【出版时间及名称】：2009年12月美国电力行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PDF
        【页数】：33
        【目录或简介】：
Table of Contents
Diversified Utilities: Performance Driven by Commodity Leverage …………… 3
Stocks are commodity driven, tracking performance of power & gas …because power prices are the key
driver of earnings expectations.
Stock Picks: Overweights Have Strong Risk/Reward Profiles, with Economic Leverage …………… 4
Industry Debates Summary …………… 5
New Coverage …………… 6
Constellation Energy: Stock Looks Modestly Undervalued: Risks Include Cash Redeployment Risk and Exposure to
Competitive Supply Business.
Dominion Resources: Fairly Valued; Stable earnings, but lower leverage to a Recovery
PPL Corp: Hedges Secure Near-Term Cash Flows, But Stock Trades Near Fair Value
FirstEnergy: Longer Term EPS Outlook Supports A Higher Valuation
Valuation …………… 25