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Is Regulatory Stability Waning For Australia?s Energy Network Sector? Sep 10
Standard & Poors, Sep 2010
Abstract
Predictable and supportive regulations have powered the creditworthiness of Australia's energy network companies for more than a decade. However, recent draft pricing proposals in the state of Victoria have raised the possibility that the regulatory landscape may be shifting-and so, too, may Standard & Poor's Ratings Services' view of the cash flow stability for Australia's regulated energy network sector. It is important to note that we are not taking a view on whether the Australian Energy Regulator's (AER) latest regulatory outcome for five Victorian electricity distribution businesses is 'good' or 'bad' per se, but how the outcome may influence our view of creditworthiness of the companies and the broader network sector, which includes regulated electricity and gas transmission and distribution...
Companies mentioned in this report are: Jemena Ltd.,Powercor Australia, LLC,CitiPower Trust (The),Envestra Ltd.,Energy Partnership (Gas) Pty Ltd.,ETSA Utilities Finance Pty Ltd.,Ergon Energy Corp. Ltd.,ElectraNet Pty Ltd.,Powerdirect Australia Pty Ltd.,United Energy Distribution Holdings Pty Ltd.,DUET Group,SP AusNet Group,Ergon Energy Queensland Pty Ltd.,SPI (Australia) Assets Pty Ltd.,APT Pipelines Ltd.
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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