US, Canadian utilities raise $2.38B in April; YTD total reaches $51.97B

US and Canadian electric, gas and water utilities, power producers and energy traders raised approximately $2.38 billion of securities in April, bringing year-to-date capital raises to $51.97 billion, according to data compiled by S&P Global Market Intelligence.

Year to date, the sector's total includes $50.08 billion in senior debt, $740 million in common equity, $650 million in preferred equity and $500 million in subordinated debt.

As of April 30, electric utilities raised $37.18 billion, multi-utilities raised $6.39 billion, renewable electricity producers raised $4.48 billion, gas utilities raised $3.93 billion, and independent power producers and energy traders raised $2 million.

In April, the sector completed four senior debt transactions. Charlotte, NC-headquartered Duke Energy Corp. had the largest offering for the month with the issuance of $1.725 billion of 4.125% convertible senior notes due 2026, including $225 million of convertible notes to cover overallotments. The company plans to use net proceeds to repay a portion of its commercial paper and for general corporate purposes.

WEC Energy Group Inc. sold $350 million of 4.75% senior notes due 2026 to repay short-term debt and for other general corporate purposes. Evergy Inc. subsidiary Evergy Metro Inc. issued $300 million of 4.95% series 2023 mortgage bonds due 2033 to repay debt incurred under the company's commercial paper borrowing.

– 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 April 28, the S&P 500 Utilities index logged a negative return of 3.2% compared to the broader S&P 500 index, which slipped 1.1%.

S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro.