A triple ‘S’ for sustainability: Credit ratings agencies and their influence on the ecological modernization of an electricity utility

• Municipal utilities are pursuing ecological modernization.
• Credit ratings agencies are playing a role in environmental regulation.
• Credit ratings agency financial concerns still trump ecological concerns.

A new biomass fueled electricity generation plant is now under construction in Gainesville, Florida and serves as an excellent subject as it demonstrates the surprising ways the credit ratings agencies influence ecological modernization. Through content analysis, participant observation, and document analysis I will illustrate how credit ratings agencies have influenced the ecological modernization of one of the United States' approximately 2000 municipal electricity utilities.