[-M-. Analyst Estimates for ALLIANT ENE1tGY CP

Transcription

WP/HADAWAY / EXHIBIT SCH-2
PAGE 180 OF 332
[-M-. Analyst Estimates for ALLIANT ENE1tGY CP - Yahoo! Finance
Growth Est
LNT
industry
Sector
S&P 500
Current Qtr
-41 3%
82%
36%
Next Qtr
N/A
-49%
-4 1%
176%
This Year
-22 2%
-29%
-4 4%
-08%
Next Year
370%
72%
77%
260%
Past 5 Years (per annum)
2 275%
N/A
N/A
N/A
Next 5 Years (per annum)
295%
784%
751%
NIA
Price/Earni ngs (avg for
comparison categories)
14 05
12 01
12 42
16 98
PEG Ratio (avg for
4 76
1 53
1 65
N/A
h t t p: /11i n an ce -y ahoo. c o m/q/ae?s=1 n t
Page 1 of )
-34 0%
11/2/2009
5271
250
PAGE 181 OF 332
AEP: Analyst Estimates for AMER ELECTRIC POW CO - Yahoo? Finance
Growth Est
Current Qtr
Next Qtr
AEP
Industry
Sector
S&P 500
-203%
82%
36%
-34 0%
-10 t%
-49%
-4 1'/c
176%
This Year
-96%
-29%
-44%
08%
Next Year
4 4%
72%
7 7%
26 0%
Past 5 Years (per
annum)
7 736%
N/A
N/A
N/A
3 75%
784%
751%
N/A
10 31
12 01
12 42
16 98
2 75
1 53
1 65
N/A
Next 5 Years ( per
annum)
Page I of I
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Price/Earnings
(avg for
comparison
categories)
PEG Ratio ( avg for
comparison
categones)
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5272
251
PAGE 182 OF 332
AVA: Analyst Estimates for AVISTA CORP - Yahoo! Finance
Growth Est
AVA
Secta
industry
S&P 500
Current Qtr
438%
-5 2%
36%
-340%
Next Qtr
88%
-3 1%
-4 1%
176%
Th is Year
125%
-85%
-44°0
-08%
NextYear
1051%
89%
77%
260%
Past5 Years (per
annum)
1083%
N/A
NIA
N/A
Next 5 Years ( per
annum)
857%
656%
751%
N/A
1267
1361
12 42
1698
Page 1 of' I
ADVERTISEMENT
Scottrade
IZi11^^`êxt
Price/Earnings
(avg for
comparison
categories)
PEG Ratio ( avg for
1 46
comparison
categories)
NASDAQ
2 07
1 65
N/A
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5273
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PAGE 183 OF 332
BKH: Analyst Estimates for BLACK HILLS CP - Yahoo! Finance
8KH
Growth Est
Sector
Industry
SBPsm
Current Qtr
121 3%
82%
36%
Next Qtr
N/A
-4 9%
-4 1%
176%
This Year
2385%
-2 9%
-44%
-0 8%
Next Year
-11°!
72%
77%
260%
Past 5 Years (per
annum)
3601%
NIA
NIA
NIA
6%
784%
751%
WA
1354
1201
1242
16 98
1 53
1 65
N/A
Next 5 Years (per
annum)
PricelEarnings
(avg for
comparison
categories)
PEG Ratio ( avg for
2 26
comparison
categories)
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5274
253
PAGE 184 OF 332
CNL- Analyst Estimates for CLECO CP(I ILDG CO) - Yahool Finance
Growth Est
CNL
Indus t ry
Sector
Page I of']
S&P 500
Current Qtr
226%
8 2%
36%
Next Qtr
40 9%
-4 9°io
-4 1%
176%
This Year
-2 9%
-2 9%
-4 4%
-0 8°/.
Next Year
26 7%
7 2%
77%
26 0%
Past 5 Years ( per annum)
2676%
N/A
N/A
N/A
Next 5 Years ( per annum)
12 5%
784%
751%
N/A
Price/Earnings ( avg for
14 82
12 01
12 42
16 98
PEG Ratio ( avg for
1 19
1 53
1 65
N/A
-340%
11/2/2009
http://finance.yahoo.com/q/ae?s=cni
5275
254
PAGE 185 OF 332
ED: Analyst Estimate s for CONS i:DCSON INC - lr'ahoo! Fina nce
Growth Est
Industry
ED
Sector
Current Qtr
7 1%
82%
36%
Page i of I
S&P 500
-34 0%
Next Qtr
97%
-4 9%
-4 1°io
17 6%
This Year
3 3%
-2 9%
-4 4%
-0 8%
Next Year
65%
72%
77%
260%
2 449%
N/A
N/A
N/A
34%
784%
751%
N/A
13 12
12 01
12 42
16 98
3 86
1 53
1 65
N/A
PEG Ratio ( avg for
11/212009
http://finance.yahoo.com/q/ae?s=cd
5276
255
PAGE 186 OF 332
DPI," Analyst f=.stiniates for D P L INC - Yahoo' Finance
DPL
Growth Est
Intluslry
Seclo,
S&P SOo
Current Qtr
11 9%
82%
36%
-34 0°iu
Next Qtr
11 1%
-4 9%
-4 1'in
176%
This Year
39%
-29%
-44%
-08%
Next Year
17 8`/o
72%
7 7°/a
260%
Past 5 Years (per
annum)
9 77%
N/A
N/A
N/A
923%
784%
751%
N/A
119
12 01
12 42
16 98
Next 5 Years (per
annum)
Pnce/Earrnngs
(avg for
comparison
categories)
PEG Ratio (avg for
comparison
1 29
categories)
Page 1 of I
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5277
256
PAGE 187 OF 332
DTE: Analyst Estimates for D T E ENERGY CO HLDCY - Yahoo! Finance
Growth Est
rntl.stry
OT%
Sector
Current Qir
-239%
82%
36%
S&P 500
- 34 0"/0
Next Qtr
4 5%
-4 9%
-4 1%.
17 6%
This Year
138%
-2 9°/
-44%
-08%
Next Year
0 6%
7 2%
7 7%
260%
16 111:,
N/A
N/A
N/A
25%
784%
751%
N/A
11 21
12 01
12 42
16 98
4 48
1 53
1 65
N/A
Price/Earnings (avg for
comparison categortes)
PEG Ratio ( avg for
Page I of I
11/2/2009
http:// finance . y ahoo.co nVq/ae?s=dle
5278
257
PAGE 188 OF 332
DUK: Analyst Estimates for DUKE ENERGY <'P !-I1. CO - Yahoo! Finance
S3P500
Sector
industry
JUK
Growth Est
Page 1 of i
-340%
Current Qtr
00%
-5 2%
36%
Next Qtr
36%
-3 1%
-4 1%
176%
This Year
-1 7%
-85%
-44%
-08%
Next Year
8 4%
8 9%
7 7%
26 0°I°
-7 216%
N/A
NIA
N/A
3 2%
656%
751%
N/A
Price/Earnings (avg for
compar ison categories)
13 29
13 61
12 42
16 98
PEG Rat io (avg for
4 15
2 07
1 65
N/A
11/2/2009
http://finance.vahoo.com/q/ae?s=duk
5279
258
PAGE 189 OF 332
FIX: Analyst Estimat es for E;DISON INIL - Yahoo! Finance
E+x
Growth Est
industry
Page I of I
S&P Soo
Sector
-34 0%
Current Qtr
- 288%
8 2'/0
Next Qtr
-333%
-4 9'%
-4 1%
176%
This Year
-21 4%
-29%
-4 4%
-08%
Next Year
139"/0
72%
77%
260%
10585%
N/A
N/A
N/A
3%
7 84%
7 51%
N/A
10 54
12 01
12 42
16 98
PEG Ratio ( avg for
comparison categor i es)
3 51
1 53
1 65
N/A
36%
11/2/2009
ht1p:.Nfinance.vahoo.comlq/ae?s°eix
5280
259
PAGE 190 OF 332
1'JR: Analyst Estima tes for FN"(-ERGY CP - Ya hoo! Finance
Growth Est
ETR
rcustry
Page 1 of I
Secto
Current Qtr
414%
82%
36%
S&P 500
-340%
Next Qtr
-23%
-49%
-4 1%
176%
This Year
-20%
-2 9%
-44%
-0 8°/0
Next Year
6 1%
7 2%
77%
260%
14099%
N/A
N/A
N/A
853%
784%
751%
N/A
comparison categor ies)
12 03
12 01
12 42
16 98
1 41
I 53
1 65
NIA
PEG Ratio ( avg for
11I2/2009
http://finance.yahoo-comlq/ae?s=etr
5281
260
PAGE 191 OF 332
FPL: Analyst Estimates for F P L GROUP INC - Yahoo! Finance
FPL
Growth Est
Industry
Sector
S&P Soo
Current Qtr
-2 2%
8 2%
36%
Next Otr
-7 8%
-49%
-4 '%
176%
This Year
81%
-2 9%
-4 4%
-0 8%
NextYear
104%
72%
7 7%
260%
11 294%
N/A
N/A
N/A
$ 72%
784%
751%
N/A
11 83
12 01
12 42
16 98
1 53
1 65
N/A
Past 5 Years ( per
annum)
Next 5 Years (per
annum)
Price/Earnings
(avg for
comparison
categories)
PEG Ratio ( avg for
comparison
1 36
categories)
Page lof l
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-34 0%
11/2,'2009
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5282
261
PAGE 192 OF 332
Fr: Analyst Estimates for FIRSTENERGY CP - Yahoo! Finance
Growth Est
EE
Industry
Sector
Current Qtr
-34 7%
8 2%
36%
S&P 500
Next Qtr
-59%
-4 9°io
-4 1%
17 6%
-17 9%
-29%
-4 4%a
-08%
Next Year
-5 3%
7 2%
7 71,0
26 0%
10 15%
NIA
N/A
N/A
Next 5 Years (per
annum)
5%
784%
7 51%
N/A
Price/Earnings
(avg for
comparison
categories)
11 54
12 01
12 42
16 98
1 53
1 65
N/A
annum)
PEG Rati o ( avg for
2 31
comparison
categories)
ADVERTISEMENT
-34 0%
This Year
Past 5 Years (per
Page 1 of I
l 1 /2/2009
http://finaiice.yahoo.com/q/ae?s=fe
5283
262
PAGE 193 OF 332
IIE: Analyst Estimates for HAWAIIAN LLEC INDS - Yahoo! Finance
Growth Est
HE
tndustry
$er.or
S&P 500
Current Qtr
-34 1°L,
82%
36%
Next Qtr
688%
-4 9%
-4 1%
176%
This Year
-383%
-29%
-44%
-0 8%
Next Year
848%
72%
77%
260%
N/A
N/A
NIA
Past 5 Years (per
annum)
1081%
ADVERTISEMENT
-34 0%
Next 5 Years (per
annum)
3%
784%
751%
N/A
Price/Earnings
(avg for
comparison
categories)
1978
1201
1242
1698
1 53
1 65
NIA
PEG Ratio (avg for
comparison
6 59
categories)
Page I of I
11/2/2009
htip://finance.yahoo.com/q/ae?s=he
5284
263
WP/HADAWAY ! EXHIBIT SCH-2
PAGE 194 OF 332
IDA: Analyst Estimates for IDACORP INC HLDG CO - Yahoo' Finance
Growth Est
IDA
InAuslry
Secto,
S&P 500
Current Qtr
625%
8 2%
36%
Next Qtr
N/A
-49%
-4 1%
17 6'/0
Thi s Year
97%
-29%
-44%
-08%
Next Year
29%
7 2%
77%
26 0%
Past 5 Years ( per
annum)
0 087%
N/A
N/A
N/A
Next 5 Years ( per
annum)
5%
784%
751%
N/A
118
12 01
12 42
16 98
2 36
1 53
1 65
N/A
Page I of I
ADVERTISEMENT
- 34 0%
PricelEarn ngs
(avg for
comparison
categories)
PEG Ratio ( avg for
comparison
categories)
11/2/2009
http://finance.yahoo.com/q/ae?s=ida
5285
264
PAGE 195 OF 332
NU: Analyst Estimates for NORTHEAST UT1L - Yahoo! Finance
Nu
Growth Est
industry
Sector
S&P 500
Current Qtr
-1911/1,
8 2%
36%
-340%
Next Qir
-15 2%
-49%
-4 1%
17 6%
This Year
-1 1%
-29%
-4 4%
-08%
Next Year
5 4%
7 2%
7 7%
260%
Past 5 Years (per
annum)
22635%
N/A
N/A
N/A
Next 5 Years ( per
annum)
84%
784%
751%
N/A
Price/Earnings
(avg for
comparison
categories)
12 61
12 01
12 42
16 98
1 53
1 65
N/A
PEG Ratio ( avg for
1 5
comparison
categor i es)
Add to Portfolio '-: Set Aierl
Page 1 of 1
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l 1 /2/2009
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5286
265
PAGE 196 OF 332
NST- Analyst Estimates for NSTAR - Yahoo! Finance
Growth Est
Current Otr
NST
15 4%^
Industry
82%
Sector
36%
S&P 500
Next Ott
35%
-4 9°./0
-4 1%
176%
63%
-29%
-4 4'/0
-08%
Next Year
55%
72%
77?!,
260%
7 459 %
N/A
N/A
N/A
567%
784%
751%
N/A
1311
1201
1242
1698
1 53
1 65
N/A
annum)
Next 5 Years (per
annum)
AOVERTtSEMEN T
-340%
This Year
Past 5 Years (per
Page 1 of I
Price/Earnings
(avg for
comparison
categories)
PEG Ratio (avg for
comparison
2 31
categories)
11/2/2009
http://finance-yahoo.com/q/ae?s=nst
5287
266
PAGE 197 OF 332
PCG: Analyst Estimates for PG&E CP - Yahoo! Finance
Growth Est
loeG
Industry
Sector
SSP500
71"/„
82%
Next Qtr
76%
-4 9%
-4 1 %
17 6%
This Year
75%
-2 9%
-44%
-08%
Next Year
76%
7"u
7%
260%
Past 5 Years (per
annum)
63%
NIA
NIA
N/A
Next 5 Years (per
annum)
675%
784%
751%
N/A
129
1201
1242
1698
1 91
153
165
N/A
Current Qtr
Price/Earnings
(avg for
comparison
3 6%
Page t of I
A DVERTISEMENT
-34 0%
•'
fe b r^Le
Eliminates odors,
r :t::
categor ies)
PEG Ratio ( avg for
comparison
categories)
11/2/2009
http://finance.yahoo.com/q/ae?s=pcg
5288
267
PAGE 198 OF 332
PNW: Analyst Estimates for PINNACLE: WEST CAP - Yahoo': Finance
PNW
Growth Est
Industry
Setlor
S&P 500
Current Otr
100 0°i°
82%
36%
Next Qtr
124 1°i°
-49%
-4 1%
176%
This Year
- 33%
-2 9%
-44%
-08%
Next Year
277%
7 2%
77%
260%
Past 5 Years (per
annum)
2 093°i°
N/A
N/A
N/A
Next 5 Years (per
annum)
55%
784%
751%
N/A
Price/Earnings
(avg for
comparison
categor ies)
11-56
1201
12 42
16 98
2 47
1 53
165
N/A
Page 1 of I
ADVERTISEMENT
-340%
PEG Ratio ( avg for
comparison
categories)
11/2/2009
http://finance.yahoo.com/q/ae?s=pnw
5289
268
PAGE 199 OF 332
POR- Analyst Estimates for PORTLAND GEN ELEC - Yahoo! Finance
Growth Est
Current Qv
PoR
Intlustry
8 2%
S&P 500
Sect.,
-340%
Next otr
-2 t %
-49'Y
36%
-41.%
This Year
-175%
-29%
44%
-08%
00%
Page I of 1
176%
Next Year
11 3%
72%
77%
260%
-7878%
N/A
N/A
N/A
74%
784%
751%
NIA
comparison categor ies)
13 18
12 01
12 42
16 98
PEG Ratio ( avg for
1 78
1 53
165
N/A
11/2/2009
http://fi nance.yahoo.comlq/ae?s=por
5290
269
WPIHADAWAY I EXHIBIT SCH-2
PAGE 200 OF 332
PGN: Analyst Estimates for PROGRESS FNIRGY
INC Yahoo! Finance
Growth Est
I
.
PGN
Current Qtr
106%
Industry
82%
Secto,
36%
S&P 500
Next Qtr
76%
-49%
-4 1%
176%
20%
-29%
-4 4%
-08%
Next Year
4 9"/0
7 2%
7 7%
260%
N/A
N/A
N/A
44%
784%
751%
N/A
1235
1201
1242
1698
2 81
1 53
1 65
N/A
annum)
Next 5 Years ( per
annum)
Price/Earnings
(avg for
comparison
2345%
ADVERTtSEMENT
-340%
This Year
Past 5 Years (per
Page I of I
categories)
PEG Ratio ( avg for
comparison
categories)
1112/2009
http://finance.yahoo.com/q/ae?s=pgn
5291
270
PAGE 201 OF 332
SRE: Analyst Estimates for SEMPRA ENERGY - Yahoo! Finance
Growth Est
SRE
Secio
industry
S&P 500
Current Qir
-40%
-5 2%
36%
-34 0%
Next Qtr
-146%
-31%
-4 1°rb
176%
This Year
25°0
-85%
-44%
-08°/,
Next Year
134%
89%
77%
260%
Past 5 Years (per
annum)
59841/.
N/A
N/A
N/A
Next 5 Years (per
annum)
6 33%
6 56°/
7 51%
N/A
11 33
13 61
12 42
16 98
1 79
2 07
1 65
N/A
Page I oil
ADVERTISEMENT
Pnce!Earmngs
(avg for
comparison
categories)
PEG Ratio (avg for
comparison
categories)
1112/2009
http://finance.yahoo. comlq/ae?s=sre
5292
271
PAGE 202 OF 332
SO- Analyst Estimates for SOU t-1li_.RN CO - Yahoo'. Finance
Growth Est
SO
industry
Sector
192%
82%
36%
-340%
Next Qtr
119%
- 4 9%
-4 1°iu
176%
This Year
-1 7%
- 29%
-4 4%
-08%
Next Year
4 7%
72%
7 7%
260%
1 585%
N/A
N/A
N/A
497%
784%
751%
N/A
13 39
12 01
1242
16 98
Past 5 Years ( per
annum)
Next 5 Years ( per
annum)
Price/Earnings
(avg for
comparison
ADVERTISEMENT
S&P 500
Current Qtr
Scottrade
Sinar t Tex r
-Olftk
categones)
PEG Rat io ( avg for
comparison
2 69
categories)
page 1 of I
NASDAQ
1 53
1 65
N/A
^^ -
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TF.: Analyst Fstimates for TECO ENERGY INC - Yahoo? Finance
'E
Growth Est
Industry
Sector
5gP 500
Current Qtr
300%
8 2%
36%
Next Qtr
571'/0
-49%
-4 1%
176%
This Year
22 1°io
-29%
-44%
-08%
Next Year
190%
72%
7 74io
260%
3143°/,
N/A
N/A
N/A
842%
784%
751%
N/A
13 66
12 01
12 42
16 98
1 53
1 65
N/A
Past 5 Years (per
annum)
Next 5 Years (per
annum)
Price/Earnings
(avg for
comparison
categor ies)
PEG Ratio (avg for
compartson
1 62
categories)
Page 1 of I
A DVFRTISEMFNT
-34 0%
sCOttx ^^:
11/212009
http://fuiance.v ahoo.cotn/qlae?s=te
5294
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PAGE 204 OF 332
UIL. Analyst Estimates for UIL I-11_DGS CP - Yahoo! Finance
UIL
Growth Est
Industry
Secrcu
Current Qtr
-31 4%
N/A
N/A
S&P 500
Next Qtr
-4 3%
N/A
N/A
176%
1 6%
N/A
N/A
-08%
Next Year
4 1%
N/A
N/A
26 0%
Past 5 Years (per
annum)
11704%
N/A
NIA
N/A
Next 5 Years (per
annum)
44%
N/A
N/A
N/A
13 31
N/A
N/A
16 98
N/A
N/A
N/A
comparison
AUVERT:SEMENT
-340%
This Year
Price/Earnings
( avg for
Page I of 1
categories)
PEG Ratio (avg for
comparison
3 03
categories)
11/2/2009
hrip://finance.yahoo.com/q/ae?s=uil
5295
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WP/HADAWAY I EXHIBIT SCH-2
PAGE 205 OF 332
VVC: Analyst Estimates for VECTREN CORP - Yahoo! Finance
We
Growth Est
Industry
Sector
S&P 500
Current Or
8 7%
-52%
36%
Next Qtr
00%
-3 1"/
-4 1%
17 6%
This Year
3 7%
-8 5%
-4 4%
-08%
Next Year
10 7°/u
89%
7 7%
260%
Past 5 Years (per
annum)
7695%
N/A
N/A
N/A
Next 5 Years ( per
annum)
63%
656%
751%
N/A
13 34
13 61
12 42
16 98
Price/Earnings
(avg for
comparison
Page I of I
ADVERTISEMENT
-340%
Plus a stream
of income to
Protect you
if the market
goes down7
categorles)
PEG Ratio ( avg for
2 12
comparison
categories)
2 07
1 65
N/A
11/2/2009
http://finance.yalioo.com/q/ae?s-vvc
5296
275
PAGE 206 OF 332
WR: Analyst E stimates for W1=:STAR ENERGY INC - Yahoo! Finance
Growth Est
WR
lntlus*.ry
Sector
00%
8 2%
36%
-340%
Next Qtr
600%
-49%
-4 1%
176%
This Year
-14 7%
-29%
-44%
-08%
Next Year
20 0%
7 2%
7 7%
260%
N/A
N/A
N/A
3%
784%
751%
NIA
1321
1201
1242
1698
1 53
1 65
N/A
Past 5 Years (per
annum)
Next 5 Years (per
annum)
Price/Earnings
(avg for
compari son
categories)
7 263%
PEG Rat io ( avg for
comparison
44
A DVERTISEMENT
S&P 500
Current Qtr
Page 1 of I
Scottrade
}
NASDAQ
categories)
*!'
1^ .
^ --
8£T FREE RESEARCH
GET $7
ONLINE TRADES
^
11/2/2009
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5297
276
PAGE 207 OF 332
WEC: Analyst F:,timatcs for WISCONSIN ENERGY CP - Yahoo! Finance
weC
Growth Est
Current Qtr
-4 7%
Next Qtr
This Year
Next Year
Past 5 Years (per
annum)
Next 5 Years (per
annum)
industry
Sect^
S&P 500
-52%
36%
-42%
-31%
-41%
176%
2 3%
-85%
-4 4%,
-0 8%
210%
89%
7 7%
260%
10039%
N/A
N/A
N/A
872%
656%
751%
N/A
14 09
13 61
12 42
16 98
Page 1 of I
ADVERTISEMENT
-34 0%
Pnce/Earrnngs
(avg for
comparison
categories)
PEG Ratio (avg for
compansor+.
1 62
categories)
'k1
2 07
1 65
N/A
f ^.
,
^:-
Scottrade
11/212009
http://finance. yahoo.comlq/ae?s=wec
5298
277
PAGE 208 OF 332
XEL: Analyst Estimates for XCEL ENERGY INC - Yahoo! Finance
Growth Est
XEL
industry
Sector
S&P 500
Current Qtr
-29%
82%
3 6%
Next Qtr
15 8%
-4 9%
-4 1 %
176%
This Year
2 1%
-29%
-4 4%
-08%
Next Year
95%
72%
7 7%
260%
4 457%
N/A
N/A
N/A
688%
784%
751%
N/A
1274
1201
1242
1698
1 85
1 53
1 65
NIA
Past 5 Years (per
annum)
Next 5 Years (per
annum)
Page I of 1
ADVERTISEMENT
-34 0%
Price/Earnings
(avg for
comparison
categories)
PEG Ratio ( avg for
comparison
categories)
11/2/2009
http://fi nance.yahoo.com/q/ae?s=xe!
5299
278
PAGE 209 OF 332
Exhibit SCH-6
Risk Premium Analysis
(Proprietary RRA data provided under separate
cover)
5300
279
WP/HADAWAY I EXHIBIT SCH-2
PAGE 210 OF 332
INTEREST RATES AND COST OF CAPITAL RELATIONSHIPS
4
5
6
7
8
Qtrly
Electric
Qtrly
2006
Electric
Risk
Gas
Monthly Rates Double-A Single-A Triple-B Uhl Avg ROE Premium ROE
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
2006 Annual
Last 3-mo Avg
5 50
5 55
5 71
6 02
6 16
6.18
6 15
5 97
5 81
5 80
5 61
5 62
5 84
5 68
5.75
5.82
5 98
6 29
6.42
6 43
6 39
6.20
6 00
5 98
5.80
5 81
6 07
5 86
6.06
611
625
6 54
6.59
6 63
6 63
6 43
626
6.24
6.04
6 05
6 32
611
5 77
5.83
5 98
6 28
6 39
6 41
6 39
6.20
6.02
6 01
5 82
5.83
608
5.88
2007
Monthly Rates Double-A Single-A Triple-B Util Avg
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
2007 Annual
Last 3-mo Avg
578
5 73
5 66
5 83
586
6 18
6 11
611
6 10
6 04
5.87
6 03
5 94
5 98
596
5 90
5 85
5 97
599
6.30
6 25
6 24
6.18
6 11
5.97
6.16
6 07
6.08
616
6.10
6.10
6.24
623
6 54
649
6.51
645
6 36
6.27
6 51
6 33
6 38
597
5 91
587
6.01
603
6 34
6 28
6 29
6 24
6 17
6.04
6 23
6.11
6 15
9
Gas
10
11
12
13
14
Long-term* Spread
15
Risk
LT** 10-Year Utility Bond Rate - Government Rat
Premium T-Bonds T-Bonds Double-A Single-A Triple-B Util Av
10.38
4 52
10 63
4 77
10 69
4.33
10.50
4.14
10 06
386 1 10.45
4.25
10.39
10 36
4 51 10 14
430 1 10 44
4.26
4.35
Qtriy
Electric
Qtrly
Gas
Electric
Risk
Gas
Risk
ROE
Premium
ROE
4 65
4.73
4 91
5 22
5 35
5 29
5 25
5.08
4 93
494
4.78
4.78
4 99
4.83
LT**
4 42
4 57
4.72
4.99
5 11
5 11
5.09
4 88
4.72
4 73
4.60
4 56
4 79
4 63
10-Year
0 85
0 82
0.80
0 80
0 81
0 89
0 90
0 89
0 88
0.86
0.83
0 84
0 85
0 84
1.10
1 09
107
1.07
107
1.14
1 14
1.12
1 07
1 04
1.02
1 03
1 08
1 03
1 41
1 38
1.34
1 32
1 24
1 34
1 38
1 35
1 33
1.30
1 26
127
1.33
1 28
10 27
4.35
10 44
4 52
10 27
4 14
10 12
3 99
10 02
375 1 10 03
3.76
10 56
10 36
4 41
4.17
4.12
4.10
10.27
10.24
476
4 72
4 56
4 69
475
5 10
5 00
4 67
4 52
4.53
4.15
4 10
4.63
4 26
Avg Utility Gov Rate
1 12
1 10
1 07
1 06
1 04
1 12
1.14
1.12
1 09
1 07
104
1 05
1 08
105
1 35
1.26
1 26
1 29
128
1.30
1.30
1 32
1.30
1.28
1.22
1 27
1 29
1 25
Long-term* Spread
10-Year Sprd
tdily Bond Rate - Governm ent Rat
Avg Utility -
Premium T-Bonds T-Bonds Double-A Single-A Tri le-B Util Avg
495
4 93
4.81
4.95
498
5 29
5 19
5.00
4 84
4 83
4 56
4 57
4 91
4 65
16
10-Year Sprd
083
0 80
0 85
0 88
088
0 89
0 92
1 11
1 26
1 21
1.31
1 46
1 03
1.33
1 01
0.97
1 04
1.02
1 01
1 01
1 06
1.24
1.34
1.28
1 41
1 59
1 17
1.43
1 21
1.17
1.29
1 29
1.25
1 25
1 30
1.51
162
1.53
1 71
1 94
1 42,
1 73
Gov Rate
1 02
0 98
1 06
1 06
1 05
1 05
1 09
1 29
1 41
1 34
1 48
1 66
1.21
149
1 21
1 19
1 31
1 32
128
1 24
1 28
1 62
1 72
1.64
1.89
2 13
1 49
1.89
Qtrly Electric Qtrly
Gas
Long-term* Spread
10-Year Sprd
2008
Electric
Risk
Gas
Risk
LT** 10-Year tility Bond Rate - Governm ent Rat( Avg Utility Monthly Rates Double-A Single-A Triple-B Util Avg ROE Premium ROE Premium T-Bonds T-Bonds Double-A Single-A Tn le-B Utd Av
Gov Rate
Jan-08
Feb-08
Mar-08
Apr-08
5.87
6.04
5.99
5.99
6.07
6 02
6.21
6.21
6 29
6 28
6.19
6.13
6.09
6 13
6 95
6 38
6 40
6 37
6.35
6 60
6.68
6 81
6.79
6 93
6 97
6.98
6 83
5.92
6 18
6 49
7 56
7.60
6.52
6.53
7.15
8.58
8.98
8 11
7 24
Last 3-mo Avg
6 57
7.23
8.56
7 45
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
6.01
6.11
6.14
6 19
6 23
6 13
5.63
5.33
5.15
6.39
6.30
6 42
6.48
6.49
6.20
5.97
5 71
5 53
7.90
7 74
8.00
8 03
7.76
7 30
6 87
6 36
6.12
6.77
6 72
6 85
6 90
6 83
6 54
6 16
5.80
5 60
Oct-09
5.23
5.55
6.14
5.64
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
2008 Annual
6.08
6.28
6.29
6.36
6 38
6.50
6.50
6.48
6.59
7.70
7.80
685 1
6 65
10.45
4 23
10 38
4 16
10 57
4.16
10.17
3.76
4.35
4 49
4.36
4 44
4.60
4.74
4.62
4 53
10.47
10 33
10.46
3.95
10.49
2.88 10 34
3801 10 37
3.97
289.
3.69
4.32
4 45
4.27
3.18
4.36
3 74
3 74
3 51
3.68
3.88
410
4.01
3 89
3.69
3.81
3.53
2.42
3.67
1.52
1.55
1.63
1.55
1.67
1.72
1 85
1.85
1.47
1 45
1
1
1
1
2
1.50
1.56
1 81
2 50
2 56
2 74
1 82
68
64
77
84
17
311
3.33
3.34
2.16
2 00
2 11
2.32
2 37
2.19
2 19
2 34
2.45
2.83
4 13
4.71
4.93
2881
1.73
1.79
1 93
1.92
1.78
2 34
2.54
2.78
2 68
2 50
1.76
1 87
1 95
2.40
2.51
2 59
2.90
3 89
2 27
3 25
3.53
3 67
229
4 27
4 43
3.97
3.25
2 60
3.26
4.59
3 48
Qtrly Electric Qtrly
Long-term* Spread
10-Year Sprd
Gas
2009
Electric
Risk
LT'* 10-Year Utility Bond Rate - Governm ent Rat Avg Utility Gas
Risk
Monthly Rates Double-A Single-A Triple-B Util Avg ROE Premium ROE Premium T-Bonds T-Bonds Double-A Single-A Triple-13 Utll Avg Gov Rate
10 29
3 51
10.24
3 46
10.55
3 79
10.11
3.35
10.46
4 61
9.88
4.03
3 46
3 83
3 78
3 84
4 22
4 51
4.38
4.33
4 14
2 52
2 87
2.82
2.93
3.29
3.72
3.56
3.59
3.40
2 55
2.28
2.36
2.35
2.01
1 62
1.25
1 00
1.01
2.93
2.47
2.64
2 64
2.28
1.69
1.59
1.38
1 39
4.44
3.91
4.22
4 19
3.55
2 79
249 1
2.03
1 98
3 31
2.89
3.07
3.06
2.61
2 03
1 78
1.47
1.46
4 25
3.85
4.03
3 97
3 54
2.82
2.60
2.21
2 20
4.16
3.39
1.07
1.39
1.98
1.48
2.25
'Yields for all Treasury bonds with remaining terms to maturity of 25 years and over beginning 2/2002, 20-year bonds beginning 6/2004.
Sources Moodys (Mergent) Bond Record (Corporate Bond Yield Averages), Federal Reserve System website (Government rates),
Regulatory Research Associates, Major Rate Case Decisions (Allowed ROEs)
Equity Risk Premim (Column 7) = Column 6 minus Column 5
5301
280
PAGE 211 OF 332
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7.!2
7;9
!an
\A
153
795
64t
685
751
692
Sep
NA
Ua
NA
14,35
768
780
77)
663
71g
7.50
Uee
NA
75)
751
774
643
699
733
1'794
v93
992
1'>'^l
853
192
755
666
731
776
Nov
NA
745
771
756
659
709
72I
807
729
819
885
945>
9il
005
912
892
1168
705
794
322
9)7
908
971
ii339
823
10 14
12 47
•
443
446
44')
467
AVERA GE OF YIG.LDS ON A aa PUBLIC UTILITY BONDS ( IN PERCENT)
Feb
NA
746
782
656
691
741
711
Mu
NA
711
787
67R
696
770
745
8113
818
719
775
x;0
897
935
971
977
829
965
1261
760
764
839
901
948
987
972
821
875
1308
1248
i588
Apr
NA
753
787
680
694
787
7.60
May
YA
76l
822
7()')
694
772
773
808
771
739
751
766
742
723
713
80(1
750
8 16
895
960
988
1007
883
845
1277
811
744
832
993
958
960
1029
914
907
1218
307
137
826
910
938
913
1027
917
902
It 17
8.21
725
812
910
936
898
1050
956
866
1118
815
694
804
881
954
902
1066
992
859
1123
841
676
80 a
865
973
910
1015
103)
891
1127
86..5
677
806
8 . 57
966
)0!
96i
I092
884
1123
877
706
$ 11
852
943
892
9.52
104)
859
107t
855
707
801
838
918
892
')67>
1064
84i
1024
1100
1266
12 n)
ii!9
3505
i2(K5
1486
1201
1468
t223
1532
1269
1496
13(W
1398
1205
1324
1266
1242
1282
1211
l3W
!232
1195
1185
1441
1487
1541
1606
1383
1443
452
12 115
95!
1333
961
12 27
90t
1483
1416
I(23
97l
I088
949
114R
42
1210
946
1246
969
1279
it) 38
1339
1099
3362
1096
Y57
821
x 80
879
801
X17
827
872
892
814
869
823
8 59
911
8i6
883
822
8 73
905
h48
992
812
N 84
893
858
902
8l0
8 78
904
883
886
813
864
920
909
884
801
8 57
921
936
904
818
>; 50
914
950
91)
823
x 19
903
910
Jun
NA
750
196
737
/r80
755
783
1
,`7A
746
800
731
680
729
7.78
Aug
NA
736
789
754
675
739
759
1272
^:.-.
779
S04
694
716
`)46
1229
03
)i)
i 33
562
1315
148v
1948
1987
3686
1985
.
Ikc
7` i
786
I'^s6
1985
19R.
v83
t-)x?
v8t
198f1
1 ca+
_(A12
2(l0)
!(MN)
149v
)998
1'197
19'7fi
` 'w-^•
'
7 69
776
.9 10
71
1`)
1992
1991
060
1989
!v8d
COMPOSITE AVERAGE OF YIELDS ON P UBLIC UTILITY BONDS (IN PERCENT)
^^)x3
tv81
1252
1421
1?29
1579
:99I
.4 (A
tvx0
1979
121o
986
II Ii
v78
tv77
v76
1975
Iv74
887
819
86!
9(Il
87i
1131
v48
H52
814
8 86
x99
4I10
694
934
814
ri 15
907
902
5303
282
PAGE 213 OF 332
Testimony References:
Interest Rates; Dow Jones Utility Prices; S&P
Industry Survey; Value Line; Brigham; Chan
5304
283
WP/HADAWAY 1 EXHIBIT SCH-2
PAGE 214 OF 332
.-•«ct ôl;^'•-
F "^-^R,Y • •
•^^
FEDERAL RESERVE statistical release
/^k
-^ f ^ .-W,. ^.
•
H.15 (519) SELECTED INTEREST RATES
Yields in percent per annum
Instru men t s
Federal funds (effective)' 23
•
•
LR
For use at 2.30 p.m. Eastern Time
November 9, 2009
Week Ending
2009
2009
2009
2009
2009
2009
Nov 2
Nov 3
Nov 4
Nov 5
Nov 6
Nov 6
Oct 30
Oct
0.12
0.12
0.13
0.13
0.12
0.12
0.11
0.12
0.13
0.11
0.14
0.11
0.14
0.15
0.10
0.15
0.15
0.11
0.14
0.15
0.09
n.a
n.a.
0.11
0.14
0.15
0.12
0.14
0.18
0.12
0.14
0.19
0.17
019
0.16
0.18
0.17
0.17
0.18
0.16
0.18
0.18
0.17
0.18
0.17
0.17
0.17
0.17
0.20
0.18
0.22
0.19
0.22
0.20
0.23
0.22
1.16
2.16
1.15
2.15
1.16
2.16
1.15
2.15
1.15
2.15
1.15
2.15
1.16
2.16
1.16
2.16
0.18
0.22
0.32
0.18
0.22
0.32
0.18
0.22
0.32
0.18
0.22
0.32
0.18
0.22
0.32
0.18
0.22
0.32
0.19
0.22
0.31
0.20
0.24
0.31
0.30
0.30
0.30
0.30
0.30
0.30
0.31
0.35
0.45
0.70
3.25
0.50
0.45
0.70
3.25
0.50
0.45
0.70
3.25
0.50
0.45
0.70
3.25
0.50
0.45
0.70
3.25
0.50
0.45
0.70
3.25
0 50
0.45
0.72
3.25
0.50
0.49
0.80
3.25
0.50
0.03
0.06
0.17
0.36
0.04
0.06
0.17
0.36
0.05
0.05
0.16
0.33
0.06
0.04
0.16
0.33
0.06
0.06
0.16
0.31
0.05
0.05
0.16
0.34
0.03
0.07
0.17
0.38
0.04
0.07
0.16
0.35
0.03
0.06
0.17
0.38
0.92
1.44
2.33
3.00
3.45
4.22
4.26
0.04
0.06
0.17
0.38
0.92
1.46
2.36
3.05
3.50
4.29
4.34
0.05
0.05
0.16
0.36
0.91
1.46
2.39
3.09
3.57
4.36
4.41
0.06
0.04
0.16
0.36
0.90
1.44
2.35
3.06
3.57
4.36
4.41
0.06
0.06
0.16
0.34
0.86
1.40
2.30
3.02
3.54
4.35
4.40
0.05
0.05
0.16
0.36
0.90
1.44
2.35
3.04
3.53
4.32
4.36
0.03
0.07
0.17
0.39
0.98
1.51
2.41
3.07
3.49
4.27
4.30
0.04
0.07
0.16
0.37
0.95
1.46
2.33
2.96
3.39
4.16
4.19
0.70
1.01
1.41
2.01
1.99
0.73
1.06
1.45
2.04
2.02
0.69
1.03
1.45
2.02
1.99
0.64
0.98
1.41
2.00
1.97
0.60
0.94
1.37
1.98
1.96
0.67
1.00
1.42
2.01
1.99
0.81
1.11
1.49
2.09
2.07
0.83
1.12
1.48
2.04
2.03
0.59
1.27
1.87
2.33
2.68
3.18
3.59
4.16
0.59
1.27
1.87
2.34
2.71
3.21
3.62
4.20
0.62
1.31
1.92
2.39
2.76
3.26
3.68
4.27
0.56
1.24
1.87
2.36
2.74
3.27
3.70
4.32
0.53
1.20
1.82
2.30
2.68
3.22
3.68
4.31
0.58
1.26
1.87
2.34
2.71
3.23
3.65
4.25
0.62
1.32
1.94
2.41
2.77
3.26
3.66
4.23
0.62
1.29
1.89
2.34
2.68
3.15
3.53
4.08
5.19
6.30
5.24
6.37
5.32
6.46
5.33
6.43
4.41
4.98
5.28
6.40
5.27
6.39
4.41
4.98
5.22
6.34
4.39
5.03
5.15
6.29
4.20
4.95
Commercial Paper3 4 e s
Nonfinancial
1-month
2-month
3-month
Financial
1-month
2-month
3-month
3-month nonfinancial or financial
posted by CPFF7
Without surcharge
With surcharge
CDs (secondary market)3 8
1-month
3-month
6-month
Eurodollar deposits (London)3 9
1-month
3-month
6-month
Bank prime loanz a 10
Discount window primary credit2 "
U.S. government securities
Treasury bills (secondary market)3 4
4-week
3-month
6-month
1-year
Treasury constant maturities
Nominal12
1-month
3-month
6-month
1-year
2-year
3-year
5-year
7-year
10-year
20-year
30-year
Inflation indexed13
5-year
7-year
10-year
20-year
Inflation-indexed long-term averaget4
Interest rate swaps15
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
Corporate bonds
Moody's seasoned
Aaa16
Baa
State & local bonds"
Conventional mortgages18
See overleaf for footnotes.
Not available.
n.a.
5305
284
PAGE 215 OF 332
Footnotes
1. The daily effective federal funds rate is a weighted average of rates on brokered trades.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar day
in the month
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5 Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades
represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are
equivalent to the 30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page (www.federalreserve gov/releases/cp/).
6. Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is any
financial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve's liquidity
facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary programs and,
accordingly, likely are not comparable for some purposes to rates published prior to that period.
7. CPFF refers to the Federal Reserve's Commercial Paper Funding Facility. The rates are identical under the CPFF for financial and
nonfinancial commercial paper. An issuer of commercial paper into the CPFF may avoid the surcharge by providing a collateral
arrangement or indorsement that is acceptable to the Federal Reserve Bank of New York. Source' Federal Reserve Bank of New York.
8. An average of dealer bid rates on nationally traded certificates of deposit.
9. Bid rates for Eurodollar deposits collected around 9.30 a m. Eastern time
10. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several
base rates used by banks to price short-term business loans.
11. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program,
which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For
further information, see www.federaireserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate reported is that for the
Federal Reserve Bank of New York Historical series for the rate on adjustment credit as well as the rate on primary credit are available at
www.federalreserve.gov/releases/h 15/data.htm.
12. Yields on actively traded non-inflation-indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity series
was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006, the U.S.
Treasury published a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal rate. The
historical adjustment factor can be found at
www.treas gov/offices/domestic-finance/debt-management/interest-rate/Itcompositeindexhistorical.shtml. Source. U.S. Treasury.
13. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional information
on both nominal and inflation-indexed yields may be found at
www.treas gov/offices/domestic-finance/debt-management/interest-rate/index.html.
14. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years.
15. International Swaps and Derivatives Association (ISDA®) mid-market par swap rates. Rates are for a Fixed Rate Payer in return for
receiving three month LIBOR, and are based on rates collected at 11:00 a.m. Eastern time by Garban Intercapital plc and published on
Reuters Page ISDAFIX®1. ISDAFIX is a registered service mark of ISDA. Source: Reuters Limited.
16. Moody's Aaa rates through December 6, 2001, are averages of Aaa utility and Aaa industrial bond rates. As of December 7, 2001,
these rates are averages of Aaa industrial bonds only.
17. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
18. Contract interest rates on commitments for fixed-rate first mortgages. Source: Primary Mortgage Market Survey(E) data provided by
Freddie Mac.
Note: Weekly and monthly figures on this release, as well as annual figures available on the Board's historical H.15 web site (see below),
are averages of business days unless otherwise noted.
Current and historical H.15 data are available on the Federal Reserve Board's web site (www.federalreserve.gov/). For information about
individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-728-5886).
For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
Description of the Treasury Nominal and Inflation-Indexed Constant Maturity Series
Yields on Treasury nominal securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve for
non-inflation-indexed Treasury securities. This curve, which relates the yield on a security to its time to maturity, is based on the closing
market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites
of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve at fixed
maturities, currently 1, 3, and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-year maturity, for
example, even if no outstanding security has exactly 10 years remaining to maturity. Similarly, yields on inflation-indexed securities at
constant maturity" are interpolated from the daily yield curve for Treasury inflation protected securities in the over-the-counter market. The
inflation-indexed constant maturity yields are read from this yield curve at fixed maturities, currently 5, 7, 10, and 20 years_
5306
285
PAGE 216 OF 332
Date
Open
High
Low
Close
Volume
Ad1 Close
11/2/2009
363.11
37675
35886
37628
59E+0937628
10/1/2009
37722
38919
36112
36304 545E+09:.;363.04
9/1/2009
373 32
386.41
365 4
377 23 5 63E+09=: 377 23
8/3/2009
369 46
38455
363 1
37335
5 8E+09 --373.35
7/1/2009
357 98
380.5
341 49
369 47 5.08E+09
369.47
6/1/2009
341 15
361 6
337 99
357 81 5 33E+09
357.81
5/1/2009
334 31
35872
324 51
34099 688E+09
340.99
4/1/2009
329 25
343 29
322 82
334.2 6 94E+09
3342
3/2/2009
323 62
341 06
287 29
329 37 7.63E+09
329.37
2/2/2009
369.42
388.37
317 21
323 97 7 02E+09
323.97
12/1/2008
381 83
381 83
338 37
37076 5.32E+09
370.76
11/3/2008
378.29
397.27
331.16
382.24 623E+09
38224
10/1/2008
428 45
43333
293 52
37842 7.29E+09
378.42
9/2/2008
4777
483.35
41592
42845 7.01 E+09
428.45
8/1/2008
484 81
489 31
458.1
477.52 4.26E+09
477 52
7/1/2008
5204
528.37
474.15
484.88 5 92E+09
484 88
6/712008
521 65
52943
504 59
520 85 4 84E+09' 52085
5/1/2008
510.21
532 02
501 63
521.65 4.04E+09
52165,
4/1/2008
521 69
48008
480 08
510.52 4 11 E+09
510 52
3/3/2008
477 38
494 95
465 54
479 4 66E+09:
479
2/1/2008
521 63
50263
474 75
4775 3 97E+09'
4775
1/2/2008
532 5
557 69
472.83
502.68 4 93E+09
502.68.
12/3/2007
532 23
556 02
530 56
532 53 3 3E+09
532.53
11/1/2007
534 61
536 42
508 66
532 25 4 32E+09
532.25
10/1/2007
501 88
536.3
492.33
534 95 348E+09'
53495
9/412007
484.6
5153
481 59
501 54 303E+09
501.54
8/1/2007
479 41
514.68
457 53
484 79 4 09E+09
48479
7/2/2007
498.17
522 49
468 1
479 36 3.56E+09
479,36
6/1/2007
521 94
525 61
48355
49817 3 26E+09
49817
5/1/2007
51925
53831
507.27
521 79 31E+09
521.79
4/2/2007
50024
4996
5335
519 25 3 01 E+09
51925
3/1/2007
479.15
50584
46736
50018 321E+09'
50018
2/1/2007
45437
504.18
479 19 2 94E+09'
45354
479 19
1/3/2007
456.77
462.73
442.78
454 54 2.98E+09
45454
12/1/2006
45594
464 17
453 31
456.77 2.46E+09
456 77
11/1/2006
44836
457 47
438 49
455 87 2.83E+09
45587
10/2/2006
428.44
45531
426 1
448 29 2.71E+09
448.29
9/1/2006
442 65
444 47
420.28
428 4 2 56E+09
428 4
433.42
8/1/2006
444 06
428.59
442.55 2 28E+09
442 55
7/3/2006
41395
43971
410 92
43342 2.44E+09
433.42
6/1/2006
40627
417 81
398 74
413.95 2.63E+09
4 13 95
5/1/2006
3974
411.9
3884
406.17 2 59E+09
40617
4/3/2006
388.86
403 25
379 96
397.46 2.41 E+09
397.46
3/1/2006
41256
414 89
387.63
38901 2.31 E+09 ,
38901
01
2/1/2006
413.84
419 32
397.4
412.84 238E+09
41284
1/3/2006
40527
42825
4036
41384 2 6E+09
. 413 84
12/12005
400.42
42274
3994
405.11 2 06E+0! ,405.11
11/1/2005
401.09
40759
384.31
400.15 2 26E+05,
400.15
10/3/2005
432.38
44027
37805
401 11 2.49E+09,
401.11
9/1/2005
40754
43594
406.87
432 38 223E+0!,
432.:18
8/1/2005
397.29
41046
386.08
407 46 1 93E+09
407.46
7/1/2005
386.66
400.56
378.39
397 29 1 96E+%
397.29
6/1/2005
36478
390.58
363.68
386.59 193E+09
386.59
5/2/2005
371 49
375.36
348.42
365.13 1 96E+09
365.13
4/1/2005
35839
372.79
354 21
371 47 2 18E+01
371.47
3/1/2005
352.89
365.78
344.81
358.33 1 87E+0p
358.33
2/1/2005
343.51
359.19
34195
352.89 164E+09
352.89
1/3/2005
334 92
344 37
322.96
343 46 1 66E+09
343.46
12/1/2004
11/1/2004
10/1/2004
9/12004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/12004
3/1/2004
2/2/2004
1/2/2004
325.49
313.35
295.34
290.43
281 18
278.01
27576
273.57
281.15
27802
271 92
26679
33849
335.99
315.65
297.04
2909
285 68
28208
277.3
28423
282 48
279.15
275.08
31437
30857
295 27
289 05
27946
273.78
26966
258 27
266 09
271 32
266.52
263.54
33495 1.45E+09
334.95
325 79 1.52E+09
32579
313 34 1.57E+05 . 313 34
295 33 1.36E+05
295.33
29055 1.28E+09
29055
281.31 1.46E+09 .281.31
277.89 138E+09
277.89
275.82 1 52E+09
275 82
2736 1.58E+09
2736
281.09 1 53E+09
281.09
278.02 1 55E+0. ,278.02
271 94 1.72E+09
271,94
12/1/2003
11/312003
10/1/2003
9/2/2003
8/1/2003
711/2003
6/212003
5/1/2003
4/1/2003
3/3/2003
2/3/2003
1/2/2003
250.45
252 77
25056
23957
23592
250.9
24577
22466
208 11
198.07
207.84
215 16
268 55
25624
256.12
252 72
241.63
252.47
258_13
249.97
226.68
211.66
211 39
232.06
249.49
242.8
24945
238.32
228 79
231 77
244 05
220.18
206 9
19396
185.17
202 35
2669 1.31 E+011
25041 1 31E+0',
2527 147E+09,
250.59
1.5E+09
239.57 1 .23E+09'
235.93 1.51E+09
25099 1 56E+09
24563 1-55E+091
224 85 15E+09
208
15E+eP.
197 96 1.4E+01 ^
207 75 1 54E+01i
2669
250 41
252.7
250.59
239.57
235.93
250.99
24563
224.85
>208
197.96
207.75
12/2/2002
11/1/2002
10/1/2002
9/3/2002
20327
198 1
215.11
242.53
217.7
211 79
221.19
242.55
195.26
188 53
161 38
20094
21518 129E+09
203 29 1.49E+09
19825 1.72E+09
21507 1 47E+09'
215.18
203.29
198.25
215 07
Data from http://finance.yahoo.com for symbol "DJU
Current level
Max level
% dif(.
376 28
534 95 10/1/2007
297%
5307
286
PAGE 217 OF 332
8/1/2002
7/i/2002
6/312002
5/1/2002
4/1/2002
3/1/2002
2/1/2002
1/2/2002
12/3/2001
11/1/2001
10/1/2001
9/4/2001
8/1/2001
7/2/2001
6/1/2001
5/1/2001
4/2/2001
3/1/2001
211/2001
1/2/2001
12/1/2000
11/1/2000
10/2I2000
9/1/2000
8/1/2000
7/3/2000
6/1/2000
5/i/2000
4/3/2000
3/1/2000
2/1/2000
1/3/2000
12/1/1999
11/1/1999
10/1/1999
9/1/1999
8/2/1999
7/111999
6/111999
5/3/1999
4/1/1999
3/1/1999
2/i/1999
1/4/1999
12/1/1998
11/2/1998
10/1/1998
9/1/1998
8/3/1998
7/111998
6/1/1998
5/1/1998
4/1/1998
3/2/1998
212/1998
1/2/1998
12/1/1997
11/3/1997
10/111997
9/2/1997
8/1/1997
7/1/1997
6/2/1997
5/1/1997
411/1997
3/3/1997
2/3/1997
1/2/1997
12/2/1996
11/1/1996
10/i/1996
9/3/1996
8/1/1996
7/1/1996
6/3/1996
5/1/1996
4/1/1996
3/1/1996
2/1/1996
1/2/1996
12/1/1995
11/1/1995
10/2/1995
9/1/1995
8/1/1995
7/3/1995
6/1/1995
23703
273.88
288.52
30577
305 73
27964
28571
29394
281 03
294 41
301 67
34012
349.74
35934
393.12
3964
381 42
385.88
37212
41209
388 92
393.53
398 28
363.88
325 47
306 91
328.43
31755
291.66
288 33
31514
283.16
281.47
306.64
298.12
315 63
314.63
315 56
328.48
311.13
29216
293.15
30217
3123
303.88
302.47
306.16
277.63
279.04
29435
2843
285.02
284.19
270.86
264 67
271 98
26007
244.92
239.63
234.89
233.38
229.55
221 28
21639
21821
22715
232.18
230.57
234.28
226.8
217 79
213.81
20898
220.09
208.63
210.38
213.18
219.26
230.92
225.4
21625
215 92
214 08
20274
203,6
202.21
205.05
257 64
274 86
288 83
309 9
314.16
309.31
289.79
298.77
298.37
303 24
325 34
346 77
361 17
375.7
393 17
401.6
402 46
396.8
400.55
41209
420.72
406 33
405 33
404 26
367 43
334 77
334
336 62
332.76
299 09
319.43
320.61
286 41
30959
309 53
320 96
326.64
324 52
337.83
332 94
314 33
307 68
303.07
316.82
316.73
31398
323.65
309.36
289.77
296 78
29606
287.51
292 82
289 49
27244
274 18
274 21
260 51
24941
244 2
236.14
236 75
228 53
22974
219.53
229.25
234.49
24399
238.4
239.87
228.34
221.35
22037
222.05
221.42
216.67
21527
22554
236.93
231 34
22666
218 17
220.47
21592
205.38
205.11
210.78
222 39
18371
264 09
275 83
297 32
278.87
269 51
274 18
268 1
274 29
288.58
284.04
333 78
323.36
347.29
37626
353 26
338 24
363 21
328 66
37656
380.28
368.18
361.16
32547
306 88
303 19
311 81
282 04
27052
277 17
273 38
266 34
273 38
29046
28632
309.02
311 37
314.27
310.02
288.39
287 7
284 91
296.54
300 28
300 52
294.47
267 68
268.94
276 37
28356
274.87
274.13
269.4
260 89
25951
256 23
23903
230 92
231.66
226 94
226.48
218.4
213.81
207.8
21625
224.98
228 62
225.4
225 33
21625
211 71
20451
202 84
205 28
203.19
203.19
209.82
217.3
223.54
214 41
211.64
21263
201 29
199.71
199 58
200.3
242 52 1.37E+09
242 52
237.2 2 01 E+09
2372
27388 1 . 52E+09
27398
2884 128E+09
288.4
305.84 1.37E+09
305.84
305.73 1.39E+09
305.73
27964 1.44E+09
279 64
285.71 1 49E+09
285 71
293.94
293 94
1 3E+09
281.03 1.32E+09
28103
294.65 1 36E+09
294 65
301.67 1 79E+09
301.67
34062 1 06E+09 ,
340 62
349.74 1.19E+09
-14974
359.34 1 27E+09
359 34
393. 22
39322 1 17E+09
396.17 1 24E+09
396-17
38142 132E+06
381 42
386.22
1.2E+09
39622
372.32 1 22E+09
37232
412;16.
41216 1 16E+09
388.88 103E+09
38888
393.43 1 24E+09
393 43
39822 1.1 E+09 .398 22
363.74
363.74 931E+0E
325 47
325.47
1 E+09
306.91 1.05E+09
306.91
328 53
32853 9 48E+08
317.75 1 11 E+09 :" - 317.75
291.77
29177 1 19E+09.
288 48
28848 1 11 E+09'
315 14 1 12E+09
315.14
28336 91E+08
283.36
281 53 9.21 E+08 .
281.53
9.5E+08306.61
30661
298_ 26
298.26 8 31 E+OE
315 86 7.58E+08
315.86
314 66 7 65E+0E374.66
316.82
316 82 7 82E+0E .
329.2
329 2 8.27E+08
311 55
311.55 9.27E+06
292 28 8.23E+08
292.28
293.87
29387 8 07E+0E
302.8 9 02E+08
- 3028
312.3 7.23E+0E6
3123
30352 7.07E+0E30152
301.45 8,54E+0E 301.45
30672 8.34E+0E-` 306.72
278.2 7.61E+0E ^-= 278.2
:278.65
27865 6.75E+0E
293.87
29387 6.5E+0E
284.65 602E+0E 284.65
284.47
284.47 6.83E+0E285,94
285.94 6.54E+0E
271.69 6.44E+08.
271.69
263.29
263.29 6.67E+08
273.07
273.07 5.65E+08
258.64
258.64 5.45E+0E
242.59
242.59 6.37E+0E
238.37 5 7E+0E ': - 23837
231.77
231.77 5.25E+0E
235.56 5.68E+08
235.56
226.79 5.44E+08
226.79
222 5.07E+08.
222
'216.39
216-39 5.01E+08
218.56 529E+06
218,56
227.29 5.38E+08
227.29
-232.53
232,53 5.55E+08
232 53
232.53 4.52E+08.
235.68
23568 4.53E+08,
226 73
226.73 4.43E+08'
216.88 4.23E+08
4216.88
21436 3.47E+08
: 214.36
i.205.14
205.14 3.92E+08
2203
220.3
.42E+0€ ,:
209 96
209.96 4.21E+06
210.1 4.41E+08 -,: .210.1
212.76
212.76 4 48E+0E.
2194
219.4 4 61 E+08
230.85 4.39E+08230.85
+225 4
2254 3.77E+0f
21579 3.81 E+08 -:215 79
21454 382E+0E - 214.54
21428 3.69E+08 - 214 28
202.35
202.35 3.23E+08.
20399 3.8E+08203.99
20208 358E+08
20203
5308
287
...171.47WP/HADAWAY / EXHIBIT SCH-2
PAGE 218 OF 332
5/1/1995
4/3/1995
3/111995
2/1/1995
1/3/1995
193.25
187 52
193 45
193 38
18224
20656
195 62
194 24
197 54
1945
1918
18653
184.22
191 27
18079
20643 36E+08.:
20643
1945 3 48E+08,
194 5
187 65 3.54E+08 z', 167 65
193 91
3 5E+08 ^^-^'-193 91.
19312 346E+08;P 193.12
12/111994
1111/1994
10/3/1994
177.7
179.28
180 53
18376
181 72
18363
17592
172 03
17539
181 52 3.15E+08,,,', 18152
179 54 3 12E+08
179.54
18139 3 16E+08
181 39
9/1/1994
8/1/1994
186
187 98
188.31
19338
1744
18547
181 45 3.07E+08
189 16 2 94E+08
7/1/1994
177.37
187.91
17658
1864 2 62E+08
1864
6/1/1994
18521
1893
1746
177 17 2.79E+08
177 17
18607
181 45
18916
5/2/1994
19721
199 31
17592
186 07 2 81E+08 -
414/1994
3/1/1994
193 51
209 27
203.53
214 94
190 75
192 66
199 38 3 17E+08
196.28 3.33E+08
199 38.
196 28
2/1/1994
223.97
22647
205 64
21045 3.22E+08
21045
1/3/1994
12/111993
11/1/1993
10/1/1993
9/1/1993
8/2/1993
7/1/1993
6/1/1993
5/3/1993
4/1/1993
3/1/1993
2/1/1993
1/4/1993
12/111992
11/2/1992
10/1/1992
9/1/1992
8/311992
7/1/1992
6/1/1992
5/1/1992
4/1/1992
3/2/1992
2/3/1992
1/2/1992
12/2/1991
11/1/1991
10/1/1991
9/3/1991
8/1/1991
227.06
22449
24064
249.54
255.01
249.74
244.79
239 36
238.61
241 05
239.8
226 72
221.08
21808
22039
220 02
21908
224 96
211 25
212.07
211.25
204.37
20543
209.31
224.15
217.76
215.45
21282
208.56
201.33
229 77
23293
242 16
250.33
257 58
256.66
251 65
24651
243 8
249 62
242.99
241.55
227 15
22534
221 64
221 33
22308
226 15
226 21
216 26
215 57
211 38
206 75
211 13
226 46
22653
221 14
21733
213 01
209 63
215 53
221 99
221 46
236 36
2473
248 55
243.01
237 36
228 97
237 17
235 17
225 78
215 82
215 07
21388
213.63
21657
216 39
209 81
208 69
209 56
199.67
201 49
202 49
209.38
21238
211 25
209 31
204 74
198.42
226 01 3.31E+08
2293 271E+08
22535 2 94E+06240 77 2.96E+07
249.8 2 77E+08
256 46 2 61 E+08
250 2.64E+08
244 79 2 64E+08
238 36 2 65E+08
239 36 2 87E+08
241 49 2 58E+08
24017 2 94E+08 226 59 2.75E+08
221.02 2.27E+08
2187 218E+08
220 14 2 12E+08
22058 199E+08
219 02 1 81E+08
2254 2 01 E+08
2E+08
211 13
213 45 1 91E+08
211 07 2 16E+08
205 62 1 92E+08
205 62 2.34E+08
210 38 2 47E+08
226_15 2.09E+08
218 83 1 9E+08
216 01 185E+01
212 82 1 69E+0E
20825 1 76E+0E
226 01.
2293
225 35
24077,
249.8
256.4&
250
244 79
238.36
239 36
241.49
240.17
22659
221 02
218.7
220.14
220:58
219 02
2254
21.1.13
21145
211 07
205 62.
205.62.
21038
226.15
218 83.
216 01
212 82
208.25
7/1/1991
198.63
206.11
194 54
201 77 1.65E+08
201.77
6/3/1991
5/111991
210.76
211.71
212.02
215.04
194 54
207.56
196 87 1 7E+08
21177 181E+0E^
196.87
-21177
4/1/1991
3/1/1991
2/1/1991
1/2/1991
12/3/1990
21611
212.59
206.74
209.88
211.33
221.58
219 06
219 94
211.2
214 47
207 81
209 32
204 48
19901
206 93
210 01 1 92E+0E .^-210 01
217 18 2.04E+0E^ 217.18
212.78
212.76 2.38E+08
206.74 1.76E+08
206.74
209.7
2097 1.62E+06
11/1/1990
213.41
217.3
205 86
21209 1.59E+08
212
21209
10/1/1
199.89
21454
19857
213.28 166E+08,
21326
9/4/1990
19511
202.84
194 1
198.57 1 52E+0E
198.57
8/1/1990
7/2/1990
21076
208.75
213.85
211.02
187 94
198 25
19593 1 79E+08
210 01 1 69E+0E
195 93
210 01
611/1990
211 27
216 86
2058
210 01 1 61 E+08
210 01
5/1/1990
4/2/1990
3/1/1990
2/1/1990
1/2/1990
20284
21372
219 63
222 21
234.53
219.32
21617
221 96
225 16
23698
201.71
201.08
211 46
215 17
215 29
211.39
211.39 171E+06
203 09 1 46E+08 ` -.203.09
214 66 1.56E+08
'214.6,5
22t).38
220 38 1 66E+0E
.223.65
223 65 1.81 E+08
12/1/1989
226.42
236 73
224 47
235.04 1 68E+08'
11/1/1989
10/2/1989
9/1/1989
8/1/1989
7/3/1989
6/1/1989
5/1/1989
4/3/1989
3/1/1989
21957
21623
217 87
220 51
209.19
20092
191.86
183,56
18314
22529
220 13
219 25
223.53
221.52
212 48
20241
19334
18551
217.18
207.05
212 53
211 9
207.94
199 27
19073
182 79
181 01
224.91
22491 152E+0E
219 19 1.9E+08
219.18.
216.17
21617 1.6E+08
217.3
2173 1 76E+08
221.2 171E+08-': -221.2
!67
2097 1.88E+08
39
20039 178E+08
11_1. 21
19221 1 7E+08
I:103
18403 1 67E+08
23504
2/1/1989
190 14
191 62
160 77
182 91 1 77E+0E
1-` 91
101989
12/1/1988
185 04
184 74
19209
187 59
183 44
182.08
190 97 1 77E+08 186 28 1 42E+08 -
97
'.
.a6 28
11/1/1988
187.47
189 19
180.42
185 63 1.42E+08'
1 C'63
10/3/1988
181.19
187 83
180.24
187 23 1 69E+08
1: '. / 23
9/1/1988
176.86
18356
175.85
181.54 1.54E+08
12. 1.54
8/1/1988
7/1/1988
182.55
180.89
184 33
183.26
172 24
174 61
1787 1 47E+08
182 85 1 77E+08 ^
17, i.7
1785
6/1/1988
5/2/1988
17651
168.92
18534
17662
17413
16578
181 07 2.06E+08
176 33 1 66E+08
1-1 07
1 7,, '
4/4/1988
3/1/1988
170.87
181 48
177 04
183.8
16625
169 81
170 64 1 7E+08
171 47 182E+08
.
5309
288
WPlHADAWAY! EXHIBIT SCH-2
PAGE 219 OF 332
2/1/1988
1/4/1988
18889
17899
1211/1987
11/2/1987
10/1/1987
9/1/1987
8/3/1987
711/1987
6/1/1987
5/111987
4/1/1987
3/2/1987
2/2/1987
1/2/1987
12/1/1986
11/3/1986
10/1/1986
9/2/1986
8/1/1986
7/1/1986
6/2/1986
5/1/1986
4/1/1986
3/3/1986
2/3/1986
1/2/1986
177 28
184.21
199.21
207.44
201.16
205.2
196.74
203.02
209.64
217.18
224.21
207.74
209.81
210.04
200.21
21B.1
203.94
199.44
12/2/1985
11/1/1985
10/1/1985
9/3/1985
811/1985
7/1/1985
163.47
160.14
15029
159.06
157.11
1648
1892
178.98
194.14
184.6
176.65
173.78
190 67
190.14
180
191.2
20205
20899
214 91
20768
210.5
21033
215.74
223 86
22858
232.04
21505
214.19
210.56
21997
220.85
208.39
201.75
190.96
195.27
194.6
187.17
179.83
175.32
167.42
162.14
16003
160.7
169.57
181 07
175.62
170.16
172.24
158 25
191 97
199.68
198.35
193
190.23
189.72
210.21
216.49
2059
204.28
202.56
196.74
194.22
200.59
194.61
181 41
177.69
178.34
17968
173.73
167.98
1626
159.26
14962
148 24
152.03
15408
183.74 1 96E+08
WA T4
1'^kL2
19002 1.85E+08
775_'18
17508 1.86E+08
175.79 1 93E+08
17; 79
18255 291E+08
1&2.55
1 s^5 95
19695 1 86E+08 .
207.44 2.01E+082072d
201.7 1.89E+08.
2p1 7
2h9,
2059 1 71E+08
I OB
19686 1 79E+08
2042r!
204.28 1 96E+08
212.4'^
212.69 1.88E+08
218.97 1 91E+08
21,3 U7
224.7?
224.72
2E+08
2GG01
206.01 1 55E+08
213 0J
21309 1.6E+08
209.41 1.38E+08
209.4
199 71 1 57E+08
199.7
21,?.1`
21915 1.35E+08
20d.05
204.05 1.43E+08
200.1 133E+08
189 62 1.35E+08
179.63 1.54E+08
193.73 1 67E+08
185.83 1.63E+08
176.91 1.37E+08
174.81 1.39E+08
164.03 1.26E+08
159.78 1.16E+08
150.29 1.03E+08
159.67 9112810C
157.06 118E+08
'^.
2(^()
1,3 -e
179.55
.193,73
,-,
:176 91
174 ;1
^.^164.•7
^159.7fl
i5Q29
,...;1696I
157!:X;
5310
289
PAGE 220 nF 332
F
kSA
€e
L ``
, . _.
..
•
cr
__
-..^ ^^s
.
.
.
Current Environment ..............................................................................................1
Industry Profile .......................................................................................................7
Industry Trends ......................................................................................................7
How the Industry Operates ................................................................................12
Key Industry Ratios and Statistics ....................................................................21
How to Analyze a Electric Utility Company .....................................................22
Industry References ............................................................................................28
CONTACTS.
Comparative Company Analysis ...........................................................Appendix
INQUIRIES & CLIENT
RELATIONS
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This issue updates the one dated February 26. 2009.
The next update of this Survey is scheduled for February 2010.
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CURRENT ENVIRONMENT
Obama and Congress take on reduction of greenhouse gas emissions
During his first six months in office, President Barack Obama continued to make the reduction of
greenhouse gas (GHG) emissions one of his top priorities. Although he was letting the Congress work out
the legislative details and inevitable compromises, he has not changed his goal of having GHG emissions
significantly reduced by 2020 and then far more substantially by 2050. Under his cap-and-trade systemwhereby companies trade emission allowances or credits-some of the revenue raised would be used for
clean energy-related investments. His plan would require that renewable sources account for 30% of the
federal government's energy use by 2020 and for 25% of total electric generation by 2025. It would also
provide incentives for energy conservation by allowing utilities to earn more from improving energy
efficiency than from increased energy consumption.
CONGRESS WORKING ON NEW ENERGY BILL
On June 26, 2009, the House of Representatives passed, by a narrow 217-205 margin, its version of a new
energy bill, H.R. 2454. Included in the bill, called the American Clean Energy and Security Act, 2005-2050,
were provisions for a cap-and-trade system that would incrementally reduce GHG emissions, beginning
with a cap on 2012 emissions that is 3% below 2005 levels. The bill, whose principal sponsor was Henry
Waxman (D.-California), also included a requirement that utilities get 15% of their electricity from
renewable energy sources and, through increasing their energy efficiencies, reduce their electricity use 5% by
2020. Individual states, however, would be allowed to vary these two percentages as long as the total came
to 20%.
According to the World Resources Institute, a center for policy research and analysis of global resource and
environmental issues, implementation of the cap would reduce US GHG emissions to 17% below 2005
levels by 2020 and 83% below 2005 levels by 2050.
The House bill will ultimately have to be reconciled with separate energy legislation being considered by the
Senate. One measure expected to become part of the Senate bill would give the Federal Energy Regulatory
Commission (FERC) more authority in transmission infrastructure siting and planning, and direct it to
create a policy governing the allocation of costs for high-priority transmission projects, such as those that
would connect remote wind and solar power projects to distant population centers.
While President Obama would like to sign a new energy bill into law by the end of 2009, it might not
happen until early 2010.
FEDERAL STIMULUS PACKAGE TO BENEFIT RENEWABLE ENERGY PROJECTS
On February 17, 2009, President Barack Obama signed into law the American Recovery and Reinvestment
Act of 2009 (ARRA), a $787 billion economic stimulus package intended to help propel the country out of the
worst economic and financial crisis since the Great Depression of the 1930s. The package is expected to
significantly accelerate the development of renewable energy projects through the extension of federal tax
credits, loan guarantees, and a substantial increase in federal funding and grants.
The Act granted an extension of production tax credits for wind power projects through 2012 and for solar
power projects through 2016. It also provides funding for grants of up to 30% of the cost of building new
renewable energy facilities placed in service in 2009 and 2010, as well as for the production of the
components required for these advanced green technologies. About $11 billion in funding is slated for the
development of digital "smart grid" technology intended to reduce costs, save energy, and increase the
INDUSTRY SURVEYS
ELECTRIC UTILITIES / AUGUST 13, 2009
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reliability of the national grid system, from the source of the generated power all the way to the recipient of
that power.
POWER GENERATING CAPACITY GREW IN 2008
According to the Edison Electric Institute (EEI), the association of US investor-owned electric companies,
investor-owned electric utilities added about 8,852 megawatts (MW) of new capacity in 2008. This increase
followed two years in which the amount of new power generating capacity brought into operation had
declined, and was approximately 70% more than had been added in 2007. In total, power generating
capacity grew about 17% in 2008, with expansions at existing power facilities accounting for around 63%
of the increase, and new plants accounting for the remainder.
New wind power farms accounted for 68% of the added generating capacity in 2008, largely reflecting federal
tax credits and the new renewable energy standards that roughly half the states in the US have adopted. FPL
Group Inc. (FPL)-the holding company for both Florida Power & Light Co. and independent power
producer NextEra Energy Resources LLC-continued to be the national leader in new wind power investment,
accounting for nearly 60% of the added capacity in 2008. Driven by the federal stimulus package and the
extension of tax credits through 2012, FPL plans to add 1,100 MW of new wind capacity in 2009, and from
1,000 to 2,000 MW of additional capacity annually in the 2010-12 period.
INDUSTRY AIMS TO PREPARE FOR POTENTIAL CYBER ATTACKS
When major newspapers published reports in early April 2009 that agents from certain foreign countries
were able to infiltrate the electric power grid with software that could disrupt the system, the already deep
concern about the vulnerability of the grid to cyber attacks was greatly intensified.
On April 8, the North American Electric Reliability Council (NERC), an organization formed by the electric
utility industry to promote the reliability of the power system, announced that it was taking steps to
improve the preparedness and response to potential cyber threats. Nevertheless, it recognized that there was
more to be done and that it looked forward to continuing its work with both the electric industry and the
government to address the problem.
On May 7, David K. Owens, the EEI's Executive Vice President for Business Operations, appeared before
the Senate Committee on Energy and Natural Resources and stated that due to the complexity of the
problem, there should continue to be a strong partnership among the utilities, the federal government, and
the suppliers of critical electric grid systems and components. He recommended, however, that any
additional federal emergency authority be used "extremely judiciously," and be confined to circumstances
where "the President or his senior intelligence and national security advisors determine that there is an
imminent threat to national security or public welfare."
In late May, President Obama announced that he intended to create a new White House position that
would have the authority to coordinate the efforts of federal agencies and the industry to create and
implement the technological solutions that would be needed.
UTILITY ACQUISITIONS UNDERWAY
Electricite de France agrees to acquire 49.99% of Constellation Energy's nuclear business
On December 17, 2008, Constellation Energy Group Inc. (CEG), the largest wholesale power seller in the US
and the holding company for Baltimore Gas & Electric Co., reached a definitive agreement with EDF
Development Inc. (EDF), a wholly owned subsidiary of Electricite de France (84%-owned by the French state).
Under the agreement, EDF would acquire a 49.99% interest in CEG's nuclear business for $4.S billion. The
agreement with EDF included an immediate $1 billion cash investment in the form of nonconvertible preferred
stock, which will be surrendered to Constellation upon the completion of the transaction and credited against
the $4.5 billion purchase price.
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EDF also provided Constellation with a two-year asset put option to sell to EDF non-nuclear generation assets
with a value of up to $2 billion, and a $600 million interim backstop liquidity facility. This liquidity facility
would remain available until either six months after the investment agreement or, if earlier, the receipt of all
the regulatory approvals related to the transfer of the non-nuclear generation assets.
The EDF transaction will require approvals from the Federal Energy Regulatory Commission, the Nuclear
Regulatory Commission, and the Committee on Foreign Investment in the US. Although it was not
originally expected that the approval of state regulators in Maryland would be required (since
Constellation's utility operations are not part of the transaction), the state's Public Service Commission
ruled on June 11, 2009, that the transaction will require their approval on the grounds that it will give EDF
substantial influence over CEG's Baltimore Gas & Electric subsidiary. However, the transaction will not
require the approval of Constellation shareholders, since the transaction is considered an asset sale and not
a purchase of Constellation shares. Pending the required approvals, the transaction is expected to be
completed during the third quarter of 2009.
Spanish utility enters US market
On September 16, 2008, Iberdrola SA, a global utility headquartered in Bilbao, Spain, completed its
acquisition ( announced on June 25, 2007) of Energy East Corp. for around $4.5 billion in cash and the
assumption of nearly $4 billion in debt. Energy East's electric and gas utility subsidiaries serve nearly three
million customers in New York, Connecticut, Maine, and Massachusetts.
With the acquisition of Energy East, Iberdrola has created a platform for its future growth. The company,
which already has operations throughout Europe and Latin America, is expected to make additional
investments in energy infrastructure and to optimize its presence in the renewable energy business in the
United States, which is the world's second largest market for renewable energy (the European Union being
the largest_)
Regulators approve private equity buyout of Puget Energy
On February 6, 2009, a consortium led by Macquarie Infrastructure Partners, an owner and manager of
infrastructure assets, completed the private equity buyout of Puget Energy Inc., a Washington State-based
utility holding company with about 1.06 million electric customers and 729,500 gas customers. The $7.4
billion buyout (which includes the buyer's assumption of about $3.2 billion in Puget Energy debt) had been
conditionally approved by the Washington Utilities and Transportation Commission (WUTC) on December
31, 2008; the conditions were accepted by both the consortium (Puget Holdings LLC) and Puget Energy on
January 16, 2009.
Among the commitments that Puget Sound Energy Inc. (the utility subsidiary of Puget Energy) agreed to
were the securing of committed credit facilities of not less than $1.4 billion for a period of not less than
three years; the maintenance of its own corporate and debt credit ratings; honoring its labor contracts;
continuing to work with low-income agencies; and not seeking to recover in rates the acquisition premium
or the legal and financial advisory fees related to the transaction. Two other conditions that the WUTC
insisted on were the commitment of the consortium to Puget Sound Energy's five-year, $5 billion
infrastructure development program, and providing the utility customers with $10 million in annual rate
credits for a 10-year period.
Credit crisis defers spinoff of Entergy's nonutility nuclear assets
Due to current conditions in the financial markets, Entergy Corp. has deferred its plan, announced on
November 5, 2007, to spin off to its shareholders the company's nonutility nuclear business (which was to be
called Enexus Energy Corp.). Entergy, a New Orleans-based integrated energy company, is the second largest
nuclear generator in the US and has retail electric distribution operations in four states.
Also deferred is Entergy's plan to form an equally owned joint venture (which was to be named EquaGen)
with the spun-off company. Once market conditions improve, however, Entergy plans to seek the required
financing and, pending required approvals, expects to complete the transactions, which should be tax-free
INDUSTRY SURVEYS
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for both the company and the shareholders. The EquaGen joint venture would be involved in the operation
of Enexus Energy's nuclear assets and would offer ancillary services to third parties.
Although no other utility holding company with major nuclear assets has expressed similar plans, we
believe the entire process will be closely monitored. Should the spinoff eventually take place and if both the
spun-off company and the retained utilities are valued favorably by their respective markets, other
companies would be likely to engage in their own transactions.
NRG Energy shareholders reject Exelon's takeover bid
On July 21, 2009, the shareholders of NRG Energy Inc., one of the leading competitive wholesale power
generators in the US, rejected the proposed acquisition of the company by Exelon Corp., the largest nuclear
operator in the US and the holding company for Chicago-based Commonwealth Edison and Philadelphiabased PECO Energy_
On October 19, 2008, Exelon Corp. had made an unsolicited offer to acquire all of the outstanding shares
of NRG Energy at a fixed exchange offer of 0.485 Exelon share for each NRG share. NRG management
rejected the offer, claiming that it undervalued the company, and urged its shareholders to do the same. On
June 17, 2009, Exelon filed its definitive proxy materials with the Securities and Exchange Commission
(SEC) for the July 21 NRG annual shareholders meeting; at that meeting, Exelon would seek to add nine
new directors to an expanded NRG board. Then, on July 2, Exelon increased its fixed exchange offer by
12.4% to 0.545 Exelon share for each NRG share. However, on July 8, NRG recommended that its
shareholders reject the new offer from Exelon, claiming that the increased offer still undervalued the
company. Following the vote in which NRG shareholders rejected all of the nine directors Exelon had
proposed, as well as the expansion of their board, Exelon terminated its offer.
If Exelon had succeed in its takeover of NRG, the combined company would have had a generating capacity of
about 47,000 megawatts (after expected divestitures of about 3,000 megawatts) and a greatly expanded
presence in the national wholesale power market. With the failure of Exelon to realize its takeover attempt, we
believe it is unlikely in the current market environment that other utility holding companies would make a
similar attempt at an unsolicited offer for another company.
EARNINGS DOWN IN 2008 ON ASSET WRITEDOWNS
According to the EEI, net income in 2008 fell 35.6%, to $20.75 billion, from $32.21 billion (revised) in
2007. However, this reflected several significant charges related to goodwill impairments and merger
termination costs. If the largest outliers for 2008 and 2007 are excluded, the decline in net income would
have been around 2.1 %, according to EEI calculations, and would primarily reflect the impact of milder
weather.
Operating revenues for 2008 were up 7.0% to $430.0 billion. However, in addition to the benefit of rate
increases and growth in the rate base, revenues were aided by the accounting treatment of gains from
commodity hedging and trading at several companies. Operating expenses for the industry were up 6.3%,
to $362.2 billion, reflecting only a slight 1.9% increase in operation and maintenance expenses (aided by
plant and business divestitures), to $87.2 billion, and a 6.0% increase, to $148.3 billion, in power
generation costs. While operating income in 2008 grew 10.8%, to $67.9 billion, a large part of the increase
reflected unrealized accounting gains.
Although projected earnings for 2009 will be affected (as always) by the weather, we expect operating earnings
to benefit from utility rate increases (including a full year of the rate increases implemented during the prior
year), and from the renewal of expiring power contracts at higher prices. However, due to the impact of the
economic slowdown and the weakness in the power markets, as well as the rise in operating, financing, and
pension costs, we expect operating earnings in 2009 to decline from 2008 results.
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Dividends increased
The average dividend increase for publicly traded electric utilities was 9.4% in 2008. If the highest increase
(80%) was removed, the average increase was 7.4%. As of December 31, 2008, the EEI reported that of the
industry's 59 publicly traded companies, only one (1.7%) was not paying a common dividend; this was the
lowest number and percentage since the EEI started keeping these records in 1988_ We expect industry
dividends to continue to rise over the next few years, as companies attempt to share with their shareholders
the benefits of their reduced debt and improved balance sheets.
The cut in the federal tax rate on dividends (from the earned income rate to 15%), which occurred in 2003
and which significantly enhanced the appeal of dividends, has been extended by two years through the end
of 2010. Looking ahead, we expect companies with strong earnings and balance sheets, and solid
investment-grade credit ratings to increase their dividends on a regular basis. However, given the impact of
the current economic downturn, we expect dividends to be increased at a lower rate in 2009 than they were
in 2008.
Electric utility shares underperform in first half of 2009
The S&P Electric Utilities subindex was down 7.1 °/o in the first half of 2009 through June 30, compared with
a 1.8% increase for the benchmark S&P 500 Composite stock index and a 2.1% increase for the broader S&P
1500 SuperComposite. This followed a strong decline of 28.1% in 2008 for the S&P Electric Utilities
subindex, compared with declines of 38.5% for the S&P 500, and 38.2% for the S&P 1500. We believe the
underperformance of electric utility stocks in the first half of 2009 reflected both the downturn in the economy
and the weakness in the power markets, as well as the anticipated impact on earnings expected to result from
the increase in their operating, financing, and pension costs.
REAL INTEREST RATES VS. ELECTRIC UTILITY STOCK PRICES
13
11
9
- - -
---
300
270
240
7
5
3
1
-
-...
.».
(11
210
IBO
150
7Z0
,.
•^^
^ ..,.,^.,^,w..^^°
90
( 3)
(5)
60
30
1392
93
94
95
96
97
98
99
00
01
02
03
- Real 4year T-note (left scde, in %) •---- Re213-menth T-bills (left scale, in °/a)
04
05
06
07
08
2009
-S&P Elecbnc U6libes* (right scale)
*Price Index, December 30,1994--100
Sources Federal Reserve Board; Standard & Poors_
Prior to the sharp decline in 2008, the S&P Electric Utilities index had strong gains in both 2007 (up a solid
16.8%) and 2006 (up 19.2%), outperforming in each year the respective increases of 3.5% and 13.6% for
the S&P 500 and 3.6% and 13.3% for the S&P 1500. The sector's outperformance in 2007 and 2006
reflected, in our view, a continuation of the investor shift into the higher-yielding utility sector. The sector
appeared to have benefited from the volatility of the broader market, as well as its improved financial
strength and earnings outlook, and the anticipation of additional interest rate cuts by the Federal Reserve.
(Lower interest rates not only decrease the cost of capital for the substantial amount of debt that utilities
must sell, but also increase the relative value of utility stocks' dividends.)
However, in 2008 the electric utility sector did not appear to have benefited from the extraordinary decline
in the broader market, which was in marked contrast to what seems to have occurred in 2007 and 2006.
Although the electric utility sector did not decline as severely as the broader market did last year, it was still
badly hurt by the unprecedented turmoil in the stock market, which largely reflected the ongoing crisis in
INDUSTRY SURVEYS
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PAGE 227 OF 332
the housing, financial, and credit markets, which combined to set off a significant downturn in the overall
economy.
We expect the performance of both the electric utility sector and the individual companies within the sector
to remain relatively volatile over the next several years. However, assuming that the housing, financial, and
credit markets begin to stabilize, we believe the stocks will be less volatile in 2010 than they were in 2008
and 2009, or during the first few years of this decade, when the sector confronted the prospect of soaring
profits in the wholesale power market on the one hand, but severe financial problems and restatements, and
unprofitable nonregulated businesses on the other. Since then, the electric utility industry has improved
both its financial strength and its credibility, in our view. The performance of the sector, however, will
remain sensitive to the macroeconomic environment and market forces surrounding it. n
ELECTRIC UTILITIES/ AUGUST 13, 2009
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PAGE 228 OF 332
INDUSTRY PROFILE
A changed industry
The US electric power industry comprises investor-owned, cooperative, municipal, state, and federal utilities, as
well as power-generating companies that are not classified as utilities. In 2008, investor-owned utilities
accounted for approximately three-fourths of the industry's sales in terms of volume and revenues.
According to data compiled by the Edison Electric Institute ( EEI), the association of US investor-owned
electric companies, the market capitalization of investor-owned utilities totaled $361.9 billion (for 59
companies) at the end of 2008, down 29.7% from $514.5 billion ( for 61 companies) at the end of 2007.
The 2007 total, in contrast, represented an increase of 2.1% from $503.9 billion (64 companies) at the end
of 2006, which grew 17.5% from $428.8 billion (65 companies) at the end of 2005.
Some of the larger investor-owned utilities (ranked by 2008 revenues) are Constellation Energy Group Inc.
($19.82 billion), Exelon Corp. ($18.86 billion), Southern Co. ($17.13 billion), FPL Group Inc. ($16.41
billion), PG&E Corp. ($14.63 billion), American Electric Power Co. Inc. ($14.44 billion), Edison
International ($14.11 billion), Consolidated Edison Inc. ($13.58 billion), Public Service Enterprise Group
Inc. ($13_32 billion), Duke Energy Corp. ($13.21 billion), First Energy Corp. ($13.20 billion), and Entergy
Corp. ($13.09 billion).
INDUSTRYTRENDS
The electric power industry has been through a period of major changes. Historically, the regulated
investor-owned utilities have had exclusive franchises to provide vertically integrated electric services to
retail customers-usually within a given state, in contiguous areas outside the state, or both. However, the
monopolistic, tightly regulated utilities created under trust-busting legislation more than 60 years ago have
become increasingly exposed to competition, particularly in the generation and wholesale power markets,
due to changes brought about by the National Energy Policy Act (NEPA) of 1992. (For details, see the
"How the Industry Operates" section of this Survey.)
The turmoil between 2000 and 2002 in the nonregulated power-marketing and power-trading arena
seriously set back the move toward deregulation. Nonetheless, Standard & Poor's expects that, over the
long term, advances in technology and in the desire for customer choice ( primarily from the large industrial
and commercial customers), as well as more prudent regulatory oversight, will gradually lead to a more
competitive market.
The terminations of the merger agreements between Exelon Corp. and Public Service Enterprise Group Inc.
in September 2006 and between FPL Group Inc. and Constellation Energy Group Inc. (CEG) in October
2006 significantly set back consolidation activity in the industry. However, CEG's planned joint venture
agreement with Electricite de France, and Exelon's unsolicited offer to acquire NRG Energy, Inc. (which
was ultimately rejected by NRG shareholders), could set in motion other merger or acquisition proposals,
either agreed-to or hostile. We still believe that eventually a few dominant powerhouse companies could
emerge. While this concentration conceivably could produce a market environment that is notably less
competitive than legislators initially intended, it still should allow electricity buyers to choose the supplier
from which they purchase power.
OUTLOOK VARIES BY CUSTOMER SECTOR
According to the Edison Electric Institute ( EEI), the association of US investor-owned electric companies,
the total volume of electricity sales for investor-owned utilities declined 1.1%, to 2,573,619 gigawatt-hours
INDUSTRY SURVEYS
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PAGE 229 OF 332
(GWh) in 2008, from a revised 2,603,492 GWh in 2007. Revenues totaled $249.27 billion, up 4.5% from a
revised $238.43 billion in 2007.
♦ Residential. The EEI's report showed that electricity sales to residential customers in 2008 were down
1.4% in volume and down 1.3% in revenues. In our view, the decrease in volume mainly reflected the
impact of milder summer weather, while the slightly smaller decline in revenue reflected, in part, the impact
of rate increases.
According to the EEI, the number of residential electric utility customers increased less than 0.1% in 2008, to
89.148 million ( from a revised 89.077 million in 2007), to account for approximately 87.2% of the 102.179
million customers of investor-owned utilities, which was up 0.1 % from the revised 102.052 million customers
in 2007. We expect this slight rate of increase in the residential customer base, as well as the slowing rate of
new US household formations and the modest growth in the overall population, to restrict growth for the
foreseeable future. Thus, demand growth will remain mostly weather-related, in our opinion.
ELECTRICITY SALES BY CUSTOMER CLASSIFICATION
(In billions of kilowatt-hours, total electric utility industry)
--
4,500
,
4,000
3,500
3000
2 1 500
2,000
1500
low
♦ -`,^
500
0
Res
Uaif
00
02
^
pcA
sB
98
04
s
06
Source: Energy Information Administration
.
2008
♦ Industrial. Long-term growth in investor-owned
electric utility sales to industrial customers is expected
to be much more modest than the residential and
commercial sectors over the next five years. The EEI's
report said that while year over year electricity sales
to industrial customers in 2008 were down 1.7% in
volume, they were up 5.6% in revenues. We believe
the decline in volume mainly reflected the ability of
large industrial firms to buy power from alternative
energy providers. We expect annual industrial sales
growth to be relatively modest through 2012, with
demand largely determined by the strength of the
economy.
♦ Commercial. The EEI report said that electricity
sales to commercial customers in 2008 were down
1.6% in volume, but up 4.4% in revenues. The
number of commercial customers for investor-owned electric utilities increased 0.6% in 2008, to 12.601
million, from a revised 12.531 million in 2007.
Over the next several years, we expect to see increased demand from the commercial sector, with the pace
dependent on the strength of the economy. The growing number of customers should boost demand, as
should the increasingly widespread use of computers and other office equipment.
ELECTRICITY LEGISLATION ENACTED
In August 2005, President George W. Bush signed into law a comprehensive energy bill called the Energy
Policy Act of 2005 (EPAct 2005). The electricity portion of the new legislation-called the Electric
Reliability Act of 2005-made grid-reliability standards mandatory, repealed the Public Utility Holding
Company Act of 1935 (PUHCA), and authorized federal permits for transmission lines. The main electricity
provisions contained in the new law are outlined below.
Establishing electric reliability organizations
A
To address reliability issues highlighted by the power blackout of August 2003, the new law made several
amendments to the Federal Power Act of 1935. It created a new section in the law, Section 215, which calls for
the establishment of a self-regulating, electric reliability organization (ERO) under the jurisdiction of the
Federal Energy Regulatory Commission (FERC). The law also authorized the FERC to establish ERO
requirements, including regulations allowing the ERO to delegate authority to a regional entity for the purpose
of proposing and enforcing standards that would ensure the reliability of the bulk power system.
ELECTRIC UTILITIES /AUGUST 13, 2009
INDUSTRY SURVEYS
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[-M-. Analyst Estimates for ALLIANT ENE1tGY CP

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