報告書番号

Y12019

タイトル（和文）

米国電気事業者の財務パフォーマンスと組織構造―規制事業と非規制事業の売上高比率による影響―

タイトル（英文）

Financial Performances and Organizational Structures of US Electric Utilities- Effects of Sales Ratio between Regulated and Non-regulated Businesses -

概要 （図表や脚注は「報告書全文」に掲載しております）

規制事業と非規制事業の比率が米国の電気事業者の財務パフォーマンスに与えた影響を定量的に評価するとともに，それが事業者の組織構造上どのように区別され管理されているかを調査し，競争環境下における規制事業の位置づけについて考察した。その結果，規制事業と非規制事業の最近の動向ならびにそれが財務パフォーマンスに与えた影響や，個別事業者の組織構造からみた規制事業と非規制事業の位置づけと財務パフォーマンスについて示唆を得た。

概要 （英文）

After the electricity market restructuring lost momentum during and after the California electricity crisis over the period from 2000 to 2001, the U.S. electric utilities have been practicing new corporate strategies, directing them toward core business concentration based upon their experiences of the diversification. Business conditions vary depending on electric utilities because some states implement full retail competition but the others do not, and some regions of firms are operated by ISO/RTO while in the other regions firms maintain vertically integrated corporate structures. This report, based on the recent trend of business strategies and organizational structures of US Investor-owned Utilities (IOUs), analyses their financial performance using the related financial data, and thereby investigates the outcome of their business strategies in terms of sales ratio of regulated and deregulated businesses. The results are summarized as follows. First, from the investigation using the financial data, we found (1) many firms depend on regulated utility business of their revenue alongside the trend of core business concentration, (2) regulated utilities, whose 90% or more revenue come from regulated business, are higher in EBITDA margin, and (3) firms' profitability and financial stability decrease with an increase in the ratio of non-regulated revenue to total revenue. Second, we found major electric utilities managed their organizations by two dimensions; functions of corporate value chain and distinctions between regulated and non-regulated businesses. The results indicated importance of regulated utility business even under the competitive environment.

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