State legislators in Ohio have cut the juice on a quick ride to market for stranded cost securitizations in that state, after putting forward legislation that likely won't allow utilities to recover costs in the ABS markets directly.

All is not lost for Ohio utilities, however, since the power providers may be able to securitize after rulings from the state's utility regulators. The three largest Buckeye utilities, American Electric Power, First Energy and Cinergy, have nearly $14 billion in stranded costs the firms would like to recover.

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