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US utilities raise $20.3B in March, YTD figure reaches $33.74B

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Essential Energy Insights - January 2021


US utilities raise $20.3B in March, YTD figure reaches $33.74B

This Data Dispatch will be updated throughout 2020 to tally capital offerings in the U.S. utilities industry. Click here for a spreadsheet listing all utility capital offerings since January 2009.

U.S. electric, gas and water utilities raised a total of $20.30 billion in March, with roughly $19.87 billion coming from senior debt offerings, according to S&P Global Market Intelligence data. The accumulated year-to-date capital raised by the sector, as of March 31, was $33.74 billion.

Berkshire Hathaway Energy issued $3.25 billion, including $1.1 billion of its 3.700% senior notes, $900 million of 4.250% senior notes and $1.25 billion in 4.05% senior notes. The company planned to use the proceeds to refinance short-term debt.

Dominion Energy Inc. issued $2.25 billion of senior debt. The company intended to use proceeds from its $750 million senior notes offering in two tranches to repay short-term debt. The $1.50 billion issue of its 3.375% 2020 series C senior notes was also intended to repay debt, including $1.9 billion in outstanding commercial paper.

Consolidated Edison Inc. utility Consolidated Edison Co. of New York Inc. sold $1.6 billion of debentures in March to pay for eligible green expenditures including energy efficiency and clean transportation.

U.S. utilities raised approximately $5.88 billion in the last week of March. On March 30, Exelon Corp. raised $2 billion, OGE Energy Corp. unit Oklahoma Gas and Electric Co. raised $300 million and Alliant Energy Corp. subsidiary Wisconsin Power and Light Co. sold $350 million of senior notes.

American Electric Power Co. Inc. raised $800 million from two tranches of senior notes. Its subsidiaries AEP Transmission Company, LLC and Ohio Power Co. sold $525 million and $350 million in senior notes, respectively.

On March 31, Edison International issued $400 million, Dominion Energy raised $1.5 billion and Ameren Corp. issued $800 million in senior notes. Ameren subsidiary Union Electric Co. also issued $465 million of mortgage-backed bonds in March.

DTE Energy Co. utility DTE Electric Co. and Sempra Energy subsidiary San Diego Gas & Electric Co. raised a total of $1 billion from mortgage-backed securities on March 31. DTE Electric issued $600 million of its 2.625% 2020 series C general and refunding mortgage bonds and SDG&E offered $400 million of its 3.320% series UUU first mortgage bonds.

NextEra Energy Inc. subsidiary Florida Power & Light Co. issued $1.10 billion of 2.85% first mortgage bonds to repay a portion of its outstanding debt, including $361.9 million of outstanding commercial paper obligations. The company also sold about $174.7 million of floating-rate notes.

Electric utilities raised $23.30 billion, multi-utilities raised $9.47 billion and gas utilities raised $950 million as of March 31.

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