Dominant market position as integrated utility in the State of Carinthia. Significant share of income from domestic regulated network and district heating. Competitive, low-cost hydropower generation asset base. Exposure to unregulated energy supply and volatile wholesale market in Central Europe. Modest size and limited geographic diversification. Stable and predictable cash flows from regulated power and gas networks and district heating. Conservative use of financial leverage. Supportive financial risk policy. The stable outlook on Austrian utility KELAG reflects S&P Global Ratings' view that the company will continue to achieve solid operating and financial performances, on the back of its dominant regional electricity retail position, its competitive hydropower generation portfolio, its share of regulated income from domestic networks, and district heating operations.
