FPL Energy Virginia Funding Corp. Aug 10
- ID: 1820666
- August 2010
- Region: Virginia
- Standard & Poors
Standard & Poor's Ratings Services rating on FPL Energy Virginia Funding Corp.'s (Doswell) $435 million senior secured bonds due 2019 is 'BBB-'. The outlook is negative. As of March 31, 2010, there was $183.5 million in debt outstanding. Doswell consists of a 708 megawatt (MW) four-unit, gas-fired combined-cycle (CC) power complex and a 171 MW simple-cycle combustion turbine (CT) peaking facility in Hanover Country, Va. The rating reflects our view of the following risks: The project's firm gas transportation agreement with Dominion Transportation Inc. (DTI), the project's gas transportation provider, does not fully cover the transportation rights for all natural gas required for generation under the power purchase agreement (PPA). Two years of prolonged operational flow orders (OFOs), which affected...
Companies mentioned in this report are: FPL Energy Virginia Funding Corp.,Virginia Electric & Power Co.,NextEra Energy Capital Holdings, Inc.
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