Forbes
Utilities that rely on nuclear fleets and speculative coal plants are most vulnerable to the solar-powered “death spiral” roiling the electric industry, Morningstar MORN +0.64% analysts conclude in a report to institutional investors.
Utilities such as Exelon and Dynegy will suffer most as centralized power generation loses value to competitive solar installed by customers at home, according to Morningstar’s “Utilities Observer” report for February. Heavily regulated utilities like Pinnacle West PNW -0.46%parent of Arizona Public Service, are also vulnerable in places where regulators have only begun to address the competitive threat from distributed generation.
The Morningstar report begins with a warning to investors:
