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The Journal of Structured Finance

The Journal of Structured Finance

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Primary Article

Financing Merchant Power

A Backward-Looking Analysis

James F. Guidera, Daniel Gal and Vincent Damas
The Journal of Structured Finance Fall 2001, 7 (3) 5-16; DOI: https://doi.org/10.3905/jsf.2001.320253
James F. Guidera
Senior vice president, head of Project Finance Group at Credit Lyonnais Americas in New York, NY. He may be contacted at
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  • For correspondence: guidera@clamericas.com
Daniel Gal
An associate, Project Finance Group at Credit Lyonnais Americas in New York, NY. He may be contacted at
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  • For correspondence: daniel.gal@clamericas.com
Vincent Damas
A graduate of L'Ecole Polytechnique and is a graduate degree candidate at ENAS in Paris, France.
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Abstract

Over the past two years, credit analyses for merchant power projects necessarily have focused on market analyses provided by consultants and financial projections have depended heavily on consultants' forecasts of power prices. Now that three summers of market experience are available from most U.S. regional markets, fairly reliable correlations have become observable between power prices and fuel prices, weather, forward markets, market heat-rate averages, and the like that are more useful in analyzing the prospects for merchant projects than mere price forecasts. This article takes a backward-looking tour of four U.S. power markets and attempts to point out several correlations and trends that have positive as well as negative implications for financings and investment in merchant power assets.

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The Journal of Structured Finance
Vol. 7, Issue 3
Fall 2001
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Financing Merchant Power
James F. Guidera, Daniel Gal, Vincent Damas
The Journal of Structured Finance Oct 2001, 7 (3) 5-16; DOI: 10.3905/jsf.2001.320253

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Financing Merchant Power
James F. Guidera, Daniel Gal, Vincent Damas
The Journal of Structured Finance Oct 2001, 7 (3) 5-16; DOI: 10.3905/jsf.2001.320253
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