Debt Consolidation And Credit Power companies have delayed or canceled more than half the new
plants proposed during California's energy crisis, citing lower
demand, falling electricity prices, Wall Street's reluctance to
finance projects and stifling regulations.
The collapse of Enron Corp., so far a political, legal and investor crisis, is now imposing widespread costs on the U.S. economy, according to a range of companies, energy experts and bankers. Electricity and natural gas companies are facing higher costs. Projects to build power plants, pipelines and transmission lines are being put on hold. And in all sections of the economy, companies with high debts are feeling the pinch of tighter credit.
Check Credit Rating Since 2000, energy producers have pulled the plug on power
plants that would have generated nearly 3,000 megawatts of
power--enough to light up 2.2 million homes, according to the state
Energy Commission. Adding in projects that have been delayed, the
total is closer to 20,000 megawatts, federal regulators say.
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Improve Credit Rating Following the severe shortages of 2000-2001, a burst of
construction provided large amounts of needed power to the state.
But the slowing economy, conservation and plentiful hydroelectric
power have turned the shortage into a glut.
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Credit Online Rating Report The glut, combined with questions over the energy sector's
credibility in the wake of the Enron Corp. scandal, has regulators,
industry executives and consumer groups fearful that another crisis
is a few years away.
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Credit Score Rating Scale "We're at a crossroads right now," said Suzanne Garfield, a
spokeswoman for the California Energy Commission. "There's been a
lot built but a lot more is needed. We need to retire many old
plants, and imports are decreasing as nearby states use more of
their own power."
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Bad Card Credit Credit People As a result of the Enron scandal, much of the energy sector has
come under a harsh spotlight, and companies now find themselves
unable to access the financial markets for capital.
Free Credit Rating Report The industry's struggles are evident at Redlands, Calif. There,
at AES Corp.'s Mountainview facility, a few workers stand watch
over a foundation where 500 laborers once toiled over what was to
have been an $800-million power-generating plant.
Credit Rating Scale AES poured more than $100 million into the project before the
firm's own retrenchment and the unwillingness of Wall Street to
provide financing forced it to suspend work two months ago on the
plant, designed to provide power for 800,000 homes.
Bad Credit Rating Mark Woodruff, an AES regional manager, blamed restrictions
imposed by Gov. Gray Davis' rescue plan, especially the state's
refusal to let AES and other power sellers strike supply deals
directly with large business users.
Credit Rating Agency The Mountainview plant in Redlands is "pretty much a ghost town
now," said David Kehnes, project manager for Arlington, Va.-based
AES, which still operates a smaller plant nearby. "And we're a
skeleton crew."
Credit Rating Canada Similar scenes are apparent throughout the industry, eight
months after the collapse of Enron started a landslide loss of
faith in U.S. business practices.
Bad Credit Mortgage Rating UC Irvine professor and energy commentator Peter Navarro says
the energy companies, having manipulated the energy market, badly
overestimated demand, buried themselves in debt to build new plants
and were surprised when the economy slowed.
Good Credit Rating "The mind set was that these higher prices would last forever,"
Navarro said. "But when prices fall to a third of where they'd
been, Wall Street figures out pretty quickly you don't have cash to
service your debts.
Credit Score Rating Chart "This could turn what looked like a 5-year glut of power into
probably a 2-to-3-year glut," he added.
Credit Mortgage Rating Poor Announcing Monday that a big new Monterey County plant had come
on line, Gov. Gray Davis boasted that California had added 4,165
megawatts of in-state power since last summer, enough to power more
than 3 million homes. But the Federal Energy Regulatory Commission
said this month that the net addition will be closer to 3,100 by
year end because some existing plants will be decommissioned.
Good Credit Rating Score At a U.S. Senate energy committee meeting last week, FERC
Chairman Pat Wood said projected construction of crucial generating
and transmission infrastructure has "dropped off dramatically" as
corporate downgrades by bond analysts "dramatically escalate the
cost of credit in this industry."
Poor Credit Rating Loan Power generators such as AES are "in the throes of a costly boom
and bust cycle," testified Larry Makovich, a senior consultant at
Cambridge Energy Research Associates. He estimated that since the
start of the year power plants capable of producing nearly 82,000
megawatts have been canceled or postponed across the nation.
Bank Credit Rating While no one is predicting anything like the shortages and
soaring prices seen in 2000 and 2001, California still must depend
on having manufacturers voluntarily cut production to get by on the
hottest days, as happened July 10.
Credit Card For Poor Credit To Mirant Corp. executives, that shows "there's a current
supply-demand imbalance" in California, spokesman David Payne said.
For that reason, he said, the company fully intends to build a
530-watt Contra Costa plant originally set to open in 2003.
Business Credit Rating But Mirant, whose bonds are categorized as junk by Moody's
Investors Service and Standard & Poor's, delayed the plant as
part of a $2-billion cut in capital spending this year to shore up
its balance sheet. A separate Mirant proposal to build another
large plant at its Potrero facility in Northern California has been
held up for years by permit disputes, Payne said.
Moodys Credit Rating Calpine Corp., a San Jose-based power plant builder with a once
fast-growing trading arm, was hit early by the credit and liquidity
crisis created by the downfall of Enron, the largest of the energy
traders. Calpine's money woes appear to have stabilized, but not
before it slashed its plant-building budget and significantly
slowed many projects.
Credit Card With Bad Credit In California, Calpine opened three major power plants and four
smaller "peaker" units in the last year. But completion of three
more big power plants capable of generating has been pushed back
several months into 2004.
Personal Credit Rating Company spokesman Bill Highlander said the delays in California
are the result of the state's tortuous permitting process as well
as Calpine's financial woes.
Unsecured Loan For Bad Credit Davis spokesman Steve Maviglio said complaints about regulations
and permits in the state are nothing new, adding that the fact that
companies are scaling back nationwide shows the problems aren't
specific to California. Long-term power contracts with producers,
though much criticized, will assure a supply of electricity no
matter what happens, and Davis' plan authorized the state itself to
build plants if private power proves insufficient, Maviglio
said.
Credit Rating Company He said the biggest problem for power generators is the current
unwillingness of Wall Street to finance them--a problem that is
undeniably fearsome.
Canadian Credit Rating At a briefing for investors Friday, Fitch analysts noted that
debt defaults by corporations, which in the 1990s had been running
less than $10 billion a year, zoomed to $28 billion in 2000.
Defaults hit $78 billion in 2001 and $50 billion through the first
half of 2002.
Credit Union Rating High on the ratings firm's watch list these days is the energy
industry, where credit downgrades have outpaced upgrades by 18-1 so
far this year.
Corporate Credit Rating Fitch managing director Richard Hunter said the "heady cocktail"
of lower prices, a credit crunch, Enron-style sham deals and
potential litigation is exerting "extreme stress" on the
industry.
Credit Rating Fix One hopeful sign in California is that most of the proposed
plants have only been delayed and not canceled outright, according
to Bob Aldrich, a state official who keeps a running tab on the
power-plant situation.
Bad Credit Loan Personal But at the same time, the uncertainty is aggravated by the fact
that many power concerns are under investigation for the allegedly
phony deals that critics say upset the energy markets and
contributed to California's crisis in 2000 and 2001.
Credit How Improve Quickly "My industry's so demonized. I feel like the new tobacco," said
Mark Byron, Dynegy Inc.'s California director of retail energy
services until he was laid off in June. The energy industry "is an
ocean of ex-employees," Byron said.
Fico Credit Rating In addition to state probes, investigations are under way by
FERC, the Justice Department, the Securities and Exchange
Commission and the Commodities Futures Trading Commission--all of
which provides fodder for those who contend the industry should
never have been deregulated in the first place.
Improving Credit Rating "We don't need to rely on these companies [and] after what they
did to us in 2001, we should not rely on them," said Douglas Heller
of the Foundation for Taxpayer and Consumer Rights in Santa Monica.
"We must remember that these companies failed California long
before they failed their shareholders."
Mortgage Credit Rating By E. Scott Reckard
Los Angeles Times - 7/30/2002
Topic: Energy
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