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c. Table 42 Standard & Poor's Credit Ratings for Merchant Generation Companies Merchant Generation Company NRGEnergy, Inc. CRnOn Energy Inc (fka RRI Energy) Calpine Coiy. GenOn Energy Holdings Inc (&a Mirant) Dynegy, Inc. Value-weighted Portfolio Average Soiirres a i d Notes" S&P Credit Rating P I BB B B B B 5-Year Awrage Long-Term Debt Corporate BondYield [I] -[3] Debt-to-Equity Ratio Credit ratings, average long-term debt, and corporate bond yield as of 4/25/201 I from Blooinberg (201I). Table 43 shows the 5-year average debt-to-equity ratio for each merchant generation company that we examine, as reported in each company's anriual 10-IC report. Table 43 5-Year Average Debt-to-Equity Ratios Debt/EQuity Ratio 59/41 41/59 67/33 38/62 66/34 d. Estiiizated After-Tax Weighted-Average Cost of Capital We estimate the ATWAAC using ROE and cost of debt estimated for each company in Sections V1.C.1.a - b, as well as the debt-to-equity ratio and corporate tax rate reported by each company. The cost of capital is the weighted average of the cost of equity and the cost of debt.49 To calculate ATWACC, interest is a tax deductible expense for corporations so the after-tax cost is discounted by (1- tax rate). Table 44 shows a summary of these results for each of the merchant generating companies we examined along with the value-weighted average across the portfolio. Table 44also shows the average and median of ATWAAC values. 49 Brealey, etnl.(201l),p.216. NRGEnergy Inc GenOn Energy Inc (fka RRI Energy) Calpine Corp GenOn Energy Holdings Inc (fka Mirant) Dynegy Inc Value-weighted Portfolio Average 56/44 5-year average debt-to-equity ratio froiii annual 10-K reports, and Soiirces arid Notes downloaded from Blooinberg (201 1). 38 (h) PA) PI [31 $8,847 7.0% $2,683 8.5% $10,062 8.5% $2,848 8.5% $5,149 8.5% 8.1%PDF Image | THE APPLICATION OF KENTUCKY POWER
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