The Top 10 US Utilities Companies: Growth strategies, performance and SWOT analyses

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Market	Energy and Utilities
Report Type	Market Research
Country	United States
Published	4 January 2010
Number of Pages	162
Report Delivery	Email
Delivery Lead Time	-
Publisher	Business Insights

This report profiles the leading players in the US utility industry comprising electricity, gas and water markets. Electricity utility market consists of power generation and sale of electricity to industrial, commercial, household and other end-users, including agricultural and transport users. The gas utilities market consists of only downstream operations (distribution to end-customers) and excludes up and midstream activities (exploration, production and storage of gas). Water utilities are defined as activities involved in collection, treatment and distribution of water to end-users and collection and treatment of waste water.

This report analyzes the US utility industry, focusing on:- pricing; production; consumption; and trends. This report profiles the top ten companies in the industry and also involves a brief summary of top 11 to 20 players.

Key features of this report

• Power generation and gas production in the US market during 2004-08.

• Trends of the US utility industry.

• Identification of the top 10 players in the US utility industry.

• Company analysis and market share of the top 10 players in the US utility industry.

• Strategic and growth analysis of leading US utilities.

Scope of this report

• Learn from the strategies of the US utilities to target future growth markets effectively, avoid their mistakes, replicate their successes and learn of the threats they face.
• Benchmark your performance against the leading US utilities using market share data by company and comprehending their strategies.
• Understand the major issues affecting the US utility industry.
• Predict the key growth areas in the US utility industry.
• Save time, money and resources on analyzing the performance of the key US utilities using this report.

Key Market Issues

• Environmental regulations: Stringent environmental regulations to curb GHG emissions in the US will result in additional capital expenditure on cleaner technologies.

• Consolidation: The US is witnessing increased consolidation post the repeal of PUHCA in 2005. In addition to the repeal of PUHCA, the financial crisis also forced companies to sell their assets to strengthen their financial position providing an opportunity to financially strong companies to expand their generation fleet and geographic presence.

• Price volatility: Gas prices are highly volatile as they depend on oil prices, expected weather, gas demand and investments in gas pipelines and additional regasification capacity Etc.

Key findings from this report

• The US utility sector is dominated by Exelon in terms of revenues during 2008 with operations predominantly in the power segment.
• The US power generation fuel mix witnessed a perceptible shift towards cleaner sources of energy during 1998–2008 backed by government’s efforts to reduce greenhouse gas (GHG) emissions.
• Several utility firms across the US are focusing on renewable energy based power generation projects dominated by wind energy.
• Since 2007, the power sector is witnessing increased consolidation subsequent to the repeal of Public Utility Holding Company Act (PUHCA). Prior to the repeal, utility operations were limited by geographic location.

Key questions answered

• What are the trends in the US utility industry?
• Who are the top 10 players in the industry?
• What are the growth strategies of the top 10 companies?
• What are the strengths of the top 10 players in the US utility industry?
• What are the weaknesses of the top 10 players?

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Table of Contents
The Top 10 US Utilities Companies
Executive summary 14
Industry overview 14
Exelon 15
Southern Company 15
FPL Group 16
PG&E 16
FirstEnergy 17
AEP 17
Entergy 18
RRI Energy 18
Consolidated Edison 19
Duke Energy 19
Chapter 1 Introduction 22
What is this report about? 22
Methodology 22
Chapter 2 Industry overview 24
Summary 24
Introduction 25
Power utilities 25
Power generation in the US 25
Investment in renewable energy power generation 27
Electricity prices 29
Consolidation underway 30
Gas utilities 32
Gas production in the US 32
Gas consumption in the US 33
Increasing demand for natural gas for power generation 34
Gas prices in the US 35
Water utilities 36
Market dynamics: size and growth 36
Consolidation in progress 37
Competitive landscape 38
Top 10 utilities based on revenues 38
Top 10 utilities based on generation capacity 38
Fuel mix of top 10 utilities 39
Chapter 3 Exelon 42
Summary 42
Company overview 43
Utility segments 43
Power generation 43
ComEd 43
PECO 44
Recent financial performance 44
Performance by business segments 45
Growth strategies 46
Enhancing capacity of existing nuclear fleet through power uprates 46
Aggressively pursuing long-term contracts for the development of renewable energy 46
Strengthening transmission and distribution infrastructure 47
Expanding margins through cost restructuring 47
Acquisitions and divestments 48
SWOT analysis 49
Chapter 4 Southern Company 52
Summary 52
Company overview 53
Utility segments 53
Traditional operating companies 53
Southern Power 54
Recent financial performance 54
Performance by business segments 55
Growth strategies 56
Diversifying generation mix through planned investment in renewable and clean energy 56
Investing in renewable resources 56
Expanding clean energy generation capacity to reduce environmental impact 57
Acquisitions and divestments 57
SWOT analysis 58
Chapter 5 FPL Group 60
Summary 60
Company overview 61
Utility segments 61
FPL 61
NextEra Energy Resources 61
Recent financial performance 62
Performance by business segments 63
Growth strategies 64
Expanding clean energy-based generation capacity 64
Acquisitions and divestments 65
SWOT analysis 66
Chapter 6 PG&E 68
Summary 68
Company overview 69
Utility segments 69
Electricity 69
Natural gas 70
Recent financial performance 70
Performance by business segments 71
Growth strategies 72
Investing in improvement and expansion of transmission infrastructure 72
Expanding generation capacity 72
Expanding renewable energy generation 73
Acquisitions and divestments 73
SWOT analysis 74
Chapter 7 FirstEnergy 76
Summary 76
Company overview 77
Utility segments 77
Energy delivery services 77
Competitive energy services 77
Ohio transitional generation services 78
Recent financial performance 78
Performance by business segments 79
Growth strategies 80
Focusing on backward integration 80
Improving generation, transmission and distribution operations 80
Expanding renewable energy generation portfolio 81
Expanding geographic presence 81
Acquisitions and divestments 82
SWOT analysis 83
Chapter 8 AEP 86
Summary 86
Company overview 87
Utility segments 87
Utility operations 87
Recent financial performance 88
Performance by business segments 89
Growth strategies 90
Plans to expand long-distance transmission capability 90
Aggressively pursuing rate increase to reduce regulatory lag 91
Acquisitions and divestments 91
SWOT analysis 92
Chapter 9 Entergy 94
Summary 94
Company overview 95
Utility segments 95
Utility 95
Non-utility nuclear 95
Recent financial performance 96
Performance by business segments 97
Growth strategies 98
Strengthening transmission infrastructure to sustain business growth in the long term 98
Acquisitions and divestments 98
SWOT analysis 100
Chapter 10 RRI Energy 102
Summary 102
Company overview 103
Utility segments 103
Wholesale energy 103
Retail energy 103
Recent financial performance 104
Performance by business segments 105
Growth strategies 106
Focus on increasing operational efficiency 106
Acquisitions and divestments 106
SWOT analysis 107
Chapter 11 Consolidated Edison 110
Summary 110
Company overview 111
Utility segments 111
Con Edison of New York 111
O&R 111
Competitive energy businesses 112
Recent financial performance 112
Performance by business segments 114
Growth strategies 114
Developing energy infrastructure to sustain growth in the long term 114
Investing in renewable energy to reduce environmental impact 115
Acquisitions and divestments 116
SWOT analysis 117
Chapter 12 Duke Energy 120
Summary 120
Company overview 121
Utility segments 121
US franchised electric and gas 121
Commercial power 121
Recent financial performance 122
Performance by business segments 123
Growth strategies 124
Expanding generation capacity 124
Strengthening its transmission network 125
Acquisitions and divestments 125
Acquisitions 125
Divestments 126
SWOT analysis 127
Chapter 13 The next 10 companies: brief profiles 130
Dominion Resources 130
Company overview 130
Utility segments 130
Recent financial performance 131
Energy Future 133
Company overview 133
Utility segments 133
Recent financial performance 134
Xcel Energy 135
Company overview 136
Utility segments 136
Recent financial performance 137
Pepco Holdings 138
Company overview 139
Utility segments 139
Recent financial performance 140
CenterPoint 141
Company overview 142
Utility segments 142
Recent financial performance 143
Calpine 144
Company overview 145
Utility segments 145
Recent financial performance 145
Sempra Energy 147
Company overview 147
Utility segments 147
Recent financial performance 148
Progress Energy 149
Company overview 149
Utility segments 150
Recent financial performance 151
Ameren 152
Company overview 153
Utility segments 153
Recent financial performance 154
DTE Energy 155
Company overview 155
Utility segments 155
Recent financial performance 156
Chapter 14 Appendix 160
Glossary 160
Index 162
List of Figures
Figure 2.1: Power generation in the US (TWh), 2004–08 26
Figure 2.2: Electricity generation fuel mix (%), 2008 27
Figure 2.3: Electricity prices in the US (cents per kWh), 1998–2008 30
Figure 2.4: Gas production in the US (TWh), 2004–08 32
Figure 2.5: Gas consumption in the US (TWh), 2004–08 34
Figure 2.6: Gas prices in the US ($ per million Btu), 1998–2008 36
Figure 2.7: Fuel mix of top 10 US utilities by type, 2008 40
Figure 3.8: Exelon US utilities financial performance ($m), 2004–08 45
Figure 3.9: Exelon SWOT analysis 49
Figure 4.10: Southern Company US utilities financial performance ($m), 2004–08 55
Figure 4.11: Southern Company SWOT analysis 58
Figure 5.12: FPL Group US utilities financial performance ($m), 2004–08 63
Figure 5.13: FPL Group SWOT analysis 66
Figure 6.14: PG&E US utilities financial performance ($m), 2004–08 71
Figure 6.15: PG&E SWOT analysis 74
Figure 7.16: FirstEnergy US utilities financial performance ($m), 2006–08 79
Figure 7.17: FirstEnergy SWOT analysis 83
Figure 8.18: AEP US utilities financial performance ($m), 2004–08 89
Figure 8.19: AEP SWOT analysis 92
Figure 9.20: Entergy US utilities financial performance ($m), 2004–08 97
Figure 9.21: Entergy SWOT analysis 100
Figure 10.22: RRI Energy US utilities financial performance ($m), 2004–08 105
Figure 10.23: RRI Energy SWOT analysis 107
Figure 11.24: Consolidated Edison US utilities financial performance ($m), 2004–08 113
Figure 11.25: Consolidated Edison SWOT analysis 117
Figure 12.26: Duke Energy US utilities financial performance ($m), 2006–08 123
Figure 12.27: Duke Energy SWOT analysis 127
Figure 13.28: Dominion Resources US utilities financial performance ($m), 2006–08 132
Figure 13.29: Energy Future US utilities financial performance ($m), 2006–08 135
Figure 13.30: Xcel Energy US utilities financial performance ($m), 2004–08 138
Figure 13.31: Pepco Holdings US utilities financial performance ($m), 2004–08 141
Figure 13.32: CenterPoint US utilities financial performance ($m), 2004–08 144
Figure 13.33: Calpine US utilities financial performance ($m), 2005–08 146
Figure 13.34: Sempra Energy US utilities financial performance ($m), 2004–08 149
Figure 13.35: Progress Energy US utilities financial performance ($m), 2004–08 152
Figure 13.36: Ameren US utilities financial performance ($m), 2006–08 154
Figure 13.37: DTE Energy US utilities financial performance ($m), 2004–08 157
List of Tables
Table 2.1: Power generation in the US (TWh), 2004–08 25
Table 2.2: RPS targets set for select states in the US 29
Table 2.3: Acquisitions in the US power sector, 2007–09 31
Table 2.4: Gas production in the US (TWh), 2004–08 32
Table 2.5: Gas consumption in the US (TWh), 2004–08 33
Table 2.6: Investments made in gas-based power plants in the US 35
Table 2.7: US water utility companies, 2008 37
Table 2.8: M&A deals in the US water utilities during 2008–09 37
Table 2.9: Top 10 US utilities based on revenues ($m), 2008 38
Table 2.10: Top 10 US utilities based on power generation capacity (MW), 2008 39
Table 3.11: Exelon snapshot 42
Table 3.12: Exelon key operating parameters, 2008 44
Table 3.13: Exelon US utilities financial performance ($m), 2004–08 45
Table 3.14: Exelon business segments performance ($m), 2008 46
Table 4.15: Southern Company snapshot 52
Table 4.16: Southern Company key operating parameters, 2008 54
Table 4.17: Southern Company US utilities financial performance ($m), 2004–08 54
Table 4.18: Southern Company business segments performance ($m), 2008 56
Table 5.19: FPL Group snapshot 60
Table 5.20: FPL Group key operating parameters, 2008 62
Table 5.21: FPL Group US utilities financial performance ($m), 2004–08 62
Table 5.22: FPL Group business segments performance ($m), 2008 64
Table 6.23: PG&E snapshot 68
Table 6.24: PG&E key operating parameters, 2008 70
Table 6.25: PG&E US utilities financial performance ($m), 2004–08 70
Table 6.26: PG&E business segments performance ($m), 2008 71
Table 7.27: FirstEnergy snapshot 76
Table 7.28: FirstEnergy key operating parameters, 2008 78
Table 7.29: FirstEnergy US utilities financial performance ($m), 2006–08 78
Table 7.30: FirstEnergy business segments performance ($m), 2008 80
Table 8.31: AEP snapshot 86
Table 8.32: AEP key operating parameters, 2008 88
Table 8.33: AEP US utilities financial performance ($m), 2004–08 88
Table 8.34: AEP business segments performance ($m), 2008 90
Table 9.35: Entergy snapshot 94
Table 9.36: Entergy key operating parameters, 2008 96
Table 9.37: Entergy US utilities financial performance ($m), 2004–08 96
Table 9.38: Entergy business segments performance, 2008 97
Table 9.39: Entergy acquisitions, 2007–09 99
Table 10.40: RRI Energy snapshot 102
Table 10.41: RRI Energy key operating parameters, 2008 104
Table 10.42: RRI Energy US utilities financial performance ($m), 2004–08 104
Table 10.43: RRI Energy business segments performance, 2008 105
Table 10.44: RRI Energy divestments, 2007–09 107
Table 11.45: Consolidated Edison snapshot 110
Table 11.46: Consolidated Edison key operating parameters, 2008 112
Table 11.47: Consolidated Edison US utilities financial performance ($m), 2004–08 113
Table 11.48: Consolidated Edison business segments performance ($m), 2008 114
Table 12.49: Duke Energy snapshot 120
Table 12.50: Duke Energy key operating parameters, 2008 122
Table 12.51: Duke Energy US utilities financial performance ($m), 2006–08 122
Table 12.52: Duke Energy business segments performance ($m), 2008 124
Table 13.53: Dominion Resources snapshot 130
Table 13.54: Dominion Resources key operating parameters, 2008 131
Table 13.55: Dominion Resources US utilities financial performance ($m), 2006–08 132
Table 13.56: Energy Future snapshot 133
Table 13.57: Energy Future key operating parameters, 2008 134
Table 13.58: Energy Future US utilities financial performance ($m), 2006–08 134
Table 13.59: Xcel Energy snapshot 135
Table 13.60: Xcel Energy key operating parameters, 2008 136
Table 13.61: Xcel Energy US utilities financial performance ($m), 2004–08 137
Table 13.62: Pepco Holdings snapshot 138
Table 13.63: Pepco Holdings key operating parameters, 2008 140
Table 13.64: Pepco Holdings US utilities financial performance ($m), 2004–08 140
Table 13.65: CenterPoint snapshot 141
Table 13.66: CenterPoint key operating parameters, 2008 143
Table 13.67: CenterPoint US utilities financial performance ($m), 2004–08 143
Table 13.68: Calpine snapshot 144
Table 13.69: Calpine key operating parameters, 2008 145
Table 13.70: Calpine US utilities financial performance ($m), 2005–08 146
Table 13.71: Sempra Energy snapshot 147
Table 13.72: Sempra Energy key operating parameters, 2008 148
Table 13.73: Sempra Energy US utilities financial performance ($m), 2004–08 148
Table 13.74: Progress Energy snapshot 149
Table 13.75: Progress Energy key operating parameters, 2008 150
Table 13.76: Progress Energy US utilities financial performance ($m), 2004–08 151
Table 13.77: Ameren snapshot 152
Table 13.78: Ameren key operating parameters, 2008 153
Table 13.79: Ameren US utilities financial performance ($m), 2006–08 154
Table 13.80: DTE Energy snapshot 155
Table 13.81: DTE Energy key operating parameters, 2008 156
Table 13.82: DTE Energy US utilities financial performance ($m), 2004–08 157

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