Utilities Flashcards
CALPINE CORP (CPN)
Major power generation company, primarily using natural gas and geothermal resources. Calpine’s strong cash flow generation and strategic investments in renewable energy projects support their financial health. Their focus on sustainability and efficient operations is positive for credit investors.
Ba2/BB+/BB+
Electric - Americas
$5.47bn in index across 6 issues
NRG ENERGY INC (NRG)
Leading integrated power company, providing energy solutions and services across the U.S. NRG’s diversified energy portfolio and strong market position support their financial stability. Their focus on innovation and customer-centric solutions enhances their growth prospects.
Unique within power space, transitioning to asset light which takes away similarities to Calpine, Vistra, etc. Pursuing more customer-centric model, less power assets, more retail footprint. ~70% of EBITDA from Vivent and retail. Vivent acquisition was debt-funded 3yrs ago, not popular from the market.
Ba2/BB/BB+
Electric - Americas
$7.08bn in index across 11 issues
VISTRA OPERATIONS COMPANY LLC (VST)
Leading integrated retail electricity and power generation company. They offer energy solutions to residential, commercial, and industrial customers. Vistra’s strong cash flow generation and strategic investments in renewable energy projects support their financial health. Their focus on sustainability and customer satisfaction is attractive to credit investors.
Ba3/B+/B+
Electric - Americas
$10.90bn in index across 11 issues
NISOURCE FINANCE CORPORATION (NI)
Fully regulated utility company serving natural gas and electric customers in six states. It benefits from stable, regulated cash flows and a strong investment-grade credit rating. Strengths: Predictable revenue from regulated operations and long-term infrastructure investment opportunities. Weaknesses: Exposure to regulatory changes and high capital expenditure requirements.
Baa2/BBB+/BBB
Natural Gas - Americas
$12.20bn in index across 17 issues
SAN DIEGO GAS & ELECTRIC CO (SRE)
Subsidiary of Sempra Energy, providing electric and gas services in Southern California. It benefits from a strong regulatory environment and stable cash flows. Strengths: Strong financial performance and investment-grade credit rating. Weaknesses: Exposure to regulatory and environmental risks.
Baa2/BBB/BBB+
Natural Gas - Americas
$21.50bn in index across 36 issues
SPIRE MISSOURI INC (SR)
Regulated natural gas utility serving customers in Missouri. It benefits from stable, regulated cash flows and a strong market position. Strengths: Predictable revenue from regulated operations and strong customer base. Weaknesses: Exposure to regulatory changes and high capital expenditure requirements.
Baa2/BBB
Natural Gas - Americas
$1.06bn in index across 3 issues
