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Public Utilities Reports

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Fortnightly Magazine - February 15 1999

The Fortnightly 100 Revisited: Do Utility Stock Prices Reflect Operational Efficiency?

Hossein Haeri, Matei Perussi, and M. Sami Khawaja

The numbers say "yes," adding weight to last year's benchmarking survey.

Does productive efficiency help determine an electric utility's prospects in regulated or competitive markets? Is productive efficiency a better marker of real-world success than simple financial attributes, such as cash flow, dividend ratio or operating income?

In unregulated markets, higher productivity translates directly into relative declines in costs and prices, and by extension, greater ability to compete and prosper.

Generating Plant Sales and Acquisitions: Who's Doing What, and Why

Dean Maschoff, James Pardikes, David Thompson, Michael Rutkowski, and Nainish Gupta

Sales prices for power generation assets in the United States during the past two years have climbed to unprecedented levels. This trend should continue. More than 20,000 megawatts of generation assets have been sold, with another 20,000 MW announced. During the next five years, it is expected that 70,000 to 140,000 MW will change hands. We have seen only the beginning of a massive redistribution of generation assets - from regulated utilities to unregulated marketers and plant operators.

In fact, the prices we've seen for generation assets may turn out to be bargains.

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