This Data Dispatch will be updated throughout 2022 to tally capital offerings in the U.S. utilities industry. Click here for a spreadsheet listing all utility capital offerings since January 2009.

U.S. electric, gas and water utilities, power producers and energy traders raised a total of $13.68 billion in March, bringing total year-to-date capital raises to $25.97 billion, according to data compiled by S&P Global Market Intelligence. The sector raised $36.23 billion in capital year-to-date in March 2021.

The total included $24.38 billion in senior debt, $810 million in subordinated debt and $780 million in common equity.

As of March 31, U.S. electric utilities raised $18.93 billion, multi-utilities raised $2.78 billion, gas utilities raised $2.48 billion and renewable electricity producers raised $1.78 billion. A year ago, electric utilities raised $21.83 billion, multi-utilities raised $2.94 billion, gas utilities raised $8.14 billion and renewable electricity producers raised $4.17 billion.

In March, the sector completed 24 senior debt transactions. The largest offering for the month came from Exelon Corp., which issued $2 billion in securities to help repay its $1.15 billion of 3.497% junior subordinated notes due June 1, with the remainder to be used for general corporate purposes. The securities comprised $650 million of 2.750% notes due 2027, $650 million of 3.350% notes due 2032 and $700 million of 4.10% notes due 2052.

NextEra Energy Capital Holdings Inc. sold $1.78 billion in securities to fund investments and other general corporate purposes. The NextEra Energy Inc. subsidiary issued $275 million of 4.30% debentures due 2062, $1.1 billion of 2.94% debentures due 2024 and $400 million of floating-rate debentures due 2024.

Sempra issued $750 million of 3.30% notes due 2025 and $500 million of 3.70% notes due 2029 for general corporate purposes, including repaying commercial paper and other debt.

Duke Energy Corp. subsidiary Duke Energy Carolinas LLC sold $500 million of 2.85% bonds due 2032 and $650 million of 3.55% bonds due 2052 to finance or refinance, in whole or in part, new eligible projects in the U.S.

Other notable debt issuers during the month included San Diego Gas & Electric Co., Southern California Gas Co., Duke Energy Progress LLC and Alabama Power Co.

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