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IPED Wind Conference: Debt Panel Santa Fe, NM July 26, 2007

IPED Wind Conference: Debt Panel Santa Fe, NM July 26, 2007. The Rating Agency Perspective. Peter Murphy, Director Standard & Poor’s Public Power Sector Spokesperson. Key Issues. Key Issues. Renewable Energy and Global Warming Project Finance issues “System” debt considerations

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IPED Wind Conference: Debt Panel Santa Fe, NM July 26, 2007

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  1. IPED Wind Conference: Debt Panel Santa Fe, NM July 26, 2007 The Rating Agency Perspective. Peter Murphy, Director Standard & Poor’s Public Power Sector Spokesperson

  2. Key Issues

  3. Key Issues • Renewable Energy and Global Warming • Project Finance issues • “System” debt considerations • Standard & Poor’s wind project ratings • Standard & Poor’s Public Power Ratings

  4. Renewable Energy and Global Warming • Genie is out of the bottle. U.S. regulation likely, extent unknown • Cap and Trade, or Carbon Tax • U.S. utilities targeted. Will the pain be shared. • Ratepayers • Clean Coal Technology, Nuclear • Efficiencies, Demand-Side Management, Conservation • Fuel-Switching • The role of renewables? Wind is the leading choice • Renewable Portfolio Standards • Federal Incentives

  5. Project Financings – Key factors • Contract Structure • Legal • Regulatory Local, State, Federal • Counterparty Contractors, Off-takers • Construction • Technology Evolution, and risk • Operations Wind issues, Equipment • Competitive Exposure Regional pricing • Financial Debt Service Coverage

  6. System Financing Reduces Risk • Pledge of all system revenues • Parity with other generation, transmission, and distribution debt • Wind project scale is minimal compared to total

  7. Rated Wind Projects U.S. • Energy Northwest, WA, 9 Canyon Wind (Phase I, II, III) A-/Stable ** • FPL Energy American Wind LLC BBB-/Stable • FPL National Wind LLC BBB-/Stable • FPL Energy National Wind Portfolio LLC BB-/Stable • FPL Wind Funding LLC (Calif, New Mexico) BB-/Stable Europe • Max Two Ltd. (Breeze One) BBB-/Negative • CRC Breeze Finance S.A. (Breeze Two) BBB/Stable • Breeze Finance S.A. (Breeze Three) BBB/Stable • Alte Liebe 1 Ltd. BBB-/Stable ** rating based on 10 public utilities’ system-wide pledge

  8. Public Power is Solidly Investment Grade(ratings as of July 1, 2007) AA+ 1 (0.4%) AA 24 (10.5%) AA- 31 (13.5%) A+ 53 (23.1%) A 37 (16.2%) A- 50 (21.8%) BBB+ 17 (7.4%) BBB 10 (4.4%) BBB- 5 (2.2%) BB+ 1 (0.4%)

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