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Energy capital raises in 2018: Power sector YTD raises up 31.6% YOY

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Energy capital raises in 2018: Power sector YTD raises up 31.6% YOY

This Data Dispatch will be updated throughout 2018 to tally capital offerings in the U.S. energy industry. Click here for a spreadsheet listing all energy capital offerings since Nov. 4, 2009.

The U.S. energy industry aggregate year-to-date capital raised reached $61.79 billion as of June 1, according to S&P Global Market Intelligence data. The total comprises $50.88 billion of senior debt, $4.86 billion of common equity, $4.86 billion of preferred equity and $1.19 billion of subordinated debt.

By sector, power companies have raised $35.80 billion, midstream companies have raised $23.32 billion and gas utilities have raised $2.65 billion. Of the total common equity raises in 2018, energy companies raised $2.58 billion from nine follow-on offerings, $1.59 billion from four private placement transactions and $690 million from 10 at-the-market transactions.

* Southern California Edison Co. on May 30 sold $650 million of its first and refunding mortgage bonds to repay outstanding commercial paper and for other general corporate purposes. The Edison International subsidiary sold $350 million of 4.125% series 2018C bonds due March 1, 2048, and $300 million of 3.40% series 2018D bonds due June 1, 2023. Barclays Capital Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities LLC served as join book running managers, among others.

* Dominion Energy Inc. on May 30 sold $300 million of 4.25% series 2018B senior unsecured notes due June 1, 2028, to repay short-term debt, including $1.36 billion in outstanding commercial paper with a weighted average yield of 2.55%, and for general corporate purposes. BNP Paribas Securities Corp. and Scotia Capital (USA) Inc. acted as joint book-running managers.

* NRG Energy Inc. on May 21 sold $575 million of 2.75% senior unsecured convertible notes due June 1, 2048, to settle part of the outstanding debt and pay other offering related costs. Merrill Lynch Pierce Fenner & Smith Inc. served as the sole book-running manager.

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