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Prepared by Masaaki Iizuka.
Top 10 Fortune 500 companies in 2008 in the utility sector that have large operations in electricity business and publish quarterly financial result were reviewed (e.g., Electricite de France (EDF), Enel, Tokyo Electric Power Company (TEPCO), Korea Electric Power Company (KEPCO), and Scottish and Southern Energy). They mainly deal with electricity business, but their operations are diversified. For example, European companies tend to be energy conglomerates, engaging in generation, transmission, and retail of electricity, as well as other energies. Nonetheless, for example, EDF raises its most profits from regulated sectors. Under the current regulation, French wholesale electricity tariffs are regulated not to rise above inflation (Fitch, 2008.)
Due to difference in financial year, the charts only show the sum of EDF, Enel, and KEPCO. However, other companies experience the same developments in their financial year ending in March 2008.
The U.S. sub-index comprises only from electric utility companies, while the EU sub-index includes utility companies and Japanese sub-index includes gas and utility companies.
Utility stocks have typically a low beta, resilient against overall economic volatility, but their correlation with the headline stock indices have been rising since 2006.
Quarterly financial report by the Manila Electric Company (Meralco).
Recent proposals for lowering charges include extending preferential treatment to poor household, capping the recovery rate of system losses, and exempting taxes on the electricity charges.
The ratios (excluding taxes) are 41 percent in France and 52 percent in Germany (J.P. Morgan), while it is 64-65 percent for the Philippines.