<SEC-DOCUMENT>0000074260-14-000080.txt : 20141107
<SEC-HEADER>0000074260-14-000080.hdr.sgml : 20141107
<ACCEPTANCE-DATETIME>20141107082800
ACCESSION NUMBER:		0000074260-14-000080
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140930
FILED AS OF DATE:		20141107
DATE AS OF CHANGE:		20141107
EFFECTIVENESS DATE:		20141107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OLD REPUBLIC INTERNATIONAL CORP
		CENTRAL INDEX KEY:			0000074260
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				362678171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0821

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-15996
		FILM NUMBER:		141202753

	BUSINESS ADDRESS:	
		STREET 1:		307 N MICHIGAN AVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		3123468100

	MAIL ADDRESS:	
		STREET 1:		307 N MICHIGAN AVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
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      <filer>
        <credentials>
          <cik>0000074260</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>09-30-2014</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>09-30-2014</reportCalendarOrQuarter>
      <filingManager>
        <name>OLD REPUBLIC INTERNATIONAL CORP</name>
        <address>
          <com:street1>307 N MICHIGAN AVE</com:street1>
          <com:city>CHICAGO</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60601</com:zipCode>
        </address>
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      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-15996</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Charles S. Boone</name>
      <title>Chief Investment Officer</title>
      <phone>312-346-8100</phone>
      <signature>/s/ Charles S. Boone</signature>
      <city>Chicago</city>
      <stateOrCountry>IL</stateOrCountry>
      <signatureDate>11-07-2014</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>86</tableEntryTotal>
      <tableValueTotal>1232238</tableValueTotal>
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    <nameOfIssuer>GALLAGHER ARTHUR J</nameOfIssuer>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>835000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>GENERAL MILLS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>370334104</cusip>
    <value>14550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>288400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>288400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GENUINE PARTS CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>372460105</cusip>
    <value>8596</value>
    <shrsOrPrnAmt>
      <sshPrnamt>98000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>98000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>HELMERICH &amp; PAYNE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>423452101</cusip>
    <value>6704</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTEL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>458140100</cusip>
    <value>31982</value>
    <shrsOrPrnAmt>
      <sshPrnamt>918500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>918500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>INTEGRYS ENERGY GROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>45822P105</cusip>
    <value>9788</value>
    <shrsOrPrnAmt>
      <sshPrnamt>151000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>151000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>478160104</cusip>
    <value>18675</value>
    <shrsOrPrnAmt>
      <sshPrnamt>175200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>175200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KELLOGG CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>487836108</cusip>
    <value>10842</value>
    <shrsOrPrnAmt>
      <sshPrnamt>176000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>176000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KIMBERLY CLARK CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>494368103</cusip>
    <value>21170</value>
    <shrsOrPrnAmt>
      <sshPrnamt>196800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>196800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KRAFT FOODS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>50076Q106</cusip>
    <value>9193</value>
    <shrsOrPrnAmt>
      <sshPrnamt>163000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>163000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LACLEDE GROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>505597104</cusip>
    <value>5568</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LEGGETT &amp; PLATT INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>524660107</cusip>
    <value>21581</value>
    <shrsOrPrnAmt>
      <sshPrnamt>618000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>618000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LILLY ELI &amp; CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>532457108</cusip>
    <value>17477</value>
    <shrsOrPrnAmt>
      <sshPrnamt>269500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>269500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LOCKHEED MARTIN</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>539830109</cusip>
    <value>21385</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>117000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MGE ENERGY INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>55277P104</cusip>
    <value>3736</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100255</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100255</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>580135101</cusip>
    <value>35118</value>
    <shrsOrPrnAmt>
      <sshPrnamt>370400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>370400</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MERCK &amp; CO INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>58933Y105</cusip>
    <value>16095</value>
    <shrsOrPrnAmt>
      <sshPrnamt>271500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>271500</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MERCURY GENERAL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>589400100</cusip>
    <value>32141</value>
    <shrsOrPrnAmt>
      <sshPrnamt>658500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>658500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NORFOLK SOUTHERN CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>655844108</cusip>
    <value>11941</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>107000</Sole>
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      <None>0</None>
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    <nameOfIssuer>NORTHEAST UTILITIES</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>664397106</cusip>
    <value>6623</value>
    <shrsOrPrnAmt>
      <sshPrnamt>149500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>149500</Sole>
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      <None>0</None>
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    <nameOfIssuer>NORTHWEST NATURAL GAS CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>667655104</cusip>
    <value>10077</value>
    <shrsOrPrnAmt>
      <sshPrnamt>238500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>238500</Sole>
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      <None>0</None>
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    <nameOfIssuer>NUCOR CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>670346105</cusip>
    <value>23178</value>
    <shrsOrPrnAmt>
      <sshPrnamt>427000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>427000</Sole>
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      <None>0</None>
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    <nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>674599105</cusip>
    <value>11817</value>
    <shrsOrPrnAmt>
      <sshPrnamt>122900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>122900</Sole>
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      <None>0</None>
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    <nameOfIssuer>PPL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>69351T106</cusip>
    <value>12098</value>
    <shrsOrPrnAmt>
      <sshPrnamt>368400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>368400</Sole>
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      <None>0</None>
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    <nameOfIssuer>PEPCO HOLDING INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>713291102</cusip>
    <value>7479</value>
    <shrsOrPrnAmt>
      <sshPrnamt>279501</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>279501</Sole>
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      <None>0</None>
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    <nameOfIssuer>PEPSICO INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>713448108</cusip>
    <value>17426</value>
    <shrsOrPrnAmt>
      <sshPrnamt>187200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>187200</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>717081103</cusip>
    <value>20226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>684000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>684000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>718172109</cusip>
    <value>19182</value>
    <shrsOrPrnAmt>
      <sshPrnamt>230000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>230000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>PIEDMONT NATURAL GAS CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>720186105</cusip>
    <value>7722</value>
    <shrsOrPrnAmt>
      <sshPrnamt>230300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>230300</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>PORTLAND GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>736508847</cusip>
    <value>6745</value>
    <shrsOrPrnAmt>
      <sshPrnamt>210000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>210000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>742718109</cusip>
    <value>27634</value>
    <shrsOrPrnAmt>
      <sshPrnamt>330000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>330000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>PUBLIC SERVICE ENTERPRISE GRP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>744573106</cusip>
    <value>9254</value>
    <shrsOrPrnAmt>
      <sshPrnamt>248500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>248500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>QUESTAR CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>748356102</cusip>
    <value>9941</value>
    <shrsOrPrnAmt>
      <sshPrnamt>446000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>446000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RPM INTERNATIONAL</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>749685103</cusip>
    <value>8698</value>
    <shrsOrPrnAmt>
      <sshPrnamt>190000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>190000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYTHEON CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>755111507</cusip>
    <value>19206</value>
    <shrsOrPrnAmt>
      <sshPrnamt>189000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>189000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SCANA CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>80589M102</cusip>
    <value>7243</value>
    <shrsOrPrnAmt>
      <sshPrnamt>146000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>146000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SONOCO PRODUCTS</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>835495102</cusip>
    <value>16659</value>
    <shrsOrPrnAmt>
      <sshPrnamt>424000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>424000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SOUTHERN COMPANY</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>842587107</cusip>
    <value>12034</value>
    <shrsOrPrnAmt>
      <sshPrnamt>275700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>275700</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SYSCO CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>871829107</cusip>
    <value>23112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>609000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>609000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TECO ENERGY INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>872375100</cusip>
    <value>9668</value>
    <shrsOrPrnAmt>
      <sshPrnamt>556300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>556300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TARGET CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>87612E106</cusip>
    <value>15451</value>
    <shrsOrPrnAmt>
      <sshPrnamt>246500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>274900</Sole>
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      <Sole>76000</Sole>
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      <None>0</None>
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    <titleOfClass>Common</titleOfClass>
    <cusip>92924F106</cusip>
    <value>9810</value>
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      <sshPrnamt>232900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>232900</Sole>
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      <None>0</None>
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    <titleOfClass>Common</titleOfClass>
    <cusip>931422109</cusip>
    <value>9187</value>
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      <sshPrnamt>155000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>155000</Sole>
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    <nameOfIssuer>WASTE MANAGEMENT INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>94106L109</cusip>
    <value>15219</value>
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      <sshPrnamt>320200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>320200</Sole>
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      <None>0</None>
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    <nameOfIssuer>WESTAR ENERGY INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>95709T100</cusip>
    <value>7735</value>
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      <sshPrnamt>226700</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>WISCONSIN ENERGY CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>976657106</cusip>
    <value>5547</value>
    <shrsOrPrnAmt>
      <sshPrnamt>129000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>129000</Sole>
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      <None>0</None>
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    <nameOfIssuer>XCEL ENERGY CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>98389B100</cusip>
    <value>12400</value>
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      <sshPrnamt>407900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>407900</Sole>
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      <None>0</None>
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    <cusip>G29183103</cusip>
    <value>7731</value>
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      <sshPrnamt>122000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>122000</Sole>
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      <None>0</None>
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</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
