AES Corp. has an ambitious plan in the works to obtain a new $1.6 billion secured credit facility and exchange $500 million in notes, which would basically push all of its maturing debt, including notes due this year, to 2005. However, the announcement did not sit well with investors or credit ratings agencies, and by the end of the week, the Arlington, VA-based utility had suffered two credit downgrades and another sharp drop in its share price.
Works
Articles from Works
PGW Expands Gas Choice Program
Philadelphia Gas Works (PGW) said its customer choice program has been expanded, allowing another 100 commercial and industrial customers to choose from alternative suppliers. Under the Natural Gas Choice Act of 1999, all of PGW’s 520,000 residential, commercial and industrial customers will be able to choose their natural gas supplier in September 2003.
September 11, 2002
Edison Mission Energy Downgraded to Junk by S&P
As its affiliated utility works to restore an investment-grade credit rating, Edison International’s merchant energy operator, Edison Mission Energy (EME), was moving in reverse last week, attracting a below-investment-grade credit downgrade from Standard & Poor’s (S&P) Wednesday on the heels of Tuesday’s second-quarter report of a loss for its power plant operations. Ironically, uncertainty regarding the California Public Utilities Commission’s future oversight of the Edison utility was cited as a prime reason for the downgrade.
August 12, 2002
FERC Works to Clarify November Power Refund Order
FERC last Wednesday sought to bring clarity to when power sellers would be on the hook for refunds under a sweeping order issued last year. That order, issued Nov. 20, proposed to revise all existing market-based rate tariffs and authorizations to prohibit the exercise of market power and anticompetitive behavior.
April 29, 2002
PA PUC Splits the Baby on PGW Over-Collections
Pennsylvania regulators have said Philadelphia Gas Works (PGW) can retain 60% of the $17.58 million in over-collections that the utility had hoped to use to keep its debt-ridden operations afloat during the first month of the New Year.
January 7, 2002
PA PUC Splits the Baby on PGW Over-Collections
Pennsylvania regulators have said Philadelphia Gas Works (PGW) can retain 60% of the $17.58 million in over-collections that the utility had hoped to use to keep its debt-ridden operations afloat during the first month of the New Year.
January 2, 2002
Pennsylvania Distributor Cuts Gas Rates
The Philadelphia Gas Works (PGW) has filed a settlement proposal with the Pennsylvania Public Utility Commission, including a gas cost reduction of 20%, that adds up to about $171 million.
September 10, 2001
PGW Receives Rate Reduction Approval From PA-PUC
Granting the company’s mid-August petition, the Pennsylvania Public Utility Commission (PUC) approved Philadelphia Gas Works’ proposal to reduce rates for its natural gas customers. The reduction will result in a $171 million cut in rates for its more than 520,000 residential, commercial and industrial customers (see Daily GPI, Aug. 20).
September 10, 2001
Southern Solicits Interest in Further Expansion
With three expansions to its system in the works for 2002 and 2003, Southern Natural Gas is turning its attention to 2004, soliciting non-binding requests for long-term firm transportation on any part of its system.
July 23, 2001
Southern Solicits Interest in Further Expansion
With three expansions to its system in the works for 2002 and 2003, Southern Natural Gas is turning its attention to 2004, soliciting non-binding requests for long-term firm transportation on any part of its system.
July 23, 2001
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