S&P discusses what factors will affect how hard utilities are hit by Europe's strict limits on carbon emissions

Following on from Moorgate’s news release last week, Michael Wilkins, Managing Director for Infrastructure Finance Ratings at Standard & Poor’s, writes for Infrastructure Journal that the impact on credit quality associated with carbon exposure will vary markedly between high and low emitters of CO2. Where utilities fall along this continuum will depend on, among other things, the auction price of EUAs, world events affecting energy supply and policy, individual countries policies on emissions, and companies’ own current energy mix and dependence on different fuels.

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