This Data Dispatch will be updated throughout 2021 to tally capital offerings in the U.S. utilities industry. Click here for a spreadsheet listing all utility capital offerings since January 2009.

The U.S. electric, gas and water utilities raised a total of $11.53 billion in capital in May, bringing the total year-to-date capital raises in 2021 to $47.81 billion, according to data compiled by S&P Global Market Intelligence. The U.S. utility sector's capital raises in the same period of 2020 were $56.09 billion.

As of May 31, U.S. utilities have raised $38.68 billion in senior debt, $5.45 billion in common equity, $2.34 billion in preferred equity and $1.29 billion in subordinated debt.

In May, the utility sector raised $6.33 billion in senior debt from 11 transactions. The largest senior debt offerings came from Vistra Corp. subsidiary Vistra Operations Co. LLC and NextEra Energy Inc. subsidiary Florida Power & Light Co., or FPL.

Vistra Operations completed an offering of $1.25 billion of 4.375% notes due 2029 to repay amounts outstanding under its $1.25 billion, 364-day term loan and to pay offering-related fees and expenses.

FPL sold $1 billion of floating-rate notes due May 10, 2023, for general corporate purposes, including the repayment of a part of its outstanding commercial paper obligations.

Southern Co. issued $1 billion of 3.75% series 2021A fixed-to-fixed reset rate junior subordinated notes due 2051 for the proposed redemption of $1.5 billion of 2.35% senior notes due July 1.

Elsewhere, Avangrid Inc. sold $4 billion worth of its common stock to fund its acquisition of PNM Resources Inc. Avangrid's parent company, Iberdrola SA purchased $3.26 billion worth the company's common shares, while a unit of sovereign wealth fund Qatar Investment Authority purchased the remaining $740 million worth of stock. The shares were sold at $51.40 apiece in private placements.