Utilities cut apron strings


The withdrawal of support by US energy company TXU Corp for its UK subsidiary TXU Europe has heightened investor awareness about the issue of parental support and what such backing is actually worth. Neither parental support nor the long-term ownership of the assets should be taken for granted, say analysts.

“It is still very difficult to assess the true value of parental support from electricity companies, such as E.on, RWE and Electricité de France (EdF),” says Monika Gmuer, fixed income, UBS

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