Table of Contents
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- European Utilities Key Player Profile: Edison
- Key Player Scorecard examines 31 leading utilities drawn from across
Europe' s competitive arenas
- Key Players dominate power generation capacity market share in the
Wmed competitive arena
- Key Players dominate power generation output market share in the Wmed
and CEE competitive arenas
- Despite ongoing industry consolidation, in no competitive arenas do
Key Players dominate power supply volume market share
- Despite ongoing industry consolidation, in no competitive arenas do
Key Players dominate gas volume market share
- The Key Player Scorecard assesses utilities across four pillars:
Performance, Scale, Growth and Exposure
- The Performance pillar combines 5 financial metrics to measure
business performance
- The Scale pillar combines financial and operational metrics to measure
the size of a utility
- The Growth pillar measures the rate of growth of a utility' s financial
and energy resources
- The Exposure pillar combines both operational and financial
measurements of risk
- Edison scores 24.7/100 on Datamonitor' s European Utility Scorecard and
ranks 27 out of the 31 Key Players covered
- Edison underperforms the Key Player average in each of the four pillars
- Edison achieves an overall ranking of 27, with a utility score of 24.7
- Edison scores higher in Performance and Growth, but less so in
Exposure and Scale
- Edison underperforms, yet with an average level of risk
- Edison underperforms the Key Player average and the top ten utilities
in both Scale and Growth
- Edison' s Performance ranking of 25 is lifted only slightly by an above
average operating profit margin
- Edison' s weakest Performance metrics are return on fixed assets and
return on investment
- Edison underperforms the Key Player average in return on sales and
fixed assets, and operating profit margin
- Edison also scores below the Key Player average on return on
investment and energy volume
- Edison underperforms the Key Player average in Scale, with a rank of 21
- In Scale, Edison ranks 21 with a score of 1.6
- In terms of generation capacity Edison ranks 16, with 6.6 GW
- Edison' s gas supply volume is 1.25 times its power supply volume,
making it one of the most balanced integrated utilities
- Edison has a less than one percent share of Key Player power customers
- At 53 TWh, Edison ranks 13 in terms of power volume
- Edison supplies less than one percent of Key Player gas customers
- Edison lags the Key Player average in terms of gas volume, with a rank
of 14
- Edison ranks 19 and 22 in terms of revenue and net income respectively
- Edison' s low Growth ranking of 27 is due to underperformance in all but
profit growth
- Edison' s profit growth ranks 6 amongst all Key Players
- Edison' s price earnings ratio is just above the Key Player median
- From 2001 to 2005, Edison' s annual profit growth (28.6%) far exceeded
its revenue growth (8.4%)
- Edison' s operating cash flow (-55.2%) and gas supply volume (-38.1%)
have declined dramatically from 2004 to 2005
- Edison' s Exposure ranking of 22 can be attributed to high debt leverage
and very poor operating cash flow growth
- But for its gas NTR, Edison lags the Key Player average on Exposure
metrics
- Edison' s gas supply obligations outweigh its gas equity position,
resulting in a gas NTR of -85%
- Edison' s power NTR deficit of -36.6% results in a rank of 20
- Edison is more highly leveraged than many top ten utilities
- Edison has a debt to equity ratio of 154.2%
- Edison' s operating cash flow has declined at twice the rate of its
energy volume
- Edison' s operations are centred in Italy
- Gas is the main source of Edison' s power generation capacity, followed
by hydro power
- Edison' s power customers are in Italy, and the company a less than one
percent market share of Key Player power customers
- Edison focuses on large customers and wholesale markets, resulting in
a small market share of Key Player gas customers
- APPENDIX
- Databook
- Definitions
- Definitions
- List of Tables
- Table 1: The Key Players are drawn from across a diverse range of
markets
- Table 2: The Performance pillar combines 5 financial metrics to
measure business performance
- Table 3: The Scale pillar combines financial and operational metrics
to measure the size of a utility
- Table 4: The Growth pillar measures the rate of growth of a utility' s
financial and energy resources
- Table 5: The Exposure pillar combines both operational and financial
measurements of risk
- Table 6: Edison scores 24.7/100 on Datamonitor' s European Utility
Scorecard and ranks 27 out of the 31 Key Players covered
- Table 7: Edison lags the average score in each pillar
- Table 8: Edison scores 1.6/25 on the Scale pillar, and ranks 21 out of
31 on this measurement
- Table 9: Edison scores 6.6/25 on the Growth pillar, and ranks 27 out
of 31 on this measurement
- Table 10: Edison scores 8.2/25 on the Exposure pillar, and ranks 22
out of 31 on this measurement
- Table 11: Edison' s Performance ranking of 25 is lifted only slightly
by an above average operating profit margin
- Table 12: Edison underperforms the Key Player average in Scale, with a
rank of 21
- Table 13: Edison' s low Growth ranking of 27 is due to underperformance
in all but profit growth
- Table 14: Edison' s Exposure ranking of 22 can be attributed to high
debt leverage and very poor operating cash flow growth
- Table 15: Return on fixed assets
- Table 16: Return on sales
- Table 17: Operating profit margin
- Table 18: Return on energy volume
- Table 19: Return on investment
- Table 20: Generation Capacity / EU25 market total
- Table 21: Power Supply Volume / EU25 market total
- Table 22: Gas Supply Volume / EU25 market total
- Table 23: Net income / Net income of 94 leading utilities
- Table 24: Revenue / Revenue of 94 leading utilities
- Table 25: Revenue growth, 2001-2005 CAGR
- Table 26: Profit growth, 2001-2005 CAGR
- Table 27: Growth in operating cash flow, 2004 to 2005
- Table 28: Gas supply volume growth, 2004-2005
- Table 29: Growth in power supply volume, 2004 to 2005
- Table 30: Power NTR / Power supply volume
- Table 31: Gas NTR / Gas supply volume
- Table 32: Debt leverage
- Table 33: Growth in operational cash flow - Growth in energy volume
- List of Figures
- Figure 1: Datamonitor' s Key Player Scorecard examines 31 leading
utilities drawn from across Europe' s competitive arenas
- Figure 2: Key Players dominate power generation capacity market share
in the Wmed competitive arena
- Figure 3: Key Players dominate power generation output market share in
the Wmed and CEE competitive arenas
- Figure 4: Despite ongoing industry consolidation, in no competitive
arenas do Key Players dominate power supply volume market share
- Figure 5: Despite ongoing industry consolidation, in no competitive
arenas do Key Players dominate gas volume market share
- Figure 6: Edison achieves an overall ranking of 27, with a utility
score of 24.7
- Figure 7: Edison scores higher in Performance and Growth, but less so
in Exposure and Scale
- Figure 8: Edison underperforms, yet with an average level of risk
- Figure 9: Edison underperforms the Key Player average and the top ten
utilities in both Scale and Growth
- Figure 10: Edison' s weakest Performance metrics are return on fixed
assets and return on investment
- Figure 11: Edison underperforms the Key Player average in return on
sales and fixed assets, and operating profit margin
- Figure 12: Edison also scores below the Key Player average on return
on investment and energy volume
- Figure 13: In Scale, Edison ranks 21 with a score of 1.6
- Figure 14: In terms of generation capacity Edison ranks 16, with 6.6 GW
- Figure 15: Edison' s gas supply volume is 1.25 times its power supply
volume, making it one of the most balanced integrated utilities
- Figure 16: Edison has a less than one percent share of Key Player
power customers
- Figure 17: At 53 TWh, Edison ranks 13 in terms of power volume
- Figure 18: Edison supplies less than one percent of Key Player gas
customers
- Figure 19: Edison lags the Key Player average in terms of gas volume,
with a rank of 14
- Figure 20: Edison ranks 19 and 22 in terms of revenue and net income
respectively
- Figure 21: Edison' s profit growth ranks 6 amongst all Key Players
- Figure 22: Edison' s price earnings ratio is just above the Key Player
median
- Figure 23: From 2001 to 2005, Edison' s annual profit growth (28.6%)
far exceeded its revenue growth (8.4%)
- Figure 24: Edison' s operating cash flow (-55.2%) and gas supply volume
(-38.1%) have declined dramatically from 2004 to 2005
- Figure 25: But for its gas NTR, Edison lags the Key Player average on
Exposure metrics
- Figure 26: Edison' s gas supply obligations outweigh its gas equity
position, resulting in a gas NTR of -85%
- Figure 27: Edison' s power NTR deficit of -36.6% results in a rank of 20
- Figure 28: Edison is more highly leveraged than many top ten utilities
- Figure 29: Edison has a debt to equity ratio of 154.2%
- Figure 30: Edison' s operating cash flow has declined at twice the rate
of its energy volume
- Figure 31: Gas is the main source of Edison' s power generation
capacity, followed by hydro power
- Figure 32: Edison' s power customers are in Italy, and the company a
less than one percent market share of Key Player power customers
- Figure 33: Edison focuses on large customers and wholesale markets,
resulting in a small market share of Key Player gas customers
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