trending Market Intelligence /marketintelligence/en/news-insights/trending/9wJSO1cOHh1i0r-XFwNH6w2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

UBS downgrades Dynegy on PJM, ISO-NE exposure

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August

UBS downgrades Dynegy on PJM, ISO-NE exposure

Citing Dynegy Inc.'s high leverage and exposure to PJM Interconnection LLC and ISO New England Inc. capacity auctions results, UBS Securities LLC on Jan. 18 downgraded the company to "sell" from "neutral" and lowered the price target to $7 from $8.

"We stress that our expectations of disappointing PJM and ISO-NE capacity results in the upcoming auction will hurt DYN the most among [independent power producers] as we estimate the company derives ~75% of its EBITDA from these two regions on a 2019E basis," UBS analyst Julien Dumoulin-Smith said in a note to investors.

UBS also attributed the downgrade to a risk in Dynegy's 2017 guidance impacted by a delay in the approval of the company's proposed acquisition of ENGIE North America's power plant portfolio.

"We further emphasize that upside from the potential buyout by [Vistra Energy Corp.] could be challenged given a Spark Spread article reporting [Vistra Energy] was now evaluating a bid for [GenOn Energy Inc.]," the brokerage said in a report.

As of 2:51 p.m. ET, Dynegy was trading down 5.90% to $9.81.