Dominant market position as an integrated utility in the State of Carinthia (a region in the south of Austria). 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. Comparatively small size and limited geographic diversification. Stable and predictable cash flows from regulated power and gas networks and district heating. Conservative use of financial leverage. Public reference shareholder as required by law. The stable outlook on Austrian utility KELAG reflects S&P Global Ratings' view that the company will continue to achieve solid operating and financial performance on the back of predictable regulated income from domestic networks, and district heating operations, which
