“Because long-established goals aren’t being reached, the goalposts are simply being moved closer — and this is how our company begins to slide into mediocrity,” CPS Energy Trustee John Steen said.
by Moody’s Investors Service, although it also changed CPS Energy’s outlook from negative to stable.
Following staff presentations Monday, Steen drew attention to two target revisions regarding the utility’s financials: how many days of cash on hand CPS Energy should have at the end of the fiscal year and what percentage it should stay below for debt capitalization. Last fiscal year, CPS Energy tried to make sure it had at least 170 days of cash on hand, and stayed below 61.7% for its debt capitalization. It ended the year with 166 days of cash on hand and a debt capitalization of 61.8%. According to Monday’s presentation, the utility is setting its new goal for days cash on hand to 150, and its new debt capitalization goal at below 65%.
CPS Energy staff and Gonzalez disagreed with Steen’s concerns and said the shift in metrics is to bring CPS Energy more in line with industry standards. Gonzalez’s position was backed by CPS Energy staff, who reiterated that changing the metrics doesn’t indicate the utility is less financially sound.
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