.
  • Progress Energy Inc.
  • MORE

Abstract
Declining natural gas prices are now the major credit concern for U.S. integrated power merchants. Both spot and forward power prices have declined because natural gas sets the marginal price for power in most regions of the U.S. This has resulted in a backwardated, or downward sloping, EBITDA profile for all integrated merchants (1). In response, some companies have adopted the following strategies: Exit the business: Pepco Holdings Inc.'s $1.65 billion sale of subsidiary Conectiv Energy's approximately 4,500 MW of fossil plants to Calpine Corp. Balance the load and generation through the purchase of distressed assets: Constellation Energy Group Inc.'s purchase of two 550 MW combined cycle gas turbine plants in the Electric Reliability Council of Texas (ERCOT) region and...

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 READ MORE >

- Basin Elec Pwr Coop
- Oglethorpe Pwr Corp
- Buckeye Pwr Inc
- Tri-State Generation & Transmission Assn
- Associated Elec Coop Inc
- Old Dominion Elec Coop
- Square Butte Elec Coop
- Allegheny Energy Inc.
- Dominion Resources Inc.
- Duke Energy Corp.
- Covanta Energy Corp.
- PPL Electric Utilities Corp.
- Energy Future Holdings Corp.
- San Miguel Electric Cooperative Inc.
- Energy Future Competitive Holdings Co.
- Potomac Capital Investment Corp.
- Allegheny Generating Co.
- NextEra Energy Capital Holdings Inc.
- NextEra Energy Inc.
- Entergy Corp.
- Public Service Enterprise Group Inc.
- Edison Mission Energy
- Cogentrix Energy Inc.
- Wheelabrator Technologies Inc.
- The AES Corp.
- Calpine Corp.
- Dynegy Holdings LLC
- PPL Corp.
- NRG Energy Inc.
- Edison Mission Energy Funding Corp.
- Georgia Transmission Corp.
- Ameren Corp.
- FirstEnergy Corp.
- Centennial Energy Holdings Inc.
- KeySpan Generation 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
- Xcel Energy Inc.
- Midwest Generation LLC
- Exelon Corp.
- Covanta ARC LLC
- GenOn Mid-Atlantic LLC
- Progress Energy Inc.
- Edison Mission Marketing & Trading Inc.
- Exelon Generation Co. LLC
- PSEG Power LLC
- RRI Energy Inc.
- PPL Energy Supply LLC
- Southern Power Co.
- Texas Competitive Electric Holdings Co. LLC
- Great River Energy
- Calpine Construction Finance Co. L.P.
- Calpine Generating Co. LLC
- Buckeye Pwr Gen LLC
- Thermal North America Inc.
- Mirant North America LLC
- Iberdrola Renewables Holdings Inc.
- Calpine CCFC Holdings LLC
- Tennessee Vy Auth

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