Thomas F. Karam, president of Southern Union, said the downgrade of the company’s corporate credit rating from BBB+ to BBB by Standard & Poor’s was expected, and the action was accompanied by some other positive findings. For example, S&P removed Southern Union’s rating outlook from “CreditWatch” and assigned the company a stable rating.
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New England Reports Smooth Transition to Regional SMD
ISO New England Inc. last week reported that the region made a smooth transition to a new standard market design (SMD) at the start of the month, with early clearing prices indicating generally comparable wholesale prices across pricing zones in the region and only small price differences.
FERC Chairman Takes Heat from Lawmakers Over SMD Proposal
FERC Chairman Pat Wood last Wednesday was pressed by U.S. lawmakers to explain why FERC’s sweeping standard market design (SMD) proposal for U.S. wholesale power markets is needed given that many of the representatives’ states already have low power rates and reliable sources of electricity.
Stampede of Ratings Downgrades Under Fire
As downgrades of energy companies by credit ratings agencies such as Standard & Poor’s and Moody’s have increased with the speed of a runaway freight train, the companies have evolved different strategies to keep their businesses running, one of which is to remove or omit ratings triggers in much of their business.
Stampede of Ratings Downgrades Under Fire
As downgrades of energy companies by credit ratings agencies such as Standard & Poor’s and Moody’s have increased with the speed of a runaway freight train, the companies have evolved different strategies to keep their businesses running, one of which is to remove or omit ratings triggers in much of their business.
El Paso Slashes Dividend, Plans $2.9B in Sales; Shares Fall 42%
Standard & Poor’s Ratings Services lowered El Paso Corp.’s credit ratings to ‘B+’ from ‘BB’ on Friday, ending a long and difficult week, that included a 42% collapse in El Paso’s stock price to $4.92/share on Friday from Monday’s open. Investors dumped the company’s stock after it announced that it would cut its dividend 82% to 16 cents annually, sell off another $2.9 billion in assets and exit the rapidly growing liquefied natural gas (LNG) business.
ISO New England Sticks With March 1 Startup for Regional SMD
ISO New England Inc. last Thursday said that its new standard market design (SMD) for the region will become operational on March 1, 2003. The move follows failed pleas by Connecticut’s attorney general that the grid operator delay implementation of the SMD proposal out of concern that it will spike electric rates in the state.
Virginia Regulators Raise Alarms Over FERC’s SMD Proposal
FERC’s sweeping proposed standard market design (SMD) for U.S. wholesale power markets could result in unnecessary rate increases in Virginia and service interruptions that would not otherwise occur under current market conditions in the state, a new report issued by the Virginia State Corporation Commission (SCC) warns.
Dynegy’s Forecast Lifts Investor Confidence — S&P Issues Favorable Opinion
Standard & Poor’s Ratings Services upgraded its opinion on Dynegy Inc. last week, and investors responded, after the company offered an upbeat, investor-inspiring earnings forecast on Tuesday that beat Wall Street expectations.
Dynegy’s Forecast Lifts Investor Confidence — S&P Issues Favorable Opinion
Standard & Poor’s Ratings Services upgraded its opinion on Dynegy Inc. Tuesday afternoon, after the company offered an upbeat, investor-inspiring earnings forecast that beat Wall Street expectations.