Power companies in the U.K. and Europe increasingly are looking at the asset-backed market with an eye to raising cash by securitizing customer revenues or other esoteric receivables such as stranded costs and nuclear decommissioning costs, according to London-based bankers and analysts. "Securitization is on the agenda for most power companies," notes one ABS banker. Greg Taylor, analyst at Moody's Investors Services, says the rating agency has been approached by power companies across Europe seeking to execute future-flow and whole-business backed securitizations. He declined to reveal the companies that are pursuing this funding avenue.
May 12, 2002