PSEG, NextEra, Wisconsin Energy, OGE Energy, Pinnacle West, IDACORP, etc.
Fortnightly 40 Index
The Return for Customers of the Return for Shareholders
A reshuffling of the rankings. Is nuclear the cause?
The industry’s transformation has begun. Should the F40 transform too?
The dash to gas brings volatility in shareholder performance.
Fortnightly’s 2013 ranking of shareholder value performance shows substantial changes, with gas prices weighing on some utilities and elevating others.
A challenging year brings a change in the rankings.
(September 2011) Our annual ranking tracks the publicly traded electric and gas companies that produce the greatest value for shareholders. Despite the year’s topsy-turvy financial markets, perennial performers like DPL, PPL and Exelon return to the top of the list. Others face looming cap-ex burdens as regulators impose new mandates and requirements. Leading companies are positioning for growth, despite a challenging landscape.
(September 2010) Capital spending and commodity prices are driving changes in financial performance. The 2010 Fortnightly 40 report shows growing success for companies with substantial unregulated assets. As the industry resumes its Big Build, regulatory relationships will determine the long-term strength of utility shareholder returns.
The 40 Best Energy Companies
(September 2009) The industry’s best companies are weathering the financial storm reasonably well, with the F40 delivering equity returns in the 14-percent range for fiscal 2008. However, falling sales and rising costs are putting heavy pressure on balance sheets—and on regulatory relationships. Companies that balance customer value and shareholder value will be most likely to thrive in the new normal.
Authorized ROEs shrink over time.
(September 2008) This year’s Fortnightly 40 survey showed that while F40 companies have grown their average return on equity (ROE) in the past three years, those returns have grown slowly compared to some other measures—including appreciation in share prices.