Utilities

Mainers will be asked in November if they want to create a public utility to buy out operations of investor-owned Central Maine Power and Versant Power.

Utilities have faced lawsuits following wildfires for their perceived role in the destruction.

"The improved rating outlooks are critical for the Power Authority to ensure that we can continue leveraging the capital markets," said NYPA President and CEO Justin E. Driscoll.

Three utility entities associated with the development of nuclear energy in Georgia have received better rating outlooks from S&P Global Ratings.

The Tennessee Valley Authority has $19 billion of outstanding bonds and provides power to 10 million people.

John Di Stasio, president of the Large Public Power Council, said while the industry faces some pressures, public power systems are stable with growing revenues and healthy cash coverages.

There is a growing likelihood that the July 17 plan of adjustment hearing will be postponed.

Typhoon Mawar's impact on the service area is the rating agency's biggest concern.

The electrical generator provides about 21% of the Puerto Rico Electric Power Authority's electricity and the default's impact on PREPA and PREPA's bankruptcy remain to be seen.

The city north of Detroit says it can't afford to make good on a $24 million debt owed to the Great Lakes Water Authority and in the absence of state help has raised state-approved bankruptcy as an option.

Increasing electric rates to pay the debt would lead to economic contraction, a University of Puerto Rico professor said.

The bondholders and bond insurers submitted four expert reports to support their belief they deserve more money than what's being offered in the PREPA bankruptcy.

The authority will borrow to pay off its debt at about 50 cents on the dollar.

A letter of credit would be used, in part, to help fund a settlement between WAPA and its fuel supplier Vitol.

Two ratings agencies expect AES Puerto Rico to default on Puerto Rico municipal conduit bonds.

The Southern California Public Power Authority plans to price $700 million in revenue bonds for improvements to a 488-mile power transmission system.

At issue is the completion of a WAPA financial settlement with its fuel supplier, Vitol, to which it owes about $278 million.

The authority hopes to have solar and wind provide 30% of the islands' electricity within two years.

The state House Appropriations Committee dropped $3.86 billion from a supplemental spending bill, but its chair said the money is "still in play."

The bill's sponsor pointed to board members' need for expertise.