US and Canadian electric, gas and water utilities, power producers and energy traders raised approximately $17.08 billion of securities in March, bringing year-to-date capital raises to $49.44 billion, according to data compiled by S&P Global Market Intelligence.

Year to date, the sector's total includes $47.71 billion in senior debt, $650 million in preferred equity, $580 million in common equity and $500 million in subordinated debt.

As of March 31, electric utilities raised $35.15 billion, multi-utilities raised $6.04 billion, renewable electricity producers raised $4.32 billion, gas utilities raised $3.93 billion, and independent power producers and energy traders raised $2 million.

In March, the sector completed 34 senior debt transactions. Dominion Energy Virginia issued $1.5 billion of senior notes, comprising $750 million of 2023 series A 5% notes due 2033 and $750 million of 2023 series B 5.45% notes due 2053. The Dominion Energy Inc. subsidiary plans to use proceeds for general corporate purposes and to repay short-term debt. Dominion Energy Virginia is legally known as Virginia Electric and Power Co.

Duke Energy Progress LLC sold $1 billion of first mortgage bonds, comprising $500 million of 5.25% bonds due 2033 and $500 million of 5.35% bonds due 2053. The Duke Energy Corp. utility plans to use the net proceeds to repay at maturity its $300 million of 3.375% bonds due 2023 to pay a portion of its short-term debt under its money-pool borrowing arrangement with parent company Duke Energy and for general corporate purposes.

Public Service Enterprise Group Inc. subsidiary Public Service Electric and Gas Co. issued $400 million of 5.125% series P secured medium-term notes due 2053 and $500 million of 4.650% series P secured medium-term notes due 2033. Proceeds will be used to finance or refinance, in whole or in part, new or existing eligible projects.

Other notable issuers for the month included Xcel Energy Inc. subsidiary Public Service Co. of Colorado, PG&E Corp. utility Pacific Gas and Electric Co. and NiSource Inc.

– Download a spreadsheet of historical power and gas utilities capital offerings. – Download an excel template on the global energy aggregate debt maturity profile. – Analyze more deals and capital raises with the transactions statistics page.

Year to date through March 31, the S&P 500 Utilities index logged a negative return of 6.2% compared to the broader S&P 500 index, which was down 7.7%.

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