Global credit woes continue to seep into the public-sector utility space where the electrics made bold natural gas hedging plays in recent years, and at least one of the major ratings agencies, Moody’s Investors Service, on Thursday downgraded several of the utilities in California and elsewhere around the nation. The hedges were bad enough that one municipal said it was closing up its hedging program.
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Gas Hedges Backfire on Municipal Power Utilities
Global credit woes continue to seep into the public-sector utility space where the electrics made bold natural gas hedging plays in recent years, and at least one of the major ratings agencies, Moody’s Investors Service, on Thursday downgraded several of the utilities in California and elsewhere around the nation. The hedges were bad enough that one municipal said it was closing up its hedging program.
July 28, 2008
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