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Indicative Comparable Earnings

Cost of Equity

The following table calculates an indicative comparable earnings cost of equity using 12-month ROE* for approximately 50 large electric utilities:

* Source: INVESTools

Company Name Stock Symbol 12-mo. Ended 6/98 ROE
Allegheny Energy AYE 12.92
American Electric Power AEP 12.69
Baltimore Gas & Electric BGE 10.93
BEC Energy (Ne Boston Ed) BSE 12.91
Carolina Power & Light Co. CPL 14.26
Central & Southwest Corp. CSR 10.80
Cinergy Corp. CIN 10.75
CMS Energy Corp. CMS 11.16
Consolidated Edison Co. ED 12.32
Dominion Resources D 4.03
DPL, Incorporated DPL 14.45
DQE, Inc. DQE 13.06
DTE Energy Company DTE 13.15
Duke Power Company DUK 13.72
Edison International EIX 12.76
Energy East Corporation NEG 11.35
Entergy Corporation ETR 3.63
Florida Progress Corp. FPC 9.87
FPL Group FPL 13.18
GPU, Inc. GPU 10.03
Hawian Electric Industries HE 11.30
Houston Industries, Inc. HOU 5.46
Illinova ILN 0.36
LG&E Energy Corp. LGE 11.03
Long Island Lighting Company LIL 11.97
MidAmerican Energy Co. MEC 10.80
New England Electric System NES 12.60
Niagara Mohawk Power Corp. NMK (8.73)
NIPSCO Industries, Inc. NI 14.51
Northeast Utilities NU (4.62)
Northern States Power co. NSP 10.23
PacifiCorp. PPW 1.23
PECO Energy Company PE 9.88
PG&E Corporation PCG 7.93
Pinnacle West Capital PNW 11.12
Potomac Electric Power Co. POM 8.58
PP&L Resources Inc. PPL 10.25
Public Service Enterprise Group PEG 12.31
Puget Sound Power & Light Co. PSD 0.71
SCANA Corporation SCG 13.53
Sempra Energy SRE 11.61
Southern Company (The ) SO 11.25
TECO Energy, Inc. TE 13.67
Texas Utilities Company TXU 8.60
Unicom Corp. UCM (3.69)
Western Resources Inc. WR 24.79
Wisconsin Energy Corp. WEC 5.52
Comparable Earnings Cost of Equity   9.67


Last Updated on 9/16/98

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