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1、EquityResearch21July2017NorthAmericaPower&UtilitiesINDUSTRYUPDATEUPDATE:Q22017QuarterlyEarningsNorthAmericaAlternativeEnergy&PreviewEnvironmentalServicesNEUTRALUpdate:Thisversionshowscorrect2017estimatesinFigure1.ItreplacesQ22017UnchangedQuarterlyEarningsPreview,originallypublishedon7/21/
2、17at04:10GMT.RegulatedUtilities:Onaverage,weareinlinewithconsensus,lookingforaflatNorthAmericaPower&Utilitiescomparisonof2Qearningstotheyear-agoperiod;however,therearesomecompany-NEUTRALspecificestimateswherewedifferfromconsensus.PositivevariancestoconsensusUnchangedincludeAEE,NEE,PCG,SCG
3、andSRE.NegativevariancestoconsensusincludeAEP,DUK,EMA-T,andPOR.CompaniesthatcouldraiseEPSguidanceorpointtotheupper-Forafulllistofourratings,pricetargetandearningschangesinthisreport,pleaseseeendofarangeareDTE,EIX,NI,andPPL.Wedon’texpectanycompaniestolowertableonpage2.guidance.Wearelooking
4、forupdatesfromCNP(ENBLownershipoptions),SOandSCG(nuclearconstructionandToshiba),FE(exitingmerchantgenerationandassetNorthAmericaPower&Utilitiessales),andprojectupdatesfromD(CovePoint),ES(NorthernPass)andSREDanielFord,CFA(Cameron).Wealsoexpectcompaniestodiscussprospectsforbaseloadgeneratio
5、n+12125260836subsidies,gridmodernizationinvestmentopportunitiesandcybersecurity.daniel.x.ford@barclays.comPower:Forpowerweseeweatherworseyearoveryearinthesouthcentralregion,BCI,USwhichmightbemutedaswedon’tseeasimilarstrongwindresourceinERCOTthisRossA.Fowler,CFAJuneversusJune2016.Weatherwa
6、ssignificantlybetterinCalifornia,howeverthe+12125263432positiveimpactislikelytobemutedduetomarkedlybetterhydroyearonyear.Overallross.a.fowler@barclays.comweseeadjustedEBITDA~7%belowcurrentconsensusestimatesanddown~15%yearBCI,USoveryear,forbothNRGEnergyduetotheGenOndeconsolidationandforVis
7、traEnergyusinganotdirectlycomparablepredecessorTCEHadjustedEBITDAforQ2’16.WeGreggOrrilldon’tanticipatemanagementwillneedtoupdate2017guidanceranges,saveforNRG+12125260865providinganupdateforachievableportionsofthetransformationplanannouncedongregg.orrill@barclays.com
