US and Canadian electric, gas and water utilities, power producers and energy traders raised approximately $21.75 billion of securities in May, bringing year-to-date capital raises to $74.44 billion, according to data compiled by S&P Global Market Intelligence.

Year to date, the sector's total includes $71.66 billion in senior debt, $1.35 billion in subordinated debt, $780 million in common equity and $650 million in preferred equity.

As of May 31, electric utilities had raised $51.86 billion this year, multi-utilities raised $9.64 billion, natural gas utilities raised $6.32 billion, renewable electricity producers raised $4.52 billion, and independent power producers and energy traders raised $2.10 billion.

In May, the sector completed 34 senior debt transactions. Florida Power & Light Co. had the largest debt issuance for the month at $2.5 billion. The NextEra Energy Inc. subsidiary sold $500 million of 4.45% notes due 2026, $750 million of 4.40% first mortgage bonds due 2028, $500 million of 4.625% first mortgage bonds due 2030 and $750 million of 4.80% first mortgage bonds due 2033.

The utility plans to use net proceeds for general corporate purposes, including the repayment of its commercial paper obligations, short-term debt, repaying, redeeming or repurchasing outstanding debt, financing acquisitions or construction, and funding capital improvements and maintenance of existing facilities.

Georgia Power Co. issued $1.75 billion of senior notes, comprising $750 million of series 2023 A 4.65% notes due 2028 and $1 billion of series 2023 B 4.95% notes due 2033. The Southern Co. subsidiary plans to use the proceeds to repay all or a portion of $250 million outstanding under an uncommitted credit facility, its $810 million commercial paper borrowings and for general corporate purposes, including its continuous construction program.

FirstEnergy Corp. had the largest single issuance with the sale of $1.5 billion of 4% convertible senior notes due 2026. The company plans to use the proceeds to refinance existing debt, to fund its qualified pension plan and for general corporate purposes.

Other notable issuers for the month included Talen Energy Corp., which emerged from Chapter 11 bankruptcy proceeding, and Edison International subsidiary Southern California Edison Co.

– 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 May 31, the S&P 500 Utilities index logged a negative return of 10% compared to the broader S&P 500 index, which was up 2.9%.

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