financial markets and access to capital for the water industry james m. kalinovich, vp treasurer,...
TRANSCRIPT
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Financial Markets and Access to Capital for the Water IndustryJames M. Kalinovich, VP Treasurer, American WaterMARC Conference Traverse City, MichiganJune 15, 2009
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American Waters Regulated PresenceAmerican Water serves approximately 5% of the U.S. population
StateCustomers Served2008 Revenues ($ in millions)New Jersey643,330$517.7Pennsylvania648,958 447.9Illinois307,734 187.5Missouri456,887 181.1Indiana283,886 156.4California170,853 128.6West Virginia170,404 115.7Other639,663347.8Total Regulated Business3,321,715$2,082.7
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Facts & Figures(owned Assets)
372 individual service areas46,000 miles of distribution mains80 surface water treatment plants600 groundwater treatment plants1,000 groundwater wells45 wastewater treatment plants
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BackgroundCurrent financial and credit crises are causing severe challenges and dislocations throughout virtually every sector of the economy, but . . . No sector is more important to public health and welfare than high quality drinking water and sanitation services:
Water is ingested and essential to lifeCritical infrastructure, such as energy, health care, fire fighting, disaster recovery, etc depend on waterEffective wastewater management is critical to health and environmental qualityAccess to and cost of capital affected
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Economic Crises Impact on AWKIncreases in cost of debt
Market volatility hampers new equity issuance and raises implied costs of equity
Potential effects on Capex program
Depressed housing sector hurts customer growth
Increase in bad debt expense
Credit Markets performance negatively impacts retirement plans assets, thus increasing the Pension and Other Post Retirement Benefits Costs and Cash Contributions
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Market Volatility still remains and is main factor for increased cost of capital
The VIX Index represents the markets expectation of volatility of the S&P 500 over the next 30 day periodThe TED spread is the difference between the 3 month T bill and the 3 month LIBOR and is an indicator of perceived risk in the economyTED spreads continue to show lower perceived market risk, as spreads to LIBOR have remained steady at around 100 basis points. TED spreads averaged 15 basis points from 2000-2005During the month of April the VIX continued a sideways trading pattern, lower than October 2008 highs but still 50% higher than before onslaught of credit crisis in November 2008
Chart3
35.69
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49.84
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34.74
32.82
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25.66
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22.64
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28.54
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24.12
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18.63
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17.66
17.98
17.79
19.41
19.4
19.73
18.21
18.9
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Last Price
TEDSP
DateLast Price
4/29/090.9261
4/28/090.9227
4/27/090.9696
4/24/090.9762
4/23/090.9955
4/22/090.9685
4/21/090.958
4/20/090.9789
4/17/090.9721
4/16/090.9852
4/15/090.9715
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4/13/090.9639
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4/1/090.9791
3/31/090.991
3/30/091.0807
3/27/091.0932
3/26/091.0919
3/25/091.0449
3/24/091.0203
3/23/091.0345
3/20/091.022
3/19/091.0413
3/18/091.0897
3/17/091.0721
3/16/091.0846
3/13/091.128
3/12/091.1293
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2/27/091.0179
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2/13/090.9483
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1/30/090.9582
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1/27/091.0546
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1/23/091.073
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1/21/091.0155
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1/9/091.2042
1/8/091.2828
1/7/091.3062
1/6/091.2764
1/5/091.3351
1/2/091.3334
1/1/091.354
12/31/081.3489
12/30/081.3488
12/29/081.3979
12/26/081.4776
12/25/081.4624
12/24/081.4847
12/23/081.4612
12/22/081.4533
12/19/081.4825
12/18/081.513
12/17/081.5674
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12/15/081.8763
12/12/081.9162
12/11/082.0013
12/10/082.1137
12/9/082.1788
12/8/082.2244
12/5/082.1706
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12/3/082.1911
12/2/082.1593
12/1/082.1794
11/28/082.1763
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11/18/082.1059
11/17/082.1475
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11/13/081.9662
11/12/081.9905
11/11/081.7487
11/10/082.0321
11/7/082.0059
11/6/082.0831
11/5/082.1206
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11/3/082.4223
10/31/082.5903
10/30/082.817
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10/28/082.7133
10/27/082.7559
10/24/082.673
10/23/082.5695
10/22/082.535
10/21/082.7663
10/20/082.9813
10/17/083.6264
10/16/084.0762
10/15/084.337
10/14/084.3611
10/13/084.5699
10/10/084.6362
10/9/084.2323
10/8/083.9145
10/7/083.5581
10/6/083.8218
10/3/083.8668
10/2/083.6084
10/1/083.3474
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9/5/081.0428
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9/3/081.1338
9/2/081.1336
9/1/081.0998
8/29/081.1004
8/28/081.079
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8/25/081.1407
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8/20/081.132
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8/12/080.9505
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8/5/081.0707
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8/1/081.1352
7/31/081.1318
7/30/081.1207
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5/19/080.8293
5/16/080.857
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5/9/081.0008
5/8/081.0619
5/7/081.0704
5/6/081.1344
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5/2/081.2702
5/1/081.3868
4/30/081.4728
4/29/081.4136
4/28/081.5327
4/25/081.556
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4/23/081.7065
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4/17/081.5427
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4/15/081.5842
4/14/081.6386
4/11/081.5305
4/10/081.4761
4/9/081.4203
4/8/081.343
4/7/081.3228
4/4/081.3607
4/3/081.3401
4/2/081.333
4/1/081.2963
3/31/081.3726
3/28/081.3307
3/27/081.4317
3/26/081.4066
3/25/081.3801
3/24/081.5361
3/21/082.0362
3/20/082.0361
3/19/082.0388
3/18/081.6656
3/17/081.5801
3/14/081.6015
3/13/081.4433
3/12/081.4421
3/11/081.3981
3/10/081.5755
3/7/081.5003
3/6/081.6333
3/5/081.5102
3/4/081.3645
3/3/081.3712
2/29/081.2195
2/28/081.1758
2/27/081.1235
2/26/080.9949
2/25/080.9128
2/22/080.893
2/21/080.9051
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2/11/080.8215
2/8/080.8703
2/7/080.9089
2/6/081.0428
2/5/081.0051
2/4/080.9273
2/1/081.0107
1/31/081.171
1/30/081.093
1/29/080.9636
1/28/081.0028
1/25/081.0576
1/24/080.8816
1/23/081.1335
1/22/081.4486
1/21/081.0025
1/18/081.0485
1/17/080.9358
1/16/080.8263
1/15/080.8517
1/14/080.9005
1/11/081.1646
1/10/081.1696
1/9/081.2143
1/8/081.2972
1/7/081.306
1/4/081.4342
1/3/081.4287
1/2/081.4318
1/1/081.3813
12/31/071.4657
12/28/071.5843
12/27/071.7157
12/26/071.5316
12/25/071.542
12/24/071.5644
12/21/071.8884
12/20/071.9551
12/19/072.0224
12/18/071.894
12/17/071.962
12/14/072.1002
12/13/072.1033
12/12/072.2009
12/11/072.2131
12/10/072.1017
12/7/072.0787
12/6/072.0732
12/5/072.098
12/4/072.1074
12/3/072.1511
11/30/071.9868
11/29/072.1642
11/28/072.0492
11/27/071.916
11/26/071.9502
11/23/071.8233
11/22/071.9474
11/21/071.9316
11/20/071.7198
11/19/071.6209
11/16/071.5358
11/15/071.6048
11/14/071.4839
11/13/071.4151
11/12/071.6229
11/9/071.632
11/8/071.4833
11/7/071.451
11/6/071.1621
11/5/071.1522
11/2/071.266
TEDSP
Last Price
CBOE VIX
DateLast Price
4/29/0935.69
4/28/0937.95
4/27/0938.32
4/24/0936.82
4/23/0937.15
4/22/0938.1
4/21/0937.14
4/20/0939.18
4/17/0933.94
4/16/0935.79
4/15/0936.17
4/14/0937.67
4/13/0937.81
4/9/0936.53
4/8/0938.85
4/7/0940.39
4/6/0940.93
4/3/0939.7
4/2/0942.04
4/1/0942.28
3/31/0944.14
3/30/0945.54
3/27/0941.04
3/26/0940.36
3/25/0942.25
3/24/0942.93
3/23/0943.23
3/20/0945.89
3/19/0943.68
3/18/0940.06
3/17/0940.8
3/16/0943.74
3/13/0942.36
3/12/0941.18
3/11/0943.61
3/10/0944.37
3/9/0949.68
3/6/0949.33
3/5/0950.17
3/4/0947.56
3/3/0950.93
3/2/0952.65
2/27/0946.35
2/26/0944.66
2/25/0944.67
2/24/0945.49
2/23/0952.62
2/20/0949.3
2/19/0947.08
2/18/0948.46
2/17/0948.66
2/13/0942.93
2/12/0941.25
2/11/0944.53
2/10/0946.67
2/9/0943.64
2/6/0943.37
2/5/0943.73
2/4/0943.85
2/3/0943.06
2/2/0945.52
1/30/0944.84
1/29/0942.63
1/28/0939.66
1/27/0942.25
1/26/0945.69
1/23/0947.27
1/22/0947.29
1/21/0946.42
1/20/0956.65
1/16/0946.11
1/15/0951
1/14/0949.14
1/13/0943.27
1/12/0945.84
1/9/0942.82
1/8/0942.56
1/7/0943.39
1/6/0938.56
1/5/0939.08
1/2/0939.19
12/31/0840
12/30/0841.63
12/29/0843.9
12/26/0843.38
12/24/0844.8
12/23/0845.02
12/22/0844.56
12/19/0844.93
12/18/0847.34
12/17/0849.84
12/16/0852.37
12/15/0856.76
12/12/0854.28
12/11/0855.78
12/10/0855.73
12/9/0858.91
12/8/0858.49
12/5/0859.93
12/4/0863.64
12/3/0860.72
12/2/0862.98
12/1/0868.51
11/28/0855.28
11/26/0854.92
11/25/0860.9
11/24/0864.7
11/21/0872.67
11/20/0880.86
11/19/0874.26
11/18/0867.64
11/17/0869.15
11/14/0866.31
11/13/0859.83
11/12/0866.46
11/11/0861.44
11/10/0859.98
11/7/0856.1
11/6/0863.68
11/5/0854.56
11/4/0847.73
11/3/0853.68
10/31/0859.89
10/30/0862.9
10/29/0869.96
10/28/0866.96
10/27/0880.06
10/24/0879.13
10/23/0867.8
10/22/0869.65
10/21/0853.11
10/20/0852.97
10/17/0870.33
10/16/0867.61
10/15/0869.25
10/14/0855.13
10/13/0854.99
10/10/0869.95
10/9/0863.92
10/8/0857.53
10/7/0853.68
10/6/0852.05
10/3/0845.14
10/2/0845.26
10/1/0839.81
9/30/0839.39
9/29/0846.72
9/26/0834.74
9/25/0832.82
9/24/0835.19
9/23/0835.72
9/22/0833.85
9/19/0832.07
9/18/0833.1
9/17/0836.22
9/16/0830.3
9/15/0831.7
9/12/0825.66
9/11/0824.39
9/10/0824.52
9/9/0825.47
9/8/0822.64
9/5/0823.06
9/4/0824.03
9/3/0821.43
9/2/0821.99
8/29/0820.65
8/28/0819.43
8/27/0819.76
8/26/0820.49
8/25/0820.97
8/22/0818.81
8/21/0819.82
8/20/0820.42
8/19/0821.28
8/18/0820.98
8/15/0819.58
8/14/0820.34
8/13/0821.55
8/12/0821.17
8/11/0820.12
8/8/0820.66
8/7/0821.15
8/6/0820.23
8/5/0821.14
8/4/0823.49
8/1/0822.57
7/31/0822.94
7/30/0821.21
7/29/0822.03
7/28/0824.23
7/25/0822.91
7/24/0823.44
7/23/0821.31
7/22/0821.18
7/21/0823.05
7/18/0824.05
7/17/0825.01
7/16/0825.1
7/15/0828.54
7/14/0828.48
7/11/0827.49
7/10/0825.59
7/9/0825.23
7/8/0823.15
7/7/0825.78
7/3/0824.79
7/2/0825.92
7/1/0823.65
6/30/0823.95
6/27/0823.44
6/26/0823.93
6/25/0821.14
6/24/0822.42
6/23/0822.64
6/20/0822.87
6/19/0821.58
6/18/0822.24
6/17/0821.13
6/16/0820.95
6/13/0821.22
6/12/0823.33
6/11/0824.12
6/10/0823.18
6/9/0823.12
6/6/0823.56
6/5/0818.63
6/4/0820.8
6/3/0820.24
6/2/0819.83
5/30/0817.83
5/29/0818.14
5/28/0819.07
5/27/0819.64
5/23/0819.55
5/22/0818.05
5/21/0818.59
5/20/0817.58
5/19/0817.01
5/16/0816.47
5/15/0816.3
5/14/0817.66
5/13/0817.98
5/12/0817.79
5/9/0819.41
5/8/0819.4
5/7/0819.73
5/6/0818.21
5/5/0818.9
5/2/0818.18
5/1/0818.88
4/30/0820.79
4/29/0820.24
4/28/0819.64
4/25/0819.59
4/24/0820.06
4/23/0820.26
4/22/0820.87
4/21/0820.5
4/18/0820.13
4/17/0820.37
4/16/0820.53
4/15/0822.78
4/14/0823.82
4/11/0823.46
4/10/0821.98
4/9/0822.81
4/8/0822.36
4/7/0822.42
4/4/0822.45
4/3/0823.21
4/2/0823.43
4/1/0822.68
3/31/0825.61
3/28/0825.71
3/27/0825.88
3/26/0826.08
3/25/0825.72
3/24/0825.73
3/20/0826.62
3/19/0829.84
3/18/0825.79
3/17/0832.24
3/14/0831.16
3/13/0827.29
3/12/0827.22
3/11/0826.36
3/10/0829.38
3/7/0827.49
3/6/0827.55
3/5/0824.6
3/4/0825.52
3/3/0826.28
2/29/0826.54
2/28/0823.53
2/27/0822.69
2/26/0821.9
2/25/0823.03
2/22/0824.06
2/21/0825.12
2/20/0824.4
2/19/0825.59
2/15/0825.02
2/14/0825.54
2/13/0824.88
2/12/0826.33
2/11/0827.6
2/8/0828.01
2/7/0827.66
2/6/0828.97
2/5/0828.24
2/4/0825.99
2/1/0824.02
1/31/0826.2
1/30/0827.62
1/29/0827.32
1/28/0827.78
1/25/0829.08
1/24/0827.78
1/23/0829.02
1/22/0831.01
1/18/0827.18
1/17/0828.46
1/16/0824.38
1/15/0823.34
1/14/0822.9
1/11/0823.68
1/10/0823.45
1/9/0824.12
1/8/0825.43
1/7/0823.79
1/4/0823.94
1/3/0822.49
1/2/0823.17
12/31/0722.5
12/28/0720.74
12/27/0720.26
12/26/0718.66
12/24/0718.61
12/21/0718.47
12/20/0720.58
12/19/0721.68
12/18/0722.64
12/17/0724.52
12/14/0723.27
12/13/0722.56
12/12/0722.47
12/11/0723.59
12/10/0720.74
12/7/0720.85
12/6/0720.96
12/5/0722.53
12/4/0723.79
12/3/0723.61
11/30/0722.87
11/29/0723.97
11/28/0724.11
11/27/0726.28
11/26/0728.91
11/23/0725.61
11/21/0726.84
11/20/0724.88
11/19/0726.01
11/16/0725.49
11/15/0728.06
11/14/0725.94
11/13/0724.1
11/12/0731.09
11/9/0728.5
11/8/0726.16
11/7/0726.49
11/6/0721.39
11/5/0724.31
11/2/0723.01
CBOE VIX
Last Price
Sheet3
Chart4
0.9261
0.9227
0.9696
0.9762
0.9955
0.9685
0.958
0.9789
0.9721
0.9852
0.9715
0.9647
0.9639
0.9558
0.9558
0.9633
0.9587
0.9713
0.9601
0.96
0.9791
0.991
1.0807
1.0932
1.0919
1.0449
1.0203
1.0345
1.022
1.0413
1.0897
1.0721
1.0846
1.128
1.1293
1.1078
1.0979
1.1117
1.0967
1.0971
1.0281
1.0176
1.0329
1.0179
0.9944
0.959
0.9527
0.9799
0.9799
0.9503
0.9469
0.9626
0.9534
0.9483
0.9452
0.9269
0.9063
0.9572
0.9673
0.9693
0.9465
0.9243
0.9815
0.9582
0.9519
0.9989
1.0546
1.0874
1.073
1.063
1.0155
1.0211
1.0209
1.0309
0.9842
0.9912
0.993
1.1012
1.2042
1.2828
1.3062
1.2764
1.3351
1.3334
1.354
1.3489
1.3488
1.3979
1.4776
1.4624
1.4847
1.4612
1.4533
1.4825
1.513
1.5674
1.8725
1.8763
1.9162
2.0013
2.1137
2.1788
2.2244
2.1706
2.2335
2.1911
2.1593
2.1794
2.1763
2.1619
2.1407
2.0948
2.1586
2.1474
2.1379
2.1117
2.1059
2.1475
2.1044
1.9662
1.9905
1.7487
2.0321
2.0059
2.0831
2.1206
2.2291
2.4223
2.5903
2.817
2.8412
2.7133
2.7559
2.673
2.5695
2.535
2.7663
2.9813
3.6264
4.0762
4.337
4.3611
4.5699
4.6362
4.2323
3.9145
3.5581
3.8218
3.8668
3.6084
3.3474
3.1481
3.5375
2.9186
3.0171
3.0195
2.5002
2.3645
2.3261
3.1328
3.0219
2.1856
2.0138
1.3537
1.2105
1.1797
1.1586
1.1169
1.0428
1.1454
1.1338
1.1336
1.0998
1.1004
1.079
1.1402
1.1088
1.1407
1.1202
1.1001
1.132
1.0187
1.0487
0.9758
0.9532
0.971
0.9505
0.9913
1.1139
1.1329
1.1635
1.0707
1.1084
1.1352
1.1318
1.1207
1.0881
1.1065
1.0726
1.156
1.2529
1.2593
1.3752
1.3357
1.3924
1.432
1.4567
1.3358
1.2132
1.1287
0.9995
0.9361
0.9789
0.9565
0.948
0.9784
0.9234
1.0525
1.1321
1.0901
1.0157
0.9759
0.9204
0.9485
0.8964
0.8873
0.832
0.8671
0.8478
0.7895
0.8524
0.7788
0.8072
0.8627
0.8334
0.8283
0.8295
0.8486
0.8016
0.782
0.77
0.7553
0.7976
0.7975
0.7793
0.7792
0.7985
0.8293
0.857
0.8907
0.9022
0.8577
0.8915
1.0008
1.0619
1.0704
1.1344
1.1781
1.2702
1.3868
1.4728
1.4136
Last Price
TEDSP
DateLast Price
4/29/090.9261
4/28/090.9227
4/27/090.9696
4/24/090.9762
4/23/090.9955
4/22/090.9685
4/21/090.958
4/20/090.9789
4/17/090.9721
4/16/090.9852
4/15/090.9715
4/14/090.9647
4/13/090.9639
4/10/090.9558
4/9/090.9558
4/8/090.9633
4/7/090.9587
4/6/090.9713
4/3/090.9601
4/2/090.96
4/1/090.9791
3/31/090.991
3/30/091.0807
3/27/091.0932
3/26/091.0919
3/25/091.0449
3/24/091.0203
3/23/091.0345
3/20/091.022
3/19/091.0413
3/18/091.0897
3/17/091.0721
3/16/091.0846
3/13/091.128
3/12/091.1293
3/11/091.1078
3/10/091.0979
3/9/091.1117
3/6/091.0967
3/5/091.0971
3/4/091.0281
3/3/091.0176
3/2/091.0329
2/27/091.0179
2/26/090.9944
2/25/090.959
2/24/090.9527
2/23/090.9799
2/20/090.9799
2/19/090.9503
2/18/090.9469
2/17/090.9626
2/16/090.9534
2/13/090.9483
2/12/090.9452
2/11/090.9269
2/10/090.9063
2/9/090.9572
2/6/090.9673
2/5/090.9693
2/4/090.9465
2/3/090.9243
2/2/090.9815
1/30/090.9582
1/29/090.9519
1/28/090.9989
1/27/091.0546
1/26/091.0874
1/23/091.073
1/22/091.063
1/21/091.0155
1/20/091.0211
1/19/091.0209
1/16/091.0309
1/15/090.9842
1/14/090.9912
1/13/090.993
1/12/091.1012
1/9/091.2042
1/8/091.2828
1/7/091.3062
1/6/091.2764
1/5/091.3351
1/2/091.3334
1/1/091.354
12/31/081.3489
12/30/081.3488
12/29/081.3979
12/26/081.4776
12/25/081.4624
12/24/081.4847
12/23/081.4612
12/22/081.4533
12/19/081.4825
12/18/081.513
12/17/081.5674
12/16/081.8725
12/15/081.8763
12/12/081.9162
12/11/082.0013
12/10/082.1137
12/9/082.1788
12/8/082.2244
12/5/082.1706
12/4/082.2335
12/3/082.1911
12/2/082.1593
12/1/082.1794
11/28/082.1763
11/27/082.1619
11/26/082.1407
11/25/082.0948
11/24/082.1586
11/21/082.1474
11/20/082.1379
11/19/082.1117
11/18/082.1059
11/17/082.1475
11/14/082.1044
11/13/081.9662
11/12/081.9905
11/11/081.7487
11/10/082.0321
11/7/082.0059
11/6/082.0831
11/5/082.1206
11/4/082.2291
11/3/082.4223
10/31/082.5903
10/30/082.817
10/29/082.8412
10/28/082.7133
10/27/082.7559
10/24/082.673
10/23/082.5695
10/22/082.535
10/21/082.7663
10/20/082.9813
10/17/083.6264
10/16/084.0762
10/15/084.337
10/14/084.3611
10/13/084.5699
10/10/084.6362
10/9/084.2323
10/8/083.9145
10/7/083.5581
10/6/083.8218
10/3/083.8668
10/2/083.6084
10/1/083.3474
9/30/083.1481
9/29/083.5375
9/26/082.9186
9/25/083.0171
9/24/083.0195
9/23/082.5002
9/22/082.3645
9/19/082.3261
9/18/083.1328
9/17/083.0219
9/16/082.1856
9/15/082.0138
9/12/081.3537
9/11/081.2105
9/10/081.1797
9/9/081.1586
9/8/081.1169
9/5/081.0428
9/4/081.1454
9/3/081.1338
9/2/081.1336
9/1/081.0998
8/29/081.1004
8/28/081.079
8/27/081.1402
8/26/081.1088
8/25/081.1407
8/22/081.1202
8/21/081.1001
8/20/081.132
8/19/081.0187
8/18/081.0487
8/15/080.9758
8/14/080.9532
8/13/080.971
8/12/080.9505
8/11/080.9913
8/8/081.1139
8/7/081.1329
8/6/081.1635
8/5/081.0707
8/4/081.1084
8/1/081.1352
7/31/081.1318
7/30/081.1207
7/29/081.0881
7/28/081.1065
7/25/081.0726
7/24/081.156
7/23/081.2529
7/22/081.2593
7/21/081.3752
7/18/081.3357
7/17/081.3924
7/16/081.432
7/15/081.4567
7/14/081.3358
7/11/081.2132
7/10/081.1287
7/9/080.9995
7/8/080.9361
7/7/080.9789
7/4/080.9565
7/3/080.948
7/2/080.9784
7/1/080.9234
6/30/081.0525
6/27/081.1321
6/26/081.0901
6/25/081.0157
6/24/080.9759
6/23/080.9204
6/20/080.9485
6/19/080.8964
6/18/080.8873
6/17/080.832
6/16/080.8671
6/13/080.8478
6/12/080.7895
6/11/080.8524
6/10/080.7788
6/9/080.8072
6/6/080.8627
6/5/080.8334
6/4/080.8283
6/3/080.8295
6/2/080.8486
5/30/080.8016
5/29/080.782
5/28/080.77
5/27/080.7553
5/26/080.7976
5/23/080.7975
5/22/080.7793
5/21/080.7792
5/20/080.7985
5/19/080.8293
5/16/080.857
5/15/080.8907
5/14/080.9022
5/13/080.8577
5/12/080.8915
5/9/081.0008
5/8/081.0619
5/7/081.0704
5/6/081.1344
5/5/081.1781
5/2/081.2702
5/1/081.3868
4/30/081.4728
4/29/081.4136
4/28/081.5327
4/25/081.556
4/24/081.6628
4/23/081.7065
4/22/081.6553
4/21/081.6249
4/18/081.5612
4/17/081.5427
4/16/081.6123
4/15/081.5842
4/14/081.6386
4/11/081.5305
4/10/081.4761
4/9/081.4203
4/8/081.343
4/7/081.3228
4/4/081.3607
4/3/081.3401
4/2/081.333
4/1/081.2963
3/31/081.3726
3/28/081.3307
3/27/081.4317
3/26/081.4066
3/25/081.3801
3/24/081.5361
3/21/082.0362
3/20/082.0361
3/19/082.0388
3/18/081.6656
3/17/081.5801
3/14/081.6015
3/13/081.4433
3/12/081.4421
3/11/081.3981
3/10/081.5755
3/7/081.5003
3/6/081.6333
3/5/081.5102
3/4/081.3645
3/3/081.3712
2/29/081.2195
2/28/081.1758
2/27/081.1235
2/26/080.9949
2/25/080.9128
2/22/080.893
2/21/080.9051
2/20/080.8598
2/19/080.8525
2/18/080.8833
2/15/080.8832
2/14/080.7851
2/13/080.8055
2/12/080.7873
2/11/080.8215
2/8/080.8703
2/7/080.9089
2/6/081.0428
2/5/081.0051
2/4/080.9273
2/1/081.0107
1/31/081.171
1/30/081.093
1/29/080.9636
1/28/081.0028
1/25/081.0576
1/24/080.8816
1/23/081.1335
1/22/081.4486
1/21/081.0025
1/18/081.0485
1/17/080.9358
1/16/080.8263
1/15/080.8517
1/14/080.9005
1/11/081.1646
1/10/081.1696
1/9/081.2143
1/8/081.2972
1/7/081.306
1/4/081.4342
1/3/081.4287
1/2/081.4318
1/1/081.3813
12/31/071.4657
12/28/071.5843
12/27/071.7157
12/26/071.5316
12/25/071.542
12/24/071.5644
12/21/071.8884
12/20/071.9551
12/19/072.0224
12/18/071.894
12/17/071.962
12/14/072.1002
12/13/072.1033
12/12/072.2009
12/11/072.2131
12/10/072.1017
12/7/072.0787
12/6/072.0732
12/5/072.098
12/4/072.1074
12/3/072.1511
11/30/071.9868
11/29/072.1642
11/28/072.0492
11/27/071.916
11/26/071.9502
11/23/071.8233
11/22/071.9474
11/21/071.9316
11/20/071.7198
11/19/071.6209
11/16/071.5358
11/15/071.6048
11/14/071.4839
11/13/071.4151
11/12/071.6229
11/9/071.632
11/8/071.4833
11/7/071.451
11/6/071.1621
11/5/071.1522
11/2/071.266
TEDSP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
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0
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0
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0
0
0
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0
0
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0
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0
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0
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0
0
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0
0
0
0
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0
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0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
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0
0
0
0
0
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0
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0
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0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Last Price
CBOE VIX
DateLast Price
4/29/0935.69
4/28/0937.95
4/27/0938.32
4/24/0936.82
4/23/0937.15
4/22/0938.1
4/21/0937.14
4/20/0939.18
4/17/0933.94
4/16/0935.79
4/15/0936.17
4/14/0937.67
4/13/0937.81
4/9/0936.53
4/8/0938.85
4/7/0940.39
4/6/0940.93
4/3/0939.7
4/2/0942.04
4/1/0942.28
3/31/0944.14
3/30/0945.54
3/27/0941.04
3/26/0940.36
3/25/0942.25
3/24/0942.93
3/23/0943.23
3/20/0945.89
3/19/0943.68
3/18/0940.06
3/17/0940.8
3/16/0943.74
3/13/0942.36
3/12/0941.18
3/11/0943.61
3/10/0944.37
3/9/0949.68
3/6/0949.33
3/5/0950.17
3/4/0947.56
3/3/0950.93
3/2/0952.65
2/27/0946.35
2/26/0944.66
2/25/0944.67
2/24/0945.49
2/23/0952.62
2/20/0949.3
2/19/0947.08
2/18/0948.46
2/17/0948.66
2/13/0942.93
2/12/0941.25
2/11/0944.53
2/10/0946.67
2/9/0943.64
2/6/0943.37
2/5/0943.73
2/4/0943.85
2/3/0943.06
2/2/0945.52
1/30/0944.84
1/29/0942.63
1/28/0939.66
1/27/0942.25
1/26/0945.69
1/23/0947.27
1/22/0947.29
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Sheet3
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Weighted Average Cost of Debt: By SubsidiaryCurrent New Debt Issuance Rates: 6.5% to 8.5%
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Spreads: 30 Year US Treasury Notes and A & BBB+ UtilitiesSource: Spread History for A and BBB+ Utilities on Bloomberg
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Challenges:Capital AttractionDrinking Water: $334.8 Billion/20 yearsFebruary 2009 USEPA Drinking Water Infrastructure Needs Survey (2002 Estimate: $154 Billion)Clean Water: $331-450 Billion/20 years2002 USEPA GAP Analysis20 Year Water/Wastewater Need: Approximately $1 TrillionFragmentation53,000 Community Water Systems3,200 Electric; 2,700 GasExpanding Water Quality Requirements98 Inorganic, Organic, Microbiological, Disinfection by Products, RadionuclidesMore Coming
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No Utility Sector is More Capital Intensive Than the Water IndustrySource: AUS Utility Reports 2008
Chart1
3.35
1.67
1.31
1.13
0.88
1.17
0.33
2007 Capital Intensity
SUMMARY
Prepared July 23, 2008
2007
CAPITAL INTENSITY
AUS UTILITY REPORTS
UTILITY AND TELECOMMUNICATIONS INDUSTRIES
AND S&P 500 INDUSTRY AVERAGE
Average
AverageOperatingCapitalCapital Intensity
Net PlantRevenueIntensityof Water Industry
($ mill)($ mill)($)v. Other Industries
Water Industry Average$655.15$195.41$3.35- -Water
Electric Industry Average$8,412.86$5,039.77$1.67100.60%Electric
Combination Elec. & Gas Industry Average$8,704.46$6,642.00$1.31155.73%Comb E&G
Gas Distribution Average$3,222.21$2,853.86$1.13196.46%Gas Dist.
Telephone Companies Industry Average$11,806.14$13,384.99$0.88280.68%Tel Cos
Average All AUS Utility Reports Groups$32,800.81$28,116.03$1.17186.32%Avg All Ind.
S&P 500 Industry Average$6,176.31$18,851.60$0.33915.15%S&P 500
Group 1 - Water Industry Average
Group 2 - Electric Industry Average
Group 3 - Combination Electric & Gas Industry Average
Group 4 - Gas Distribution Industry Average
Group 5 - Large Telephone Cos. Industry Average
Group 6 - Small Telephone Cos. Industry Average
Group 7 - Average For All AUS Utility Reports Companies
Group 8 - Average S&P 500 Industry Average
Notes:
Capital Intensity is equal to Net Plant divided by Total Operating Revenue.
The Telephone group excludes Qwest Communications. The company shows Not Meaningful Figures.
The S&P 500 Group excludes 28 companies, for which Edgar Online's I-Metrix does not report data.
Source of Information:
EDGAR Online's I-Metrix Database
PC Plus/Research Insight Database
AUS Utility Reports - July 2008
Published By AUS Consultants
SUMMARY
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Capital Intensity
BACKUP
1
Groups
$
2001 Capital Intensity
WATER COMPANIESTotal Industry Averages
TickerName of CompanyFiscal YearAvg. Net PlantTotal Oper. Rev.Cap. IntensityWater20073.350
1AWRAMERICAN STATES WATER COY07763.490301.3702.53Electric20071.720
2WTRAQUA AMERICA INCY072,649.395602.4994.40Comb. Elec. & Gas20071.310
3ARTNAARTESIAN RESOURCES -CL AY07263.95952.5245.03Gas Dist.20071.130
4CWTCALIFORNIA WATER SERVICE GPY07967.069367.0822.63Telcos20070.880
5CTWSCONNECTICUT WATER SVC INCY07270.42459.5784.54S&P 50020070.330
6MSEXMIDDLESEX WATER COY07322.36286.1143.74
7PNNWPENNICHUCK CORPY07131.90429.5354.47Based upon Total Avg. Net Plant / Total Op. Revs.
8SJWSJW CORPY07596.145206.6012.89
9SWWCSOUTHWEST WATER COY07403.764217.3471.86
10YORWYORK WATER COY07182.99431.4335.82
Average2007655.151195.4083.353.3527265498
Total20076551.5061954.0833.35
ELECTRIC COMPANIES
TickerName of CompanyFiscal YearAvg. Net PlantTotal Oper. Rev.Cap. Intensity
1ayeALLEGHENY ENERGY INCY076,854.7373,307.0202.07
2aepAMERICAN ELECTRIC POWER COY0728325.50013380.0002.12
3cvCENTRAL VERMONT PUB SERVY07314.532329.1070.96
4cnlCLECO CORPY071,515.3831,030.6161.47
5dplDPL INCY072,668.1501,515.7001.76
6eixEDISON INTERNATIONALY0716,658.00013,113.0001.27
7eeEL PASO ELECTRIC COY071,391.389877.4271.59
8feFIRSTENERGY CORPY0715,025.00012,781.0001.18
9fplFPL GROUP INCY0726,575.50015,263.0001.74
10gxpGREAT PLAINS ENERGY INCY073,255.3503,267.1001.00
11heHAWAIIAN ELECTRIC INDSY072,407.2182,536.4180.95
12idaIDACORP INCY072,489.425879.3942.83
13mamMAINE & MARITIMES CORPY0761.63137.5201.64
14ogeOGE ENERGY CORPY074,056.9003,797.6001.07
15ottrOTTER TAIL CORPY07786.3161,238.8870.63
16pnwPINNACLE WEST CAPITAL CORPY078,058.2353,523.6202.29
17porPORTLAND GENERAL ELECTRIC COY072,892.0001,743.0001.66
18pgnPROGRESS ENERGY INCY0715,925.0009,153.0001.74
19soSOUTHERN COY0732,209.50015,353.0002.10
20uilUIL HOLDINGS CORPY07762.690981.9990.78
21wrWESTAR ENERGY INCY074,437.6061,726.8342.57
Average20078,412.8605,039.7731.671.6692933127
Total2007176,670.062102,528.2221.72
COMBINATION ELEC. & GAS COMPANIES
TickerName of CompanyFiscal YearAvg. Net PlantTotal Oper. Rev.Cap. Intensity
1aesAES CORP. (THE)Y0718,608.50013,588.0001.37
2aleALLETE INCY071,013.050841.7001.20
3lntALLIANT ENERGY CORPY074,457.9003,437.6001.30
4aeeAMEREN CORPY0714,677.5007,546.0001.95
5ilaAQUILA INCY072,050.0501,466.6001.40
6avaAVISTA CORPY072,283.1901,417.7571.61
7bkhBLACK HILLS CORPY071,734.951695.9142.49
8cnpCENTERPOINT ENERGY INCY079,472.0009,623.0000.98
9chgCH ENERGY GROUP INCY07859.1821,196.7570.72
10cmsCMS ENERGY CORPY078,352.0006,464.0001.29
11edCONSOLIDATED EDISON INCY0718,368.00013,120.0001.40
12cegCONSTELLATION ENERGY GRP INCY079,494.60021,193.1990.45
13dDOMINION RESOURCES INCY0725,367.00015,674.0001.62
14dteDTE ENERGY COY0711,429.5008,506.0001.34
15dukDUKE ENERGY CORPY0736,278.50012,720.0002.85
16edeEMPIRE DISTRICT ELECTRIC COY071,104.934490.1602.25
17easENERGY EAST CORPY076,053.2595,178.1081.17
18etrENTERGY CORPY0720,206.17311,484.3981.76
19excEXELON CORPY0723,464.00018,716.0001.25
20fpuFLORIDA PUBLIC UTILITIES COY07133.791136.5420.98
21tegINTEGRYS ENERGY GROUP INCY073,481.80010,292.4000.34
22mduMDU RESOURCES GROUP INCY073,326.4534,247.8960.78
23mgeeMGE ENERGY INCY07786.205537.5941.46
24niNISOURCE INCY079,518.9507,973.3001.19
25nuNORTHEAST UTILITIESY076,736.0655,822.2261.16
26nweNORTHWESTERN CORPY071,631.3671,200.0601.36
27nstNSTARY074,043.7783,261.7841.24
28pomPEPCO HOLDINGS INCY077,726.6509,366.4000.82
29pcgPG&E CORPY0722,720.50013,237.0001.72
30pnmPNM RESOURCES INCY073,348.6221,914.0291.75
31pplPPL CORPY0712,337.0006,498.0001.90
32pegPUBLIC SERVICE ENTRP GRP INCY0713,138.50012,853.0001.02
33psdPUGET ENERGY INCY075,411.8433,220.1471.68
34scgSCANA CORPY077,272.5004,621.0001.57
35sreSEMPRA ENERGYY0714,029.50011,438.0001.23
36srpSIERRA PACIFIC RESOURCESY076,548.9983,600.9601.82
teTECO ENERGY INCY074827.5503536.1001.37
37tegINTEGRYS ENERGY GROUP INCY073,481.80010,292.4000.34
38unsUNISOURCE ENERGY CORPY072,333.4581,381.3731.69
39utlUNITIL CORPY07240.354262.9000.91
40vvcVECTREN CORPY072,462.6002,281.9001.08
41wecWISCONSIN ENERGY CORPY077,366.8504,237.8001.74
42xelXCEL ENERGY INCY0716,112.17410,034.1701.61
Average20078,704.4566,642.0041.311.3105164709
Total2007374,291.597285,606.1751.31
GAS DISTRIBUTION COMPANIES
TickerName of CompanyFiscal YearAvg. Net PlantTotal Oper. Rev.Cap. Intensity
1atgAGL RESOURCES INCY073,501.0002,494.0001.40
2atoATMOS ENERGY CORPY073,732.9965,898.4310.63
3cpkCHESAPEAKE UTILITIES CORPY07250.624258.2860.97
4dgasDELTA NATURAL GAS CO INCY07121.32998.1681.24
5epEL PASO CORPY0718,016.0004,648.0003.88
6egnENERGEN CORPY07649.9131,435.0600.45
7ewstENERGYWESTY0733.15559.3730.56
8ensiENERGYSOUTH INCY07249.540135.0331.85
9eqtEQUITABLE RESOURCES INCY072,648.4811,361.4061.95
10lgLACLEDE GROUP INCY07778.8112,021.5940.39
11nfgNATIONAL FUEL GAS COY072,878.0662,039.5661.41
12njrNEW JERSEY RESOURCES CORPY07944.0793,021.7650.31
13gasNICOR INCY072,736.0003,176.3000.86
14nwnNORTHWEST NATURAL GAS COY071,413.0171,033.1931.37
15okeONEOK INCY075,345.05113,477.4140.40
16pnyPIEDMONT NATURAL GAS COY072,108.4241,711.2921.23
17strQUESTAR CORPY074,595.0002,726.6001.69
18rgcoRGC RESOURCES INCY0775.81389.9010.84
19sjiSOUTH JERSEY INDUSTRIES INCY07834.762956.3710.87
20sugSOUTHERN UNION COY074,843.3572,616.6651.85
21swxSOUTHWEST GAS CORPY072,756.7022,152.0881.28
22swnSOUTHWESTERN ENERGY COY072,547.0651,255.1312.03
23ugiUGI CORPY072,306.0505,476.9000.42
24wglWGL HOLDINGS INCY072,109.1682,646.0080.80
25wmbWILLIAMS COS INCY0715,080.85010,558.0001.43
Average20073,222.2102,853.8621.131.1290701292
Total200780,555.25371,346.5451.13
TELEPHONE COMPANIES
TickerName of CompanyFiscal YearAvg. Net PlantTotal Oper. Rev.Cap. Intensity
1alskALASKA COMMUNICATIONS SYS GPY07390.068385.7851.01
2tAT&T INCY0795,243.000118,928.0000.80
3bceBCE INCY0717,793.82618,081.1660.98
4ctlCENTURYTEL INCY073,108.8272,562.6581.21
5cbbCINCINNATI BELL INCY07876.2501,348.6000.65
6cznCITIZENS COMMUNICATIONS COY073,159.3742,249.3151.40
7eqEMBARQ CORPY077,868.0006,365.0001.24
8gncmaGENERAL COMMUNICATION -CL AY07528.354520.3111.02
9qQWEST COMMUNICATION INTL INCY0714,125.00013,778.0001.03
10tdsTELEPHONE & DATA SYSTEMS INCY073,553.2444,828.9840.74
11paetPAETEC HOLDING CORPY07159.780586.3020.27
12vzVERIZON COMMUNICATIONS INCY0783,825.00093,469.0000.90
13winWINDSTREAM CORPY073,991.0503,260.8001.22
14atniATLANTIC TELE-NETWORK INCY07147.163186.7410.79
15deccD & E COMMUNICATIONS INCY07168.738152.5491.11
16frpFAIRPOINT COMMUNICATIONS INCY07257.577279.7620.92
17htcoHICKORY TECH CORPY07152.883156.6490.98
18cnslCONSOLIDATED COMM HLDGS INCY07363.014329.2481.10
19surwSUREWEST COMMUNICATIONSY07375.125206.8171.81
20wwvyWARWICK VALLEY TELEPHONE COY0736.43924.0421.52
Average200711,806.13613,384.9860.880.8820431499
Total2007236,122.712267,699.7290.88
S&P 500
TickerName of CompanyFiscal YearAvg. Net PlantTotal Oper. Rev.Cap. Intensity
1MMM3M COY076244.50024462.0000.26
2ABTABBOTT LABORATORIESY077232.29225914.2380.28
3ANFABERCROMBIE & FITCH -CL AY071205.2863749.8470.32
4ADBEADOBE SYSTEMS INCY07258.4783157.8810.08
5AMDADVANCED MICRO DEVICESY074353.5006013.0000.72
6AESAES CORP. (THE)Y0718608.50013588.0001.37
7AETAETNA INCY07323.80027599.6000.01
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359QQWEST COMMUNICATION INTL INCY0714125.00013778.0001.03
360RSHRADIOSHACK CORPY07351.7004251.7000.08
361RRCRANGE RESOURCES CORPY073144.377857.0603.67
362RTNRAYTHEON COY072094.50021301.0000.10
363RFREGIONS FINANCIAL CORPY072504.67210930.4980.23
364RAIREYNOLDS AMERICAN INCY071067.5009023.0000.12
365RHIROBERT HALF INTL INCY07142.1964645.6660.03
366ROKROCKWELL AUTOMATIONY07590.9505003.9000.12
367COLROCKWELL COLLINS INCY07579.5004421.0000.13
368ROHROHM AND HAAS COY072770.0008897.0000.31
369RDCROWAN COS INCY072310.5192095.0211.10
370RRYDER SYSTEM INCY075014.2126565.9950.76
371SAFSAFECO CORPY07172.6006208.8000.03
372SWYSAFEWAY INCY0710197.65042286.0000.24
373SNDKSANDISK CORPY07370.4303896.3660.10
374SLESARA LEE CORPY072694.00012278.0000.22
375SGPSCHERING-PLOUGHY075690.50012690.0000.45
376SLBSCHLUMBERGER LTDY076996.49823276.5430.30
377SEESEALED AIR CORPY071025.1004651.2000.22
378SHLDSEARS HOLDINGS CORPY078997.50050703.0000.18
379SRESEMPRA ENERGYY0714029.50011438.0001.23
380SHWSHERWIN-WILLIAMS COY07864.0778005.2920.11
381SIALSIGMA-ALDRICH CORPY07663.3002038.7000.33
382SLMSLM CORPY07157.63010531.7150.01
383SIISMITH INTERNATIONAL INCY07996.4628764.3300.11
384SNASNAP-ON INCY07300.9502904.2000.10
385SOSOUTHERN COY0732209.50015353.0002.10
386LUVSOUTHWEST AIRLINESY0710484.0009861.0001.06
387SWNSOUTHWESTERN ENERGY COY072547.0651255.1312.03
388SOVSOVEREIGN BANCORP INCY07584.0195010.6520.12
389SESPECTRA ENERGY CORPY0713347.0004742.0002.81
390SSPRINT NEXTEL CORPY0726182.00040146.0000.65
391STJST JUDE MEDICAL INCY07697.3233779.2770.18
392SWKSTANLEY WORKSY07564.3504483.8000.13
393SPLSSTAPLES INCY072067.63019372.6820.11
394SBUXSTARBUCKS CORPY072589.1669411.4970.28
395HOTSTARWOOD HOTELS&RESORTS WRLDY073840.5006153.0000.62
396STTSTATE STREET CORPY071727.00011818.0000.15
397SYKSTRYKER CORPY07971.6506000.5000.16
398JAVASUN MICROSYSTEMS INCY071537.00013873.0000.11
399SUNSUNOCO INCY076702.00041843.0000.16
400STISUNTRUST BANKS INCY071786.55213313.4240.13
401SVUSUPERVALU INCY077974.00044048.0000.18
402SYMCSYMANTEC CORPY071046.9955874.4190.18
403SYYSYSCO CORPY072593.06635042.0740.07
404TROWPRICE (T. ROWE) GROUPY07311.6002233.1000.14
405TGTTARGET CORPY0722763.00063367.0000.36
406TETECO ENERGY INCY074827.5503536.1001.37
407TLABTELLABS INCY07305.1501913.4000.16
408THCTENET HEALTHCARE CORPY074472.0008852.0000.51
409TDCTERADATA CORPY0779.0001702.0000.05
410TERTERADYNE INCY07359.5281102.2800.33
411TEXTEREX CORPY07378.9509137.7000.04
412TSOTESORO CORPY073733.50021675.0000.17
413TXNTEXAS INSTRUMENTS INCY073779.50013835.0000.27
414TXTTEXTRON INCY071886.00013225.0000.14
415HSYHERSHEY COY071595.5084946.7160.32
416TMOTHERMO FISHER SCIENTIFIC INCY071262.0649746.4000.13
417TIFTIFFANY & COY07840.2992938.7710.29
418TWXTIME WARNER INCY0722760.50046482.0000.49
419TIETITANIUM METALS CORPY07355.9181278.9000.28
420TJXTJX COMPANIES INCY072136.75518647.1270.11
421TMKTORCHMARK CORPY0738.9023486.1820.01
422TSSTOTAL SYSTEM SERVICES INCY07277.2301805.8360.15
423RIGTRANSOCEAN INCY0714128.0006377.0002.22
424TELTYCO ELECTRONICS LTDY073319.00013460.0000.25
425TYCTYCO INTERNATIONAL LTDY076398.00018781.0000.34
426TSNTYSON FOODS INC -CL AY073819.00026900.0000.14
427USBU S BANCORPY071807.00020308.0000.09
428UNPUNION PACIFIC CORPY0733515.50016283.0002.06
429UISUNISYS CORPY07336.7505652.5000.06
430UPSUNITED PARCEL SERVICE INCY0717221.00049692.0000.35
431XUNITED STATES STEEL CORPY075558.50016873.0000.33
432UTXUNITED TECHNOLOGIES CORPY076010.50054375.0000.11
433UNHUNITEDHEALTH GROUP INCY072007.50075431.0000.03
434UNMUNUM GROUPY07381.90010519.9000.04
435USTUST INCY07447.4561893.1710.24
436VFCVF CORPY07622.4587219.3590.09
437VLOVALERO ENERGY CORPY0721403.50094526.0000.23
438VARVARIAN MEDICAL SYSTEMS INCY07150.9861776.6240.08
439VRSNVERISIGN INCY07613.6041496.2890.41
440VZVERIZON COMMUNICATIONS INCY0783825.00093469.0000.90
441VIA.BVIACOM INCY071200.90013423.1000.09
442VMCVULCAN MATERIALS COY072744.6043327.7870.82
443WBWACHOVIA CORPY076373.00055528.0000.11
444WMTWAL-MART STORES INCY0792728.500375376.0000.25
445WAGWALGREEN COY077574.40053762.0000.14
446DISDISNEY (WALT) COY0722479.00035510.0000.63
447WMWASHINGTON MUTUAL INCY072910.50025531.0000.11
448WPOWASHINGTON POST -CL BY071249.5234180.4060.30
449WMIWASTE MANAGEMENT INCY0711265.00013312.0000.85
450WATWATERS CORPY07155.0591473.0480.11
451WPIWATSON PHARMACEUTICALS INCY07692.8002496.6510.28
452WFTWEATHERFORD INTL LTDY073578.7477832.0620.46
453WLPWELLPOINT INCY07992.25061134.3010.02
454WFCWELLS FARGO & COY077564.50053593.0000.14
455WENWENDY'S INTERNATIONAL INCY071236.6072450.2440.50
456WUWESTERN UNION COY07188.2004900.2000.04
457WYWEYERHAEUSER COY0712563.00016308.0000.77
458WHRWHIRLPOOL CORPY073184.50019408.0000.16
459WFMIWHOLE FOODS MARKET INCY071451.3466591.7730.22
460WMBWILLIAMS COS INCY0715080.85010558.0001.43
461WINWINDSTREAM CORPY073991.0503260.8001.22
462WWYWRIGLEY (WM) JR COY071491.2905389.1000.28
463WYEWYETHY0710609.20822399.7990.47
464WYNWYNDHAM WORLDWIDE CORPY07962.5004360.0000.22
465XELXCEL ENERGY INCY0716112.17410034.1701.61
466XRXXEROX CORPY072091.00017228.0000.12
467XLNXXILINX INCY07408.7331841.3720.22
468XTOXTO ENERGY INCY0714012.0005518.0002.54
469YHOOYAHOO INCY071216.5056969.2740.17
470YUMYUM BRANDS INCY073740.00010416.0000.36
471ZMHZIMMER HOLDINGS INCY07889.5003897.5000.23
472ZIONZIONS BANCORPORATIONY07632.5923617.6700.17
Average20076,176.31318,851.6000.330.3276280362
Total20072,915,219.6128,897,955.2730.33
28
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Enhanced Importance of Policies that PromoteCapital AttractionReduction of Regulatory LagProspectively relevant test yearsInfrastructure replacement surchargesPromotion of ConsolidationEconomies of scaleViabilitySingle tariff pricing
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CAPITAL ATTRACTION: Timely Recovery of Invested Capital Regulatory Lag
Historic Test YearJan 03 Jan 04June 04 InvestmentMar 04 Rate Case FiledJan 1 07New Rates EffectiveJan 1 06Jan 1 05Mar 07 New Rate Case FileJan 1 08
New Rates EffectiveTest YearLoss of Return & DepreciationInvestmentSept 05 InvestmentMitigation: Prospectively relevant test years:Future test years (eg, IL, KY, TN, NY)Step Increase (eg, CA 3-year rate cycle) DSIC (IL, PA, DE, MO, IN, NY, OH, CT)Results: Dilutes allowed returns Skews efficient capital invested Forces more frequent rate casesAssuming a nine month rate proceeding and a goal to stay out of a rate case for two years: The utility will earn no return of or on an investment made in June 04 for 3 years
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Negative Impact of Regulatory Lag and Potential Impact on Cost of Capital for Capital Intensive Regulated IndustriesPrimarily because of regulatory lag and increased financing expenses that cause balance sheet strain and execution risks, utilities suffer sub par returns during periods of heavy capital investment.(Source: Lehman Brothers; Power and Utilities: Regulated Utilities; Global Equity Research, North America, May 22, 2007)Infrastructure Replacement Surcharge Programs Permit Utilities to Better Manage Cash Flows and Capitol Programs in Times of Extreme Financial /Market VolatilityFirms can also reallocate capital to projects with more timely return periods and take advantage of regulatory mechanisms that recover investment more quickly. Pennsylvanias distribution system infrastructure charge (DSIC), which allows a monthly customer surcharge for pipe repair costs, is an example of this. (Source: Janney Montgomery Scott, LLC; Water Industry Report; October 30, 2008)
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Perception of Regulatory Support (Maintenance of Regulatory Compact) Essential to Continued Access to Capital for Water UtilitiesPrice as a percent of base (April 23, 2008 = 100%)
Chart1
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