trending Market Intelligence /marketintelligence/en/news-insights/trending/hja7RYvuReEIVlhEF5fYmQ2 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

In This List

US utility sector's YTD capital raises surpass $50B

A Utility Company Efficiently Sharpens Its Focus on the Credit Risk of New Customers

S&P podcast - Coronavirus pandemic, oil price crash shake up energy sector

Case Study: A Utility Company Efficiently Sharpens Its Focus on the Credit Risk of New Customers

Energy Evolution Podcast

Energy Evolution Why solar energy could get even cheaper

US utility sector's YTD capital raises surpass $50B

This Data Dispatch will be updated throughout 2019 to tally capital offerings in the U.S. utilities industry. Click here for a spreadsheet listing all utilities capital offerings since Jan. 1, 2009.

The U.S. electric, gas and water utility sector's aggregate year-to-date capital raises reached $51.8 billion as of June 30, according to S&P Global Market Intelligence data. The total comprises $39.30 billion of senior debt, $6.04 billion of common equity, $3.59 billion of subordinated debt and $2.87 billion of preferred equity.

Electric utilities have raised $36.56 billion, multi-utilities companies have raised $10.64 billion, gas utilities have raised $3.02 billion and water utilities have raised $1.58 billion in 2019.

In June, the utility sector raised about $3.37 billion of capital from eight offerings, comprising of $2.21 billion of common equity and $1.17 billion of senior debt.

Edison International led the month's biggest offerings with the sale of $2.21 billion worth of 32.2 million common shares at $68.50 apiece. The company plans to use net proceeds for general corporate purposes, including contributions to Southern California Edison Co. The utility would use those contributions to repay commercial paper borrowings and contribute to the California wildfire insurance fund.

Virginia Electric and Power Co. followed with a $500 million offering of its 2.875% series 2019A senior unsecured notes due July 15, 2029. The Dominion Energy Inc. subsidiary plans to use the net proceeds for general corporate purposes and to repay short-term debt.

During the month, Tampa Electric Co. sold $300 million of 3.625% senior unsecured notes due June 15, 2050; New Jersey Natural Gas Co. sold $100 million of its 3.76% notes due July 17, 2049, and $85 million of its 3.86% notes due July 17, 2059; Texas-New Mexico Power Co. sold $80 million of its 3.6% series 2019A first mortgage bonds due July 1, 2029; New Jersey Resources Corp. sold $50 million of its 3.29% notes due July 17, 2029; and Michigan Electric Transmission Co. LLC sold $50 million of 4.65% series B senior secured notes due July 10, 2049.

SNL Image