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<td width="75%" valign="top"><font face="Arial" size="6"><b><strong>Inventory Costs of
Investor-Owned Utilities</strong></b></font><font SIZE="2"><p></font><font size="4"><font face="Arial"><strong>BY SHASHANK S. Nadgauda, Ph.D., P.E.<br>
RENOVA ENGINEERING, P.C.</strong></font><br>
<small>(<em>originally published by PMA OnLine Magazine: 08/98</em>)</small></p>
</font><i><b><p></b></i> </p>
<font FACE="Arial" SIZE="4"><b><p>Introduction</b></font><font FACE="Arial" SIZE="3"></p>
</font><p><font face="Arial">An analysis of the data published by Energy Information
Administration of the U.S. Department of Energy and U.S. Federal Energy Regulatory
Commission (FERC) indicates that 149 major investor-owned-utilities (IOUs) were
responsible for generating more than 75 percent of the energy sold to the ultimate
consumers and these IOUs carried materials and supplies (M&S) inventory valued in
excess of $ 6 billion as of December 31, 1996. Of this asset value 70 - 80% is associated
with inventory items carried at generating plants.</font></p>
<p><font face="Arial">Historically, regulatory agencies have allowed IOUs to pass on most
of the inventory carrying costs to the rate payers. Hence, to date they have adopted only
token measures for reducing inventory costs such as, for example, use of bar coding,
entering into stocking programs with suppliers and original equipment manufacturers
(OEMs), and auctioning off surplus spare parts. However, because of on-going deregulation
efforts at the state and federal levels IOUs are now under pressure to cut costs and
remain competitive under what is expected to be a low margin business in the future.</font></p>
<b><p><font face="Arial">Traditional Cost Control Criteria</font></b></p>
<p><font face="Arial">Traditionally, utilities and their regulatory agencies have used
four major criteria for controlling inventory costs - service level, inventory accuracy,
loading rate, and turnover rate. These criteria, while useful in the regulated industry
environment, have their own drawbacks. For example, </font><ul>
<li><font face="Arial">Service level compares the number of items issued to the number of
items requested by operations and maintenance (O&M) personnel. A higher service level
entails more items on hand and hence, more M&S dollars. Typical service levels exceed
95%. In general, this criteria serves mainly as a Amanagement edict@ rather than a measure
of optimum inventory level.<br>
</font></li>
<li><font face="Arial">Inventory accuracy compares the actual items in stock and the
associated dollar value versus the items reported on books and their associated dollar
value. Prior to the era of bar coding, a wall-to-wall survey was necessary to physically
count the items on hand and determine the inventory accuracy. With the use of bar coding
it is possible to attain inventory accuracy in excess of 95%. Hence, inventory accuracy is
not expected to be of major concern to the industry.<br>
</font></li>
<li><font face="Arial">Loading rate compares the annual overhead expenses incurred in
maintaining the inventory versus the dollar amount of inventory issued. The overhead
expenses cover costs of labor, space, insurance, and other support services required to
maintain the inventory. Typical loading rate varies between 10 - 20%. Since it depends
upon the inventory turnover rate (see below), loading rate is only a partial indicator of
the true expenses.<br>
</font></li>
<li><font face="Arial">Turnover rate compares the dollar amount of inventory issued in a
year versus the average value of inventory asset carried on the books. Typical turnover
rate varies between 30 - 40%. The turnover rate is only a partial indicator of how
efficiently the inventory is stocked and used since it reflects primarily the use of low
cost consumables or frequently replaced items at generating plants. It excludes as much as
30 - 50% of the M&S asset value associated with high value/low turnover and medium
value/medium turnover spare parts. These Abig ticket items@ typically cost from $ 1,000 to
over $ 100,000 a piece and the frequency of their usage varies from once every year to as
low as once every 5 - 10 years. </font></li>
</ul>
<b><p><font face="Arial">Inventory Costs and Industry Deregulation</font></b></p>
<p><font face="Arial">One could use M&S asset $ per MW of generating capacity as a
criteria for comparing how well the IOUs are managing their inventory. For example, an
analysis of 1996 data indicates that IOUs which own nuclear capacity carried M&S asset
valued at $ 6,000 - 43,000 per MW of capacity. On the other hand, those IOUs which did not
own nuclear capacity carried $ 2,000 - 24,000 per MW in M&S asset. Such an approach
can be a misleading since the generating fleet owned by IOUs varies in terms of age, size
and fuel.</font></p>
<p><font face="Arial">Many of the old inefficient generating plants are currently used for
intermediate duty. In the deregulated era, it is likely that they would be either retired
or used even more infrequently. Hence, a better approach would be to compare the M&S
inventory $ per unit of generation. Such an approach can account for how well the
inventory is stocked and managed in relation to the utilization of the generating fleet.</font></p>
<p><font face="Arial">For example, <a href="#Table1">Table 1</a> summarizes 1996 FERC Form
1 data for 70 IOUs which had nuclear generation. It lists generation (total MWh and %
nuclear) and M&S asset value (total $ and $/MWh) data for each of the 70 IOUs. It also
ranks each IOU based on M&S $ per MWh. The asset value varied between $ 0.44 - 11.49
per MWh with the average for the group being $ 3.11 per MWh. <a href="#Table2">Table 2</a>
summarizes similar 1996 FERC Form 1 data for 79 IOUs which did not have any nuclear
generation. The asset value varied between $ 0.01 - 7.38 per MWh with the average for this
group being $ 1.63 per MWh.</font></p>
<p><font face="Arial">Today, most of the IOUs are overstocked in their inventory levels.
As a group, they spend annually 15 - 25% of the asset value (or $ 1 - 1.5 billion/year) in
overhead expenses and interest payments to carry this inventory. While collectively these
costs are only a small fraction of the total $ 200 plus billion electric power industry,
on an individual basis these costs will adversely impact the competitiveness of many IOUs
in the deregulated era. Since the cumulative carrying costs of big ticket items can be a
substantial drag on the bottom lines, IOUs should adopt pro-active measures aimed at
controlling their inventory costs if they wish to remain competitive in the deregulated
era.</font></p>
<b><p align="center"><a name="Table1"><strong><font face="Arial">TABLE 1 - IOUs WITH
NUCLEAR GENERATION (1996 Data)</font></strong></b></p>
<table BORDER="1" CELLSPACING="1" BORDERCOLOR="#000000" CELLPADDING="2" WIDTH="540">
<tr>
<td WIDTH="34" HEIGHT="27" rowspan="2" bgcolor="#C0C0C0"><p ALIGN="CENTER"><font face="Arial" size="2"><strong>Rank</strong></font></td>
<td WIDTH="205" HEIGHT="27" rowspan="2" bgcolor="#C0C0C0"><p ALIGN="CENTER"><font face="Arial" size="2"><strong>Company</strong></font></td>
<td WIDTH="73" HEIGHT="27" rowspan="2" bgcolor="#C0C0C0"><p ALIGN="CENTER"><font face="Arial" size="2"><strong>Generation<br>
Total MWh</strong></font></td>
<td WIDTH="51" HEIGHT="27" rowspan="2" bgcolor="#C0C0C0"><p ALIGN="CENTER"><font face="Arial" size="2"><strong>%<br>
Nuclear</strong></font></td>
<td WIDTH="133" HEIGHT="14" colspan="2" bgcolor="#C0C0C0"><p ALIGN="CENTER"><font face="Arial" size="2"><strong>M&S Asset</strong></font></td>
</tr>
<tr>
<td WIDTH="67" HEIGHT="13" bgcolor="#C0C0C0"><font face="Arial" size="2"><strong><p align="center">Total $ </strong></font></td>
<td WIDTH="66" HEIGHT="13" bgcolor="#C0C0C0" align="right"><font face="Arial" size="2"><strong><p align="center">$/MWh</strong></font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">18/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Alabama Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">64,642,785</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">19.9</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">148,043,376</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.29</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">53/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Arizona Public Service Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">19,658,046</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">42.7</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">74,119,620</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.77</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">30/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Atlantic City Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,775,306</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">33.7</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">13,999,739</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.93</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">60/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Baltimore Gas & Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">30,106,845</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">40.1</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">139,243,426</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">4.62</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">54/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Boston Edison Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,531,745</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">50.6</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">40,524,033</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.85</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">1/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Canal Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,906,014</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">11.9</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,285,605</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">0.44</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">12/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Carolina Power & Light Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">46,093,227</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">44.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">96,059,671</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.08</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">51/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Central Hudson Gas & Elec Corp</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3,368,661</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">23.1</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">12,613,359</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.74</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">61/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Central Maine Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,573,537</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.4</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">12,115,752</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">4.71</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">38/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Central Power & Light Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">20,291,499</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">25.7</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">65,756,634</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.24</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">5/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Cleveland Electric Illum. Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">21,242,944</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">32.2</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">33,674,965</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">1.59</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">40/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Commonwealth Edison Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">91,195,870</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">68.7</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">298,272,314</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.27</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">67/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Connecticut Light & Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,790,952</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">37.7</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">48,495,420</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">7.14</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">59/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Connecticut Yankee Atom Pwr Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,775,035</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">100.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">12,615,228</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">4.55</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">70/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Consolidated Edison Co-NY Inc</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">17,823,778</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">43.8</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">204,800,885</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">11.49</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">33/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Consumers Energy Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">23,073,175</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">24.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">68,270,451</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.96</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">29/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Delmarva Power & Light Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,307,298</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">12.3</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">30,184,041</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.93</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">17/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Duke Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">75,344,452</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">44.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">171,868,143</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.28</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">37/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Duquesne Light Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">15,023,332</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">29.4</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">48,457,041</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.23</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">45/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">El Paso Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,920,675</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">57.6</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">27,392,580</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.46</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">31/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Entergy Arkansas Inc</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">23,624,620</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">56.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">69,755,944</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.95</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">41/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Entergy Gulf States Inc</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">24,706,561</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">19.4</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">81,191,940</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.29</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">47/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Entergy Louisiana Inc</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">20,508,816</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">43.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">73,883,098</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.60</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">15/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Florida Power & Light Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">67,843,372</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">32.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">151,654,675</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.24</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">56/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Florida Power Corp</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">24,153,224</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">9.1</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">95,871,642</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.97</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">57/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Georgia Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">63,720,846</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">22.3</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">258,404,059</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">4.06</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">44/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Great Bay Power Corp</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,194,391</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">100.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,084,476</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.42</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">19/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Houston Lighting & Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">55,170,841</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">11.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">130,280,905</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.36</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">27/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">IES Utilities Inc</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,733,359</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">35.6</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">21,285,169</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.75</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">48/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Illinois Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">20,848,007</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">22.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">75,096,736</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.60</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">13/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Indiana Michigan Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">29,799,554</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">55.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">63,875,727</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.14</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">69/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Jersey Central Power & Light C</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">8,759,629</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">69.8</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">92,761,214</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">10.59</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">28/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Kansas City Power & Light Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">16,128,324</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">23.9</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">46,946,589</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.91</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">22/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Kansas Gas & Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">11,511,913</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">33.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">30,253,210</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.63</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">63/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Long Island Lighting Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,319,415</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">15.1</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">49,204,759</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">4.77</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">14/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Madison Gas & Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,450,392</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">23.1</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">5,321,219</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.17</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">10/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Maine Yankee Atomic Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">5,062,017</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">100.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,293,643</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.03</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">62/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Metropolitan Edison Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">8,376,748</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">42.4</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">39,782,371</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">4.75</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">7/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">MidAmerican Energy Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">17,731,541</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10.4</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">31,140,571</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">1.76</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">2/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Montaup Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,567,427</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">24.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,958,732</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">1.25</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">4/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">New England Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">17,349,003</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7.4</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">22,133,804</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">1.28</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">24/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">New York State Elec & Gas Corp</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">16,069,372</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">9.7</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">42,585,098</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.65</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">66/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Niagara Mohawk Power Corp</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">19,116,526</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">43.1</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">120,913,618</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">6.33</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">49/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">North Atlantic Energy Corp</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3,542,137</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">100.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">13,092,759</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.70</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">36/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Northern States Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">32,416,943</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">37.3</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">98,303,893</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.03</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">3/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Ohio Edison Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">28,338,250</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">22.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">36,084,064</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">1.27</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">43/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">PECO Energy Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">34,717,625</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">70.2</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">118,402,531</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.41</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">52/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Pacific Gas & Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">47,116,146</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">35.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">177,038,057</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.76</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">42/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Pennsylvania Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">14,834,574</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">12.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">49,006,867</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.30</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">23/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Pennsylvania Power & Light Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">39,429,184</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">38.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">104,467,707</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.65</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">21/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Pennsylvania Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,289,922</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">32.4</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,855,575</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.53</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">55/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Public Service Co of NH</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,624,078</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">17,961,361</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.88</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">32/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Public Service Co of NM</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">9,664,951</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">30.4</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">28,649,484</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.96</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">65/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Public Service Electric & Gas</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">24,574,886</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">55.3</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">147,618,721</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">6.01</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">8/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Rochester Gas & Electric Corp</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">5,733,340</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">71.4</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,601,784</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">1.85</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">64/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">San Diego Gas & Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,723,602</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">45.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">40,863,125</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">5.29</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">34/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">South Carolina Elec & Gas Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">15,218,549</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">31.3</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">45,182,409</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.97</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">39/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Southern California Edison Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">45,933,813</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">38.3</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">149,872,558</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.26</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">68/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Systems Energy Resources Inc</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">8,301,980</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">100.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">61,991,214</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">7.47</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">6/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Texas Utilities Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">88,129,637</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">17.1</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">147,775,408</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">1.68</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">35/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">The Detroit Edison Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">46,618,071</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10.2</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">140,261,296</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.01</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">16/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Toledo Edison Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,798,539</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">51.6</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">24,204,926</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.24</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">26/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Union Electric Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">34,816,546</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">25.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">94,516,813</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.71</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">46/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">United Illuminating Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,197,294</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">29.3</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">21,968,808</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.54</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">58/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Vermont Yankee Nucl Pwr Corp</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3,798,790</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">100.0</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">16,789,307</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">4.42</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">25/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Virginia Electric & Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">56,168,394</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">44.1</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">148,895,212</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.65</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">50/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Western Massachusetts Elec Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,007,574</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">49.9</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3,739,373</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">3.71</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">20/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Wisconsin Electric Power Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">27,376,060</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">25.4</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">68,283,210</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.49</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">9/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Wisconsin Power & Light Co</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,284,568</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">12.6</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">19,650,126</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">1.91</font></td>
</tr>
<tr>
<td WIDTH="34" HEIGHT="27"><font face="Arial" size="2">11/70</font></td>
<td WIDTH="205" HEIGHT="27"><font face="Arial" size="2">Wisconsin Public Service Corp</font></td>
<td WIDTH="73" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">9,658,996</font></td>
<td WIDTH="51" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">13.5</font></td>
<td WIDTH="87" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">19,681,310</font></td>
<td WIDTH="46" HEIGHT="27" align="right"><p ALIGN="RIGHT"><font face="Arial" size="2">2.04</font></td>
</tr>
</table>
<b><p align="center"></a><a name="Table2">TABLE 2 - IOUs WITH NO NUCLEAR GENERATION (1996
Data)</b></p>
<table BORDER="1" CELLSPACING="1" BORDERCOLOR="#000000" CELLPADDING="2" WIDTH="550">
<tr>
<td WIDTH="27" HEIGHT="27" rowspan="2" bgcolor="#C0C0C0"><font face="Arial" size="2"><p ALIGN="center"><strong>Rank</strong></font></td>
<td WIDTH="189" HEIGHT="27" rowspan="2" bgcolor="#C0C0C0" align="left"><font face="Arial" size="2"><p align="center"><strong>Company</strong></font></td>
<td WIDTH="55" HEIGHT="27" rowspan="2" bgcolor="#C0C0C0" align="right"><font face="Arial" size="2"><p ALIGN="center"><strong>Generation<br>
Total MWh</strong></font></td>
<td WIDTH="129" HEIGHT="14" colspan="2" align="right" bgcolor="#C0C0C0"><p ALIGN="center"><strong><font face="Arial" size="2">M&S Asset</font></strong></td>
</tr>
<tr>
<td WIDTH="87" HEIGHT="13" align="right" bgcolor="#C0C0C0"><p align="center"><strong><font face="Arial" size="2">Total $</font></strong></td>
<td WIDTH="55" HEIGHT="13" align="right" bgcolor="#C0C0C0"><p align="center"><strong><font face="Arial" size="2">$/MWh</font></strong></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">14/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">AEP Generating Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">8,466,054</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,260,945</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.50</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">8/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Alcoa Generating Corp</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,248,661</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">530,791</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.12</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">32/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Appalachian Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">28,915,512</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">44,879,814</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.55</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">70/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Black Hills Corp</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,659,671</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,433,781</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.88</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">47/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Central Illinois Light Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,018,365</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">13,060,142</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.17</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">59/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Central Illinois Pub Serv Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">12,249,225</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">35,594,019</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.91</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">57/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Central Louisiana Elec Co Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">5,348,016</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">15,270,136</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.86</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">38/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Cincinnati Gas & Electric Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">25,844,079</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">47,993,958</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.86</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">29/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Columbus Southern Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">13,679,485</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">20,654,892</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.51</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">16/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Commonwealth Edison Co IN Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,851,957</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,200,670</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.65</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">35/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Dayton Power & Light Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">16,163,298</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">29,059,062</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.80</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">15/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Electric Energy Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,875,488</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,630,083</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.59</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">65/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Empire District Electric Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,456,601</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">8,982,850</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.66</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">45/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Entergy Mississippi Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,997,977</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">16,948,164</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.12</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">76/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Entergy New Orleans Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,934,870</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">9,645,837</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4.99</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">18/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Entergy Power Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,736,043</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,293,652</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.84</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">55/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Gulf Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,213,884</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">28,374,205</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.78</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">34/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Hawaiian Electric Co Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,385,501</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,914,578</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.80</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">40/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Holyoke Water Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,195,552</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,263,001</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.89</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">31/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Idaho Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">15,496,452</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">23,528,077</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.52</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">19/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Indiana-Kentucky Electric Corp</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">9,733,911</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">8,372,021</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.86</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">62/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Indianapolis Power & Light Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">14,589,973</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">48,257,189</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.31</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">37/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Interstate Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3,392,932</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,213,526</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.83</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">28/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Kentucky Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,030,392</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">8,777,633</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.46</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">24/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Kentucky Utilities Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">16,510,347</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">17,711,915</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.07</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">11/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Kingsport Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,659,671</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">507,889</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.31</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">44/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Louisville Gas & Electric Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">13,952,736</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">28,404,383</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.04</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">63/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">MDU Resources Group Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,829,669</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,263,450</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.42</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">79/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Massachusetts Electric Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,195,552</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">8,820,206</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7.38</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">78/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Maui Electric Co Ltd</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,020,399</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,955,342</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6.82</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">27/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Minnesota Power & Light Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,086,157</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">9,546,446</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.35</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">43/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Mississippi Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,165,330</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">20,719,275</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.04</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">36/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Monongahela Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,604,680</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">19,430,162</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.83</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">50/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Montana Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">9,399,583</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">21,991,906</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.34</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">1/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Mt Carmel Public Utility Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">20,848,007</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">245,353</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.01</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">71/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Nevada Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,242,911</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">28,193,661</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.89</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">4/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">New England Electric Trans Cor</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,624,078</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">117,583</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.03</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">7/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">New England Hydro-Trans Corp</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,194,391</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">80,392</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.07</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">21/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">New England Hydro-Trans Elec C</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,567,427</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,497,213</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.96</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">68/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Northern Indiana Pub Serv Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">14,587,847</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">54,351,439</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.73</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">72/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Northern States Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,434,017</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">5,891,683</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4.11</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">64/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Northwestern Public Service Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,101,211</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3,815,468</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.46</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">60/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Ocean State Power</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,933,490</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,022,942</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.12</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">58/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Ocean State Power II</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,110,772</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,030,715</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.86</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">22/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Ohio Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">50,292,040</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">48,979,900</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.97</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">26/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Ohio Valley Electric Corp</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,742,355</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,308,806</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.33</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">20/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Oklahoma Gas & Electric Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">21,252,776</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">19,285,888</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.91</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">75/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Orange & Rockland Utils. Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,315,299</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,898,651</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4.71</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">66/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Otter Tail Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,636,321</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">9,753,831</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.70</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">23/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">PSI Energy Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">26,814,662</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">26,540,075</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.99</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">42/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">PacifiCorp</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">53,792,343</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">107,233,442</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.99</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">52/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Portland General Electric Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,233,522</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">18,885,989</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.61</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">48/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Potomac Edison Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,709,534</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">24,118,960</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.25</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">69/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Potomac Electric Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">18,041,335</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">67,624,719</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.75</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">56/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Public Service Co of Colorado</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">17,319,860</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">48,932,274</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.83</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">46/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Public Service Co of Oklahoma</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">14,883,271</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">31,675,745</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.13</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">73/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Puget Sound Power & Light Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">5,585,595</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">24,173,650</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4.33</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">9/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Rockland Electric Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">24,574,886</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,492,619</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.18</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">12/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Safe Harbor Water Power Corp</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,577,873</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">570,195</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.36</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">77/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Savannah Electric & Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,205,258</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">8,012,607</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6.65</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">61/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Sierra Pacific Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,668,598</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">15,014,822</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.22</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">13/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">South Carolina Generating Co I</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4,037,199</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,520,571</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.38</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">53/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Southern Indiana Gas & Elec Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">5,831,864</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">15,671,961</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.69</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">25/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Southwestern Electric Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">20,649,879</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">24,685,795</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.20</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">2/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Southwestern Electric Serv Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">55,170,841</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">580,885</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.01</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">17/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Southwestern Public Service Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">21,345,462</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">17,066,943</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.80</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">74/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">St Joseph Light & Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1,237,751</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">5,545,927</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">4.48</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">10/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Susquehanna Electric Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,403,696</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">423,184</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.18</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">49/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Tampa Electric Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">18,060,826</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">41,220,279</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.28</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">54/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Texas-New Mexico Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2,296,056</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,384,404</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.78</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">33/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Tucson Electric Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,508,150</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">17,712,173</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.69</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">6/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Union Light Heat & Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">13,952,736</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">708,913</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.05</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">67/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">UtiliCorp United Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,056,399</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">22,508,517</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3.72</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">5/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Vermont Electric Trans Co Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">3,798,790</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">102,517</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.03</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">30/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Washington Water Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">7,809,116</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">11,852,026</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.52</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">39/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">West Penn Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">18,648,547</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">35,126,107</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.88</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">41/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">West Texas Utilities Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">6,214,704</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">11,790,945</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">1.90</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">51/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Western Resources Inc</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">11,387,581</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">29,517,688</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">2.59</font></td>
</tr>
<tr>
<td WIDTH="39" HEIGHT="27"><font face="Arial" size="2">3/79</font></td>
<td WIDTH="222" HEIGHT="27"><font face="Arial" size="2">Wheeling Power Co</font></td>
<td WIDTH="84" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">10,604,680</font></td>
<td WIDTH="100" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">237,873</font></td>
<td WIDTH="65" HEIGHT="27"><p ALIGN="RIGHT"><font face="Arial" size="2">0.02</font></td>
</tr>
</table>
<b><p align="center"></a>About the Author</b></p>
<p><small><strong>Shashank S. Nadgauda, Ph.D., P.E</strong>., is with <strong>Renova
Engineering P.C.</strong> His company operates a free web-based clearinghouse for buying
and selling "big ticket items" used by the electric power industry. He can be
reached at (718) 981-3582 | <a href="mailto:[email protected]">[email protected]</a></small><a name="Table2"></td>
</tr>
</table>
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