Keith Behrens, Dallas-based managing director for Stephens Inc.’s new energy group, noted consistency in the 5% or smaller discount in equity offerings.  He suggested that the more liquid larger-cap companies have been at the low end of the discount range.  If the equity markets slow, possibly driven by soft gas prices, Mr. Behrens believes such discount rates will continue.  However, he is also encouraged by a number of large private-equity raises in recent months. 

“Utilities’ Perfect Storm Bodes Well For Smart Grid,” PowerGrid International (formerly Utility Automation& Engineering T&D), September 2009

The facts described in the summaries have not been independently verified and the opinions expressed are the individual opinions of the authors, and that none of the summaries will be updated if additional facts come to light or if the opinions of the authors change in the future.