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 $62.77 billion as of Aug. 30, according to S&P Global Market Intelligence data. The total comprises $47.40 billion of senior debt, $6.28 billion of common equity, $5.32 billion of subordinated debt and $2.87 billion of preferred equity.
Electric utilities have raised $43.14 billion, multi-utilities companies have raised $13.87 billion, gas utilities have raised $3.28 billion, and water utilities have raised $2.48 billion in 2019.
In August, the utility sector raised about $9.73 billion of capital from 22 offerings, comprising $7.55 billion of senior debt, $1.73 billion of subordinated debt and $458.6 million of common equity.
Southern Co. led the month's biggest offerings with the sale of $1.73 billion of 2.7% series 2019A junior subordinated notes due Aug. 1, 2024, and 2.7% series 2019B subordinated notes due Aug. 1, 2027. The company intends to use the proceeds to repay all or a portion of its short-term debt and for general corporate purposes, including investments in its subsidiaries.
CenterPoint Energy Inc. sold $1.2 billion of senior notes in three tranches, comprising $500 million of 2.50% notes due Sept. 1, 2024, $400 million of 2.95% notes due March 1, 2030, and $300 million of 3.70% notes due Sept. 1, 2049. The company plans to use the net proceeds for general corporate purposes, including repaying part of its outstanding commercial paper that was issued for expenses related to the company's acquisition of Vectren Corp.
Southern California Edison Co. sold $1.2 billion of its first and refunding mortgage bonds to repay commercial paper borrowings and for other general corporate purposes, including making contributions to the California wildfire insurance fund. The Edison International subsidiary sold $400 million of 2.85% series 2019C bonds due Aug. 1, 2029, and $800 million of 4.0% series 2017A bonds due April 1, 2047.

