US Utilities & Power Companies in Financial Distress (October 2026)
As of 08 October 2026, 14 of 94 US Utilities & Power companies analysed (15%) show financial-distress indicators: 4 very weak, 4 weak and 6 on watch. The most common red flags in this sector are operating profit does not cover interest, cash runway under 12 months, market-implied default probability >20% and losses in each of the last 3 years.
What drives financial distress in Utilities & Power
Power and water utilities — regulated but highly leveraged; current-ratio tests are waived, focus is on interest cover and debt / EBITDA.
Most common red flags today: Operating profit does not cover interest · Cash runway under 12 months · Market-implied default probability >20% · Losses in each of the last 3 years
Utilities & Power companies with distress signals
| # | Ticker | Company / industry | Distress score | Band | Ohlson PD | Merton PD | From 52w high | Key indicators | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BRNX | BRNX Utilities - Renewable |
Very weak | 100% | 81.2% | -100% | Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20% |
Details → | |
| 2 | STEM | Stem, Inc. Utilities - Renewable |
Very weak | 100% | 93.5% | -86% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 3 | NXXT | NextNRG, Inc. Utilities - Renewable |
Very weak | — | — | -79% | Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years |
Details → | |
| 4 | NRGV | Energy Vault Holdings, Inc. Utilities - Renewable |
Very weak | 97% | 4.0% | -49% | Operating profit does not cover interestCash runway under 12 monthsLosses in each of the last 3 years |
Details → | |
| 5 | PBK | PowerBank Corporation Utilities - Renewable |
Weak | 92% | 93.1% | -89% | Operating profit does not cover interestMarket-implied default probability >20%Very high leverage |
Details → | |
| 6 | AGIG | Abundia Global Impact Group Inc Utilities - Renewable |
Weak | — | — | -86% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 7 | BEPC | Brookfield Renewable Corporation Utilities - Renewable |
Weak | 79% | 8.3% | -32% | Operating profit does not cover interestMaterial debt with no EBITDAOhlson O-score signals likely failure |
Details → | |
| 8 | NKLR | Terra Innovatum Global N.V. Utilities - Regulated Electric |
Weak | 0% | — | -82% | Liabilities exceed assets (negative equity)Share price down >80% from 52-week highMassive shareholder dilution |
Details → | |
| 9 | BESS | Bimergen Energy Corporation Utilities - Renewable |
Watch | — | — | -83% | Revenue collapseOperations consume cashShare price down >80% from 52-week high |
Details → | |
| 10 | ELLO | Ellomay Capital Ltd. Utilities - Renewable |
Watch | 83% | 0.9% | -27% | Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure |
Details → | |
| 11 | VGAS | Verde Clean Fuels, Inc. Utilities - Renewable |
Watch | 100% | 0.0% | -67% | Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure |
Details → | |
| 12 | TAC | TransAlta Corporation Utilities - Independent Power Producers |
Watch | 73% | 0.3% | -26% | Operating profit does not cover interestOhlson O-score signals likely failureSteep revenue decline |
Details → | |
| 13 | FLNC | Fluence Energy, Inc. Utilities - Renewable |
Watch | — | — | -77% | Operations consume cashLosses in 2 of the last 3 yearsSteep revenue decline |
Details → | |
| 14 | RNW | ReNew Energy Global Plc Utilities - Renewable |
Watch | 26% | 76.2% | -16% | Market-implied default probability >20%Thin interest coverageVery high leverage |
Details → |
Frequently asked questions
Which Utilities & Power companies are in financial distress?
As of 2026-10-08, 14 US Utilities & Power companies show financial-distress indicators (4 very weak, 4 weak and 6 on watch). The table on this page ranks them by score with the indicators behind each one. These are statistical signals, not predictions that any company will file.
How many Utilities & Power companies are in financial trouble?
14 of 94 analysed (15%); 4 are in the 'Very weak' band.
What are the biggest financial risks for Utilities & Power companies?
Power and water utilities — regulated but highly leveraged; current-ratio tests are waived, focus is on interest cover and debt / EBITDA. Right now the most frequent red flags are operating profit does not cover interest, cash runway under 12 months, market-implied default probability >20% and losses in each of the last 3 years.
What happens to shareholders if a company becomes insolvent?
In a Chapter 11 reorganisation the absolute priority rule pays secured lenders, then unsecured creditors, before shareholders — so existing shares are usually cancelled or heavily diluted. In Chapter 7 the company is liquidated and shareholders rarely recover anything.