Energy Harbor Receives Investment Grade Rating from Moody’s.
Akron, Ohio, February 28, 2020 – Energy Harbor Corp. announced today that the company has received a Baa3 rating with a Stable outlook from Moody’s Investor Service. Moody’s report stated, “The Baa3 rating reflects Energy Harbor’s stable cash flow generated from power sales and capacity revenue in PJM as well as the Clean Air Credit revenue for its nuclear power plants in Ohio.” In addition, Moody’s added “Medium term, greater than 95% of Energy Harbor’s cash flow is ‘carbon-free’. In addition, over 60% of its cash flow is derived from its visible and carbon free clean air credits and retail business, with an additional 35% from its inherently carbon free nuclear assets. Thus, Moody’s views Energy Harbor’s carbon transition risk to be low, benefiting the company’s overall risk profile.”
John Kiani, executive chairman of Energy Harbor said, “We are grateful that Moody’s appreciates Energy Harbor’s low leverage, visible cash flow and low carbon footprint.” We expect to set the independent power industry standard in balance sheet strength, cash flow quality and visibility. An investment grade rating is critical to maximizing the value of our scarce and predictable attributes for all stakeholders.”
Energy Harbor is a financially secure independent power producer and fully integrated retail energy provider focused on safe and best-in-class operations and financial performance. With its fleet of reliable generating resources, including substantial carbon-free generation, Energy Harbor is well positioned for long-term value creation and competitiveness in a low-carbon future and is focused on enabling a growing customer and stakeholder base to meet their environmental, social and sustainability goals.
Forward Looking Statements and Further Information
This press release contains “forward-looking statements.” All statements, other than statements of historical facts, that are included in this press release that address activities, events, or developments that Energy Harbor Corp. (the “Company”) expects or anticipates to occur in the future (often, but not always, through the use of words or phrases such as “intends,” “plans,” “will likely result,” “are expected to,” “could” and “will continue”), are forward-looking statements. Although the Company believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and is qualified in its entirety by reference to the discussion of risk factors under “Risk Factors” contained in the Disclosure Statement of FirstEnergy Solutions Corp. filed with the Bankruptcy Court on May 30, 2019, which will be available on the Investor Website (as described below) and the following important factors, among others, that could cause the Company’s actual results to differ materially from those projected in such forward-looking statements: the actions and decisions of regulatory authorities; economic conditions and power pricing within the Company’s territories and markets; the Company’s ability to accomplish or realize anticipated benefits from strategic and financial goals; the uncertainties associated with the deactivation of remaining commodity-based generating units, including the impact on vendor commitments, and as it relates to the reliability of the transmission grid, the timing thereof; the risks and uncertainties associated with litigation, arbitration, mediation and like proceedings, including with respect to the timing and amounts of the capital expenditures that may arise in connection with any such proceedings; changes in customers’ demand for power; and weather conditions affecting future sales, margins and operations.
Any forward-looking statement included in this press release speaks only as of the date hereof, and except as may be required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for the Company to predict all of them; nor can the Company assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.
Further information regarding the Company will be available at www.energyharbor.com under the heading www.energyharbor.com/ir (the “Investor Website”). The Company advises that holders of the Company’s securities should review all available information before making any decisions whether to buy or sell any of the Company’s securities. Any information in any materials posted on the Investor Website in the future will automatically update and, where applicable, modify or supersede the information contained in this press release and any other information previously posted on the Investor Website.