July 2024 - Monthly Review

Electric Utilities vs. Climate Change

Climate change poses ongoing challenges that could impact utility bonds, necessitating a comprehensive evaluation of associated risks such as fire and carbon emissions. This sector is an essential service that faces challenges from regulatory, operational, litigation, financial and social factors that all will impact credit worthiness. These challenges and their costs are still evolving, but as an investor in bonds maturing as for out as thirty-years, MainLine needs to start quantifying them and managing our clients’ potential exposure. This month, with the help of our summer intern, Peter Magen, MainLine begins this process.

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Expert Insight About The Municipal Bond Market

Our team of investment professionals are active in the market daily. Our blog includes posts with valuable insight and commentary about critical municipal finance topics and expert interpretation of how current economic factors may affect the municipal bond market.

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About The Author

Mike Maciolek, CFA, is a Senior Vice President at MainLine West and a member of the investment team for individually managed client accounts and our family of Tax Advantaged Opportunity Funds. Prior to his current role, he was a portfolio manager for First Data Corporation. Mike directed a set of municipal bond portfolios approaching $12 billion in market value, and $7 billion in interest rate derivatives, applying his expertise to meet the various objectives of the portfolios. He began his 30 year career in New York City as an analyst with management responsibilities for $2 billion in tax-exempt money market funds for Oppenheimer Funds.

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