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Assessing the Likely Impact of the New EU Electricity Market Directives on European Utilities Sep 03
Standard & Poors, Sep 2003
Abstract
Standard & Poor's Ratings Services does not believe that the full liberalization of electricity markets and further regulatory harmonization imposed by the new EU electricity market directives, enacted on June 26, 2003, will dramatically alter the underlying negative regulatory pressure on Western European electricity utilities. Rather, Standard & Poor's believes that the status quo will prevail. Companies operating in markets with high prices and monopoly tariffs are likely to be increasingly exposed to market and regulatory risks, but Standard & Poor's believes that the ratings will continue to be driven by the attitude of companies to expansion and financial risk. Furthermore, the time allotted for implementation of the new EU rules means that exposed companies should generally be able to...
Companies mentioned in this report are: Electricite de France S.A.,Centrica PLC
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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