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瑞信-美股电力公用事业行业:瑞信可再生能源与公用事业会议问题库-2021.5.11-49页

# 电力公用事业 # 可再生能源 # 投行报告 大小:1.06M | 页数:49 | 上架时间:2021-05-20 | 语言:英文

瑞信-美股电力公用事业行业:瑞信可再生能源与公用事业会议问题库-2021.5.11-49页.pdf

瑞信-美股电力公用事业行业:瑞信可再生能源与公用事业会议问题库-2021.5.11-49页.pdf

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类型: 行研

上传者: FF

撰写机构: 瑞信

出版日期: 2021-05-11

摘要:

Utilities – beyond the storm, Q1 earnings season generally resulted in higher losses for electric and gas marketers (e.g., VST, EXC) than originally anticipated, while gas midstream assets tended to come out ahead (e.g., SR). In the wake of the storm, we intend to use our conference to survey attendees on the storm’s impact on investment opportunities for grid modernization and gas transmission and storage upgrades. We also see this as a good time to discuss opportunities that arise from increased federal support for renewables, storage, and even nuclear power in the forthcoming stimulus bill later this summer. Will management teams and state regulators reinvest federal funds in capital investment or take the opportunity to reduce customer bill growth, particularly with the prospect of higher tax rates? Additional topics of general interest across the industry include: (1) Do you expect RNG and renewable fuel blending to increase this year? (2) Do you expect changes to rate base across the sector in 2H or 2022? (3) Does the prospect of inflation concern you? (4) How would a higher tax rate and/or extended renewable tax credits affect the company’s cash flows, credit ratings, deferred tax status, and investment growth potential, particularly for investment in renewables? 

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