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Business & Money

An evolving market demands a greater focus on power prices and required return on equity.
Fortnightly Magazine - May 1 2003

The company cited rising charges for the write-downs at Expanets, its communication business, and its Blue Dot air-conditioning subsidiary as contributing to the higher estimate.

PPL Files To Deactivate Four of Its Connecticut Power Plant Units

PPL Corp. said subsidiary PPL EnergyPlus told the Federal Energy Regulatory Commission it is preparing to file an application to temporarily deactivate four of the five units at the company's power plant in Wallingford, Conn. In the application, PPL will inform the independent system operator in Connecticut, ISO-New England, that the company would like to place the units in reserve status for two to four years. PPL EnergyPlus President Paul Champagne said, "Current prices in the region do not justify continued operation of these Wallingford units, and our internal projections show that the right economic decision is to deactivate them for at least two years, and perhaps as long as four."

Duke Energy Downgraded By Moody's

Moody's placed Duke Energy Corp.'s, and subsidiary Duke Capital's, long-term and short-term debt ratings on review for potential downgrade. "The review is prompted by concerns over cash flow coverage metrics at Duke Capital and the uncertainties associated with forecasting cash flow contribution from both [subsidiaries] Duke Energy North America and Duke Enegy International," analyst John Diaz said in a release. "In addition, volatility in the trading and marketing operations can have a direct impact on the organization's posted collateral requirements, thereby pressuring working capital and liquidity."

CMS Energy Gets Refinancing, Pays With Asset Sales

CMS Energy Corp. arranged $850 million in refinancing. The financing comprises a 13-month, $441 million revolving credit facility and a $409 million facility with maturity dates ranging from 13 months to 18 months. The latter facility amends the company's existing $300 million and $295.8 million revolving credit facilities, under which $409 million is outstanding. The lead lenders on the financing are Citibank, Merrill Lynch, and Deutsche Bank. The company said that it expects to repay the loans with proceeds from asset sales.

Progress Energy: Relocate Your Business to Beautiful S. Carolina

Progress Energy received approval for a new economic development rider meant to attract interest from companies that are considering locating in South Carolina. Under the program, businesses that move into a vacant property served by Progress Energy can qualify for a 50 percent discount on electricity used during the first year of occupancy.

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