Stable and predictable cash generation from electricity distribution business, and from the natural monopoly in district heating business. Very strong link between the City of Linköping and Tekniska verken i Linkoping AB (TvAB). Significant headroom in the downside case. The threshold of funds from operations to debt is 35%, but S&P Global Ratings-adjusted funds from operations to debt was 62% in 2017. Increased debt, following an increase in capital expenditure (capex) and shareholder distributions. Lower revenues in the regulation period due to start in 2020 for the electricity distribution business. Volatile commodity prices, such as the electricity price and carbon dioxide emission price, affecting district heating activities. Swedish municipal power company (TvAB) is likely to generate stable and predictable cash
