Dahlman Initiates Coverage On Hybrid Utilities

Dahlman Rose has initiated coverage on the domestic hybrid electric utility sector and remains cautious. In the report, Dahlman Rose writes "We are initiating coverage of domestic hybrid electric utilities – companies with both regulated service territories and merchant generating fleets. We form much of the background of our initiation from our existing coverage of the domestic coal mining sector. We believe that having coal mining under coverage gives us a unique perspective regarding the outlook for deregulated power prices and the valuation of merchant generating fleets." Companies related to this report include: NextEra Energy

Buy, Constellation Energy

Hold, Edison International

Hold, Entergy Corp.

Hold, Exelon Corp.

Hold, Public Service Enterprise Group

Hold.