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Unregulated Power and Project Finance - North America: PJM Merchant Generation Facing Refinancing Risk

INFRASTRUCTURE AND PROJECT FINANCE SECTOR IN-DEPTH 21 April 2017 TABLE OF CONTENTS Refinancing risk for merchant coal is more severe, as debt repayment has been limited 2 Low natural gas prices have made coal-fired generation less competitive 3 New 20 GWs of gas-fired capacity coming online in 2017-2020 worsens competitive landscape for coal-fired generation 5 Debt restructurings and some alternat
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Moody's Investors Service

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