Lights Out in Texas: Credit Impact of Recent Power Disruption
Financial losses from the winter storm cause short-term liquidity pressures for utilities; some will cover shortfalls with long-term borrowing.
The fallout of the mid-February winter storm continues to unfold. Major disruptions in the power sector caused utilities to incur substantial losses. Many will seek to cover financial losses with long-term debt to extend cost recovery over many years and mitigate rate shock to customers. Potential litigation and legislation create additional uncertainty.
- What happened: Rolling blackouts initiated as freezing temperatures cause plants to trip offline while demand soared
- Overview of Electric Reliability Council of Texas (ERCOT): How is it governed and what are its principal functions
- Credit impact on local governments and utilities
- How Electric Reliability Council of Texas (ERCOT) will recover losses from market participants
- Potential lawsuits and legislation
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Naomi Richman is a Senior Vice President in Moody's US Public Finance Group. Naomi manages the Surveillance team and Data and Analytics team. She is also responsible for contributing to state and local government analytical initiatives, research and methodologies. Naomi was previously a Managing Director in US Public Finance and Chief Credit Officer for global public sector ratings. Naomi has over 35 years of experience in credit analysis at Moody's, covering state and local governments, housing, higher education, financial guarantors, and global sovereigns.
Prior to joining Moody's, Naomi spent four years with the New York City Department of Finance. Naomi holds an MPP from Harvard University and an AB from Bryn Mawr College.
Gera McGuire is an Associate Managing Director in the Local Governments Ratings Team; located in Dallas, Texas. She manages a team of analysts covering credits in Arkansas, Colorado, Kansas, Louisiana, Missouri, New Mexico, Oklahoma, and Texas. Gera leads multiple analytical and operational projects for the Public Finance Group including heading the training team as the Regional Training Coordinator and as a leader in the Advancement of Customer Service. Gera currently serves on the Board of the Southern Municipal Finance Society as the Education Chair and is a member of the Mentor committee for the Northeast Woman in Public Finance.
Prior to joining Moody’s, Gera was a manager in the private sector and at Texas Scottish Rite Hospital for Children. Gera holds an MPA from the University of North Texas, and a BAAS from The University of North Texas.
Toby Shea is a Vice President - Senior Credit Officer in the Moody’s Global Project & Infrastructure Finance Group. He is responsible for a portfolio of electric and gas utilities.
Prior to joining Moody’s, Toby worked for more than 15 years in the field of credit risk relating to energy and commodities, including Senior Credit Manager at Noble Group, Head of Credit and Portfolio Analytics at RBS Sempra and Director at Standard & Poor’s.
Toby graduated with a B.S. in Chemical Engineering from Johns Hopkins University and M.A. in International Relations from Tufts University’s Fletcher School
Julie Meyer is an Assistant Vice President - Analyst on the Global Project and Infrastructure Finance team at Moody’s and is based in Dallas. Julie covers a diverse portfolio of infrastructure issuers in public power and transportation including airports, toll roads, and seaports as well as project finance issuers. Prior to joining Global Project and Infrastructure Finance, Julie worked on the Moody’s Local Government team covering cities, counties, school districts, municipal utilities, and special districts.
Julie has a BA in Political Science from Washington State University and an MPA from the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin.