| Liquidity
With the exception of equity issuances to fund the dividend reinvestment plan and other internal plans, the Company does not expect the issuance of any other common equity in the foreseeable future. It expects to have access to liquidity in the capital markets at reasonable rates and terms in FY10. Additionally, DUK has access to unsecured revolving credit facilities, which are not restricted upon general market conditions, with aggregate bank commitments of approximately $3.14 billion. At the end of FY10, DUK has available borrowing capacity of approximately $1.9 billion under this facility.
Capital Expenditure and Fleet and Grid Modernization
The Company expects capital spending to be $13.7–$15.2 billion over the period 2010-2012, including $5.2 billion of spending in FY10. $1.2-$2.7 billion represents discretionary capital for the period 2010-2012.
The Company plans to continue to modernize its regulated asset portfolio as 80.0% of its planned FY10 capital expenditure budget is on the U.S. Franchised Electric & Gas segment. The Company expects capital expenditures at Commercial Power to primarily relate to growth opportunities, such as renewable energy generation projects and environmental control equipment, as well as maintenance on existing plants. Capital expenditures at International Energy, which will be funded with cash held or raised by International Energy, will primarily be for strategic growth opportunities, as well as maintenance on existing plants.
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