The Top 10 US Utilities Companies: Growth Strategies, Performance and SWOT Analyses

NEW YORK, Oct. 27, 2011 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

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

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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?

Companies mentioned

AEP, Ameren and DTE Energy., Calpine, CenterPoint, Consolidated Edison, Dominion Resources, Duke Energy, Energy Future, Entergy, Exelon, FirstEnergy, FPL Group, Pepco Holdings, PG&E, Progress Energy, RRI Energy, Sempra Energy, Southern Company and Xcel Energy,

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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