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Dominion Energy

D's main subsidiaries are Dominion Virginia Power, Dominion Energy, and Dominion Generation. Dominion's Virginia Power includes D's regulated electric transmission and distribution businesses. Dominion Generation includes the generation operations of D's merchant fleet and regulated electric utility, as well as energy marketing and price risk management activities associated with D's generation assets. D is investing in export capability for its Cove Point LNG terminal. It plans to drop down this asset along with its Blue Racer natural gas infrastructure JV into its MLP DM. The Cove Point project achieved commercial in-service early during 2Q18. Dominion Energy includes D's natural gas infrastructure. D sold all of its non-Appalachian natural gas and oil E&P operations and its Appalachian E&P properties. While D relies on the regulated businesses for ratings support, most of the growth will come from the MLP, but Dominion VA Power does have good capex plans. (24 Aug 2018)

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Utilities: 3Q % Holdco Debt to Total Debt Update

Sector Analysis: 13 Dec 2018, 6:03 AM ET - We provide an update on US utility holdco debt with figures as of 3Q18. Holdo debt to total is viewed as a key agency metric with 30% being the key threshold before holdco debt can be notched downward more than 1-2 notches from the opcos.

MEAG: Power and General Power Revenue Bonds

Municipals Analysis: 12 Dec 2018, 5:50 AM ET - On Wednesday the Municipal Electric Authority of Georgia will issue $175 mn Power Revenue and $70 mn General Power Revenue Bonds which correspond and will be on a parity with its outstanding Project One and General Resolution Bonds.

Xcel Energy: Plans to go 100% Renewable by 2050

Worth Watching: 04 Dec 2018, 11:26 PM ET - Xcel Energy  (A3/BBB+) announced plans to serve all of its customers across eight Midwest and Rocky Mountain states with 100% renewable energy by 2050 and also expects to see an 80% reduction in CO2 emissions by 2030 from 2005 levels.  The comp ..

PacGas & Edison Updates; Upgrading EIX Holdco/Opco

Company Analysis: 03 Dec 2018, 6:06 AM ET - We are upgrading Edison parent debt and SoCalEd opco debt from Market perform to Outperform based on wide bond spreads and balances sheets that can easily handle a $10 billion worst-case scenario.  

Oil & Gas: HY E&P Cash Flows at $50/bbl Oil

Sector Analysis: 28 Nov 2018, 4:10 AM ET - We now see HY E&P 2019 cash flows coming in 24% lower than previously expected at our new $50/WTI price deck ($65/WTI old).  We expect to see a mix of capex cuts, divestitures and incremental borrowings next year.
Focused

SCANA: Stock Rallies on New Settlement Offer

Worth Watching: 26 Nov 2018, 8:52 PM ET - SCANA  (holdco Ba1/BB+, SCG&E Baa1/BBB+) stock rose on news of a settlement agreement between the utility, class action plaintiffs and the South Carolina Attorney General whereby the utility will provide a rate credit of $2 billion, a cash paym ..
Focused

IG Note: VEPCO New 30Y Issue; Buy to +125

IG Note: 26 Nov 2018, 11:24 AM ET - Dominion Energy's fully regulated opco Virginia Electric & Power Co. is in the market today with a new $600mn 30Y issue for GCP and to refi short-term debt. We are buyers of the new notes to around +125. 

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Utilities: 3Q Retained Cash Flows & Credit Metrics

Sector Analysis: 21 Nov 2018, 5:51 AM ET - U.S. utility companies generated ~$91 billion in cash flows before changes in working capital as of LTM 3Q18 and paid out ~$22 billion in dividends that left retained cash flows of $70 billion for a retained cash flow metric of 74%. 

PacGas: Positive PUC Talk; Bailout Cust. Impact

Worth Watching: 15 Nov 2018, 11:57 PM ET - PacGas (opco Baa3/BBB) got some much needed good news that caused the stock to rally after-hours when the head of the California Public Utilities Commission (CPUC) indicated on a BofA investor call that the commission supported having a strong ..

PacGas: Model Update and Questions/Thoughts

Company Analysis: 14 Nov 2018, 4:16 AM ET - We provide some thoughts on the latest PacGas situation, questions we want answered, and some modeling framework for whatever the ultimate claims come in at. 

PacGas: Downgrade to M/P; Need another Bill Passed

Company Analysis: 11 Nov 2018, 8:24 PM ET - We are downgrading PacGas opco bonds from Marketperform to Underperform based on the recent SB 901 bill not including 2018 wildfires and recent negative press reports on PCG equipment near the source and timing of the current fires. 

Utilities: Questions We Want Answered at EEI

Sector Analysis: 08 Nov 2018, 4:37 AM ET - We are heading to EEI in San Francisco for the annual investor conference and lay out in this report the bondholder questions we want answered from various management teams.

PacGas: Focus Turns to Rate-Case & Stress Test

Company Analysis: 05 Nov 2018, 3:31 PM ET - We reiterate our contrarian Outperform rating on PCG opco bonds given the uneventful 3Q earnings report. 

Utilities: 3Q FFO Tracker; Unchanged YoY So Far

Sector Analysis: 05 Nov 2018, 5:18 AM ET - We still have not seen any significant negative impact from tax reform from the over 15 utilities in our core coverage that have full 3Q cash flow statements available.

Framing Berkshire’s Nevada Utility Ballot Vote

Company Analysis: 01 Nov 2018, 10:05 PM ET - We don't see any concerns for bondholders and frame Nevada ballot question #3 for bondholders. 
Focused

Exelon and Dominion: 3Q Q&A Summaries

Earnings Note: 01 Nov 2018, 3:07 PM ET - We provide a recap of our Market perform rating on Exelon holdco debt and Outperform on Dominion holdco debt. 

October 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the twenty-eight company recommendation changes made on North American companies during the month of October.

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

FirstEnergy: 3Q Follow-up; Conf. Call Q&A Notes

Company Analysis: 26 Oct 2018, 2:12 PM ET - We follow-up our earlier FirstEnergy (Baa3/BBB-) report with a summary and commentary on the conference call Q&A. 

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