Fuel Q FINANCIAL UPDATE QUARTERLY REPORT OF THE U.S. SHAREHOLDER-OWNED ELECTRIC UTILITY INDUSTRY
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1 Fuel Q FINANCIAL UPDATE QUARTERLY REPORT OF THE U.S. SHAREHOLDER-OWNED ELECTRIC UTILITY INDUSTRY
2 About EEI The Edison Electric Institute is the association of U.S. shareholderowned electric companies. Our members serve 95% of the ultimate customers in the shareholder-owned segment of the industry, and represent approximately 70% of the U.S. electric power industry. We also have 79 international electric companies as Affiliate members and more than 190 industry suppliers and related organizations as Associate members. About EEI s Quarterly Financial Updates EEI s quarterly financial updates present industry trend analyses and financial data covering 59 U.S. shareholder-owned electric utility companies. These 59 companies include 52 electric utility holding companies whose stocks are traded on major U.S. stock exchanges and seven electric utilities who are subsidiaries of nonutility or foreign companies. Financial updates are published for the following topics: Dividends Stock Performance Credit Ratings Construction Rate Case Summary SEC Financial Statements (Holding Companies) FERC Financial Statements (Regulated Utilities) Fuel For EEI Member Companies The EEI Finance and Accounting Division is developing current year and historical data sets that cover a wide range of industry financial and operating metrics. We look forward to serving as a resource for member companies who wish to produce customized industry financial data and trend analyses for use in: We Welcome Your Feedback EEI is interested in ensuring that our financial publications and industry data sets best address the needs of member companies and the financial community. We welcome your comments, suggestions and inquiries. Contact: Mark Agnew Director, Financial Analysis (202) , magnew@eei.org Aaron Trent Manager, Financial Analysis (202) , atrent@eei.org Bill Pfister Financial Analyst (202) , bpfister@eei.org Future EEI Finance Meetings 47th EEI Financial Conference November 11-14, 2012 JW Marriott Desert Ridge Resort and Spa Phoenix, Arizona For more information about EEI Finance Meetings, please contact Debra Henry, (202) , dhenry@eei.org Investor relations studies and presentations Internal company presentations Performance benchmarking Peer group analyses Annual and quarterly reports to shareholders Edison Electric Institute 701 Pennsylvania Avenue, N.W. Washington, D.C
3 The 59 U.S. Shareholder-Owned Electric Utilities The companies listed below all serve a regulated distribution territory. Other utilities, such as transmission provider ITC Holdings, are not shown below because they do not serve a regulated distribution territory. However, their financial information is included in relevant EEI data sets, such as transmission-related construction spending. ALLETE, Inc. (ALE) Alliant Energy Corporation (LNT) Ameren Corporation (AEE) American Electric Power Company, Inc. (AEP) Avista Corporation (AVA) Black Hills Corporation (BKH) CenterPoint Energy, Inc. (CNP) Central Vermont Public Service Corporation (CV) CH Energy Group, Inc. (CHG) Cleco Corporation (CNL) CMS Energy Corporation (CMS) Consolidated Edison, Inc. (ED) Dominion Resources, Inc. (D) DPL, Inc. (DPL) DTE Energy Company (DTE) Duke Energy Corporation (DUK) Edison International (EIX) El Paso Electric Company (EE) Empire District Electric Company (EDE) Iberdrola USA Energy Future Holdings Corp. (formerly TXU Corp.) Entergy Corporation (ETR) Exelon Corporation (EXC) FirstEnergy Corp. (FE) Great Plains Energy Incorporated (GXP) Hawaiian Electric Industries, Inc. (HE) IDACORP, Inc. (IDA) Integrys Energy Group, Inc. (TEG) IPALCO Enterprises, Inc. MDU Resources Group, Inc. (MDU) MGE Energy, Inc. (MGEE) MidAmerican Energy Holdings Company NextEra Energy, Inc. (NEE) NiSource Inc. (NI) Northeast Utilities (NU) NorthWestern Corporation (NWE) NV Energy, Inc. (NVE) OGE Energy Corp. (OGE) Otter Tail Corporation (OTTR) Pepco Holdings, Inc. (POM) PG&E Corporation (PCG) Pinnacle West Capital Corporation (PNW) PNM Resources, Inc. (PNM) Portland General Electric Company (POR) PPL Corporation (PPL) Progress Energy (PGN) Public Service Enterprise Group Inc. (PEG) Puget Energy, Inc. SCANA Corporation (SCG) Sempra Energy (SRE) Southern Company (SO) TECO Energy, Inc. (TE) UIL Holdings Corporation (UIL) UniSource Energy Corporation (UNS) Unitil Corporation (UTL) Vectren Corporation (VVC) Westar Energy, Inc. (WR) Wisconsin Energy Corporation (WEC) Xcel Energy, Inc. (XEL)
4 Companies Listed by Category (as of 12/31/11) Please refer to the Quarterly Financial Updates webpage for previous years lists. iven the diversity of utility holding company corporate G strategies, no single company categorization approach will be useful for all EEI members and utility industry analysts. Never-theless, we believe the following classification provides an informative framework for tracking financial trends and the capital markets response to business strategies as companies depart from the traditional regulated utility model. Regulated Mostly Regulated Diversified %+ of total assets are regulated 50% to % of total assets are regulated Less than 50% of total assets are regulated Categorization of the 52 publicly traded utility holding companies is based on year-end business segmentation data presented in 10Ks, supplemented by discussions with company IR departments. Categorization of the seven non-publicly traded companies (shown in italics) is based on estimates derived from FERC Form 1 data and information provided by parent company IR departments. The EEI Finance and Accounting Division continues to evaluate our approach to company categorization and business segmentation. In addition, we can produce customized categorization and peer group analyses in response to member company requests. We welcome comments, suggestions and feedback from EEI member companies and the financial community. Regulated (39 of 59) ALLETE, Inc. Alliant Energy Corporation Ameren Corporation American Electric Power Company, Inc. Avista Corporation Central Vermont Public Service Corporation CH Energy Group, Inc. Cleco Corporation CMS Energy Corporation Consolidated Edison, Inc. DPL, Inc. DTE Energy Company Edison International El Paso Electric Company Empire District Electric Company Iberdrola USA Entergy Corporation Great Plains Energy Incorporated IDACORP, Inc. Integrys Energy Group IPALCO Enterprises, Inc. Northeast Utilities NorthWestern Energy NV Energy, Inc. PG&E Corporation Pinnacle West Capital Corporation PNM Resources, Inc. Portland General Electric Company Progress Energy Puget Energy, Inc. Southern Company TECO Energy, Inc. UIL Holdings Corporation UniSource Energy Corporation Unitil Corporation Vectren Corporation Westar Energy, Inc. Wisconsin Energy Corporation Xcel Energy, Inc. Mostly Regulated (17 of 59) Black Hills Corporation CenterPoint Energy, Inc. Dominion Resources, Inc. Duke Energy Corporation Exelon Corporation First Energy Corp. MGE Energy, Inc. MidAmerican Energy Holdings NextEra Energy, Inc. NiSource Inc. OGE Energy Corp. Otter Tail Corporation Pepco Holdings, Inc. PPL Corporation Public Service Enterprise Group, Inc. SCANA Corporation Sempra Energy Diversified (3 of 59) Energy Future Holdings Hawaiian Electric Industries, Inc. MDU Resources Group, Inc. Note: Based on assets at 12/31/11 The following companies were removed from the consolidated financial statements for 2009 and 2010 because they did not file Form 10-K with the SEC: Duquesne Light Holdings, Green Mountain Power, KeySpan, Kentucky Utilities, Louisville Gas and Electric and Niagara Mohawk Power.
5 Q Fuel HIGHLIGHTS ninitial EIA estimates for the first half of 2012 show a 1.6% decrease in total electric generation compared to the same period in nhydropower generation returned to normal, pre-2011 levels after last-year s weather-induced surge. Non-hydro renewable generation increased by more than 10%. nas a result of fuel price dynamics, coal generation decreased by almost 20% while natural gas output increased by 34%. nnatural gas spot prices, which reached $3.19/MMBtu in December 2011, bottomed in April 2012 at $1.95/ MMBtu. Prices climbed back to about $2.44/MMBtu by June 2012, a level only half that of June 2011 ($4.55/ MMBtu). I. U.S. I. Generation Electric Output by Fuel Type (GWh) For 6-month period ending 6/30 (1,000 MWh) Est. Coal 864, ,064 Gas 443, ,019 Nuclear 3, ,448 Oil 14,838 10,891 Hydro 179, ,603 Renewables 101, ,039 Biomass 27,585 27,330 Geothermal 8,407 8,449 Solar 843 1,717 Wind 64,693 74,543 Other fuels 8,316 9,820 Total 1,992,232 1,960,884 E = Estimated / Source: Energy Information Administration (EIA) % change -19.7% 34.1% 0.4% -26.6% -12.2% 10.4% -0.9% 0.5% 103.7% 15.2% 18.1% -1.6% II. Coal Spot Prices COMMENTARY Generation Electricity generation during the first six months of 2012 decreased by an estimated 1.6% compared to the same period last year. A very mild winter throughout the country was primarily responsible for the year-to-year decline in electricity demand. Due to the very low price of natural gas, the fuel switching away from coal that started in 2011 accelerated rapidly during the first half of Coal generation decreased by almost 20% and that of natural gas increased by 34% compared to the same period last year. The trend was particularly noticeable in the Northeast and parts of the Southeast and Midwest, where $/ton January 2008 June 2012 Central Appalachia Northern Appalachia Illinois Basin Powder River Basin Note: All data shown in this publication includes and applies to the whole electric power sector (utilities, non-utilities, end-users). 1 Source: Platt s data as reported by the Energy Information Administration (EIA) EEI Q Financial Update
6 2 FUEL III. NYMEX Coal Futures Central Appalachia $/ton July 2012 December Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 At 12/30/2011 At 03/30/2012 At 06/29/2012 $/mmbtu IV. Natural Gas Spot Prices (Henry Hub) January 2008 June 2012 Source: Ventyx, Inc. The Velocity Suite Source: SNL Financial V. Crude Oil Spot Prices Cushing, OK WTI VI. NYMEX Crude Oil Futures Cushing, OK WTI $/barrel January 2008 June 2012 $/barrel July 2012 December Jul 12 Jul 13 Jul 14 Jul 15 Jul 16 At 12/30/2011 At 03/30/2012 At 06/29/2012 Source: Energy Information Administration VII. NYMEX Natural Gas Futures Henry Hub Source: Ventyx, Inc. The Velocity Suite VIII. Delivered Coal Prices $/mmbtu 6.0 July 2012 December 2016 $/ton 100 January 2008 April At 12/30/2011 At 03/30/2012. At 06/29/ Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Central Appalachia Northern Appalachia Illinois Basin Powder River Basin Source: Ventyx, Inc. The Velocity Suite Source: Ventyx, Inc. The Velocity Suite from modeled data EEI Q Financial Update
7 FUEL 3 natural gas enjoys a significant cost advantage over Appalachian coal. Gas-to-coal switching achieved a milestone of sorts in April, when, for the first time, coal and natural gas generated the same amount of electricity. Hydropower generation declined 12.2%, reflecting simply a return to more normal production following last year s surge due to high levels of precipitation in the Pacific Northwest during the spring. Other renewable sources continued to experience their now-normal increase in generation: wind increased by over 15%, while solar more than doubled compared to the first six months of Market Developments Coal After steadily rising over the last two years due to strong international demand, coal spot prices in all major U.S. basins declined during the past six to ten months as a result of weakening domestic demand. Central Appalachia (CAB) spot prices fell from an average of $73.45/ton in December 2011 to $64.92/ton in June Spot prices of Northern Appalachia (NAP) coal declined from $79.40/ton to $65.05/ton during the same period. The Powder River Basin (PRB) has also seen spot prices decline, from $10.97/ton in December 211 to $8.99/ ton in June Price weakness was also apparent in the futures market, where the forward curve in late June traded at markedly lower prices than in previous months. Delivered coal prices have yet to follow recent movements in the spot market. In the first four months of the year, delivered coal prices in both CAB and PRB increased slightly (+3.3% from December 2011 for CAP and +2.0% for PRB). Natural Gas Natural gas spot prices fluctuated between $2.00/MMBtu and $2.50/MMBtu for most of the first half of the year. But in mid June, pushed by increased usage in the utility sector, prices began rising and ended the month at $2./MMBtu. Nevertheless, the spot price for natural gas in 2012 s first half averaged $2.37/MMBtu, almost half the $4.27/MMBtu average for the first half of Although gas consumption by the industrial and electric sectors increased during this period, low spot prices reflect high natural gas inventories driven by sustained production. The increase in prices since mid-june results from increased consumption in the power sector and a consequent reduction in inventories. As illustrated by firming natural gas futures prices, markets have revised price expectations upward for the near term. December 2012 contracts traded 5% higher at the end of June than at the end of March. However, markets are anticipating slightly lower prices looking out beyond three years. Last December, futures did not trade at $5/MMBtu until In June 2012, the $5 mark was not reached until three years later, in The market appears to be anticipating a very slow rebalancing. At the end of June, contracts were trading below $6/mmBTU for the next decade. Renewables Despite concerns of a possible crisis in the renewable energy arena, renewables continue to grow rapidly. Solar, in particular, doubled its electric output in the first half of 2012 compared to the year-ago period. Wind generation grew by 15%, slower than in previous years but still a robust pace. The record wind and solar-powered capacity additions in recent years, combined with strong state Renewable Electricity Standards (RES), have made wind and solar generation relatively immune to economic and market developments. Yet, lower-than-expected electricity demand growth and relatively low gas prices have recently rendered many projects unnecessary or uneconomical. Also, national debt concerns may put federal financial incentives at risk starting at yearend, which will likely translate into reduced new investments. The EIA, however, still predicts that these two sources will generate 18% more electricity in 2012 than they did in Oil In March, the WTI spot price averaged $106.16/barrel (bl), the second-highest level since August April through June saw rapid price declines, with the spot price ending the second quarter at $82.30/bl, the lowest level since the fall of Despite the recent fall in prices, analysts expect prices to stabilize at relatively high levels as world oil demand stays strong, geopolitics in the Middle East worrisome and the dollar relatively weak versus some currencies. Late June NYMEX crude oil futures confirm the relative stabilization of oil markets at a lower baseline than only three months earlier, on March 31. The contract for December 2012 traded at $87.28/bl at the end of June, down from $105.33/ bl in March. EEI Q Financial Update
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