<SUBMISSION>
<ACCESSION-NUMBER>0001004980-03-000232
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20031014
<ITEMS>5
<ITEMS>9
<FILING-DATE>20031015
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PG&E CORP
<CIK>0001004980
<ASSIGNED-SIC>4931
<IRS-NUMBER>943234914
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12609
<FILM-NUMBER>03940621
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE MARKET SPEAR TOWER
<STREET2>SUITE 2400
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94105
<PHONE>4152677000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE MARKET SPEAR TOWER
<STREET2>SUITE 2400
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94105
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PG&E PARENT CO INC
<DATE-CHANGED>19951214
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>final101403.htm
<TEXT>
<html>
<head>
<title>10-14-03 Form 8-K</title>
</head>
<body>
<div>
<table border="0" cellspacing="0" cellpadding="0" width="644">
<tr>
<td colspan="4" valign="top">
<p align="center">SECURITIES AND EXCHANGE COMMISSION</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">Washington, D.C.&nbsp; 20549</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">FORM 8-K</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">CURRENT REPORT</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">Date of Report: October 14, 2003</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><br />
 Commission<br />
 File<br />
 Number</p>
</td>
<td valign="top">
<p align="center">Exact Name of<br />
 Registrant<br />
 as specified in<br />
 its charter</p>
</td>
<td valign="top">
<p align="center"><br />
 State or other<br />
 Jurisdiction of<br />
 Incorporation</p>
</td>
<td valign="top">
<p align="center"><br />
 IRS Employer<br />
 &nbsp; Identification<br />
 Number</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">1-12609</p>

<p align="center">1-2348</p>
</td>
<td valign="top">
<p align="center">PG&amp;E Corporation</p>

<p align="center">Pacific Gas and<br />
 Electric Company</p>
</td>
<td valign="top">
<p align="center">California</p>

<p align="center">California</p>
</td>
<td valign="top">
<p align="center">94-3234914</p>

<p align="center">94-0742640</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">Pacific Gas and Electric Company<br />
 77 Beale Street, P. O. Box 770000<br />
 San Francisco, California&nbsp;&nbsp;94177</p>
</td>
<td colspan="2" valign="top">
<p align="center">PG&amp;E Corporation<br />
 One Market, Spear Tower, Suite 2400<br />
 San Francisco, California&nbsp;&nbsp;94105</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">(Address of principal executive offices) (Zip
Code)</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">Pacific Gas and Electric Company<br />
 (415) 973-7000</p>
</td>
<td colspan="2" valign="top">
<p align="center">PG&amp;E Corporation<br />
 (415) 267-7000</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">(Registrant's telephone number, including area
code)</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>
</table>

<p align="center">Inapplicable</p>

<p align="center">(Former Name or Former Address, if Changed Since
Last Report)</p>

<p>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
previously disclosed, in January 2002, the California Attorney
General (AG) filed a complaint in the San Francisco Superior Court
against PG&amp;E Corporation and its directors, as well as against
the directors of Pacific Gas and Electric Company (Utility), based
on allegations of unlawful, unfair or fraudulent business acts or
practices in violation of California Business and Professions Code
Section 17200 (Section 17200).&nbsp; Among other allegations, the
AG alleged that past transfers of money from the Utility to
PG&amp;E Corporation, and allegedly from PG&amp;E Corporation to
other affiliates of PG&amp;E Corporation, violated various
conditions established by the California Public Utilities
Commission (CPUC) in decisions approving the holding company
formation.&nbsp; The AG also challenged PG&amp;E
Corporation&rsquo;s alleged failure to infuse the Utility with
cash.&nbsp; Similar complaints were filed in February 2002 against
PG&amp;E Corporation by the City and County of San Francisco in San
Francisco Superior Court, and against PG&amp;E Corporation, its
directors, and the Utility&rsquo;s directors by Cynthia Behr, a
private plaintiff, in Santa Clara Superior Court.&nbsp; The AG and
the City and County of San Francisco requested restitution of
assets allegedly wrongfully transferred to PG&amp;E Corporation
from the Utility, civil penalties, and injunctive relief, among
other remedies. The three cases were later designated as complex
proceedings and coordinated in the San Francisco Superior Court,
where they are pending currently.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
defendants removed all three lawsuits to the Bankruptcy
Court.&nbsp; The plaintiffs asked the Bankruptcy Court to send the
lawsuits back to the state&nbsp; courts.&nbsp; In June 2002, among
other actions, the Bankruptcy Court sent back to the state courts
only the Section 17200 portions of the complaints that were focused
on the allegedly improper payments from the Utility to PG&amp;E
Corporation and PG&amp;E Corporation&rsquo;s alleged failure to
infuse monies into the Utility as needed.&nbsp;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;8, 2003, the U.S. District Court for the Northern
District of California (District Court) reversed, in part, the
Bankruptcy Court&rsquo;s June 2002 decision and ordered the
plaintiffs&rsquo; restitution claims sent back to the Bankruptcy
Court.&nbsp; The District Court found that these claims, estimated
by the plaintiffs at approximately $5 billion, are the property of
the Utility&rsquo;s estate and are therefore properly within the
Bankruptcy Court&rsquo;s jurisdiction.&nbsp; Under the new plan of
reorganization proposed by the Utility, PG&amp;E Corporation, and
the Official Committee of Unsecured Creditors dated July 31, 2003
(Settlement Plan) and submitted to the Bankruptcy Court for
confirmation, the Utility would release these claims.&nbsp; The
District Court also affirmed, in part, the Bankruptcy Court&rsquo;s
June 2002 decision and found that the plaintiffs&rsquo; civil
penalty and injunctive relief claims under Section 17200 could be
resolved in San Francisco&nbsp; Superior Court.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Section 17200, the AG and the City and County of San Francisco are
entitled to seek civil penalties of $2,500 against each defendant
for each violation of Section 17200.&nbsp; The AG&rsquo;s complaint
asserted that the total civil penalties would be not less than $500
million.&nbsp; PG&amp;E Corporation believes that the applicable
calculation methodology for civil penalties, if any violations were
found, would not result in a material adverse effect on its
financial condition or results of operations.&nbsp;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
status conference in San Francisco Superior Court for all three
cases has been scheduled for October 21, 2003.&nbsp; No proceedings
have yet been scheduled in Bankruptcy Court for the restitution
claims.</p>

<p>Item 9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulation FD
Disclosure</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information reported in this section of this Current Report on Form
8-K, included Exhibit 1, is being furnished, not filed, pursuant to
Item 9 of Form 8-K.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached
to this Current Report on Form 8-K as Exhibit 1 are revised
financial projections relating to the Settlement Plan.&nbsp;
Financial projections relating to the Settlement Plan were
furnished to the Securities and Exchange Commission (SEC) on a Form
8-K on July 8, 2003.&nbsp; The financial projections furnished to
the SEC on July 8, 2003 were included as Exhibit C to the
Disclosure Statement dated July 31, 2003 and mailed to all persons
entitled to vote on the Settlement Plan on August 15,
2003.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among
other revisions, the financial projections have been revised to
reflect the following significant events:</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><b>-</b></p>
</td>
<td valign="top">
<p>The proposed settlement agreement submitted to the CPUC for
approval in the Utility&rsquo;s 2003 General Rate Case (GRC) on
September 15, 2003.&nbsp; The settlement proposes lower
depreciation rates than originally assumed, resulting in a higher
rate base and lower cash flow over the forecast period.</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p><b>-</b></p>
</td>
<td valign="top">
<p>The bill credit of $444 million to the Utility&rsquo;s customers
ordered by the CPUC on September 4, 2003, to pass through the
California Department of Water Resources&rsquo; (DWR) reduction in
its 2003 revenue requirement to customers.&nbsp; (The Utility's
financial forecasts of the cash projected to be available at the
effective date of the Settlement Plan are expected to largely
offset the decrease due to the one-time bill credit.)</p>

<p>&nbsp;</p>
</td>
</tr>
</table>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Projected
net income under the July 2003 projections and the revised
projections is about equal for the first two years (2004 and 2005),
increasing to a positive difference under the revised projections
of about $13 million in 2008 as a result of the lower depreciation
rates agreed to as part of the GRC settlement.&nbsp; Likewise, the
projected amount of cash flow available for dividends and share
repurchases beginning in 2005 is projected to be between $30
million to $50 million less per year in the revised projections
than in the July 2003 projections, accumulating to about $150
million over the 2005-2008 forecast period.</p>

<p></p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E
Corporation and the Utility believe that the forecast credit ratios
based upon the updated projections are not materially different
from the ratios contained in the projections furnished to the SEC
in July 2003.</p>

<p><u>Cautionary Statement Regarding Forward Looking
Statements</u></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
projected financial information attached hereto as Exhibit 1 and
the various assumptions underlying such projections constitute
forward-looking statements which are necessarily subject to various
risks and uncertainties that could cause actual results to differ
materially from those contemplated by the forward looking
statements and financial projections.&nbsp; Some of the factors
that could cause results to differ materially include:</p>

<table border="0" cellspacing="0" cellpadding="0" width="569">
<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>The outcome of the Utility&rsquo;s Chapter 11 proceeding,
including whether the proposed settlement agreement among the
Utility, PG&amp;E Corporation, and the staff of the CPUC becomes
effective and whether the Settlement Plan is implemented;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>The outcome of pending litigation and regulatory proceedings,
including proceedings related to the true-up of the allocation of
the DWR&rsquo;s 2001-2002 revenue requirements among the three
California investor-owned electric utilities, the timing and impact
of the end of the retail electric rate freeze, the structure of
post-rate freeze ratemaking, whether the Utility is required to
refund previously collected revenues to ratepayers, and whether the
proposed settlements in the Utility&rsquo;s 2003 GRC proceeding are
approved by the CPUC;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>The Utility's ability to manage the net open position over time,
which can be affected by whether various counterparties are able to
meet their obligations under their power sale agreements with the
Utility or with the DWR;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>The level and volatility of wholesale electricity and natural
gas prices and the Utility's ability to manage and respond to this
volatility successfully;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>The demand for and pricing of natural gas transportation and
storage services;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>Increased competition as a result of municipalization of the
Utility's distribution assets, self-generation by customers, and
other forms of competition that may result in stranded investment
capital, loss of customer growth, and additional barriers to cost
recovery;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>The extent to which the cities and counties in the
Utility&rsquo;s service territory become community choice
aggregators and the extent to which the Utility&rsquo;s
distribution customers can switch between purchasing electricity
from the Utility or from alternate energy service providers as
direct access customers;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>The operation and decommissioning of the Utility&rsquo;s Diablo
Canyon nuclear power plant, which expose the Utility to potentially
significant environmental and capital expenditure risks, and, to
the extent the Utility is unable increase its spent fuel storage
capacity by 2007 or find an alternative depository, the risk that
the Utility may be required to close Diablo Canyon and purchase
electricity from more expensive sources;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>Future regulatory proceedings related to whether the Utility has
complied with all applicable rules, tariffs, and orders, and the
extent to which a finding of non-compliance could result in
customer refunds, penalties, or other non-recoverable expense;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><i>-</i></p>
</td>
<td valign="top">
<p>The effect of compliance with existing and future environmental
laws, regulations, and policies;</p>
</td>
</tr>

<tr>
<td valign="top">
<p><i>&nbsp;&nbsp;&nbsp;&nbsp;</i></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><i>-</i></p>
</td>
<td valign="top">
<p>How the CPUC administers the capital structure, stand-alone
dividend, and first priority conditions of the holding company
conditions.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><i>&nbsp;&nbsp;&nbsp;&nbsp;</i></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>Unanticipated population growth or decline, changes in market
demand and general economic and financial market conditions,
including unanticipated changes in interest or inflation rates;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>Unanticipated changes in operating expenses and capital
expenditures;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>Applicable governmental policies and legislative or regulatory
actions;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>Weather, storms, earthquakes, fires, other natural disasters,
explosions, accidents, mechanical breakdowns, and other events or
perils that affect demand, result in power outages, reduce
generating output or cause damage to the Utility&rsquo;s assets or
operations or those of third parties on which the Utility
relies;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>Acts of terrorism;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>Actions of rating agencies and</p>
</td>
</tr>

<tr>
<td valign="top">
<p><i>&nbsp;&nbsp;&nbsp;</i></p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>-</p>
</td>
<td valign="top">
<p>New accounting pronouncements, including significant changes in
accounting policies material to the Utility.</p>
</td>
</tr>
</table>

<p><em></em></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
particular, the financial projections, attached as Exhibit 1, have
been prepared based upon certain assumptions that PG&amp;E
Corporation and the Utility believe to be reasonable under the
circumstances, taking into account the purpose for which they were
prepared.&nbsp; However, the financial projections were not
prepared with a view toward compliance with the published
guidelines of the SEC or the American Institute of Certified Public
Accountants regarding projections or forecasts.&nbsp; In addition,
the financial projections have not been examined or compiled by the
independent accountants of the Utility or PG&amp;E
Corporation.&nbsp; Neither the Utility nor PG&amp;E Corporation
makes any representation as to the accuracy of the projections or
the ability of the reorganized Utility to achieve the projected
results.&nbsp; Many of the assumptions on which the projections are
based are subject to significant uncertainties.&nbsp; Some
assumptions may not materialize and unanticipated events and
circumstances may affect the actual financial results.&nbsp;
Therefore, the actual results achieved may vary from the projected
results and the variations may be material.</p>

<b><br clear="all" />
</b>

<table border="0" cellspacing="0" cellpadding="0" width="656">
<tr>
<td valign="top">
<p align="center">SIGNATURE</p>
</td>
</tr>

<tr>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p>Pursuant to the requirements of the Securities Exchange Act of
1934 the registrants have duly caused this report to be signed on
their behalf by the undersigned thereunto duly authorized.</p>
</td>
</tr>

<tr>
<td valign="top"></td>
</tr>
</table>

<p></p>

<table border="0" cellspacing="0" cellpadding="0" width="656">
<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>PG&amp;E CORPORATION</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>By:&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>CHRISTOPHER P. JOHNS<br />
 _________________________________________</p>
</td>
</tr>

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>CHRISTOPHER P. JOHNS<br />
 Senior Vice President and Controller</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>PACIFIC GAS AND ELECTRIC COMPANY<br />
 </p>
</td>
</tr>

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>By:&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>LINDA Y.H. CHENG<br />
 _________________________________________</p>
</td>
</tr>

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>LINDA Y.H. CHENG<br />
 Corporate Secretary</p>
</td>
</tr>
</table>

<table border="0" cellspacing="0" cellpadding="0" width="661">
<tr>
<td valign="top">
<p>Dated:&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;October 14, 2003</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
</tr>
</table>

<br clear="all" />


<p align="center"><b>Exhibit Index</b></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>Exhibit 1</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>Revised financial projections relating to the Settlement
Plan</p>
</td>
</tr>
</table>

<p></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>4
<FILENAME>exhibit1a.htm
<DESCRIPTION>EXHIBIT C TO THE DISCLOSURE STATEMENT
<TEXT>
<html>
<head>
<title>Exhibit 1 to 10-14-03 8K</title>
</head>
<body>
<div>
<h6 align="right"><b><font size="1" face="Times New Roman">Exhibit
1</font></b></h6>

<h6 align="center"><b><u><font size="1" face=
"Times New Roman">EXHIBIT C TO THE DISCLOSURE
STATEMENT</font></u></b></h6>

<h4><b><font size="3" face="Times New Roman">Assumptions &ndash;
Nature and Limitations of Projections</font></b></h4>

<p><font size="3" face="Times New Roman">The financial projections
included in the Disclosure Statement depend upon the successful
implementation of the Plan of Reorganization for the Reorganized
Debtor, and the validity of the other assumptions contained
therein.&nbsp; These projections reflect numerous assumptions,
including confirmation and consummation of the Plan in accordance
with its terms, continued access by the Reorganized Debtor to
capital markets, the continued availability of the working capital
facilities contemplated by the Disclosure Statement, the
anticipated future performance of the Reorganized Debtor, certain
assumptions with respect to its competitors, general business and
economic conditions and other matters, many of which are beyond the
control of the Reorganized Debtor.&nbsp; In addition, the risk
factors outlined in the Disclosure Statement and unanticipated
events and circumstances occurring subsequent to the preparation of
the projections may affect the actual financial results of the
Reorganized Debtor.&nbsp; Although the Proponents believe that the
projections are reasonably attainable, variations between the
actual financial results and those projected may occur and may be
material.</font></p>

<h4><b><font size="3" face="Times New Roman">Significant
Assumptions Regarding Plan Consummation</font></b></h4>

<p><font size="3" face="Times New Roman">The Debtor is assuming
that the Plan shall be confirmed by the Bankruptcy Court for the
purposes of these projections.&nbsp; The assumption of Plan
confirmation incorporates the following significant
assumptions:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">1.&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">the holders of claims in
Classes 3a, 3b, 4a, 4c, 4e, 5, 6, and 7 shall have voted to accept
the Plan by the requisite statutory majority or majorities as
provided in section 1126(c) of the Bankruptcy Code or, if any such
class does not accept the Plan, the Bankruptcy Court shall confirm
the Plan under section 1129(b) of the Bankruptcy Code;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">2.&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">no material adverse effect
on the business, assets, operations, property, or condition
(financial or otherwise) of the Debtor or any of its subsidiaries
(other than inactive subsidiaries) shall have occurred and be
continuing;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">3.&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">no material unanticipated
claims shall have been filed or asserted in the Chapter 11
Case;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">4.&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">all necessary regulatory
and governmental approvals shall have been received within the
contemplated timeline;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">5.&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">all financing transactions
contemplated by the Plan shall have been consummated on the terms
contemplated by the Plan and the Disclosure Statement;
and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">6.&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">the Bankruptcy Court shall
have issued the Confirmation Order.</font></p>
</td>
</tr>
</table>

<p><b><font size="3" face="Times New Roman"><br clear="all" />
</font></b></p>

<h4><b><font size="3" face="Times New Roman">Significant
Assumptions Regarding the Pre-Consummation
Projections</font></b></h4>

<p><b><i><font size="3" face="Times New Roman">Cash Balance At
December 31, 2003</font></i></b></p>

<p><font size="3" face="Times New Roman">The Debtor assumes that it
will have cash available to reimburse creditors at year-end 2003 of
approximately $2.5 billion.&nbsp; This amount is based on the
current cash balances, and taking into account various cash impacts
through 2003.&nbsp; These impacts include reductions for restricted
funds, outstanding checks and all operating receipts and
disbursements, including a one-time bill credit to ratepayers of a
California Department of Water Resources rate reduction.&nbsp;
Capital expenditures included in the forecast total $1.7 billion in
2003.</font></p>

<p><b><i><font size="3" face="Times New Roman">Earnings For
2003</font></i></b></p>

<p><font size="3" face="Times New Roman">Earnings during 2003
reflect both earnings from ongoing utility operations, as well as
non-recurring items (including those described as &ldquo;items
affecting comparability&rdquo;) in the Reorganized Debtor&rsquo;s
public filings with the Securities and Exchange Commission).&nbsp;
Starting common equity balances in 2004 incorporate these
earnings.</font></p>

<h4><b><font size="3" face="Times New Roman">Significant
Assumptions Regarding Effective Date Funding of
Claims</font></b></h4>

<p><font size="3" face="Times New Roman">As described in detail in
the Plan and Disclosure Statement, claims are funded with a
combination of cash on hand, reinstatement of certain financial
claims such as preferred stock interests and pollution control
bonds in classes 4a, 4b, and 4d, and the cash proceeds of new money
notes.&nbsp; The Reorganized Debtor may also draw on a portion of
its proposed bank facilities to fund claims, depending upon its
seasonal working capital requirements at the actual effective
date.</font></p>

<p><font size="3" face="Times New Roman">Claims in Classes 6 and 7
have not been reduced for the impact of any refunds ordered by the
Federal Energy Regulatory Commission (FERC) or settlements of
disputed claims.&nbsp;&nbsp; Because the financial projections
assume full payment of Class 6 and 7 claims, the levels of debt at
the effective date, the size of the Settlement Regulatory Asset,
and customer revenues associated with the Settlement Regulatory
Asset have not been adjusted for any potential reductions in these
claims.</font></p>

<h4><b><font size="3" face="Times New Roman">Structure of the
Reorganized Debtor</font></b></h4>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">1.&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Reorganized Debtor
will remain an integrated electric and gas utility company serving
predominantly retail customers in Northern and Central
California.&nbsp; The Reorganized Debtor will retain its existing
gas and electric distribution, transmission and customer service
assets.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">2.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Reorganized Debtor
will provide distribution customer services and revenue cycle
services, and will provide and administer public purpose programs
for retail electric and gas customers.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">3.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Reorganized Debtor
will retain the obligation to procure gas on behalf of its core gas
customers and the obligation to procure power on behalf of its
retail electric customers.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">4.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Reorganized Debtor
will assume and retain the bilateral energy purchase agreements
with (a) third party gas suppliers, and (b) QFs and other third
party power suppliers, including the Irrigation
Districts.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">5.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Reorganized Debtor
will retain its electric generation assets, including the 2,174 MW
capacity Diablo Canyon nuclear plant, its conventional and pumped
storage hydro-electric generating facilities with an aggregate
capacity of 3,896 MW, and two small fossil generating
facilities.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">6.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Reorganized Debtor
will remain subject to rate regulation of the California Public
Utilities Commission (CPUC) for its electric distribution,
generation and procurement operations, and for its gas
distribution, procurement, transmission and storage operations,
subject to the terms of the Settlement as incorporated into the
Plan and Confirmation Order.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">7.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Reorganized
Debtor&rsquo;s high voltage electric transmission assets will
provide services for its own retail customers as well as wholesale
market participants, both under the jurisdiction of the
FERC.</font></p>
</td>
</tr>
</table>

<h4><b><font size="3" face="Times New Roman">Income
Statement</font></b></h4>

<p><b><i><font size="3" face="Times New Roman">Total Operating
Revenues</font></i></b></p>

<p><font size="3" face="Times New Roman">Revenues include customer
payments for electric and gas distribution services, electric
transmission and gas transmission and storage services, electric
and gas energy procurement purchases (excluding California
Department of Water Resources sources of electricity), electric
power generated by the Reorganized Debtor&rsquo;s retained electric
generating facilities, public purpose programs, recovery of the
proposed Settlement Regulatory Asset with associated taxes and
return, and Rate Reduction Bonds.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="613">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">1.&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Electric and Gas Revenues
include base revenues from the 2003 General Rate Case and
subsequent annual attrition proceedings intended to enable the
Reorganized Debtor to recover increased costs due to inflation,
customer growth and ratebase growth.&nbsp; The authorized rate of
return on common equity (ROE) remains at 11.22%.&nbsp; The
authorized common equity ratio equals 48.6% in 2004, and increases
to 52.0% by 2006.&nbsp; Electric annual load growth for bundled
sales approximates 1.8%/year, and gas annual load growth for core
customers approximates 1.0%/year.&nbsp; Electric Direct Access
retail load approximates 8,100 GWh annually (10.2% of total
deliveries in 2004) and is held constant throughout the forecast
period.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">2.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Electric Revenues also
include base revenues to enable the Reorganized Debtor to recover
non-fuel operating costs, depreciation, taxes and rate of return on
its retained electric generation assets, as well as revenues to
recover amortization, return, and associated taxes on the
Settlement Regulatory Asset.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">3.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Electric and gas
procurement revenues match electric and gas procurement
expenses.&nbsp; Excluded are revenues collected for electric energy
procured by DWR on behalf of the Reorganized Debtor&rsquo;s
customers.&nbsp; Cash revenues (receipts) lag expenses
(disbursements) by the average working capital lag of 16
days.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">4.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Electric and Gas Public
Purpose Program Revenue, excluding CARE, total $310 million in 2004
and escalate thereafter. Identical M&amp;O expenses offset these
revenues so there is no impact on earnings or cash from
operations.</font></p>
</td>
</tr>
</table>

<p><b><i><font size="3" face="Times New Roman">Operating
Expenses</font></i></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="612">
<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">1.&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Total Cost of Energy
includes all electric and gas commodity procured on behalf of
retail electric and gas customers by the Reorganized Debtor.&nbsp;
Electric commodity costs include QF contracts, natural gas fuel for
the Hunters Point and Humboldt power plants, nuclear fuel for the
Diablo Canyon power plant, Irrigation District contracts, and other
commodity procurement and grid management expenses.&nbsp; Excluded
are remittances to DWR for power it procures on behalf of the
Reorganized Debtor&rsquo;s customers and for bond debt
service.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">2.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">M&amp;O and A&amp;G Costs
include direct M&amp;O Expenses for electric and gas distribution,
transmission, and the Reorganized Debtor&rsquo;s retained
generating assets, A&amp;G costs, public purpose programs and
franchise and uncollectibles expenses.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">3.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Depreciation is calculated
for distribution and electric generation assets using depreciation
rates expected to be adopted as part of the Reorganized
Debtor&rsquo;s proposed settlement of its 2003 Test Year CPUC
General Rate Case (GRC).&nbsp; Electric and gas transmission
depreciation reflects depreciation rates used to develop tariffs
currently authorized by the FERC and CPUC,
respectively.&nbsp;&nbsp; Depreciation expense also includes
amortization of the Settlement regulatory asset including its
provision for taxes on recovery of principal.&nbsp;&nbsp; Other
items included in depreciation include provisions for fossil and
nuclear power plant decommissioning.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">4.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Property Tax is estimated
at about 1% of net plant.&nbsp; Franchise Fees and Uncollectable
expenses are estimated at about 1% of revenue.</font></p>
</td>
</tr>
</table>

<p><b><i><font size="3" face="Times New Roman">Interest
Expense</font></i></b></p>

<p><font size="3" face="Times New Roman">Interest Expense
(excluding Rate Reduction Bonds) consists mainly of interest on
long-term debt.&nbsp; Interest expense is based on interest rates
of approximately 6.5% for new debt and 4.5% for reinstated
Pollution Control bonds.&nbsp; Borrowing costs are based on the
all-in, effective costs to the Reorganized Debtor.&nbsp;
Corresponding debt balances are net of issuance expenses.&nbsp;
Accordingly, the par value of debt issued will be approximately 1.0
percent higher than the net balances shown.&nbsp;&nbsp; Rate
Reduction Bond interest and the amortization of the net gain or
loss on reacquired debt are shown separately.</font></p>

<p><b><i><font size="3" face="Times New Roman">Other
Income</font></i></b></p>

<p><font size="3" face="Times New Roman">Other Income is comprised
of &ldquo;below-the-line&rdquo; income and expenses, including
AFUDC, operating costs not recoverable in retail rates, and
non-recurring items.</font></p>

<p><b><i><font size="3" face="Times New Roman">Income
Taxes</font></i></b></p>

<p><font size="3" face="Times New Roman">Income Taxes are
calculated using a 35% federal tax rate and an 8.84% state tax
rate, with a combined tax rate of 40.746%.&nbsp; The book income
tax provision reflects existing regulatory practices for
recognizing the timing of income tax expenses.</font></p>

<p><b><i><font size="3" face=
"Times New Roman">Dividends</font></i></b></p>

<p><font size="3" face="Times New Roman">Preferred Dividend
arrearages are paid on the Effective Date.&nbsp; Preferred
dividends are based on an embedded cost of preferred stock of
approximately 6.5%.</font></p>

<p><b><u><font size="4" face="Times New Roman">Balance
Sheet</font></u></b></p>

<p><b><i><font size="3" face=
"Times New Roman">Assets</font></i></b></p>

<p><font size="3" face="Times New Roman">Generally, balances of
assets and liabilities are either held constant at their starting
level, or are taken as a percentage of a revenue or expense.&nbsp;
Plant in service, construction work in progress, common stock and
long-term debt are dynamic balances, changing as a function of cash
from operations and capital expenditures.&nbsp; Net plant includes
the value of the Reorganized Debtor&rsquo;s retained generation
facilities under cost of service regulation per Advice Letter
2233-E implementing D.02-04-016, as per the Settlement, Plan and
Confirmation Order and as expected to be further modified through
normal depreciation, additions, and retirements.&nbsp; Cash
balances are held constant at an initial level for restricted funds
and check float.</font></p>

<p><b><i><font size="3" face=
"Times New Roman">Capitalization</font></i></b></p>

<p><font size="3" face="Times New Roman">Short-term debt is used to
fund seasonal working capital requirements and natural gas storage
inventory.&nbsp; Any subsequent surplus cash is used for debt
retirement or distribution to common shareholders in amounts
necessary to achieve and then maintain the target capital
structure.&nbsp; For the Reorganized Debtor, the targeted common
equity to total long-term capitalization ratio is 52% (excluding
rate reduction bonds and short-term debt used to finance seasonal
working capital requirements or natural gas storage
inventory).</font></p>

<p><b><u><font size="3" face="Times New Roman">Cash Flow
Statement</font></u></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="582">
<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">1.&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Cash from operations is
estimated by adding back depreciation and deferred taxes to net
income, plus changes in working capital.&nbsp; Seasonal variations
in receipts and reimbursements will cause these average
requirements to fluctuate within a range of approximately +/- $300
million.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">2.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Subsequent to the
Effective Date, the Reorganized Debtor manages its capital
structure such that it achieves an overall ratio of common equity
to total capitalization of 52% within two years, and then maintains
that common equity ratio over time.&nbsp; Reorganized Debtor
commences cash distributions to common shareholders (shown as
common stock repurchases) when it reaches its target capital
structure in the second half of 2005.&nbsp; Subsequently,
Reorganized Debtor issues or repurchases debt and common equity
annually in order to maintain this capital structure.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"><br clear="all" />
</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td nowrap valign="bottom">
<p><b><font size="2" face="Times New Roman">REORGANIZED
DEBTOR</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><b><font size="2" face=
"Times New Roman">12/31/2003</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><b><font size="2" face=
"Times New Roman">12/31/2004</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><b><font size="2" face=
"Times New Roman">12/31/2005</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><b><font size="2" face=
"Times New Roman">12/31/2006</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><b><font size="2" face=
"Times New Roman">12/31/2007</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><b><font size="2" face=
"Times New Roman">12/31/2008</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b><font size="2" face=
"Times New Roman">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b><font size="2" face=
"Times New Roman">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b><font size="2" face=
"Times New Roman">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b><font size="2" face=
"Times New Roman">($Millions)</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b><font size="2" face=
"Times New Roman">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b><font size="2" face=
"Times New Roman">&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b><font size="2" face="Times New Roman">INCOME
STATEMENT</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total Operating
Revenues*</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10467.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10350.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10529.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10880.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10906.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Operating
Expenses</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total Cost of
Energy*</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3485.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3206.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3224.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3385.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3524.3</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">M&amp;O and A&amp;G
Costs</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2999.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2989.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3020.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3088.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3150.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Depreciation &amp;
Decommissioning</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1310.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1386.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1464.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1568.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1673.3</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Property &amp; Other
Taxes</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">164.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">171.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">176.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">180.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">182.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">RRB Asset
Amortization</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">290.1</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">289.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">289.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">289.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(0.4)</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total Operating
Expenses</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8249.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8043.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8174.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8511.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8530.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Operating
Income</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2218.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2307.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2355.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2368.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2376.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total Interest
Income</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.4</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Interest Expense (Excl
RRBs)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">568.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">553.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">554.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">564.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">571.2</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Amortization of Loss on
Reacquired Debt</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">RRB Interest.</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">68.9</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">50.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">31.5</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">12.1</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total Interest
Expense</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">671.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">637.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">619.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">610.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">604.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Other Income</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(5.2)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(6.6)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(12.6)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(13.7)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(14.4)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Pretax Income</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1554.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1675.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1735.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1757.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1769.2</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total Booked Income
Taxes</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">643.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">693.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">705.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">715.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">719.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Preferred Dividend
Req.</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">23.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">23.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total Earnings Avail for
Common</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">886.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">958.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1006.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1018.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1024.9</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">___________________</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">886.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">958.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1006.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1018.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1024.9</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="top">
<p><font size="2" face="Times New Roman">* Excludes Receipts and
Disbursements for CDWR Procurement.</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b><font size="2" face="Times New Roman">BALANCE
SHEET</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Assets</font></i></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Plant in
Service</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28965.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">30406.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">32014.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33289.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">34652.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">36043.4</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Accumulated
Depr</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(13056.1)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(13862.2)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(14668.2)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(15488.2)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(16363.8)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(17289.9)</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Net Plant</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">15909.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">16543.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17346.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17801.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18289.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18753.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Construction Work In
Progress&hellip;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">318.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">359.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">292.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">291.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">290.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">306.9</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Nuclear Decommissioning
Trust Fund</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1376.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1406.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1437.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1467.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1498.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1529.2</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Other Noncurrent
Assets</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total Long-term
Assets</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17669.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18374.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">19140.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">19626.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">20143.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">20654.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Current
Assets:</font></i></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Short-term Investments
(Net)</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">413.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">413.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">413.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">413.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">413.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">413.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Accounts
Receivable</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1643.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1661.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1654.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1668.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1717.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1726.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Balancing Accts
Receivable</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">72.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.7</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Inventory -
Fuels</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">407.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">444.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">417.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">383.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">365.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">353.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Inventory -
M&amp;S</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">127.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">129.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">131.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">132.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">134.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">136.3</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Prepayments &amp; Adv to
Gas Prod</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">79.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">79.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">79.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">79.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">79.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">79.3</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp; Total Current
Assets</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2743.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2813.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2780.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2763.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2795.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2793.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Deferred
Charges:</font></i></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Expense
Deferral</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1241.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">951.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">662.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">372.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">82.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">83.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Regulatory
Assets</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2210.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2065.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1903.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1721.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1515.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1282.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">URG Regulatory
Assets</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">793.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">747.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">702.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">656.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">611.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">565.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Regulatory Assets Def
Tax</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2065.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1934.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1791.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1635.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1462.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1270.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Other Deferred
Charges</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1750.9</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1717.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1683.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1650.1</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1616.5</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1582.9</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp; Total Deferred
Charges</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8060.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7417.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6743.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6035.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">5288.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">4784.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">TOTAL ASSETS</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28473.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28604.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28664.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28424.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28226.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28233.4</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face=
"Times New Roman">Capitalization:</font></i></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Common Stock
Equity</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7895.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8782.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9480.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9603.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9738.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9786.2</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Preferred Stock (incl
QUIDS)</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">416.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">409.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">402.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">395.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">421.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">417.9</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">RRBs
Outstanding</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1160.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">870.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">580.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">290.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(0.1)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(0.1)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Other Long-term
Debt</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8725.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8725.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8349.4</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8469.8</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8568.4</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8615.7</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total
Capitalization</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18197.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18787.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18812.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18759.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18727.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18819.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Current
Liabilities:</font></i></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Short-Term
Borrowings</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">500.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">88.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">251.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">228.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">220.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">217.7</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Accounts Payable -
Creditors</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">876.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">851.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">829.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">827.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">852.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">875.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Balancing Accounts
Payable</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">141.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">140.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">139.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">138.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">137.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">136.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Accrued Taxes
Payable</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">347.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">334.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">351.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">354.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">358.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">348.3</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Interest
Payable</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">34.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">48.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">48.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">49.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">49.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Other Current
Liabilities&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total Current
Liabilities&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2460.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2027.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2198.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2175.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2194.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2206.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p><i><font size="2" face="Times New Roman">Deferred Credits and
Other NC Liabilities:</font></i></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Deferred Income
Taxes</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3389.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3346.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3182.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2993.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2779.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2657.4</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Deferred ITC</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">140.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">134.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">128.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">122.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">116.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">109.9</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Noncurrent Balancing Acct
Liab</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Customer Advances for
Construction.</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">132.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">123.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">126.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">128.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">131.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">133.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Other Deferred
Credits</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1867.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1867.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1867.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1867.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1867.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1867.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Other Noncurrent
Liab</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2286.8</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2317.4</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2348.1</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2378.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2409.4</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2440.0</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total Deferred Credits
&amp; NC Liab</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7816.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7790.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7653.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7490.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7304.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7207.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">TOTAL CAPITAL &amp;
LIABILITIES.</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28473.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28604.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28664.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28424.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28226.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28233.4</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b><font size="2" face="Times New Roman">CASH FLOW
STATEMENT</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Cash Flows From
Operations:</font></i></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Net Income</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">911.37</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">982.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1030.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1042.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1049.4</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Depreciation</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1313.03</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1389.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1467.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1571.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1676.3</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Change in Deferred
Taxes</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(48.47)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(170.1)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(195.7)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(220.2)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(128.2)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Change in Accts
Receivable</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(17.35)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(14.5)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(49.0)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(8.3)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Change in
Inventories</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(39.03)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">25.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">32.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9.7</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Change in Accts
Payable</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(24.36)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(22.3)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(2.0)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">23.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Change in Accrued Taxes
Payable</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(12.89)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(9.8)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Change in Bal Accts &amp;
Reg Asset Amort</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">289.14</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">288.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">288.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">288.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1.3)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Change in Other Working
Capital</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.78</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">14.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(0.3)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Other Net Cash from
Operations</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">69.83</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">99.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">96.9</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">93.1</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">95.3</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Net Cash from
Operations</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2454.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2630.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2706.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2771.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2707.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Investing
Activities:</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Capital
Expenditures</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1694.7)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1806.3)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1568.6)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1659.2)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1716.4)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Other Net Investing
Activities</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(30.6)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(30.6)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(30.6)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(30.6)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(30.6)</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Net Cash Used In
Investing</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1725.3)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1836.9)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1599.3)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1689.8)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1747.1)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Financing
Activities:</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Common Stock Issued
(Repurchased).</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(259.8)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(884.0)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(883.9)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(977.3)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Preferred Stock
Issued</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Preferred Stock
redeemed</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(6.9)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(6.9)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(6.9)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(59.4)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(3.1)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Long-term Debt
issued</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(0.0)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(375.9)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">120.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">98.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">47.2</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Long-term Debt
matured/redeemed</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Long-term Debt
purch/sinking</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">RRB Principal
Repayments</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(290.1)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(290.1)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(290.1)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(290.1)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Change in Short-term
Position</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(411.1)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">163.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(22.9)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(8.8)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(2.4)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Dividends
Disbursed</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(20.6)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(24.3)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(23.4)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(23.5)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(24.4)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Other Net Financing
Activities</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Net Cash Used In
Financing</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(728.8)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(794.0)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1106.9)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1082.0)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(960.0)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Net Change in
Cash</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(0.0)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(0.0)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(0.0)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b><font size="2" face="Times New Roman">SUPPLEMENTAL
INFORMATION</font></b></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Revenues</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Gas</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2741.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2670.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2600.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2649.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2700.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Public Purpose</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">312.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">319.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">327.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">336.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">344.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Electric</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">7414.0</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">7360.2</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">7601.0</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">7893.9</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">7861.5</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total from Inc
Stmt</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10467.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10350.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10529.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10880.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10906.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Energy
Costs</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Gas
Procurement</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1323.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1201.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1076.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1085.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1103.7</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Nuclear Fuel
+ Hydro Water + ID Pmts</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">150.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">156.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">141.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">142.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">143.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; QF
Payments.</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1649.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1637.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1639.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1613.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1579.5</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Net
Open</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">247.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">39.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">224.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">398.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">590.7</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Other Gen
Costs<sup>1</sup></font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">114.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">172.3</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">142.5</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">145.6</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">106.8</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Total from
Inc Stmt</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3485.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3206.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3224.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3385.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3524.3</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">M&amp;O and A&amp;G
Costs</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Gas.</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">660.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">669.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">684.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">703.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">717.9</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Public Purpose</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">309.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">316.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">324.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">332.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">341.2</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Electric</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2029.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2002.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2010.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2051.6</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2091.5</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total from Inc
Stmt</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2999.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2989.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3020.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3088.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3150.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Depreciation &amp;
Decommissioning</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Gas</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">279.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">293.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">307.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">324.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">336.3</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">Electric<sup>2</sup></font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1064.2</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1126.5</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1189.9</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1277.9</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1370.6</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total from Inc
Stmt</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1343.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1419.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1497.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1601.9</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1706.9</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Property &amp; Other
Taxes</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Gas</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">38.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">39.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">40.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">41.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">41.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Electric</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">125.9</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">132.0</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">135.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">138.7</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">141.1</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total from Inc
Stmt</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">164.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">171.2</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">176.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">180.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">182.6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Average Annual Rate
Base</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Gas</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3568.1</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3705.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3826.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3836.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3867.8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Electric.</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10504.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10939.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11321.5</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11642.4</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11939.9</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">URG Regulatory
Asset</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">770.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">724.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">679.3</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">633.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">588.3</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Settlement Regulatory
Asset</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2138.0</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1984.8</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1812.7</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1618.6</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1399.1</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Authorized Capital
Structure</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">% Debt</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">49.1%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">47.3%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">45.8%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">45.7%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">45.8%</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">% Preferred</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.3%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.2%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.2%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.3%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.3%</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">% Equity</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">48.6%</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">50.5%</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">52.0%</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">52.0%</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">52.0%</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">100.0%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">100.0%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">100.0%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">100.0%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">100.0%</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Authorized Cost of
Capital</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Debt*</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.22%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.26%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.31%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.35%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.38%</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Preferred*</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.50%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.50%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.50%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.50%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.50%</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Equity</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11.20%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11.20%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11.20%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11.20%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11.20%</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Return on Rate
Base</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8.65%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8.76%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8.86%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8.88%</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8.89%</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">______________</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="6" valign="top">
<p><sup><font size="2" face="Times New Roman">1</font></sup><font
size="2">Includes ISO and Retained Fossil fuel costs net of RMR
revenues and WAPA payments</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="top">
<p><sup><font size="2" face="Times New Roman">2</font></sup><font
size="2">Includes URG and Settlement Regulatory Asset
Amortization</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p><sup><font size="2" face="Times New Roman">*</font></sup><font
size="2">Excludes refunding costs recovered through authorized cost
of debt</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b><font size="2" face="Times New Roman">SUPPLEMENTAL
INFORMATION</font></b></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p><i><font size="2" face="Times New Roman">Gas Procurement Volumes
and Average Price</font></i></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Gas Sales
(mDTH)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;
289,964</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;
293,022</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;
295,963</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;
299,030</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;
302,121</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Average Price
($/mmBtu)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;
4.57</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.10</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.64</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.63</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.65</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p><i><font size="2" face="Times New Roman">Elec Procurement
Volumes and Average Price</font></i><sup><font size=
"2">1</font></sup></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Volumes
(GWh)</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;
Hydro/Helms/Diablo/ID</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;
32,920</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp; 33,360</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
33,445</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
33,580</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
33,674</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; QF</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
20,827</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp; 20,807</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
20,744</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
19,971</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
19,489</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Other
Gen<sup>2</sup></font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 2,085</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,666</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 1,380</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 1,382</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
597</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Net
Open</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 3,458</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp; (1,410)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 1,473</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 4,227</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 6,956</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp; Total Non-DWR
Supply</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
59,291</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp; 54,423</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
57,042</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
59,161</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
60,716</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;
DWR</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
25,173</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp; 26,297</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
25,296</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
24,828</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
24,875</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total (excl
D/A)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
84,464</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp; 80,720</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
82,339</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
83,989</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
85,591</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Average Price
($/MWh)</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; QF</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">79.22</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">78.70</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">79.03</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">80.76</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">81.05</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Other
Gen<sup>3</sup></font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">54.83</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">103.36</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">103.21</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">105.39</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">179.01</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Net
Open</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">71.47</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(27.76)</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">152.25</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">94.30</font></u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">84.92</font></u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp; Total Non-DWR
Supply</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">76.27</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">87.78</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.02</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">84.33</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">84.20</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;
DWR</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.47</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">84.21</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">84.84</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">87.34</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">88.66</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Overall Average (excl
D/A)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">80.76</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.80</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">84.93</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.81</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">86.34</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Sales/Deliveries
(GWh)</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">Total
Deliveries</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
79,303</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp; 80,422</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
81,880</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;
&nbsp; 83,386</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
84,819</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Bundled
Sales</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
71,186</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp; 72,304</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
73,762</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
75,268</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;
76,702</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Direct
Access</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 8,118</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,118</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 8,118</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 8,118</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; 8,118</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><i><font size="2" face="Times New Roman">Average Rate
(&frac12;/kWh)</font></i></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Total
Deliveries</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.22</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.08</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.07</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.24</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.05</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Bundled
Sales</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.04</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.87</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.85</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.03</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.80</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Direct
Access</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">4.98</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">4.98</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">4.98</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">4.98</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">4.98</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="2" face="Times New Roman">______________</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="10" valign="bottom">
<p><sup><font size="2" face="Times New Roman">1</font></sup><font
size="2">Electric Procurement Volumes and Average Prices are shown
before the effects of netting line losses and Helms
pumping</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="4" valign="bottom">
<p><sup><font size="2" face="Times New Roman">2</font></sup><font
size="2">Includes Retained Fossil, Etiwanda &amp; EBMUD, and Puget
inbound</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="8" valign="bottom">
<p><sup><font size="2" face="Times New Roman">3</font></sup><font
size="2">Includes ISO Ancillary Services and Retained Fossil fuel
costs net of RMR revenues and WAPA payments</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
</SUBMISSION>
