S&P puts Granite Generation on watch

S&P said it placed all its Granite Generation LLC ratings on CreditWatch with negative implications, citing lower power market prices, including for the Pennsylvania-Jersey-Maryland Interconnection.

“We placed our ratings on Granite Generation on CreditWatch with negative implications to reflect the possibility that we will downgrade the company in the coming weeks because we lowered our future clearing price assumptions in select capacity markets, including the PJM. Our assumptions for capacity prices in the 2023/2024 delivery year are $45 per megawatt day (/MW-day; compares with our previous forecast for $90/MW-day) for PJM RTO, $45/MW-day ($125/MW-day) for ComEd, and $80/MW-day ($120/MW-day) for MAAC,” the agency said in a press release.

S&P said it anticipates resolving the CreditWatch in the coming weeks when it has a clearer idea of how the lower capacity price assumptions will affect the company's credit metrics.

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