For a debt holder in a portfolio of plants, we estimated the fair market value of each plant in 2018 and the plausible range of values in five years. We analyzed electricity markets in New England, New York, Texas (post-tightening of the market in 2018), Arizona, and California using a variety of models, and performed probability-weighted discounted cash flow (DCF) valuation analyses across a range of scenarios. Our analysis allowed us to provide insights into the market and regulatory drivers and how they may evolve.