CPS Energy trustee raises concerns about 2024 financial targets

  • 📰 SAReport
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 63%

Energy Energy Headlines News

Energy Energy Latest News,Energy Energy Headlines

“Because long-established goals aren’t being reached, the goalposts are simply being moved closer — and this is how our company begins to slide into mediocrity,” CPS Energy Trustee John Steen said.

by Moody’s Investors Service, although it also changed CPS Energy’s outlook from negative to stable.

Following staff presentations Monday, Steen drew attention to two target revisions regarding the utility’s financials: how many days of cash on hand CPS Energy should have at the end of the fiscal year and what percentage it should stay below for debt capitalization. Last fiscal year, CPS Energy tried to make sure it had at least 170 days of cash on hand, and stayed below 61.7% for its debt capitalization. It ended the year with 166 days of cash on hand and a debt capitalization of 61.8%. According to Monday’s presentation, the utility is setting its new goal for days cash on hand to 150, and its new debt capitalization goal at below 65%.

CPS Energy staff and Gonzalez disagreed with Steen’s concerns and said the shift in metrics is to bring CPS Energy more in line with industry standards. Gonzalez’s position was backed by CPS Energy staff, who reiterated that changing the metrics doesn’t indicate the utility is less financially sound.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 252. in ENERGY

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How to keep your cool and save money even as summer heats up demand for ACCPS Energy’s color-coded conservation levels let San Antonians know what they should be doing to help the state’s power grid keep up with summer demand.
Source: ExpressNews - 🏆 519. / 51 Read more »