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Blackout 2003 Fallout: Overview of Regulation for Investor-Owned Utilities in Affected States Aug 03
Standard & Poors, Aug 2003
Abstract
They said it would never happen again. Well, it did. As the lights flicker back on and the finger pointing begins in earnest, the potential effect on investor-owned utilities' credit from the Great Blackout of 2003 may be mitigated by state regulators. As the post-mortem continues, the responsiveness and actions of state regulators in the affected states are important to credit quality. Clearly, cost implications are paramount, and recovery has historically been under the purview of state regulatory bodies. How state commissions respond to this event is likely to be a key ingredient in maintaining credit quality. Standard and Poor's Ratings Services will be closely monitoring the credit implications in terms of cost recovery; specifically, who will be paying, how...
Companies mentioned in this report are: Central Hudson Gas & Electric Corp.,Duke Energy Ohio Inc.,Cleveland Electric Illuminating Co.,Consolidated Edison Co. of New York Inc.,Consumers Energy Co.,Dayton Power & Light Co.,Detroit Edison Co.,Monongahela Power Co.,New York State Electric & Gas Corp.,Niagara Mohawk Power Corp.,Ohio Edison Co.,Ohio Power Co.,Orange and Rockland Utilities Inc.,Rochester Gas & Electric Corp.,Toledo Edison Co.,CMS Energy Corp.,Columbus Southern Power Co.,DTE Energy Co.
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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