An active hedging policy that mitigates commodity price volatility; A strong retail electric business that is somewhat countercyclical to the wholesale business; A strong operating record at its generation fleet; Positive free cash flow for the next few years even under our low gas price assumptions; and A strong liquidity position. Longer-term cash flow exposure to U.S. merchant power market risks; Lack of near-term prospects for tightening power markets; Operational and counterparty credit risks that arise from hedging and load following requirements of the retail business; An "aggressive" financial profile; Aggressive growth plans, both organic and through acquisitions; and Carbon legislation risk that is not currently factored into the rating. On May 10, 2011, Standard&Poor's Ratings Services revised
