Yahoo新聞 · 09-14 13:57 KST
KEPCO asked Samsung and SK hynix to prepay about 25 trillion won in power costs before expanding fabs, and both memory giants refused. Any cost pass-through or expansion delay could affect Hynix's capex pace and long-term supply outlook, making the near-term stock impact neutral to slightly negative.
Newtalk新聞 · 09-14 13:44 KST
Samsung and SK hynix rejected KEPCO's 25 trillion won power prepayment proposal in a rare joint pushback. If the prepayment is dropped, Hynix's expansion costs and cash flow would be more stable; if the standoff delays power supply or fab expansion, it could weigh on the stock.
중소기업신문 · 09-14 13:25 KST
Samsung Electronics and SK Hynix reportedly rejected a proposal to prepay about ₩25 trillion in electricity fees. The move signals caution over cash flow and cost control, with limited near-term earnings impact, but highlights power-cost pressure and policy wrangling worth watching in upcoming tariff talks.
UDN · 09-14 12:45 KST
KEPCO proposed that Samsung Electronics and SK Hynix prepay five years of electricity bills worth about $23 billion, but both chipmakers rejected it citing cash flow and cost burdens. The move highlights KEPCO's financial strain; near-term impact on Hynix shares is limited, but rising power-cost expectations could pressure memory margins.
straitstimes.com · 09-14 12:45 KST
Documents show Samsung and SK Hynix rejected KEPCO's $23 billion power prepayment plan, concerned that the huge outlay would tie up capex and R&D funds. For Hynix, there is no immediate financial hit, but power and energy costs could become a future share-price swing factor.
한국정경신문 · 09-14 12:23 KST
A Korean Economic News column criticizes KEPCO for treating Samsung and SK Hynix as cash cows, highlighting KEPCO's own financial troubles. As an opinion piece with no substantive corporate news, it has limited direct impact on SK Hynix shares.
The Edge Malaysia · 09-14 12:11 KST
Samsung Electronics and SK Hynix rejected Kepco's proposal for about $19 billion in five-year power bill prepayments, a document shows. The move signals the memory giants' caution over locking up large capital, with limited near-term impact on Hynix shares but highlighting capex discipline.
매일경제 · 09-14 12:01 KST
KEPCO asked Samsung and SK Hynix to prepay about 25 trillion won in power bills, but both declined. If implemented, the plan would tie up working capital and affect memory investment pace. Markets read it as a sign of KEPCO's financial strain; Hynix shares are near-term neutral, but long-term power-policy risk warrants attention.
news.futunn.com · 09-14 11:53 KST
KEPCO asked Samsung and SK Hynix to prepay electricity bills to ease its financial burden, but both declined. The move highlights cost pressures on chipmakers themselves, with limited near-term impact on SK Hynix shares but underscoring cautious industry capex sentiment.
Reuters · 09-14 11:45 KST
Reuters reports Samsung and SK Hynix rejected KEPCO's ~$19 billion power prepayment plan aimed at easing the utility's financial strain. For SK Hynix, avoiding a large cash outflow supports financial stability, though the market remains more focused on semiconductor demand outlook.
news.futunn.com · 09-14 11:40 KST
KEPCO's W25 trillion power prepayment plan was rejected by Samsung and SK Hynix. Both chipmakers declined to prepay five years of electricity bills, showing prudent cash flow management. Near-term impact on SK Hynix shares is neutral, but it reflects the semiconductor industry's cautious stance on large-scale spending.
문화일보 · 09-14 11:29 KST
KEPCO proposed that Samsung and SK Hynix prepay about 25 trillion won in electricity fees to ease its financial strain, but both chipmakers refused. The move highlights utility woes; neutral for SK Hynix shares, though higher power rates could raise cost pressure.
The Korea Herald · 09-14 11:27 KST
The Korea Herald reports Samsung and SK Hynix rejected KEPCO's W25 trillion prepayment proposal, which sought five years of advance power bill payments to ease the utility's financial troubles. For SK Hynix shares, avoiding a large cash outflow is neutral to slightly positive.
전기신문 · 09-14 11:19 KST
KEPCO's plan to secure 25 trillion won in prepaid electricity fees collapsed after both Samsung and SK Hynix refused. It underscores KEPCO's financial strain; limited impact on SK Hynix shares, though future tariff hikes could pressure manufacturing costs.
Bloomberg.com · 09-14 11:16 KST
Bloomberg reports Samsung and SK Hynix rejected KEPCO's grid prepayment plan worth about 25 trillion won. It highlights KEPCO's financial strain; neutral for SK Hynix shares, though rising power-rate expectations could add long-term cost pressure.
v.daum.net · 09-14 11:09 KST
Korean media reports KEPCO pleaded with Samsung and SK Hynix to prepay five years of power bills, but both declined citing their own operational pressures. The report is emotional with little substantive new information, limiting impact on SK Hynix shares.
Koreabizwire · 09-14 11:08 KST
Samsung and SK Hynix rejected KEPCO's proposal to prepay five years of electricity bills worth about 25 trillion won. The move reflects cautious cash flow management by both chipmakers, with limited near-term impact on Hynix shares but underscoring solid financial discipline.
Korea JoongAng Daily · 09-14 11:04 KST
Samsung and SK Hynix declined KEPCO's electricity prepayment proposal, citing cash flow management. The decision signals both companies prioritize liquidity for capex and shareholder returns, a neutral factor for Hynix shares that highlights their prudent financial stance.
BBS불교방송 · 09-14 10:56 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won five-year electricity prepayment proposal. The chipmakers chose to retain cash for semiconductor investment and shareholder returns, a neutral-to-slightly-positive signal for Hynix shares reflecting financial autonomy.
IT조선 · 09-14 10:56 KST
KEPCO requested Samsung and SK Hynix to prepay 25 trillion won in electricity bills, but both companies refused. The move highlights chipmakers' strict cash flow management during peak capex, with limited impact on Hynix shares but reflecting sound financial strategy.
오늘경제 · 09-14 10:49 KST
KEPCO proposed that Samsung and SK Hynix prepay about 25 trillion won in power fees to ease its finances, but both chipmakers declined, citing semiconductor cycle volatility. Avoiding the large cash outflow supports Hynix's cash flow and balance sheet, a neutral-to-mildly positive signal for the stock.
finimize.com · 09-14 10:48 KST
Finimize reports Samsung and SK Hynix pushed back on KEPCO's power prepayment plan. Both chipmakers declined to prepay large electricity bills, reflecting prudent capital allocation. Neutral for SK Hynix shares but underscores the industry's firm stance on cost control.
뉴시스 · 09-14 10:45 KST
KEPCO sought roughly 25 trillion won in prepaid power fees from Samsung and SK Hynix, but both refused. Hynix can retain cash for capex and HBM expansion, improving financial flexibility—a mild positive for the stock, though the event's overall impact is limited.
뉴시안 · 09-14 10:37 KST
Samsung and SK Hynix declined KEPCO's roughly 25 trillion won prepaid power fee proposal, citing semiconductor cycle volatility. Hynix can retain cash to handle cyclical swings and expansion needs, boosting financial flexibility—a mildly positive factor for the stock.
스페셜경제 · 09-14 10:25 KST
KEPCO proposed that Samsung and SK Hynix prepay roughly 25 trillion won in electricity fees, but both declined. Avoiding a long-term lock-up of large cash supports Hynix's financial flexibility and cash flow management. Neutral-to-slightly positive for the stock, reflecting prudent capital allocation.
이슈밸리 · 09-14 10:24 KST
KEPCO's 25 trillion won electricity prepayment proposal was ultimately rejected by Samsung and SK Hynix, falling through. For Hynix, retaining large cash preserves flexibility for R&D and capacity investment, neutral-to-slightly positive for the stock. The market is more focused on HBM expansion and AI memory capex pace.
에너지경제신문 · 09-14 10:20 KST
Energy Economy News reports Samsung and SK Hynix rejected KEPCO's W25 trillion prepayment proposal for five years of power bills. For SK Hynix, avoiding large cash outflows supports financial flexibility and future investment, making the share impact neutral to slightly positive.
오피니언뉴스 · 09-14 10:17 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won prepayment plan for five years of electricity bills, highlighting the memory giants' cautious cash flow management. The move eases short-term financial pressure, but prolonged tariff talks could raise cost concerns, leaving Hynix shares neutral.
데일리중앙 · 09-14 10:16 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won prepayment plan for five years of electricity bills. The move avoids a large cash outflow and supports financial stability, but reveals disagreement over power costs, adding uncertainty to long-term cost outlook. Short-term stock impact is limited.
리드경제 · 09-14 10:15 KST
An analysis of why Samsung and SK Hynix rejected KEPCO's 25 trillion won prepayment, arguing that keeping cash for semiconductor investment is more advantageous. Neutral-to-slightly positive for Hynix shares, highlighting financial discipline and capital allocation. Market focus remains on HBM demand and AI memory conditions.
이코노미사이언스 · 09-14 10:15 KST
Samsung and SK Hynix rejected KEPCO's five-year electricity prepayment plan. Both companies opted to allocate funds toward semiconductor capacity expansion and R&D, a neutral factor for Hynix shares that signals clear capital allocation priorities.
v.daum.net · 09-14 10:12 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won power fee prepayment proposal. Neutral-to-slightly positive for Hynix shares, avoiding long-term cash lock-up and preserving funds for HBM and AI memory expansion. Seen as financial prudence; not a major near-term stock driver.
KED Global · 09-14 10:11 KST
KED Global reports Samsung and SK Hynix rejected KEPCO's $17 billion power-bill prepayment plan. The move avoids locking up huge cash and boosts financial flexibility, but highlights a deadlock in power cost talks that could stoke concerns over Hynix's rising costs. Stock impact is neutral.
신아일보 · 09-14 10:03 KST
KEPCO said Samsung and SK Hynix rejected its 25 trillion won power bill prepayment plan. The statement confirms failed talks; avoiding a large cash outflow is positive for finances, but rising power cost uncertainty could pressure Hynix's long-term margins, leaving stock impact neutral.
스페셜타임스 · 09-14 10:01 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won power bill prepayment plan. Avoiding an early large cash outflow supports financial stability, but a deadlock in power cost talks could raise long-term cost uncertainty for Hynix, leaving stock impact neutral.
전국매일신문 · 09-14 10:01 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won power bill prepayment proposal. The decision avoids locking up huge cash and aids financial flexibility, but reveals disagreement over power costs that could affect Hynix's long-term cost outlook. Short-term stock moves are limited.
스페셜타임스 · 09-14 10:01 KST
Breaking: Samsung and SK Hynix rejected KEPCO's 25 trillion won power bill prepayment plan. Avoiding an early large cash outflow supports financial stability, but a deadlock in power cost talks could raise long-term cost uncertainty for Hynix, leaving stock impact neutral.
매일신문 · 09-14 09:59 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won prepayment, judging a lump-sum payment of five years' electricity fees too burdensome. Neutral-to-slightly positive for Hynix shares; holding cash aids semiconductor investment and financial health. Market focus stays on HBM and AI memory demand.
인더스트리뉴스 · 09-14 09:53 KST
KEPCO's 25 trillion won prepayment proposal fell through after Samsung and SK Hynix ultimately refused. Neutral-to-slightly positive for Hynix shares, avoiding long-term lock-up of large cash and preserving funds for HBM and AI memory investment. Not a major near-term driver; the market remains focused on AI demand prospects.
The Korea Times · 09-14 09:53 KST
Korea's two major chipmakers, Samsung and SK Hynix, rejected KEPCO's five-year electricity prepayment proposal. The move reflects both firms' focus on cash flow, a neutral factor for Hynix shares that underscores financial resilience during the semiconductor investment cycle.
v.daum.net · 09-14 09:48 KST
KEPCO asked Samsung and SK Hynix to prepay 25 trillion won in electricity fees, but both refused. Neutral-to-slightly positive for Hynix shares, avoiding long-term lock-up of huge cash and preserving funds for HBM and AI memory expansion. Not a major near-term driver; the market still watches AI demand and HBM orders.
뉴스웨이 · 09-14 09:47 KST
KEPCO asked Samsung and SK Hynix to prepay about 25 trillion won for five years of electricity, but both refused. Avoiding the huge cash outflow preserves financial flexibility, a neutral-to-slightly-positive for Hynix shares, though it highlights rising power cost pressure.
KBS 뉴스 · 09-14 09:45 KST
KBS reported that Samsung and SK Hynix rejected KEPCO's proposal to prepay about 25 trillion won for five years of power. Avoiding the large cash outlay protects capex and shareholder-return capacity, a limited impact on Hynix shares, though it underscores utility cost pressures.
세계일보 · 09-14 09:40 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won electricity prepayment proposal. Both companies prioritized funding for semiconductor investment and operations, a neutral factor for Hynix shares that reflects financial decisions centered on long-term competitiveness.
공감신문 · 09-14 09:40 KST
Samsung and SK Hynix rejected KEPCO's request to prepay about 25 trillion won for five years of electricity. Avoiding the early cash outflow preserves financial strength and investment capacity, a neutral factor for Hynix shares, though it signals rising power cost and utility funding pressure.
미주중앙일보 · 09-14 09:40 KST
KEPCO asked Samsung and SK Hynix to prepay about 25 trillion won for five years of electricity, and both refused. Avoiding the large cash outlay protects capex and shareholder returns, a limited impact on Hynix shares, while highlighting power cost and utility financial strains.
Yonhap News Agency · 09-14 09:37 KST
Yonhap reported that Korea's two major chipmakers, Samsung and SK Hynix, rejected KEPCO's proposal to prepay five years of electricity bills. Avoiding the early cash outflow preserves financial flexibility and investment capacity, a neutral factor for Hynix shares, though it highlights rising power cost pressure.
news.sbs.co.kr · 09-14 09:36 KST
KEPCO proposed that Samsung and SK Hynix prepay 25 trillion won in electricity bills over five years, but both companies declined. The move avoids a large early cash outflow, helping preserve financial flexibility and capex capacity, with a broadly neutral impact on Hynix shares.
MBC 뉴스 · 09-14 09:36 KST
MBC reported that Samsung and SK Hynix rejected KEPCO's proposal to prepay about 25 trillion won for five years of electricity. Avoiding the large cash outlay protects capex and shareholder-return capacity, a limited impact on Hynix shares, though it reflects power cost and utility financial pressure.
Businesskorea · 09-14 09:25 KST
Businesskorea reports Samsung and SK Hynix rejected KEPCO's electricity prepayment proposal. It reflects KEPCO's funding strain; neutral for SK Hynix shares, though future tariff hikes could raise semiconductor manufacturing costs.
v.daum.net · 09-14 09:20 KST
KEPCO asked Samsung and SK Hynix to prepay W25 trillion for five years of electricity, but both declined. The report repeats known information without new details, having no substantive impact on SK Hynix shares.
중앙일보 · 09-14 09:15 KST
Samsung Electronics and SK Hynix rejected KEPCO's proposal to prepay about 25 trillion won in electricity bills over five years, citing volatile semiconductor cycles and unpredictable long-term power demand. No near-term earnings impact, but it signals memory giants are cautiously pacing capacity expansion.
대전일보 · 09-14 09:15 KST
KEPCO asked Samsung and SK Hynix to prepay 25 trillion won in power bills over five years, but both declined. Refusing the large prepayment helps preserve cash for expansion and R&D, a positive for Hynix's financial soundness, with a neutral share-price impact.
v.daum.net · 09-14 09:14 KST
Samsung Electronics and SK Hynix rejected KEPCO's request to prepay 25 trillion won in power bills. The move avoids tying up huge funds long-term, helping maintain flexibility for capex and shareholder returns, with a broadly neutral impact on Hynix shares.
sedaily.com · 09-14 09:12 KST
Samsung Electronics and SK Hynix rejected KEPCO's 25 trillion won power bill prepayment plan. Avoiding the large early cash outflow helps sustain expansion investment and financial soundness, with a broadly neutral impact on Hynix shares.
Seoul Economic Daily · 09-14 09:12 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won power bill prepayment plan, Seoul Economic Daily reported. Declining the large prepayment preserves cash for semiconductor expansion, a positive for Hynix's financial flexibility, with a neutral share-price impact.
스마트비즈 · 09-14 09:11 KST
This article repeats news that Samsung and SK Hynix rejected KEPCO's 25 trillion won prepayment proposal without adding substantive information. It offers no incremental value to investors and is a rehash of the same event with no direct stock impact.
글로벌이코노믹 · 09-14 09:09 KST
This report again relays that Samsung and SK Hynix rejected KEPCO's 25 trillion won prepayment proposal, duplicating earlier coverage with no new details. It has no substantive stock impact and is a multi-source rehash of the same event.
중앙이코노미뉴스 · 09-14 09:07 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won prepayment proposal, with analysts citing difficulty predicting the industry cycle five years out despite the current semiconductor boom. The move signals caution on long-term expansion, a neutral stock factor.
경기일보 · 09-14 09:03 KST
Samsung and SK Hynix rejected KEPCO's five-year electricity prepayment plan, citing difficulty forecasting the industry outlook. The move highlights cautious long-term capacity planning, with limited near-term impact on earnings and share price.
뉴스1 · 09-14 08:59 KST
Samsung Electronics and SK Hynix rejected KEPCO's proposal to prepay about 25 trillion won over five years. The decision reflects caution on long-term power demand and industry cycles, with a neutral near-term stock impact and no earnings hit.
매일일보 · 09-14 08:42 KST
Samsung Electronics and SK hynix rejected KEPCO's proposal to prepay 25 trillion won in electricity fees over five years, citing the burden of upfront costs. The near-term stock impact is limited, but it signals a conservative shift in cash flow management among major chipmakers, warranting attention to ongoing negotiations.
연합뉴스TV · 09-14 08:42 KST
Samsung Electronics and SK hynix rejected KEPCO's proposal to prepay 25 trillion won in electricity fees over five years, citing the burden of upfront costs. The near-term stock impact is limited, but it signals a conservative shift in cash flow management among major chipmakers, warranting attention to ongoing negotiations.
파이낸셜뉴스 · 09-14 08:39 KST
Samsung Electronics and SK hynix rejected KEPCO's proposal to prepay 25 trillion won in electricity fees over five years, citing the burden of upfront costs. The near-term stock impact is limited, but it signals a conservative shift in cash flow management among major chipmakers, warranting attention to ongoing negotiations.
서울파이낸스 · 09-14 08:38 KST
This article repeats that Samsung and SK Hynix rejected KEPCO's five-year prepayment proposal without adding substantive content. It offers no incremental information to investors and is a rehash of the same event with no direct stock impact.
M이코노미뉴스 · 09-14 08:34 KST
KEPCO requested that Samsung Electronics and SK hynix prepay five years of electricity fees, but both companies refused, citing the burden of upfront costs. The near-term stock impact is limited, but it signals a conservative shift in cash flow management among major chipmakers, warranting attention to ongoing negotiations.
한경매거진&북 · 09-14 08:34 KST
KEPCO requested that Samsung Electronics and SK hynix prepay 25 trillion won in electricity fees over five years, but both companies refused, citing the burden of upfront costs. The near-term stock impact is limited, but it signals a conservative shift in cash flow management among major chipmakers, warranting attention to ongoing negotiations.
이투데이 · 09-14 08:33 KST
Samsung and SK Hynix rejected KEPCO's proposal to prepay 25 trillion won in electricity fees, reflecting caution over mid-to-long-term business conditions. The move avoids a massive cash outflow, mildly positive for investor sentiment, though power cost negotiation risks persist.
연합인포맥스 · 09-14 08:29 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won prepaid electricity fee proposal, opting to retain cash amid concerns over mid-to-long-term burdens and industry uncertainty. Near-term positive for financial health, but rising power cost risks remain.
v.daum.net · 09-14 08:28 KST
KEPCO asked Samsung and SK Hynix to prepay about 25 trillion won in electricity fees to ease its funding strain, but both refused. Avoiding a large early cash outflow is positive for SK Hynix's cash flow, with a neutral-to-slightly-positive stock impact.
강원일보 · 09-14 08:27 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won prepaid power fee proposal, avoiding early outflow of large cash and maintaining financial flexibility. Neutral-to-slightly-positive for the stock; watch for further power cost negotiations.
아시아경제 · 09-14 08:26 KST
Asia Economy reports KEPCO demanded Samsung and SK Hynix prepay 25 trillion won in electricity fees, which both companies clearly rejected. Refusing preserves cash for capex and R&D, mildly positive for SK Hynix's financial health, with limited stock impact.
아시아경제 · 09-14 08:26 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won prepay plan, citing uncertain industry conditions in five years. The move reflects a conservative view on mid-to-long-term demand and avoids locking in high costs. Neutral for the stock but highlights cycle risks.
hankyung.com · 09-14 08:25 KST
Hankyung reports that both Samsung and SK Hynix answered 'No' to KEPCO's 25 trillion won prepayment request. Avoiding tying up huge funds helps SK Hynix maintain cash flow and investment pace, a neutral-to-positive stock impact.
hankyung.com · 09-14 08:25 KST
KEPCO asked Samsung and SK Hynix to prepay 25 trillion won in power fees, but both refused. The move avoids early large cash outflows and preserves financial health. Limited stock impact, but highlights power cost pressure and industry uncertainty.
청년일보 · 09-14 08:23 KST
KEPCO's 25 trillion won prepaid power fee SOS plan fell through as Samsung and SK Hynix refused. Both chose to retain cash amid industry uncertainty. Neutral for the stock, but KEPCO's financial woes could lead to future electricity rate hike risks.
v.daum.net · 09-14 08:21 KST
Samsung and SK Hynix rejected KEPCO's five-year 25 trillion won prepay plan, citing mid-to-long-term operational burden. The move supports financial flexibility and is neutral for the stock, though power costs and cycle risks warrant attention.
티제이비 · 09-14 08:19 KST
TJB reports Samsung and SK Hynix rejected KEPCO's 25 trillion won electricity prepayment plan. Refusing preserves cash for semiconductor investment, mildly positive for SK Hynix's capital management, but it's an industry-wide issue with limited stock impact.
mk.co.kr · 09-14 08:10 KST
SK Hynix and Samsung declined KEPCO's proposal to prepay roughly KRW 25tn of five-year power bills. Avoiding a large early cash outflow protects free cash flow and shareholder-return capacity, a neutral-to-slightly-positive signal for the shares.
국제신문 · 09-14 08:09 KST
A duplicate report on the two memory giants rejecting KEPCO's demand to prepay about KRW 25tn over five years. Retaining the cash supports capex and dividends, with limited near-term impact on Hynix shares—neutral.
v.daum.net · 09-14 08:04 KST
Samsung Electronics and SK hynix rejected KEPCO's proposal to prepay 25 trillion won in electricity fees over five years, citing the burden of upfront costs. The near-term stock impact is limited, but it signals a conservative shift in cash flow management among major chipmakers, warranting attention to ongoing negotiations.
싱글리스트 · 09-14 07:58 KST
A duplicate of the same story: both firms rejected KEPCO's five-year, roughly KRW 25tn prepayment. Keeping the cash aids balance-sheet strength and returns, but the impact on Hynix shares is neutral with limited market attention.
kado.net · 09-14 07:58 KST
A breaking-style duplicate: both firms rejected KEPCO's roughly KRW 25tn prepayment. Mildly positive for cash-flow management but with no new information, the impact on Hynix shares is neutral and attention is average.
v.daum.net · 09-14 07:52 KST
Yet another duplicate: both firms declined KEPCO's five-year, roughly KRW 25tn prepayment. Holding the cash supports capex and shareholder returns, but the impact on Hynix shares is neutral with no material new information.
조선일보 · 09-14 06:22 KST
Samsung and SK Hynix rejected KEPCO's electricity prepayment proposal. The move reflects the chipmakers' cautious stance on cash flow and cost control, and may heighten tensions in future power tariff negotiations. Impact on SK Hynix shares is neutral.
조선일보 · 09-14 05:01 KST
Samsung and SK Hynix rejected KEPCO's 25 trillion won prepayment request, signaling chip giants are unwilling to front massive funds for grid infrastructure. Near-term positive for Hynix's cash flow and capex flexibility, but it may heighten friction with utilities and policymakers.