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After "Headline" Events, U.S. Power Industry Revisits Deregulation Jun 02
Standard & Poors, June 2002
Abstract
So much attention has been paid to the dozen or so very large energy merchant companies and to the swirl of damaging events and disclosure issues that it would be easy to see their problems as characteristic of the entire power industry. It is true, too, that there has been an exceptionally large number of downgrades across the entire spectrum of the power industry. This trend was set in motion well before the California and Enron Corp. disasters, but has certainly been exacerbated by them. But the industry as a whole retains its solid investment-grade characteristics. The credit quality of most participants engaged in the generation and delivery of electricity remains healthy. This is not to say that there has...
Companies mentioned in this report are: Allegheny Energy Inc.,Central Illinois Light Co.,Duke Energy Corp.,Duquesne Light Co.,Nevada Power Co.,Niagara Mohawk Power Corp.,Sierra Pacific Power Co.,Avista Corp.,Puget Sound Energy Inc.,KCP&L Greater Missouri Operations Co.,NV Energy Inc.,CILCORP Inc.,Enron Corp.,NextEra Energy Inc.,Public Service Enterprise Group Inc.,Duquesne Light Holdings Inc.,PPL Corp.,Ameren Corp.,Xcel Energy 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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