能源Energy Industry SStudy英文文献资料

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1、TheUU.S.EElectricIndustryIndDominionuBondstrRatingySSServicetuLimiteddyEnergyJULY2003NIGELHEATH,CFAREBECCAADAMSJAMESJUNG,CFAJONATHANCHOERICENGTableofContentsPageExecutiveSummary1CompositeIndustryData1CurrentIndustryStatus2OutlookforCreditRecovery3RegionalElectricCapacityMargins4AreasofConcern4Indu

2、stryFinancialShapshot5IndustryWeaknesses/Threats6IndustryStrengths/Opportunities6FinancialMetrics–RegulatedUtilityFocused7FinancialMetrics–IntegratedFirms8FinancialMetrics–MerchantPower9DevelopmentsinStandardMarketDesign(SMD)9SMDandMerchantEnergy:IsMerchantEnergyDead?10MerchantPowerOutlook11Indust

3、ryStrategicChanges12NewAccountingIssuesEITF02-313FIN4614SFAS14315SFAS14616ProfitabilityandCashFlowDataTable1EBIT18Table2NetIncomeBeforeNon-RecurringItems19Table3NetIncomeAsReported20Table4CashFlowFromOperations21Table5NetFreeCashFlow22Table6CashFlowLessDividends/CapitalExpenditures(Times)23Table7E

4、BITMargin(%)24Table8ReturnonAverageCommonEquity(%)25Table9CommonDividendPayout(%)26DebtandCoverageRatiosTable10EBITInterestCoverage(Times)28Table11Fixed-ChargesCoverage(Times)29Table12CashFlow-To-AdjustedDebt(Times)30Table13AdjustedDebtinCapitalStructures(Times)31Table14AdjustedDebt/EBITDA(Times)3

5、2KeyOperatingStatisticsTable15NetGeneratingCapacity(MW)34Table16RetailElectricitySales35Table17AverageRetailElectricityRevenues36Table18IndustrialRevenuesasa%ofRetailElectricityRevenue37Table19%ofTotalInternalGenerationofFuelbyCoal38Table20%ofTotalGenerationFuelbyNuclear39Table21NetPensionSurplus(

6、Deficiency)40CompanyReportsAESCorporationEntergyCorporationPinnacleWestCapitalCorporationAmerenCorporationExelonCorporationProgressEnergy,Inc.CinergyCorp.FirstEnergyCorp.ReliantResources,Inc.CMSEnergyCorporationFPLGroup,Inc.SouthernCompanyConsolidatedEdison,Inc.NortheastUtilitiesWisconsinEnergyCor

7、porationDominionCanadaFinanceCompanyNSTARWPSResourcesCorporationDTEEnergyCompanyPepcoHoldings,Inc.EXECUTIVESUMMARYThecreditworthinessoftheU.S.powersectorappearstobe(6)Themerchantsectorandmanyintegratedfirmswillst