瑞信-美股-电力公用事业行业-电力与燃气公用事业：2019年AGA金融会议要点-2019.5.24-44页 (2).pdfVIP免费

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.24May2019Americas/UnitedStatesEquityResearchElectricUtilitiesElectricandGasUtilitiesCOMMENTResearchAnalystsMichaelWeinstein,ERP2123250897w.weinstein@credit-suisse.comMaheepMandloi2123252345maheep.mandloi@credit-suisse.com2019AGAFinancialConference–TakeawaysWeincludeourtakeawaysfrommeetingswithcoveredcompaniesattendingthe2019AGAConferenceinFtLauderdalethisyear,including:DUK,SO,SR,CNP,WEC,D,ED,NI,CMS,BKH,DTE,ES,NWE.Pleasedon’thesitatetocallwithanyquestionsorfollow-up.Someofthehighlightsandthematictakeawaysemergingfromthisyear’sconferenceinclude:■DUKandDareunlikelytoaggressivelypursueanylegaloradministrativeoptionsthatcouldcauseevenfurtherappealsanddelaysfortheAtlanticCoastPipelinewhileaSupremeCourtappealappearsincreasinglylikelyaftertheSolicitorGeneralrequestedanextensiontofile.Also,DUKindicatedthatevenwithcostincreasestodate,thepipelineremainsdeeplyeconomicforPiedmontcustomers.■Onsolarinvestmenttaxcredits,DUKindicatedthattheybookGAAPearningsforthementirelyinyearone,whileWECindicatedthatweretheyevertodevelopunregulatedsolarprojects,theywouldavoidtaxequityandamortizethecreditsover40years.AtNI,theNIPSCOratecasemaybethefirstinthecountrytoproposetheuseoftaxequityinsidearatebasesolarproject.Itprobablywon’tbethelast.■ExpectaStaffreporttoday(May24)ontheCECONYratefilingforTY2020.Separately,whileEDbelievesPG&EandCaliforniawillchoosetoassume(honor)theirrenewablecontracts,weremainmoreskepticalgiventhedivergentinterestsbetweenPG&ECorporationandthestate’selectriccustomers.Nevertheless,ourimpressionisthatEDisconsideringthepossibilityofrejectionanditsposs...