-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Sk12NJ9yRYhOMzCtqr/G5lBc1vlmCZ8YVwVgPIyFqGVmR8uNAf8Ly3vPtVhj4tD2 aC8pa97QIMDXmthn2PoHQQ== 0000950159-03-000151.txt : 20030226 0000950159-03-000151.hdr.sgml : 20030226 20030226123923 ACCESSION NUMBER: 0000950159-03-000151 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030226 ITEM INFORMATION: FILED AS OF DATE: 20030226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXELON GENERATION CO LLC CENTRAL INDEX KEY: 0001168165 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 233064219 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-85496 FILM NUMBER: 03580383 MAIL ADDRESS: STREET 1: 10 S DEARBORN STREET STREET 2: 37TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60690 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PECO ENERGY CO CENTRAL INDEX KEY: 0000078100 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 230970240 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16844 FILM NUMBER: 03580384 BUSINESS ADDRESS: STREET 1: 2301 MARKET ST STREET 2: P O BOX 8699 CITY: PHILADELPHIA STATE: PA ZIP: 19101 BUSINESS PHONE: 2158414000 FORMER COMPANY: FORMER CONFORMED NAME: PHILADELPHIA ELECTRIC CO DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXELON CORP CENTRAL INDEX KEY: 0001109357 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 232990190 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16169 FILM NUMBER: 03580382 BUSINESS ADDRESS: STREET 1: 10 S DEARBORN ST 37TH FLR STREET 2: PO BOX A-3005 CITY: CHICAGO STATE: IL ZIP: 60690-3005 BUSINESS PHONE: 3123947399 MAIL ADDRESS: STREET 1: P O BOX 767 CITY: CHICAGO STATE: IL ZIP: 60690 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH EDISON CO CENTRAL INDEX KEY: 0000022606 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 360938600 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01839 FILM NUMBER: 03580385 BUSINESS ADDRESS: STREET 1: ONE FIRST NATIONAL PLZ 37TH FL STREET 2: P O BOX 767 CITY: CHICAGO STATE: IL ZIP: 60690 BUSINESS PHONE: 3123944321 MAIL ADDRESS: STREET 1: 10 SOUTH DEARBORN STREET STREET 2: 37TH FLOOR CITY: CHICAGO STATE: IL ZIP: 606900767 8-K 1 exelonall8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 February 26, 2003 (Date of earliest event reported)
Commission File Name of Registrant; State of Incorporation; Address of IRS Employer Number Principal Executive Offices; and Telephone Number Identification Number --------------------- ---------------------------------------------------------- ------------------------ 1-16169 EXELON CORPORATION 23-2990190 (a Pennsylvania corporation) 10 South Dearborn Street - 37th Floor P.O. Box 805379 Chicago, Illinois 60680-5379 (312) 394-7398 1-1839 COMMONWEALTH EDISON COMPANY 36-0938600 (an Illinois corporation) 10 South Dearborn Street - 37th Floor P.O. Box 805379 Chicago, Illinois 60680-5379 (312) 394-4321 1-1401 PECO ENERGY COMPANY 23-0970240 (a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000 333-85496 EXELON GENERATION COMPANY, LLC 23-3064219 (a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348 (610) 765-8200
Item 9. Regulation FD Disclosure Investors Meeting On February 27-28, 2002, Bob Shapard, Executive VP and CFO, and Linda Byus, VP Investor Relations, met with investors and presented the information in Exhibits 99.1 and 99.2. PECO Energy Company Customer Choice. The Pennsylvania Public Utility Commission's (PUC's) Final Electric Restructuring Order provided for the phase-in of customer choice of electric generation suppliers (EGS) and as of January 1, 2000, all customers were eligible for customer choice. The Final Restructuring Order also established market share thresholds (MST) to promote competition. The MST requirements provided that, if as of January 1, 2001 and January 1, 2003, respectively, less than 35% and 50% of residential and commercial customers were shopping, the number of customers sufficient to meet the MST shall be randomly selected and assigned to an EGS through a PUC-determined process. For residential and small commercial customers, the threshold measurement is by number of customers. For large commercial customers the measurement is by load. On January 1, 2001, the 35% MST threshold was met for all customer classes as a result of agreements assigning customers to New Power Company (New Power) and Green Mountain as providers of last resort default service. During 2002, PECO experienced an increase in the number of customers selecting or returning to PECO as their EGS and at December 31, 2002, approximately 21% of PECO's residential load, 10% of its small commercial and industrial load and 7% of its large commercial and industrial load were purchasing generation from an alternative generation supplier. Customers who purchase energy from an EGS continue to pay a delivery charge. In January 2003, PECO submitted to the PUC an MST plan to meet the 50% threshold requirement for its small and large commercial customer classes, which was approved on February 6, 2003. According to the approved plan, randomly assigned customers who participated will be switched to winning MST bidders as of their respective meter read dates. On February 21, 2003, Strategic Energy LLC filed an Application for Stay or Supersedeas with the Pennsylvania Commonwealth Court. In that Application, Strategic Energy requested that the Court stay implementation on the MST auction pending Court review of whether the process used to develop the auction was appropriate. The Court scheduled oral argument on the Application for March 18, 2003. On February 24, 2003, the small and large commercial MST auction was completed. There were three winning bidders who were awarded a total of 64,172 small commercial customers, at a clearing price of 1.25% off PECO's tariffed rate GS. No bids were received for the small commercial renewable auction or the large commercial (GS6) non-interval metered load auction. Also in February 2003, PECO filed an MST plan for the residential customer classes which is pending PUC approval. In February 2002, New Power notified PECO of its intent to withdraw from providing Competitive Default Service (CDS) to approximately 180,000 residential customers. As a result of that withdrawal, those CDS customers were returned to PECO in the second quarter of 2002. Pursuant to a tariff filing approved by the PUC, PECO is serving those returned customers at the discount energy rates on generation provided for under the original New Power CDS Agreement for the remaining term of that contract. Subsequently, in the second quarter of 2002, New Power also advised PECO it planned to withdraw from serving all of its customers in Pennsylvania, including approximately 15,000 non-CDS PECO customers. These customers were returned to PECO during the third quarter of 2002. This combined Form 8-K is being filed separately by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company and Exelon Generation Company, LLC (Registrants). Information contained herein relating to any individual registrant has been filed by such registrant on its own behalf. No registrant makes any representation as to information relating to any other registrant. This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. The forward-looking statements herein include statements about future financial and operating results of Exelon. Economic, business, competitive and/or regulatory factors affecting Exelon's businesses generally could cause actual results to differ materially from those described herein. For a discussion of the factors that could cause actual results to differ materially, please see Exelon's filings with the Securities and Exchange Commission, particularly those factors discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Business Outlook and the Challenges in Managing Our Business" in Exelon's 2002 Annual Report included in current report on Form 8-K filed on 2/21/03, those discussed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Exelon Generation Company's Registration Statement on Form S-4, Reg. No. 333-85496, those discussed in "Risk Factors" in PECO Energy Company's Registration Statement on Form S-3, Reg. No. 333-99361, and those discussed in "Risk Factors" in Commonwealth Edison Company's Registration Statement on Form S-3, Reg. No. 333-99363. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Exelon does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EXELON CORPORATION COMMONWEALTH EDISON COMPANY PECO ENERGY COMPANY EXELON GENERATION COMPANY, LLC /S/ Robert S. Shapard Robert S. Shapard Executive Vice President and Chief Financial Officer Exelon Corporation February 26, 2003 EX-99 3 ex99-1.txt EXHIBIT 99.1 EXHIBIT 99.1 Slide 1 [Exelon logo] Exelon Corporation Investor Update Bob Shapard, Executive VP and CFO Linda Byus, VP Investor Relations Texas Meetings February 27-28, 2003 Slide 2 [Exelon logo] Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. The forward-looking statements herein include statements about future financial and operating results of Exelon. Economic, business, competitive and/or regulatory factors affecting Exelon's businesses generally could cause actual results to differ materially from those described herein. For a discussion of the factors that could cause actual results to differ materially, please see Exelon's filings with the Securities and Exchange Commission, particularly those factors discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Business Outlook and the Challenges in Managing Our Business" in Exelon's 2002 Annual Report included in current report on Form 8-K filed on 2/21/03, those discussed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Exelon Generation Company's Registration Statement on Form S-4, Reg. No. 333-85496, those discussed in "Risk Factors" in PECO Energy Company's Registration Statement on Form S-3, Reg. No. 333-99361, and those discussed in "Risk Factors" in Commonwealth Edison Company's Registration Statement on Form S-3, Reg. No. 333-99363. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Exelon does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. Slide 3 [Exelon logo] What Is Exelon?
- ---------------------------------------------------------------------------------------------------------------------- 2001 Comparisons --------------------------------------------------- U.S. Electric U.S. Companies Exelon 2002 Exelon Companies - ---------------------------------------------------------------------------------------------------------------------- Retail Electric Customers 5.1 million 5.1 million 1st - - ---------------------------------------------------------------------------------------------------------------------- Nuclear Capacity 15.8K MWs* 15.4K MWs* 1st - - ---------------------------------------------------------------------------------------------------------------------- U.S. Capacity Resources 43K MWs** 41K MWs** Among largest - - ---------------------------------------------------------------------------------------------------------------------- Revenues $15 billion $15 billion 9th 135th - ---------------------------------------------------------------------------------------------------------------------- Net Income $1.4 billion $1.4 billion 2nd 53rd - ---------------------------------------------------------------------------------------------------------------------- Market Cap (as of 2/20/03) $16.1 billion - 3rd 100th - ----------------------------------------------------------------------------------------------------------------------
*Includes AmerGen investment. **Includes AmerGen and Sithe investments. Slide 4 [Exelon logo] Industry in Transition o Regulatory restructuring o Capacity overbuild o Historically low wholesale o Standard Market Initiatives Slide 5 [Exelon logo] Key Strengths o Low cost generation portfolio o Large stable customer base o No material trading or international exposure o Strong balance sheet / credit profile o Earnings and dividend growth Slide 6 [Exelon logo] Opportunities and Challenges for 2003 o Enterprises (rationalize investment) o Illinois regulatory environment (Liberty Audit, POLR, new state leadership) o Exelon New England plants (operate, integrate and optimize) o Sithe Energies investment (buy, sell, restructure) o AmerGen investment (buy, sell, maintain) o The Exelon Way Slide 7 [Exelon logo] The Exelon Way Definition -> As Is Analysis -> To Be Design -> Implement -> Track Results An Exelon approach to create value and improve competitive position: o Pursue change at all levels across Exelon o Changes will be deeper and longer term than recent successes in Cost Management Initiative o Will involve participation for all levels Goal: $300 to $600 million annually in cash savings beginning 2004 Slide 8 [Exelon logo] 2003 EPS Guidance: $4.80-$5.00 [This slide is a waterfall chart entitled "Expected EPS Drivers" starts with "2002 Actual" EPS of $4.44, adds a net EPS gain of $0.39 from "AT&T Wireless Sale/SFAS 142/Severance", and illustrates that Exelon expects the following drivers to add or subtract from EPS, as indicated, to reach $4.94-$4.99: $4.44 (2002 Actual) + $0.39 (AT&T Wireless Sale/SFAS 142/Severance) - $0.08 (Weather) + $0.25 (Midwest Gen) + $0.11 (Fewer Nuclear Refueling Outages) - $0.07 (FAS 143) - $0.20 (Exelon New England / Sithe Energies) - $0.24 (Pension/Other Post-Retirement Benefit Costs) + $0.16 (Enterprises Breakeven) + $0.13 (Interest Savings) + $0.05-$0.10 (Delivery Sales Growth) = $4.94-$4.99. On the right side of the chart, the chart identifies additional "Risks and Opportunities" that Exelon expects may affect EPS as follows:] Cost Management Initiative Carryover + Higher Market Prices + Regulatory Settlement - The Exelon Way + Slide 9 [Exelon logo] Positioned for Success - - In a position to meet earnings and dividend growth goals in depressed energy market o Strong balance sheet o No credit / liquidity issues o Declining cost basis in generation o The Exelon Way initiative expected to reduce costs and enhance free cash flow - - Well positioned for upside when markets recover o Low cost generation fleet o Stable customer and load mix o Well placed generation in our regional markets EX-99 4 ex99-2.txt EXHIBIT 99.2 EXHIBIT 99.2 Page 1 [Exelon logo] Income Statement - ---------------------------------------------------------- ($ millions except per share data) 2002 2001 - --------------------------------- ---- ---- Revenues 14,955 14,918 Revenue Net Fuel 9,693 9,828 EBIT 3,679 3,503 Net Income 1,440 1,428 Avg. Shares - Diluted (millions) 325 322 EPS - Diluted ($) 4.44 4.43 One-Time Adjustments 0.39 0.06 EPS from Operations ($) 4.83 4.49 - ---------------------------------------------------------- Page 2 [Exelon logo] Balance Sheet - -------------------------------------------------------------------- ($ millions) 2002 2001 - ------------ ---- ---- Total Long-Term Debt 13,127 12,879 Notes Payable 681 360 Notes Payable - Related Party 534 - Long-Term Debt Due within 1 Year 1,402 1,406 Total Debt 15,744 14,645 Transition Bonds Included in Total Debt 6,237 6,880 Preferred Securities of Subs. 595 613 Total Shareholders' Equity 7,742 8,102 Total Capital 24,081 23,360 ROE 18.2% 18.6% Total Debt/Total Capital 65% 63% Total Debt/Total Cap. ex Trans. Bonds 53% 47% - -------------------------------------------------------------------- Page 3 [Exelon logo] Cash Flow - ----------------------------------------------------------------------------- ($ millions) 2002 2001 - ------------ ---- ---- Net Cash Flows from Operations 3,614 3,615 Capital Expenditures (2,150) (2,088) Acquisitions (445) (30) Proceeds - Nuclear Decomm. Trust 1,612 1,624 Investment - Nuclear Decomm. Trust (1,824) (1,863) Other 269 (35) - ----------------------------------------------------------------------------- Net Cash Flows Used in Investing (2,538) (2,392) - ----------------------------------------------------------------------------- Issuance of Long-Term Debt 1,223 2,270 Retirement of Long-Term Debt (2,134) (1,860) Change in Short-Term Debt 321 (1,013) Common Dividends Paid (563) (583) Other 61 (78) - ----------------------------------------------------------------------------- Net Cash Flows Used in Financing (1,092) (1,264) - ----------------------------------------------------------------------------- Change in Cash and Cash Equiv. (16) (41) Cash and Cash Equiv. - Beginning 485 526 Cash and Cash Equiv. - Ending 469 485 - ----------------------------------------------------------------------------- Page 4 [Exelon logo] Cash Flow - 2003 Forecast - -------------------------------------------------------------------------------- ($ millions) 2003 Estimate* - ------------ -------------- Net Income** 1,600 Pension Contribution (350) Non-cash adjustments, Working Cap. changes, Decomm., etc. 2,050 - -------------------------------------------------------------------------------- Net Cash Flows from Operations 3,300 - -------------------------------------------------------------------------------- Cap Ex including Nuclear Fuel ComEd (720) PECO (270) Genco (960) Enterprises (30) Corporate and Other (30) - -------------------------------------------------------------------------------- Net Cash Flows Used in Investing Activities (2,010) - -------------------------------------------------------------------------------- Transition Bond Payments (580) Common Dividends (600) Net Cash Flows Used in Financing Activities (1,180) - -------------------------------------------------------------------------------- Increase in Cash 110 - -------------------------------------------------------------------------------- *Excludes impact of potential asset transactions **Excludes cumulative effect of change in accounting principle (FAS 143). Page 5 [Exelon logo] Overview of Generation Assets and Investments Our generation assets and investments at 1/1/03 consist of the following: Type of Capacity Capacity (MW) - ---------------- Owned Generation Assets (1) Nuclear ............................................ 14,547 Fossil ............................................. 8,210 Hydro .............................................. 1,584 ------ 24,341 Long-Term Contracts ................................... 13,900 AmerGen (2) ........................................... 1,241 Sithe (2) ............................................. 659 ------ Available Resources ................................... 40,141 Under Construction or in Advanced Development (1) ..... 2,536 ------ Total Resources .......................... 42,677 ------ (1) Based on Generation's ownership, includes Exelon New England plants. (2) Based on Generation's ownership. Page 6 [Exelon logo] The Exelon Way Exelon will continue to find ways to "Live Up To Our Commitments" while "Performing at World-Class Levels" o Process Improvement o Capital and Operating Efficiencies o Revenue Enhancements o Cost Control that will position us to "Invest In Our Consolidating Industry." Page 7 Stock Statistics
- ----------------------------------------------------------------------------------------------------------------------------------| | Market Price Data | Earnings Per Share | - ----------------------------------------------------------------------------------------------------------------------------------| | Close 52-Week Mo. Chg. YTD Chg. | 2003E 2003/2002 2004E 2004/2003| Company | 1/31/03 High Low % % | $ Chg. (%) $ Chg. (%) | - ----------------------------------------------------------------------------------------------------------------------------------| Exelon | 50.93 | 56.99 | 37.85 | -3.5 | -3.5 | 4.90 | 1.4 | 5.12 | 4.5 | Entergy | 44.45 | 48.38 | 32.12 | -2.5 | -2.5 | 3.85 | 1.0 | 4.09 | 6.2 | FirstEnergy | 31.20 | 39.12 | 24.85 | -5.4 | -5.4 | 3.26 | 15.6 | 3.56 | 9.2 | FPL Group | 58.39 | 65.31 | 45.00 | -2.9 | -2.9 | 4.87 | 1.5 | 5.10 | 4.7 | Progress Energy | 40.41 | 52.70 | 32.84 | -6.9 | -6.9 | 3.70 | -2.9 | 3.87 | 4.6 | Southern Co. | 28.17 | 31.14 | 23.22 | -0.8 | -0.8 | 1.84 | -1.1 | 1.94 | 5.4 | Peer Average | | | | -3.6 | -3.6 | 3.74 | 2.6 | 3.95 | 5.8 | | | | | | | | | | | Allegheny Energy* | 8.40 | 43.86 | 2.95 | 11.1 | 11.1 | 1.32 | 7.3 | 1.52 | 15.2 | American Elec Pwr | 23.62 | 48.80 | 15.10 | -13.6 | -13.6 | 2.40 | -17.0 | 2.46 | 2.5 | Cinergy | 31.70 | 37.19 | 25.40 | -6.0 | -6.0 | 2.62 | -2.2 | 2.75 | 5.0 | Dominion Resources | 54.19 | 67.06 | 35.40 | -1.3 | -1.3 | 4.72 | -2.3 | 4.97 | 5.3 | DTE Energy | 41.92 | 49.50 | 33.05 | -9.7 | -9.7 | 3.98 | 3.9 | 4.13 | 3.8 | Duke Energy | 17.03 | 39.60 | 15.77 | -12.9 | -12.9 | 1.43 | -23.9 | 1.47 | 2.8 | PPL Resources | 35.00 | 39.95 | 26.00 | 0.9 | 0.9 | 3.61 | 2.0 | 3.77 | 4.4 | PS Enterprise Group | 35.28 | 47.25 | 20.00 | 9.9 | 9.9 | 3.76 | 0.0 | 3.82 | 1.6 | TXU | 18.35 | 57.05 | 10.10 | -1.8 | -1.8 | 2.02 | -16.5 | 2.08 | 3.0 | Xcel Energy | 11.02 | 26.71 | 5.12 | 0.2 | 0.2 | 1.27 | -11.2 | 1.24 | -2.4 | Elec. Avg. (16 companies)| | | | -2.8 | -2.8 | 3.10 | -2.8 | 3.24 | 4.7 | | | | | | | | | | | S&P Electrics | 113.12 | 154.04 | 91.21 | -3.7 | -3.7 | NA | NA | NA | NA | Philadelphia Util. Avg. | 246.93 | 352.63 | 202.82 | -4.2 | -4.2 | NA | NA | NA | NA | S&P 500 | 855.70 | 1173.84 | 768.58 | -2.7 | -2.7 | 44.13 | 13.6 | 49.98 | 13.3 | - ----------------------------------------------------------------------------------------------------------------------------------|
- ---------------------------------------------------------------------------------------| | P/E Dividend | - ---------------------------------------------------------------------------------------| | 2003E 2004E Rate Yield Payout | Company | X X $ % % | - ---------------------------------------------------------------------------------------| Exelon | 10.4 | 9.9 | 1.84 | 3.6 | 37.6 | Entergy | 11.5 | 10.9 | 1.40 | 3.1 | 36.4 | FirstEnergy | 9.6 | 8.8 | 1.50 | 4.8 | 46.0 | FPL Group | 12.0 | 11.4 | 2.32 | 4.0 | 47.6 | Progress Energy | 10.9 | 10.4 | 2.24 | 5.5 | 60.5 | Southern Co. | 15.3 | 14.5 | 1.37 | 4.9 | 74.5 | Peer Average | 11.6 | 11.0 | 1.78 | 4.3 | 50.4 | | | | | | | Allegheny Energy* | 6.4 | 5.5 | 0.00 | 0.0 | 0.0 | American Elec Pwr | 9.8 | 9.6 | 2.40 | 10.2 | 100.0 | Cinergy | 12.1 | 11.5 | 1.84 | 5.8 | 70.2 | Dominion Resources | 11.5 | 10.9 | 2.58 | 4.8 | 54.7 | DTE Energy | 10.5 | 10.2 | 2.06 | 4.9 | 51.8 | Duke Energy | 11.9 | 11.6 | 1.10 | 6.5 | 76.9 | PPL Resources | 9.7 | 9.3 | 1.44 | 4.1 | 39.9 | PS Enterprise Group | 9.4 | 9.2 | 2.16 | 6.1 | 57.4 | TXU | 9.1 | 8.8 | 0.50 | 2.7 | 24.8 | Xcel Energy | 8.7 | 8.9 | 0.75 | 6.8 | 59.1 | Elec. Avg. (16 companies) | 10.5 | 10.1 | 1.59 | 4.9 | 52.3 | | | | | | | S&P Electrics | NA | NA | NA | NA | NA | Philadelphia Util. Avg. | NA | NA | NA | NA | NA | S&P 500 | 19.4 | 17.1 | 16.06 | 1.9 | 36.4 | - ---------------------------------------------------------------------------------------|
*Allegheny Energy's 2003/2002 EPS change based on 2002 consensus estimate. (Source: Thomson Financial) [This page includes a bar graph entitled "2003 P/Es Relative to S&P 500". The vertical axis is marked to start from 0.0 at the bottom and to increase by 0.2 per demarcation to 1.0 at the top; the horizontal axis is marked with the names of the companies listed in the following table; and the data for each company is displayed using bars:] 31-Dec 31-Jan EXC 0.60 0.54 ETR 0.66 0.60 FE 0.56 0.49 FPL 0.68 0.62 PGN 0.63 0.56 SO 0.86 0.79 Peer Avg 0.66 0.60 AYE 0.24 0.33 AEP 0.53 0.51 CIN 0.70 0.62 D 0.64 0.59 DTE 0.64 0.54 DUK 0.59 0.61 PPL 0.53 0.50 PEG 0.47 0.48 TXU 0.50 0.47 XEL 0.45 0.45 Elec Avg 0.58 0.55 -----END PRIVACY-ENHANCED MESSAGE-----