Pipelines and storage facilities generate the most reliable cash flow in the energy business. Revenue depends on fees for service, which are unaffected by energy price swings and often are owed even if no energy is shipped. Buckeye Partners LP (NYSE: BPL) goes one better. Read More

Carbon free and, above all, paid for, existing nuclear plants are among the most prized assets in the power business. And no US utility owns more of them than Exelon Corp (NYSE: EXC), with 17 reactors. Read More

Only one How They Rate company cut distributions last month. Dominion Resources Black Warrior Trust’s (NYSE: DOM) second quarter payout is just 35.9 cents a share, down from 57.9 cents the prior quarter and 71 cents a year ago. New on the Watch List is Unitil Corp (NYSE: UTL). Read More

A growing number of companies are issuing equity at non-dilutive prices. Only a handful of companies, such as Constellation Energy (NYSE: CEG), still have significant near-term refinancing needs. And, as How They Rate shows, despite the worst credit crisis in 80 years most utes’ first quarter interest expense was only slightly above last year’s. Read More

In a market paralyzed by credit fears and the worst recession in 80 years, quality has been critical. Even utilities with low debt and resilient revenue have had ups and downs. They have, however, vastly outperformed companies with hefty debt, vulnerable revenue and stingy regulators, and particularly those cutting distributions. Read More

Including hydro power, renewable resources contributed just 9 percent of US power generation in 2008, only 3 percent without hydro. Getting to 20 percent by 2020 would require a Herculean effort of time and money. And that’s if overall US demand weren’t expected to grow another 10 percent by then, a forecast that assumes dramatic efficiency gains. Read More

In decades past, utility stocks moved in lockstep. In stark contrast, successful investing today depends on consistently separating the wheat from the chaff. Withstanding the worst recession in decades was the great differentiator the past two years. Ability to benefit from inflation will likely be the key to the next two. Read More

In good times, it’s natural to seek investments that will grow the fastest. Conversely, tough times like these bring out investors’ impulse to flee to the safest bets. The trouble is, nothing is 100 percent safe under all circumstances. And even pinpointing the highest percentage investments can be a chore when the economy is apparently shrinking and credit markets are still recovering from their deepest freeze in decades. Read More

Nuclear power has been able to increase output by 20.3 percent since 1995 on sheer efficiency gains alone. That was enough to actually increase its absolute share of America’s power output at a time of sharply rising use. The bottom line: Existing nuclear power plants are no longer albatrosses on companies’ balance sheets, as they were in the last decade. In fact, with carbon regulation on the way, they’re arguably the most valuable assets in the power industry. Read More

Although those who didn’t refinance earlier this year are no doubt kicking themselves, the jump in the 10-year has had basically no impact to date on other income investments. Rather, we’ve seen a surge in high-quality utilities, limited partnerships (LP) and even corporate issued fixed income that’s actually moved in tandem with the selloff in Treasury paper. Read More