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【出版时间及名称】：2010年4月澳大利亚电力行业研究报告
【作者】：摩根大通
【文件格式】：pdf
【页数】：30
【目录或简介】：
There are many challenges facing the Australian electricity industry in
the near term, particularly regulatory and political uncertainty.
• With numerous factors influencing investment decisions, we believe the
best placed companies will be those with integrated generation and retail
operations coupled with a strong balance sheet to allow them to fund
future growth opportunities. In our opinion, AGL and Origin are the best
placed of these companies and we retain our Overweight
Recommendations for these stocks.
• Amongst the regulated utilities those that offer diversification and
conservative funding structures should be better placed. We consider
DUET to be the best placed amongst its direct peers.
• Niche players such as APA should benefit from the changing generation
mix that will require additional transmission infrastructure across the
country; this includes possible substantial growth in gas storage capacity
to provide supply on demand to new peaking generation.
• An important industry development that could have a substantial impact
on utilities across the supply chain (from retailer through to the network
owner) is the introduction of smart meters. In this note we examine in
detail possible implications arising from the introduction of smart meters,
the experience overseas, and the potential for new product development
from retailers.
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