Text

Forwards Salomon Brothers 790601 Rept, Electric Util Common Stock Market Data, Received Into Evidence
	ML19254F119
Person / Time
Site:	Skagit
Issue date:	10/11/1979
From:	Swanson D; NRC OFFICE OF THE EXECUTIVE LEGAL DIRECTOR (OELD)
To:	Deale V, Hooper F, Linenberger G; Atomic Safety and Licensing Board Panel
References
	NUDOCS 7911070061
	Download: ML19254F119 (23)
	v • d • e

NRC PUBLIC DOCUEEE R004

[gn anag#"o UNITED STA TES

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WASHINGTON, D. C. 2oS55

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u October 11, 1979

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Valentine B. Deale, Esq., Chairman Dr. Frank F. Hooper Atomic Safety and Licensing Board Atomic Safety and Licensing Board U.S. Nuclear Regulatory Commission School of Natural Resources Washington, D.C.

20555 University of Michigan Ann Arbor, Michigan 48109 Mr. Gustate A. Linenberger Atomic Safety and Licensing Board U.S. Nuclear Regulatory Commission Washington, D.C.

20555 In the Matter of Puget Sound Power & Light Company, et al.

(Skagit Nuclear Power Project, Units 1 and 2)

Docket Nos. STN 50-522 and STN 50-523 Gentlemen:

Enclosed is a copy of the June 1, 1979 stock research report prepared by Salomon Brothers entitled " Electric Utility Common Stock Market Data" which was received into evidence as Exhibit 223 (Tr. 14,872). As yo.: may recall, copies were not available for distribution at the last hearing session as the Staff had not intended to offer the document into evidence.

By copy of this letter, I am also sending three copies of the report to Docketing and Service Section of the NRC.

Sincerely, fwU? h*"^

Daniel T. Swanson Counsel for NRC Staff cc w/ enclosure:

F. Theodore Thomsen, Esq.

Roger M. Leed, Esq.

Mr. Lloyd K. Marbet Docketing & Service Section (3)

Mr. Ben Monich, ACE Federal cc w/o enclosure:

Remainder of Service List 0

7 911 09

STOCK RESEARCH June 1,1979 ELECTRIC UTILITY COMMON STOCK MARKET DATA N

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Salomon Brothers

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9 TABLE OF CONTENTS Page Market Comments.............................................

1 Market Data:

Sorted Alphabetically.....................................

4 Ranked By P/E.............................................

6 Ranked By Yield...........................................

8 Hanked By Market / Book.....................................

10 Return By Return On Equity................................

12 Ranked By Credit Group....................................

14 Table I: Dividend Increases................................

17 Graph:

Utility Stock / Bond Yield Relationship...............

18 Table II: Electric Utility Quarterly and 12 Mos. Earnings N

Per Share (With Percent Changes) First Quarter so 1979-1978.........................................

19 c3 Definitions.................................................

20 c3 N

Salomon Brothers Stock Research Partial Recovery of Nuclear Stocks Help Boost Utility Prices Last month we reported that in reaction to the Three Mile Island (TMI) accident, Salomon Brothers' 100 utility stock index dropped 4.1% during April, while the stock prices of sixteen utilities other than GPU, which forecasted at least 30% of their total 1979 electtic generation from nuclear plants, declined an average of 7.5%.

This compared to a decline of less than 1% in the industrial averages for the month of April.

Prices adjusted somewhat during May.

Our 100 company utility index increased by 0.9% while the stock prices of the nuclear related companies increased by 1.8%, or twice the average gain.

The industrials, on the other hand, declined.

The Dow Jones Industrial Average decreased by 3.7% while the S&P 400 Industrials were down 3.2%.

The significant improvement of utility stock prices, in general, is due principally to lower long term interest rates (for example new long term double A utility bond yields decreased 25 basis points from 10.05% to 9.80%) and strong first quarter earnings (discussed below) as well as to the technical correction discussed above.

Yield Relationships The apparent overreaction and subsequent correction in utility stock prices also was reflected in the bond market.

For example, prior to the TMI accident, the spread between new long term A rated industrial and utility bonds was about 55 basis points.

This spread increased to 75 basis points at the end of April and is now 50 basis points.

N Another interesting spread to track is the one between utility stock yields and long term CD bond rates.

We expect tSere will also be a correction in this spread relationship.

The graph on page 18 shows month end comparisons between average yields of our 100 utility stock index L*

and the interest rates on new term triple A utility bonds for the forty-one month period from CD December 31, 1975 to May 31, 1979.

The current spread of 52 basis points is the largest shown

(.x on the graph.

(The largest spot spread was 65 basis points in mid May 1979.)

This is the second consecutive month when the spread exceeded 35 basis points.

In the past, spreads of more than 20 basis points have not continued for more than three consecutive months.

1

I""E T1T T'?TWWWF#14"'WMt'Pl94fim!411REMNPfmOVWWT75fy ?"8'QW"MNT Salomon Brothers 2-Stock Resterch of course, the narrowing of this stock-bond yield spread can occur either by increased bond yields or decreased stock yields.

We believe a combination of both is a likely scenario, in the short term.

This provides an opportunity for purchase of selected stocks.

(See Better Value Table, below.)

It also provides bond issuers with a window in which to issue long term debt at what may be the lowest rates for several months to come.

First Quarter Earnings Up Sharply The table on page 19 shows earnings per share results and comparisons with 1978 for each of the companies in our 100 company index, for the first quarter of 1979 as well as for the twelve months ended March 31, 1979.

On an unweighted basis earnings per share averaged 9.2%

more for the first quarter and 6.2% more for the twelve months period in 1979 than for com-parable periods in 1978.

On a weiglated basis, these percentage increases were 7.2% and 4.11.

Thus, the smaller utilities continue to show better earnings per share performance than the larger ones.

This significant irrprovemen t in first quarter earnings is due largely to the comparatively poor results by many utilities made in the first quarter of 1978 when they were experiencing a coal strike as well as warmer than normal weather conditions.

According to the Edison Elect.ric Institute, kilowatthour output for the first quarter of 1979 was 7.2% above 1978 levels.

For all of 1979 we expect earnings per share to be about 4% above 1978 levels.

As a result of the earnings improvement, return on average equity increased to 12.2% from about 11.9% for 1978.

Note in this report that we have included calendar 1973 earnings per share in place of the 1977 figures.

Better Value Utility Stocks ru m

From time to time in our reports we have discussed various criteria to be considered in pur-o chasing utility stocks and published individual data items, as well as a valuation model that quantifies the effects of anticipated earnings levels, dividends, regulation, and quality of t.a

earnings, nelow is a list of utility common stocks we consider to be better values at current C

prices.

In compiling this list we first reviewed the results of our electric utility model and a

then considered such other fundamentals as size of construction program, internal cash genera-tion, fuel mix, payout ratio, and potential for dividend increases.

Companies in registration have been excluded from consideration.

It must be emphasized that these companies are con-sidered better values at their May 31, 1979 closing prices and, therefore, this list super-cedes previously published lists when price relationships may have been different.

The companies are ranked according to yield.

t hl:TTER VALUr. El.lCTH IC tlTil.lTY STOCES MAY ll 1979 g

tit t lity Model Ranking (t)

Major Est.

Price 13}icated t

i G Ti' bu.slity o r ruel Est.

Heturn on eayout Div.

5 /R_79 Yield Price Diff.

tann(2) r.a s n i ng e ( l)

Souice(4)

E.P.S.

Viju $ ty l 5)

H.s t io (6)

Incr.

thir t hea st Util.

$8 7/8 11.45% $ 9.61

-8 D

C-N,0

$1.45 10.94 70t 7/79 t'ent r al Vermunt P.S.

14 3/4 11.12 17.30

-17 C

C NG 2.75 11.2 60 1/80 V a s.3 a n n a Elec. 6 Pr.

12 5/8 11.09 13.09

-4 C

C-C,0,N 2.00 10.5 70 5/80 l e ne.s - l l t. Gas & El.*

18 1/4 10.06 19.80 9

C C+

C.N 2.70 12,9 74 Ifuo Conmotadated Ed 22 3/ 4 10.73 24.60

-8 C

Ce 0,N 4.25 10.1 57 1/80 l>e lai a r va P6L 12 7/8 10.72 13.59

-6 Ce C

0,C,N 1.95 12.4 71 12/79 C on = ume r s Powe r 21 1/8 10.60 22.83

-8 Ce C

C,0,N 3.50 12.6 64 7/79 New England Cas & El.

15 t/8 10.58 17.25

-14 C

R O.N 2.55 13.7 63 3/80 New Yvrk State E6G*

16 1/8 10.26 17.05

-4 C

C C

2.60 12.5 65 7/79 New I'ng l.and Elect r ic*

22 3/8 10.01 23.72

-6 C

B O.N 3.40 13.6 66 5/80 Mienesota Pwr. & l. t.

19 7/8 9.76 22.58

-14 Ce 15 -

C, il 3.60 16.2 54 1/s0 Wiseunsan Elec. Pws.*

25 1/u 9.47 26.22

-4 B

A C.N 3.80 12.9 63 4/80 Wi consin Pula. Sve.

17 3/8

9. 32 18.33

-5 n

A C.N 2.65 14.5 61 7/19 I lor a d.e Pwr. Cor ge.

29 5/W

't.12 10.78

-4 he no O.C, N 4.75 11.I Sh 11/79

59 Discount Davidend Hennvestment Plan (I) H.enking as of 4/9/19 (2) H.ank t ml on a sc.ile-of A (h igt.es t ) E(lowest)

( 1) H.ank n a.g on a scale of A (highes t ) la(lowest) t il C-coal. O-ont, N = nuc lea r, G -...a s, lla hyd g oe lec t r ic (5) 1979 estimated e.asnings divided tay 12/31/78 tsook value

( t. ) Cursent davad.nd divided tay 1979 estimated earnings ANTilONY D. OSBON MARK D.

LUFTIG (212)747-7830 (212)747-7142 Salomon Brothers has an investment banking relationship with many of the companies and/or N

their subsidiaries mentioned in this report.

Companies and/or their subsidiaries for whom Salomon Brothers has managed or co managed registered public underwritten offerings of

.c o

securities within the past three years are narked i on pages 4 and 5.

Salomon Brothers actively trades in the securities of the companies and/or their subsidiaries mentioned in L,,;

this report for its customers' account and for its own account, and we may at any time long or short position in any such security.

With respect to the above stocks, the o

have a tn Firm holds long positions in tha equity shares of Virginia Electric & Power, Consolidated Edison and New England Gas & Electric; short positions are held in the equity shares of Virginia Electric & Power, Consumers Power, Wisconsin Electric Power and Florida Power Corp.

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Sa! omen Brothers Stock Research ttECTRIC uilLITY COMMON STOCK PU9KET DATA 50RIED ALPHABETIC ALLY 1719 (000)

(MN)

S

% 12/11/10 %

5/31/79 YEAR-10-DATE HO 5HS 1978 CURR DIV PAV BOOK MKf/

RE/

PRICE HIGH - LOW VOLU O/5 EPS EPS (MO)

P/F RATE YLD OUT VAL /5H 600K Avc IQ 22333352=3333333333333332833333332.23333 3333333333K4323223323333=333323 t 1 ALLEGHENT POWER IT 1/4 173/8-153/8 833 34.7 1.90 2.33( 3) 7.4 1.72 9.97 74 20.59 C4 11.4 35312333333333333333233333333333 3 2 AMERICAN ELEC PWR" 20 3/8 23 1/2 - 19 7/8 1444 110.7 2.26 2.27( })

9.0 2.16 10.70 96 21.47 95 10.6

? ARIZONA PUBLIC Svc 18 7/8 21 3/8 - 18 1/4 601 32.8 3 15 2.90( 3) 6.5 1.88 9.96 65 22.56 84 13 1 4 ATLANitC CITY ELEC 18 3/4 19 7/8 - 17 1/2 120 12.0 2.21 2 37( 3) 7.9 1.74 9.28 73 21.27 88 11 3 2 5 s*LilmoRE GA5 s E" 24 1/4 26

- 21 1/2 596 31.0 3.38 3 34( 4) 7.3 2.44 10.06 73 29.20 83 11.7 6 BOSTON EDISON 21 1/2 24 3/4 - 20 5/8 158 11.5 2.96 3.36( 3) 6.4 2.44 11.35 73 31.00 69 10.9 1 7 CAROLINA PWR E LT 20 1/8 22 1/2 - 18 1/4 669 40.6 3.10 3 08C 4) 6.5 1.96 9.74 64 24.30 83 12.9 8 CENTRAL HUDSON G8E 18 5/8 20 3/4 - 18 44 5.4 3.04 3.08C 3) 6.0 1.96 10.52 64 26.29 71 11.8 t 9 CENTRAL ILL LIGHT" 16 3/8 17 1/2 - 15 1/2 69 10.4 1.91 2.25( 4) 73 1.70 10.38 76 19.05 86 11.9 10 CEN ILL PUS 5VC#

13 1/2 13 3/4 - 12 1/4 279 23 3 1.63 2.08( 4) 6.5 1 36 10.07 65 13.86 97 15.1 11 CENTRAL LA ENERGY 30 1/8 31 3/4 - 19 7/8 527 9.6 3.00 3.92( 4) 7.7 1.68

%.58 43 20.33 148 20.1 12 CENTRAL NAINE PWR 13 3/4 16

- 13 1/4 104 11.8 2.19 2.17( 3) 6.3 1.52 11.05 70 17.25 80 12.8 i Il CENTR AL SOUTH WEST 15 3/8 16 1/4 - 14 5/8 708 65.5 2.25 2.32( 3) 6.6 1.42 9 24 61 15.83 97 15.1 14 CENTRAL VI Pb8 SVC 14 3/4 16 5/8 - 14 3/8 43 2.9 2.92 3.01( 3) 4.9 1.64 11.12 54 20.04 71 15.0 15 CINCINNAll G E E 19 t/4 21 1/8 - 18 473 26.8 2.54 2.66C 4) 72 1 96 10.18 74 19.84 97 13.6 3 16 CLEVELAND EL ILLU 18 19 1/4 - 16 3/8 777 35.8 2.20 2.16( 3) 8.3 1.92 10.67 89 19.69 91 11.0 117 COL & SO OH' sELEC 22 1/2 24 5/8 - 20 7/8 173 16.2 1.73 2.13C 4) 10.6 2.32 10.31 109 25.69 88 R.2 t 18 COMMONWEALia ED8 24 1/4 27 3/4 - 22 3/8 1805 85.6 3.30 2.97( 4) 8.2 2.60 10.72 88 29.30 83 10.3 319 COMMUN11Y PUB SVC 20 3/8 21

- 18 3/4 15 1.8 3.11 3.18( 3) 6.4 1.88 9 23 59 23.63 86 13.7 120 CONSOLIDATED ED 22 3/4 25

- 21 976 62.2 4.29 4.00( 3) 57 2.44 10.73 61 41.89 54 9.8 j

i21 CONSUMERS POWER 21 1/8 23 5/8 - 19 802 47.4 3.21 3.53C 3) 6.0 2.24 10.60 63 27.86 76 12.8 22 0AYTON POWER E LT 15 3/8 16 7/8 - 14 3/4 233 23.4 1.73 1.83( 3) 8.4 1.74 11.32 95 18.39 84 9.9 l

123 DELMARVA PWR & LT 12 7/8 14 I/8 - 12 I/8

$8 23.8 1.85 1.88( 3) 6.8 1.38 10.72 73 15.77 82 12.1 66.4 1.76 2.04( 4) 7.4 1.60 10 58 78 18.81 80 10.8 8

15 1/8 15 5/8 - 13 1/2 t25 DUKE POWER 18 20 5/8 - 16 1/2 4446 78.0 2.61 2.701 3) 6.7 1.80 10.00 67 21.31 fl 12.9

4..

24 DEIR0li ED150N t26 DUQUE5NE tlGHT 14 3/8 16 7/8 - 14 1/4 358 31.8 1.49 1.39( 3) 10.3 1.72 11.97 124 18.20 79 7.6 327 EL PASO ELECTRIC 9 7/8 11 1/4 - 9 7/8 285 12.7 1.30 1.30( 3) 7.6 1.04 10.53 80 10.01 99 13.4 28 EMPIRE DIST ELEC8 13 3/4 14 1/2

.13 184 22 4.0 1.70 1.94(

)

7.1 1.40 10.18 72 14.75 93 13.3 29 FLORIDA POWER CORP 29 5/8 32 7/P - 27 1/4 277 14.4 4.74 4.28( ')

6.9 2.76 9.32 64 35.71 83 12.4 330 FLORIDA PWR & LT 26 1/2 28 7/8 - 26 1001 40.2 4.54 4.27(

3 6.2 2.40 9.06 56 32.49 82 13 7 i

t31 GENERAL PUS UTILS 8 3/4 18 7/8 - 81/4 5476 60.5 2.30 2.25( 4) 3.9 1.00 11.43 44 22.41 39 10.1 f%g) t 32 GULF STATES UTILS 12 1/2 13 1/2 - 11 3/4 509 38.3 1.7) 1.69( 3) 7.4 1.36 10.88 80 15.50 81 11.1 33 HAWAllAN ELECTRIC 24 3/8 27 1/2 - 23 3/4 77 5.9 3.,

3.46( 3) 7.0 2.24 9.19 65 28.21 86 12.5 gg"3 t 34 HOU5foN INousTRIES 28 3/4 31 1/8 - 27 1/8 501 33.1 4.21 4.51( 4) 6.4 2.36 8.21 52 33 04 87 14.1

([23 3 35 IDAHO POWE R 25 1/4 26 1/8 - 24 101 10.5 2.96 2.58( 3) 9.8 2.28 9.03 88 28.89 87 9.0 2 36 IL L INOIS POWER" 21 1/4 23 3/4 - 20 826 28.5 2.74 2.80( 3) 7.6 2.28 10.73 81 21.95 97 12.9 l $J t 37 INo t ANAPOL I5 P & L 23 1/8 23 3/8 - 21 1/2 157 13.1 2.30 2.84( 4) 8.1 2.12 9.17 75 22.25 104 12.9 C::)

1 38 INTERSTATE POWtR 14 1/8 15 5/8 - 13 3/4 64 7.6 1.60 1.70( 3) 8.3 1.50 10.6?

8a 15.81 89 10.8 3 39 IOWA ELEC LI & PR" 19 l/8 15 7/8 - 13 3/4 57 7.3 2.04 2.02( 3) 6.9 1.50 10.01 74 18.12 77 II.)

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40 IOWA-ILL GAS 2 ?L" 18 1/4 21 3/8 - 18 1/8 75 9.1 2.74 2.85( 3) 6.4 2.00 10.96 70 20.96 87 13 9 41 10WA POWER & LT" 23 3/4 26

- 22 3/8 73 7.3 3.62 3.46( 3) 6.9 2.52 10.61 73 25.98 91 13.6 t

3 42 IOWA PueLIC 5YC 20 3/4 23 3/8 - 19 7/8 109 8.9 3.05 3 12( 3) 67 2.04 9.83 65 22.33 9) 14.3 43 IOWA 50VINERN U1M 23 3/4 25 7/8,23 1/4 31 2.5 3.47 3.76( 41 6.3 2.28 9.60 61 27.98 39 13.8 44 KANSAS CITY P $ LM 24 7/8 27 1/8 - 24 1/8 291 11.6 3.55 2.93( 4) 8.5 2.66 10.69 91 32.49 75 8.9 45 KANSAS GAS $ ELEC" 18 3/8 19 3/4 1.7 1/4 115 11.1 2.28 1.93( 4) 9.5 1.90 10.34 98 21 5 84 8.7 3

2 46 KANSA5 POWER & LiN 19 3/4 20 3/4 - 19 156 10.8 2.74 2.75( 3) 7.2 1.96 9.92 71 23.12 d5 12.0 47 KENTUCKY UTILITIES 20 1/8 20 3/4 - 18 126 9.7 1.88 2.92( 4) 6.9 2.04 10.14 70 24.92 81 11.7 348 LONG ISLAND LING 16 1/4 18 1/4 - 15 1/8 668 51.4 2.44 2.37( })

6.9 1.70 10.46 72 19 12 85 12.5 49 tooI5VILLE G s E 20 1/2 21 7/8 - 19 I/2 157 10.2 2.06 2.05( 4) 10.0 2.00 9.76 98 24.35 84 P.4 50 Mapl 5ON GAS E ELN

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I ~~ 51 MIDDLE SOUTH UilL5 15 3/8 16 1/4 - 13 5/8 1285 84.6 2.46 2.50( 4) 6.1 1.52 9.89 61 18.60 83 13.7 52 MINNESOTA PR & Lya }g 7/8 21 1/4 - 18 7/8 86 10.2 3.19

3. 9 )( })

5.1 1.94 9.16 49 22.27 89 18.1 s 53 MONIANA DAs0TA UT 17 18 1/2 - 16 47 5.5 2.45 2.34( 3) 7.3 1.50 8.82 64 20.05 85 11.8 54 MONIANA POwfR" 21 5/8 22 7/8 - 20 1/2 275 10.2 2.71 2.61( 3) 8.3 2.04 9.43 78 25.98 83 10.2 55 NEVADA PowtR 21 5/8 22 3/8 - 20 1/4 76 5.1 2.45 3.00( 3) 7.2 2.12 9.80 71 24.78 87 12.2 56 NEW ENGLAND ELECu 22 3/8 23 1/8 - 20 1/8 226 21.1 3.21 3.48( 3) 6.4 2.24 10.01 64 24.97 90 14.3 57 NtW I NG GsE A550 15 1/8 16 1/8 - 14 1/8 49 7.4 2.40 2.59( 3) 5.8 1.60 10.58 62 18.63 81 14.2 a 58 NEW Toks 57 E6G" 16 3/8 18 1/8 - 15 7/8 220 25.7 2.46 2.34( 3) 7.0 1.68 10.26 72 20.78 79 11.3 e 59 NBAGARA MOHAWK PWR 13 1/4 15 1/8 = 13 79i 61.8 1.89 2.00( 3) 6.6 1.44 10.87 72 17.14 77 11.7 60 N0mIHtAST UTILS 87/8 10 - 8 5/8 738 65.2 1.29 1.53' 4) 5.8 1.02 11.45 66 13.27' 67 11.6 61 NonIHERN 'ND P 5" 15 16 1/4 - 14 7/8 265 30,7 1.61 1.85( 4) 8.1 1.50 10.00 81 18.71 84 9.9 62 NoaIHt RN 5 ATE 5" 23 1/8 25 7/8 - 21 3/8 1124 30.0 3.29 3.51( 3) 6.6 2.16 9 34 62 25.99 89 13.8 6 3 Non TH=E s t E pH P5 16,/P 17 3/4 - 16 3/8 39 2.4 2.65 2.64( 3) 6.3 1.80 10.83 68 18.72 89 14.2 3 64 onto EDis0N" 14 3/4 17 1/2 - 14 5/8 1640 $8.1 '.19 1.21( 4) 12.2 1.76 11.93 145 16.33 90 7.3 65 o.tAHunA GAS s EL" 16 17 7/8 - 15 1/2 795 26.7 1.97 1.78C 3) 9.0 1.60 30.00 90 16.85 95 10.7 66 OaANGE & ROCK UT" 13 7/8 15 3/4 - 13 5/8 67 10.1 2.10 2.06( 3) 6.7 1.52 10.95 74 16.92 82 12.4 67 OFIER Tall POWEa 20 7/8 23 - 19 1/4 118 3.8 3.31 3.27( 3) 6.4 2.00 9.58 61 23.61 98 14.2 68 PACirlC gas s ELEC 23 1/2 25 1/8 - 21 5/8 1481 100.9 1.20 3.52( 3) 6.7 2.32 9.87 66 29.76 79 12.0 a 64 PACirtC POWER & LT 20 3/8 21 1/4 - 19 1/2 319 37.4 2.51 2.42( 3) 8.4 1.92 9.42 79 20.80 98 11.8 8 70 PENN5YLVANI A PELu 20 3/4 21 1/8 - 18 3/4 402 39.1 2.86 3 13( 3) 6.6 2.04 9.8) 65 2$.12 83 12.6 71 PHIL ADEL PHI A ELFC 15 3/8 17 5/8 - 15 t/8 893 80.5 1.87 1.87( 3) 8.2 1.80 11.71 '. 6 19.28 80 9.7 72 PORTLAND GEN ELEC 17 1/d 18 3/8 - 16 1/8 327 31.0 1.40 1.41( 3) 12.1 1.70 9.93 121 18.42 93 7.6 73 PotDMAC ELEC PWR" 12 7/8 14 5/8 - 12 1/8 632 40.7 1.70 1.59( 4) 8.1 1.34 10.41 8% 16.37 80 9.9 74 Pue SVC COLORADO 15 5/8 17 }/8 - 15 1/4 601 31.8 1.66 1.70( 3) 9.2 1.60 10.24 94 17.63 89 9.6 75 PUS SVC EL & GA5" 20 1/2 22 3/4 - 20 669 64.5 2.95 3.14( 4) 6.5 2.20 10.73 70 26.13 78 12.1 76 PUS SVC INDIANAM pf p6 $fg. pg g/g gyg gy,} } 3,gg( g) y,g 2,32 $,g2 y} }},}y )}} Jg,$ 77 Pus SVC NEW HAMP 17 7/8 21 1/8 - 17 1/8 264 11.0 3.25 3.13( 3) $.7 2.12 11.06 68 22.89 78 13.8 78 PUS SVC NEW MEXICO 19 1/2 20 5/8 - 18 7/8 433 15.2 2.83 2.78( 3) 7.0 1.92 9.85 69 22.03 89 12.7 1 19 PurF.T SOUNO P & L" 15 5/8 17 1/2 - 15 3/8 224 18.8 2.17 2.07( 3) 7.5 1.56 9.98 75 18.63 84 11.2 80 ROCHESTER GAS s EL 16 18 - 15 3/8 134 15.2 2.46 2.34( 3) 6.8 1.44 9.00 62 22.01 73 10.b 81 SAN DIEGO GA5 5 EL 15 15 7/8 - 14 409 27.6 2.02 1.82( 31 8.2 1.44 9.60 79 17.41 b6 10.5 82 SAVANNAH ELEC 5 PR 10 3/8 11 I f 2 - 10 33 3.4 2.75 2.69( 3) 3.9 1.00 9.6% 37 17.60 59 16.1 83 SIERaA PAC PWR CO 13 14 - 12 3/4 90 9.3 1.83 1.98( 4) 6.6 1.22 9.38 G2 15.16 86 13.2 84 50 CAROLINA EEGN }6 $/$ }$ . }$ )@$ 2),6 2,26 1,9$( %) 8,$ },6$ }Q,}} Oh }$,4% gQ }Q,y a 65 50UTHenN CALIP Eo" 26 27 3/8 - 24 1/4 933 62.9 3.52 4.04( 3) 6.4 2.48 9.54 61 32.57 80 12.5 86 50uTHtRN COMPANY" 12 1/2 14 7/8 - 12 2413 143.4 1.45 1.41( 4) 8.9 1.54 12.32 109 17.05 73 8.2 87 SOUTHERN IND G & E 17 7/8 18 3/4 - 17 1/8 75 5.3 3.04 3.25( 4) 5.5 1.52 8.50 47 20.88 86 16.2 88 5OUTHWESTERN P 5 13 1/4 14 $/8 - 13 1/8 44) 25.9 1.64 1.60( 4) 8.3 1.28 9.66 80 9.29 143 16.7 89 TAMPA ELECTRIC 17 3/4 181/2-171/8 353 15.3 2.53 2.39( 3) 7.4 1.44 8.11 60 17.36 102 14.3 1 90 TExA5 UTILITIE5" 19 1/4 20 1/8 - 18 1522 86.0 2.54 2.58( 4) 7.5 1.6% 0.52 64 20.14 96 13.1 91 TOLEDO EDISON 20 1/4 23 3/8 - 19 150 15.7 2.78 2.83( 3) 7.2 2.20 10.86 78 24.29 83 11.7 92 TUCSON ELEC PWR 16 1/8 16 7/8 - 15 3/8 483 21.3 1.95 2.15( 3) 7.5 1.42 8.81 66 14.54 111 15 3 1 93 UNION ELECTRIC 14 14 3/4 - 13 1/8 322 52.1 2.01 's 2.11( 3) 6.6 1.44 10.29 68 16.11 87 13.3 1/8 24 7/8 - 21 7/8 61 6.1 3 06 3.64( 4) 6.4 2.56 11.07 70 29.36 79 12.3 94 UNITED ILLUMINATNG 2] 1/2 15 193/4-173/4 486 32.8 1.93 1.79( 4) 10.3 1.76 9.51 98 18.16 102 9.9 I 95 UTAH POWER E LIGHT IN') 96 VIRGINIA ELEC 5 PR 12 5/ 14 3/4 - 12 2249 85.2 1.88 1.77( 3) 7.1 1.40 11.09 79 19.09 66 9.3 22 3/g 23 5/8 - 21 3/8 41 90 3.19 3.08( 4) 7.3 2.08 9 30 68 23.88 94 13.2 sC) 97 WASHINGTON WIR PWR a . 98 WisCONs:N ELEc rn" 25 1/8 27 - 23 3/8 449 18 3 3,50 3.49( 4; 7,2 2.38 9,47 68 29 50 85 12.1 c:::. t 99 WIstoHsIN PWR ' & L 7 18 5/8 193/4-173/4 58 11.0 2.15 2.41( 3) 7.7 1.76 9.45 73 19.22 97 12.7 100 WISCONSIN PUB SVC 17 3/8 19 7/8 - 16 1/4 95 10.8 2.53 2.65( 3) 6.6 1.62 9.32 61 18.24 95 14.2

nivhlend Reinvestment at 5t Discount (12)

HIGH 12.2 12.32 145 148 20.1 sa LOW 3.9 5.58 37 39 7.3 AVERAGE 7.3 10.07 74 86 12.2 MEDIAN 7.1 10.02 71 85 12.1 S ~ - --- n

-___._.-----.-m-6 Salomon Brothers Stock Research ELECTRIC UTILITY COMMON STDCK MARKET DATA RANKING SY P/E 1979 (000) (MM) % 12/31/78 % 5/31/79 VEAR-TO-DATE M0 SHS 1978 CURR Div PAY SOOK MKT / RET / PRICE HIGH - LOW VOLU O/5 EPS EPS IMol pfg Rgyg yto oug yatfgn goog avg gg 33.3333333333333:2233s23333 333232E33332333333333333333382=L 32332 22:233333333 3233332332=333333323232333 1 OHIO toI50Na 14 3/4 17 1/2 - 14 5/8 1640 58.1 1.10 1.21( 4) 12.2 1.76 11.9i Its 16.33 90 7.3 2 PORTLAND GEN ELEC 17 1/8 18 3/8 - 16 1/8 327 31.0 1.40 1.41( 3) 12.1 1.70 9.94 121 18.42 9) 7.6 3 COL 8 50 OH10 ELEC 22 1/2 24 5/6 - 20 7/8 17J 16.2 1.73 2.13( 4) 10.6 2.32 10.31 109 25.69 88 8.2 4 DUQutsNE LIGHT 14 3/8 16 7/8 - 14 1/4 358 31.8 1.49 1.39( 3) 10.3 1.72 11.97 124 18.20 79 7.6 5 UTAH POWER & LIGHT 18 1/2 19 3/4 - 17 3/4 486 32.8 1.93 1.79( 4) 10.3 1.76 9.51 98 18.16 102 9.9 6 LOUISVILLE G s E 20 1/2 21 7/8 - 19 1/2 157 10.2 2.06 2.05( 4) 10.0 2.00 9.76 98 24.35 84 8.4 7 IDano POWEa 25 1/4 26 1/8 - 24 101 10.5 2.96 2.58( 3) 9.8 2.28 9.03 88 28.89 87 9.0 8 sah5A5 gas s ELEC" Id 3/8 19 3/4 - 17 1/4 115 11.' 2.28 1.93( 4) 9.5 1.90 10.34 98 21.95 84 8.7 9 PUB bVC COLORADO 15 5/8 17 3/8 - 15 1/4 601 31.8 1.66 1.70( 3) 9.2 1.60 10.24 94 17.63 89 9.6 10 OKLAHOMA GAS 6 ELu 16 17 7/8 - 15 1/2 795 26.7 1.97 1.78( 34 9.0 1.60 10.00 90 16.85 95 10.7 11 AMERICAN ElEC PWK" 20 3/8 231/2-197/8 1444 110.7 2.26 2.27( 3) 9.0 2.18 10.70 96 21.47 95 10.6 12 SOUTHtkN COMPANY" 12 1/2 14 7/8 - 12 2413 143.4 1.45 1.41( 4) 8.9 1.54 12.32 109 17.05 73 8.2 13 50 CAROLINA E8G" 16 5/8 18 - 15 384 23.6 2.26 1.95( 4) 8.5 1.68 10.11 86 18.44 90 10.7 14 EANSAS CITY P 5 Le 24 7/8 27 t/g. 24 1/8 291 11.6 3 55 2.9)( 4) 8.5 2.66 10.69 91 12.99 75 8.9 6 15 PACIFIC POWER & LT 20 4/6 21 1/4 - 19 1/2 31 9 37.4 2.51 2.42( 3) 8.4 1.92 9.42 79 20.30 98 11.8 16 DAYTON POWER 5 LT IS 3/8 16 7/8 - 14 3/4 233 23.4 1,73 1.83( 3) 8.4 1.74 11.32 95 18.39 84 9.9 17 CLEVELAND EL ILLU 18 19 1/4 - 16 3/8 777 35.8 2.20 2.16( 3) 8.3 1.92 10.67 89 19.69 91 11.0 18 INTERSTATE POWER 14 1/8 155/8-133/4 64 f.6 1.60 1.70( 3) 8.3 1.50 10.62 38 15.81 89 10.8 19 MONTANA POWER" 21 5/8 22 7/8 - 20 1/2 275 10.2 2.71 2.61( 3) 8.3 2.04 9.43 78 25.98 83 10.2 20 SOUTHWESTERN P 5 13 1/4 14 5/8 - 17 1/6 443 25.9 1.64 1.60( 4) 8.3 1.28 9.66 80 9.29 14 3 16.7 21 SAN DIEGO GAS & EL I$ 15 7/8 - 1% 409 27.6 2.02 1.82( 3) 8.2' l.4% 9.60 79 17.41 86 10.5 22 PitILADELPHIA ELEC 15 3/8 17 3/8 - 15 1/8 893 80.5 1.87 1,87/ 3) 8.2 1.80 11.71 96 19.28 80 9.7 23 COMMONWEALTH ED" 24 1/4 27 ?st - 22 3/8 1805 85.6 3.30 2.97( 4) 8.2 2.60 10.7? 88 29 30 83 10.3 24 lNotANAPOLis P $ L 23 1/8 233/8-211/2 157 13 1 2.30 2.84( 4) 8.1 2.12 9.17 75 22.25 104 12.9 25 NORTHERN IND P 5" 15 16 3/4 - 14 7/8 265 30.7 1.61 1.85( 4) 8.1 1.50 10.00 81 18.71 80 1.9 26 POroMAC ELEC PWR" 12 7/8 lb 5/8 - 12 3/8 632 40.7 1.70 1.59( 4) - 8.1 1.34 10.41 84 16.17 80 9.9 27 AllANTIC ClfY EttC 18 3/4 19 7/8 - 17 1/2 120 12.0 2.21 2.37( 3) 7.9 1.74 9.2h 73 21.27 88 11.3 28 PUS JVC INDIANA" 26 26 5/8 - 24 1/8 474 27.1 2.92 3.29( 4) 7.9 2.32 8. 9.' 71 23.17 112 14.5 29 WISCONSIN PWR & LT 18 5/8 19 3/4 - 17 3/4 68 11.0 2.15 2.41( 3) 7.7 1.76 9.45 73 19.22 97 12.7 30 CFNfRAL LA ENERGY 30 1/8 31 3/4 - 19 7/8 527 9.6 3 06 3.92( 4) 7.7 1.68 5.58 43 20.31 148 20.1 31 EL PASO ELECTRIC 9 7/8 11 1/4 - 9 7/8 285 12.7 1.30 1.30( 3) 7.6 1.04 10.53 80 10.01 99 13 4 32 ILLINOIS POWEgu pg 1/4 233/4 20 826 28.5 2.7% 2.80( 3) 7.6 2.28 10.73 81 21.95 97 12.9 33 PUGET SOUND P s L" 15 5/8 17 I/2 - 15 3/8 224 18.8 2.17 2.07( 3) 7.5 1.56 9.4H 75 18.63 84 11.2 Is) 34 TUC SON ELEC PWR 16 1/8 16 7/8 - 15 3/8 483 21.3 1.95 2.15( 3) 7.5 1.42 8.8) 66 14.5% 111 15.3 s cy 35 MADISON GA5 E EL" 14 3/4 16 7/8 - 14 1/4 70 5.5 1.96 1.97( 3) 7.5 1.48 10.03 75 17.54 84 11.4 s CZ) 36 TEXA5 UTILITIES" 19 1/4 20 1/8 - 18 1522 86.0 2.54 2.58( 4) 7.5 1.64 8.52 64 20.14 96 13 1 37 TAMPA ELECTRIC 17 3/4 ]8 1/2 - 17 1/8 353 15.3 2.53 2.39( 3) 7.4 1,44 8.11 60 17 36 102 14.3 38 OEfpolf EDESON" 15 1/8 15 $/ 8 - 13 1/2 861 66.4 1.76 2.04( 4) 7.4 1.60 10.58 18 19.81 80 10.8 l 74 39 ALLEGHENY POWER 17 1/4 17 J/8 - 15 3/8 813 34.7 1.90 2.33( 3) 7.4 1.72 9.97 tt 20.59 B4 11.4 C72) 40 GULF STATES UTILS 12 1/2 13 s/2 - 11 3/4 569 3d.) 1.73 1.69( 3) 7.4 1.36 10.88 80 15.50 81 11.1 41 CENTRAL ILL LIGHT" 16 3/8 171/2-151/2 69 10.4 1 91 2.25C 4) 7.3 1.70 10.38 76 19.05 86 11.9 42 MONTANA DAKOTA UT 17 18 1/2 - 16 47 5.5 2.45 2.34( 3) 7.3 1.50 8.b? 64 20.05 85 11.8 4 3 WASHINGTON WTR PWR 22 3/8 23 5/8 - 21 3/8 47 9.0 3.19 3.08( 4) 7.3 2.08 9.10 68 23.S8 94 13 2 44 sALTIMORE GA5 $ E" 24 1/4 26 - 21 1/2 $96 31.0 3 18 3.34( 4) 7.3 2.44 10.06 73 29.20 83 11.7 45 CINCINNATI G $ E 19 1/4 21 1/8 - 18 473 26.8 2.54 2.66( 4) 7.2 1.96 10.18 74 19.84 97 13.6 i 46 NEVADA POWER 21 5/8 22 3/8 - 20 1/4 76 5.1 2.45 3.00( 3) 7.2 2.12 9.60 71 24.78 87 12.2 47 WI5CONSIN ELEC PR" 25 1/8 27 - 23 3/8 449 18.5 3.50 3.49C 4) 7.2 2.38 9.47 6d 29.50 85 12.1 '.e **H5As PowtR & L t" 19 3/4 20 3/4 - 19 156 10.8 2.74 2.75( 3) 7.2 1.96 9.92 71 23.12 85 12.0 49 10tEDO EDISON 20 1/4 23 3/8 - 19 150 15.7 2.78 2.8 K 3) 7.2 2.20 10.66 78 24.29 83 11.7 50 vlRGlHIA ELEC & PR 12 5/8 14 3/4 - 12 2249 85.2 1.88 1.77C 3) 7.1 1.40 11.09 79 19.09 66 9.3

I St EMPlat DIST ELEC" 13 3/4 . 14 1/2 - I s 1/4 22 4.0 1.70 1.94( 3) 7.1 1.40 10.18 72 14.75 93 11.3 52 HawAllAN ELEttelt 24 3/8 27 t/2 - 23 3/4 77 5.9 3.38 3.46( 3) 7.0 2.24 9.19 65 28.21 86 12.5 5 3 Puu 5vc Nt W MEXICO 19 1/2 20 5/8 - 18 7/8 433 15.2 2.83 2.78( 3) 7.0 1.92 9.85 69 22.03 89 12.7 $4 NEw voen sr Escu 16 3/8 18 1/8 - 15 7/8 220 25.7 2.46 2.34( 3) 7.0 1.68 10.26 72 20.78 79 11 3 55 # LoalDA POWER COaP 29 5/8 32 7/8 - 27 1/4 277 14.4 4.74 4.2H( 4) 6.9 2.76 9.32 64 35.71 8) 12.4 56 *E NiuCKY uritITIE5 20 1/8 20 3/4 - 18 126 9.7 1.88 2.92( 4) 6.9 2.04 10.14 70 24.92 81 11.7 57 IOWA ELEC Li & pan lj 7/8 157/8-133/4 57 7.3 2.04 2.02( 3) 6.9 1.50 10.81 74 18.12 77 11.3 58 IOWA PowEm & LIN

2) 3/4 26

- 22 3/8 73 7.3 3.62 3.46( 3) 6.9 2.52 10.61 73 25.98 91 13.6 59 LONG 15 LAND Lf4G 16 I/4 18 1/4 - 15 1/8 668 51.4 2.44 2. 37( 3) 6.9 1.70 10.46 72 19.12 85 12.5 60 DEtMAavA Pwn & LT 12 7/8 1% 1/8 - 12 1/8 458 23.H 1.85 1.88( 3) 6.0 1.38 10.72 73 15.77 82 12.1 61 aOCHESTER GAS & EL 16 18 - )$ 3/8 134 15.2 2.46 2.34( 3) 6.8 1.44 9.00 62 22.01 73 10.8 62 onANGE s Roca ufu 13 7/8 153/4-135/8 67 10.1 2.10 2.06( 3) 6.7 1.52 10.95 74 16.92 82 12.4 6 3 PA( RF IC GAS s ELEC 23 1/2 25 1/8 - 21 5/8 1481 100.9 3.20 3.52( 3) 6.7 2.32 9.87 66 29.76 79 12.0 64 Dunt PowEn 18 20 $/8 - 16 1/2 1446 78.0 ?.61 2.70( 3) 6.7 1.80 10.00 67 21.31 84 12.9 65 lowA PueLIC Svc 20 3/4 23 3/8 - 19 7/8 109 8.9 3.05 3.12( 3) 6.7 2.04 9.83 65 22.33 93 14.3 66 UNION ELECTRIC 14 14 3/4 - 13 1/8 322 52.1 2.01 2.11( 3) 6.6 1.44 10.29 68 16.11 87 13.3 67 PtNN5YLVANIA P&L" 20 3/4 21 1/8 - 18 3/4 402 39.1 2.86 3.13( 3) 6.6 2.04 9.8) 65 25.12 83 12.6 68 CturnAL SouTN WEST 15 3/8 16 1/4 - 14 5/8 708 65.5 2.25 2.32( 3) 6.6 1.42 9.24 61 15.8) 97 15.1 69 NIAGARA MOHAWK Pwe 13 1/4 15 1/8 - 13 793 61.8 1.89 2.00( 3) 6.6 1.44 10.87 72 17.14 77 11.7 70 NORTHEaN STATE 5" 23 1/8 25 7/8 - 21 3/8 1124 30.0 3.29 3.51( 3) 6.6 2.16 9 3% 62 25.99 89 13.8 71 SitaaA PAC Pwn CO 13 14 - 12 1/4 90 9.3 1.83 1.98( 4) 6.6 1.22 9.38 62 15.16 86 13.2 72 W15f0N51N Put SVC 17 3/8 19 7/8 - 16 1/4 95 10.8 2.53 2.65( 3) 6.6 1,62 9.32 61 18.24 95 14.2 73 CAaOLINA PWR 8 LT 20 1/8 22 1/2 - 18 1/4 669 40.6 3.10 3.08( 4) 6.5 1.96 9.74 64 24.30 83 12.9 74 PUS SVC EL & GA5" 20 1/2 22 3/4 - 20 669 64.5 2.95 3.14( 4) 6.5 2.20 10.73 70 26.13 78 12.1 7% ANIZONA PuBLIC Syc 18 7/8 21 3/8 - 18 1/4 601 32.8 3.15 2.90( 3) 6.5 1.88 9.96 65 22.56 84 13 1 Th Ct N ILL PUS SVC" 13 1/2 Il 1/4 - 12 1/4 279 23.3 1.63 2.08( 4) 6.5 1.36 10.07 65 13.86 97 15.1 7/ suostunN CALIF ED" 26 27 3/8 - 24 144 933 62.9 3.52 4.04( 3) 6.4 2.48 9.54 61 32.57 80 12.5 7a Ne w tNGL AND ELEC" 22 3/8 23 )?2 - 20 It? 226 21.1 3.21 3.48C 3) 6.4 2.24 10.01 64 24.97 90 14.3 79 Community Pus Svc 20 3/8 21 - 18 3/A 15 1.8 3.11 3.18( 3) 6.4 1.88 9.23 59 23 63 86 13.7 80 towA.ftt GA5 & EL" 18 1/4 21 3/8 - 18 1/8 75 9.1 2.74 2.85( 3) 6.4 2.00 10.96 70 20.96 87 13.9 81 so5foN EDISON 21 1/2 24 3/4 20 SN? 43e 11.5 2.96 3.36( 3) 6.4 2.44 11.35 73 31.00 69 10.9 82 OTTEa TAIL POWER 20 7/8 23 - 19 1;% 118 3.8 3.31 3.27( 3) 6.4 2.00 9.58 61 23.61 88 14.2 8 3 H005 f 0N IHOUSTRIES 28 3/4 31 1/8 - 27 1/8 501

3.1 4.21 4.51( 4) 6.4 2.36 8.21 52 33.04 87 14.1 84 UNiiED BLLUMINATNG 23 1/8 24 7/8 - 21 7/8 61 5.1 3.06 3.64( 4) 6.4 2.56 11.07 70 29.36 79 12.3 85 CENTRAL MAINE PwR 13 3/4 16

- 13 1/4 104 11 8 2.19 2.17( 3) 6.3 1.52 11.05 70 17.25 80 12.8 86 lowA 50uTHEaN ut" 23 3/4 25 7/8 - 23 1/4 31 2.5 3.t? 3.76( 4) 6.3 2.28 9.60 61 27.98 85 13.8 87 NORTHwESTEnN P 5 16 5/8 17 3/4 - 16 3/8 39 2.4 2.65 2.64( 3) 6.3 1.80 10.83 68 18.72 89 14.2 88 floalDA PWR S LT 26 1/2 28 7/8 - 26 1001 40.2 4.56 4.27( 3) 6.2 2.40 9.06 56 32.49 82 13.7 89 MIDDLE SOUTH UTILS 15 3/8 16 1/4 - 13 5/8 1285 84.8 i 2.50( 4) 6.1 1.52 9.89 61 18.60 83 13.7 90 CENINAL HUD5ON GCE 18 5/8 20 3/4 - 18 44 5.4 3.s s 3.08( 3) 6.0 1.96 10.52 64 26.29 71 11.8 91 CONSUMERS power ?! I/8 23 5/8 - 19 802 47.4 J. 21 ~ s 3.5)( 3) 6.0 2.24 10.60 63 27.86 76 12.8 92 NEW ENG G $ E ASSO 15 1/8 16 1/8 - 14 1/8 49 7.4 2.40 2.59( 3) 5.8 1.60 10.58 62 18.63 81 14.2 91 NORTHEAST UTIL 5 8 7/8 10 - 8 5/8 738 65. 1.29 1.53( 4) 5.8 1.02 11.45 66 13 27 67 11.6 94 PUS SVC NEW HAMP 17 7/8 21 1/8 - 17 1/8 264 11.8 3.25 3.13( 3) 5.7 2.12 11.86 68 22.89 78 13.8 95 CON 50LIDATED ED 22 3/4 25 - 21 976 ( 2 4.29 4.00( 3) $.7 2.44 10.73 61 41.89 !4 9.8 96 50dIHERN INO G E E 17 7/8 183/4-171/8 75 5.3 3.04 3.25( 4) 5.5 1.52 8.50 47 20.88 86 16.2 97 MINNESOTA PR 6 Lym }g yfg 21 }/4 - 18 7/8 86 10.2 3.19 3.93( 3) 5.1 1.94 9.76 49 22.27 89 18.1 IN ) 98 CLNTRAL v7 Pus Svc 14 3/4 16 5/P - 14 3/8 43 79 2.92 3.01( 1) 4.9 1.64 11.12 54 20.84 71 15.0 s %,rw 99 GENLRAL PUS UTILS 8 3/4 18 7/8 - 8 1/4 5476 6f.) 2.30 2.25( 4) 3.9 1.00 11.43 44 22.41 39 10.1 100 SAyANNAn ELEC & P4 10 3/8 11 1/2 - 10 33 ).4 2.75 2.69( 3) 3.9 1.00 9.64 37 17.60 59 16.1 O (,sg

Dividend Rainvestment at 54 Discount

} 9 (;;) AVERAGE 7.; 10.0/ 74 86 12.2 ) MEDIAN 7.1 10.02 71 35 12.1 7

ne: .. m e m x m m :ev y. m n in w m 2:;r g a. .m 8 Salomon Brothers Stock Research ELECTRIC urlLivy C OMMON $ r 0C K MARKET DATA RANKING SY TIELD 1979 (000) (MM) 5 % 12/II/7s % 5/ 31/79 vE AR -TO-DATE MO Sn$ 1918 CURR olv Par soOK Mar / Ati/ PRICE HIGH - LOW VOLU O/5 EPS EPS (MO) P/E RATE YLD OUT WAL/5H 800 K AVG EQ 33333&333333333333333333333 "33333333333333333333333333333333:3333333333r 333333 3333333333333333333333333 1 50ViaERN COMPANY" 12 1/2 14 7/8 - 12 2413 143.4 1.45 1.41( 4) 8.9 1.54 12.32 109 17.05 73 8.2 2 DUQUE 5NE LIGHT 14 3/8 16 7/8 - 14 1/4 358 31.8 1.49 1.39( 3) 10.3 1.72 11.97 124 18.20 79 7.6 3 OHIO EDISON" 14 3/4 17 1/2 - 14 5/8 1640 58.1 1.19 1.21( 4) 12.2 1.76 11.93 145 16.33 90 7.3 4 PUS SVC NEW HAMP 17 7/8 21 1/8 - 17 1/8 264 11.8 3.25 3.13( 3) 5.7 2.12 11.06 68 22.89 78 13.8 5 PHILADELPHJA ELEC 15 3/8 17 $/8 - 15 1/8 893 80.5 1.87 1.87( 3) 8.2 1.80 11.71 96 19.28 80 9.7 6 NORTHEAST UtlL5 8 7/8 to - 8 5/8 73S 65.2 1.29 1.5)( 4) 5.8 1.02 11.45 66 13.27 67 11.6 7 GENERAL PUS UilLS 8 3/4 18 7/8 - 8 1/4 5476 (0.5 2.30 2.25( 4) 3.9 1.00 11.43 44 22.41 39 10.1 8 HOSTON EDISON 21 1/2 24 3/4 - 20 5/8 158 11.5 2.96 3.36( 3) 6.4 2.44

11. 45 73 31.00 69 10.9 9 DailON POWER $ LT 15 3/8 16 7/8 - 14 3/4 233 23.4 1.73 1.83( 3) 8.4 1.74 11.32 95 18.39 84 9.9 10 CENTRAL VT PUB SVC 14 3/4 16 5/8 - 14 3/8 43 2.9 2.92 3.01( 3) 4.?

1.64 11.12 K4 20.8% 71 15.0 19.0 66 93 ) 1.4 II.n} 79 11 blRGINEA ELEC & PR 12 p/ 14 J/4 - 12 22 8 .2 .8

1. {

29.3) 12 UNiiED ILLUMINATNG 23 s/ 24 7/8 - 21 7/8 .1 .O 3 ) 2.5 ll.Or 70 b 79 12.3 Il CCNTRAL MAINE PWR 13 3/4 16 - 13 1/4 104 11.8 2.19 2.17( 3) 6.3 1.52 11.05 70 17.25 80 12.0 14 lowAalLL 6A5'E EL" 18 1/4 21 3/8 - li 1/8 ?> 91 2.79 2.85( 3$ 6.4 2.00 10.96 70 20.96 87 13.9 15 ORANGE s ROCK UT" 13 7/8 151/4-135/8 67 10.1 2.10 2.06( 3) 6.7 1.52 10 95 74 16.92 82 12.4 16 Gulf STATES UTILS 12 1/2 13 1/2 - 11 1/4 509 38.3 1.73 1.69C 3) 7.4 1 36 10.88 80 15.50 81 11.1 17 NIAGARA MOMAWK PWR 13 1/4 15 1/8 - 13 793 61.8 1.89 2.00( 3) 6.6 1.44 10.H7 72 17.14 77 11.7 18 TOLEDO Erl50N 20 1/4 23 3/8 - 19 150 15.7 2.78 2.83( 3) 7.2 2.20 10.86 78 24.29 83 11.7 19 NORTHwtSTERN P 5 16 5/8 17 3/4 - 16 3/8 39 2.4 2.65 2.64( 3) 6.3 1.80 10.8) 68 18.72 89 14.2 20 10wA ELEC LT & PR" 13 7/8 15 7/8 - 13 3/4 57 7.3 2.04 2.02( 3) 6.9 1.50 10.81 74 18.12 77 11.3 21 PUR SVC EL & GA5m 20 1/2 22 3/4 - 20 669 64.5 2.95 3.14( 4) 6.5 2.20 10.7) 70 26.13 78 12.1 22 IL L INOI S 'GwEk" 21 1/4 23 1/4 - 20 826 28.5 2.74 2.80( 3) 7.6 2.28 10.13 81 21.95 97 12.9 23 CON 50 LID ATED ED 22 3/4 25 - 21 9}6 62.2 4.29 4.00( 3) 5.7 2.44 10.73 61 41.89 64 9.8 24 COMMONwtALTH CD" 24 1/4 27 3/4 - 22 3/8 1805 85.6 3 30 2.97( 4) 8.2 2.60 10.12 88 29.30 83 10.3 25 DELMARVA PWR & LT 12 7/8 14 1/8 - 12 1/8 458 23.8 1.85 1.88( 3) 6.8 1.38 10.72

73 15.77 82 12.1 26 AMERICAN ELEC Pwas 20 3/8 231/2-197/8 1444 110.7 2.26 2.27( 3) 9.0 2.18 10.70 96 21.47 95 10.6 27 aAN5A5 CliY P$ LN 24 7/8 27 1/8 - 24 1/8 291 11.6 3.55 2.93( 4) 8.5 2.66 10.69 91 32.99 75 8.9 28 (LEVELAND EL ILLU 18 19 1/4 - 16 3/8 777 35.8 2.26 2.16( 3) 8.3 1.92 10.67 89 19.69 91 11.0 29 INitRSTATE POWER 14 1/8 15 $/8 - 13 3/4 64 7.6 1.60 1.70( 3) 8.3 1.50 10.62 88 15.81 89 10.8 30 low 4 POWER & LT" 23 3/4 26

- 22 3/8 73 7.3 3.62 3.46f 3) 6.9 2.52 10.61 73 25.98 91 13.6 31 CONSUMER $ POWEN 21 1/8 23 5/8 - 19 802 47.4 3.21 3.53( 3) 6.0 2.24 10.60 63 27.86 76 12.8 32 DETROli EDISON" 15 1/8 15 $/8 - 13 1/2 861 66.4 1.76 2.04( 4) 7.4 1.60 10.58 78 18.81 80 10.8 "-~~ r%s) 33 NEw tNG G & E A550 15 1/8 16 1/8 - 14 1/8 49 7.4 2.40 2.59( 3) 5.8 1.60 10.58 62 18,63 81 14.2 34 EL PA50 ELECTRIC 9 7/8 11 1/4 - 9 7/8 285 12.7 1.30 1.30( 3) 7.6 1.04 10.53 80 10.01 99 13.4 '*c3 35 CENIRAL HUD5ON G8E 18 5/8 20 3/4 - 18 44 5.4 3.04 3.08( 3) 6.0 1.96 10.52 64 26.29 il 11.8 C 36 LONG 15 LAND' LING 16 1/4 18 1/4 - 15 1/8 668 51.4 2.44 2.37( 31 6.9 1.70 10.46 72 19.12 85 12.5 37 PQTOMAC ELEC PwRM 12 7/8 14 5/8 - 12 3/8 6 32 40.7 1.70 1.59( 4) 8.1 1.34 10.4% 89 16.17 80 9.9 (_ 4 38 CENTRAL ILL LIGHT" 16 3/8 17 1/2 - 15 1/2 69 10.4 1.91 2.25( 4) 7.3 1.70 10.38 76 19.05 86 11.9 39 RAN5A5 GA5 5 ELEC" 18 3/B 19 3/4 - 17 1/4 11$ 11.1 2.28 1.93( 4) 9.5 1.90 10.34 98 21.95 84 8.7 40 COL & 50 DH'O ELEC 22 1/2 24 5/8 - 20 7/8 173 16.2 1.73 2.13C 4 ) 10.6 2.32 10.31 109 25.69 88 8.2 41 L*N ION E L E C 1 d l C 14 14 3/4 - 13 1/8 322 52.1 2.01 2.11( 3) 6.6 1.44 10.29 68 16.11 87 13.3 42 Ntw YORK Si E5G" 16 3/8 18 1/8 - 15 7/8 220 25.7 2.46 2.34( 3) 7.0 1.68 10.26 72 20.78 79 11.3 43 PUB SVC EOLORADO 15 5/8 17 3/8 - 15 1/4 601 31.8 1.66 1.70( 3) 9.2 1.60 10.24 94 17.63 89 9.6 44 C:NCINNA'l G E E 19 1/4 21 1/8 - 18 473 26.8 2.54 2.66( 4) 7.2 1.96 10.18 74 19.84 97 13.6 45 EMPIRE DIST ELEC" Il 3/4 14 1/2 - 13 1/4 22 4.0 1.70 1.94( 3) 7.1 1.40 10.18 72 14.75 93 13.3 46 mEPTUCKY UllLiflE5 20 1/8 20 3/4 - 18 126 9.7 1.8S 2.92( 4) 6.9 2.04 10.14 70 24.92 81 11.7 47 50 CAROLINA EEG" 16 5/8 18 - 15 384 23.6 2.26 1.95( 4) 8.5 1.68 10.11 86 18.44 90 10.7 48 CEN til PUB SVCh 13 1/2 il 3/4 - 12 1/4 279 23.3 1.63 2.OR( 4) 6.5 1.36 10.07 65 13.86 97 15.1 49 BALf!MORE GAS & E" 24 1/4 26 - 21 1/2 596 31.0 3.38 3.34( 4) 7.3 2.44 10.06 73 29.20 83 11.7 50 MADl5nN GAS & EL" 14 3/4 16 7/6 - 14 1/4 70 5.5 1.96 1.97( 3) 7.5 1.48 10.03 75 17.54 84 11.4

s 51 NEW ENGLAND ELEC# 22 3/8 23 1/8 - 20 1/8 226 21.1 3.21 3.48( 3) 6.4 2.24 10.01 64 24.97 90 14.3 52 OELAHuMA GA5 8 ELa ]6 }y y/6. gg }f2 793 26,- 1.97 1.78( 3) 9.0 1.60 10.00 90 16.85 95 10.7 53 Dutt power 18 20 $/8 - 16 1/2 1446 78.0 2.61 2.70( 3) 6.7 1.80 10.00 67 21.31 84 12.9 54 NORTHERN IND P SE 15 16 1/4 - 14 7/8 265 30.7 1.61 1.85( 4) 8.1 1.50 10.00 81 18.71 80 9.9 55 PU4ET suuNo P & L8 15 $/8 17 1/2 - 15 3/8 224 18.8 2.17 2.07( }) 75 1.56 9.98 75 18.63 84 11.2 56 ALLEGHENY POWER 17 1/4 17 3/8 - 15 3/8 833 34.7 1.90 2.33( 3) 7.8 1.72 9.97 74 20.59 84 11.4 57 ARI2ONA PueLIC SVC 18 7/8 21 3/8 - 18 1/4 605 32.8 3.15 2.90( 3) 6.5 1.88 9.96 65 22.56 84 13.1 58 PORIL AND GEN ELEC 17 1/8 18 3/8 - 16 1/8 327 31.0 1.40 1.41( 3) 12.1 1.70 9.93 121 18.42 93 7.6 59 KANSA5 Powen E LT= 19 3/4 20 3/4 - 19 136 10.8 2.74 2.75( 3) 7.2 1.96 9.92 71 23.12 85 12.0 60 MIDDLE sourn uilts 15 3/8 161/4-135/8 1265 84,8 2.46 2.50( 4) 6.1 1.52 9.89 61 18.60-83 13.7 61 PACIPIC GA5 & ELEC 23 1/2 25 1/8 - 21 5/8 1481 100.9 3.20 3.52( 3) 6.7 2.32 9.87 66 29.76 19 12.0 62 pus SVC NEW MEXICO 19 1/2 20 5/8 - 18 7/8 433 15.2 2.83 2.78( 3) 7.0 1.92 9.85 69 22.03 c9 12.7 63 lowA PUsLIC Svc 20 3/4 23 3/8 - 19 7/8 109 8.9 3.05 3.12( 3) 6.7 2.04 9.83 65 22.33 93 14.3 64 PE NN5f LVANI A P6L" 20 1/4 21 1/8 - 18 3/4 402 39.1 2.86 3.13( 3) 6.6 2.04 9.83 65 25.12 83 12.6 65 NEVADA-POwtm 'l $/8 22 3/8 - 20 1/4 76 5.1 2.45 3.00( 3) 7.2 2.12 9.80 71 24.78 87 12.2 22 89 18.1 24'27 66 MINNESOTA PR & LT" 19 7/8 21 1/4 - 18 7/8 86 10.2 3 19 93 3) 5.1 1.94 9 76 49 35 84 8.4 67 Loul5vlLLE G & E 20 1/2 21 7/8 - 19 1/2 157 10.2 2 06 l05( R) 10.0 2.00 9 76 98 68 CAROLIM) PWR & LY 20 1/8 22 1/2 - 18 1/4 669 40.6 3 10

.08(, 4) 6.5 3.96 9.74 64 24.30 93 12 9 69 50utMwtsTsaN P s 13 1/4 14 $/8 - 131/8 449 27;9 1;64 1;600 43 8.1' 1.28 9.66 80 9.29 143 16.7 70 SAVANNAH ELEC 5 PR 10 1/8 11 1/2 - 10 33 3.4 2.75 2.69( 3) 3.9 1.00 9.64 37 17.60 59 16.1 71 IOWA SOUIHERN Ut=

23 3/4 257/8-231/4 31 2.5 3.47 3.76( 4) 6.3 2.28 9.60 61 27.96 85 13.8 72 5AN DIEGO GA5 & LL 15 15 7/8 - 14 409 27.6 2.02 1.82( 3) 8.2 1.44 9.60 79 17.41 86 10.5 73 OrtER TAtt power 20 7/8 23 - 19 1/4 118 3.8 3.31 3.27( 3) 6.4 2.00 9.58 61 23.61 88 14.2 74 SOUTHERN CALir EDu 26 27 1/8 - 24 1/4 933 62.9 3.52 4.04( 3) 6.4 2.48 9.54 61 32.57 80 12.5 75 UTAH power s LIGHT 18 1/2 19 3/4 - 17 3/4 486 32.8 1.93 1.79( 4) 10.3 1.76 9.51 98 18.16 102 9.9 76 Wl5 CON 5?N ELEC PRM 25 1/8 27 - 23 3/8 449 18.5 3.50 3.49( 4) 7.2 2.38 9.47 68 29.50 85 12.1 77 WI5 CON 51N PWR & Lt 18 5/8 193/4-173/4 68 11.0 2.15 2.41( 3) 7.7 1.76 9.45 73 19.22 97 12.7 78 MONTANA POWER" 21 $/8 22 7/8 - 20 1/2 275 10.2 2.71 2.61( 3) 8.3 2.04 9.43 78 25.98 83 10.2 79 PACIPIC P0wER E LT 20 3/8 21 1/4 - 19 1/2 319 37.4 2.51 2.42( 3) 8.4 1.92 9.42 79 2c.80 98 11.8 80 stERRA PAC PWR CO 13 14 - 12 3/4 90 9.3 1.83 1.98( 4) 6.6 1.22 9.38 62 15.16 86 13 2 81 NORTHERN STATE 5m 23 1/8 25 7/8 - 21 3/8 1124 30.0 3.29 3 51( 3) 6.6 2.16 9.3% 62 25.99 89 13.6 82 WISCON5tN pus Svc 17 3/8 19 7/8 - 16 1/4 95 10.8 2.53 2.65( 3) 6.6 1.62 9.32 61 18.24 95 14.2 83 FLORIDA POWER CORP 29 5/8 32 7/8 - 27 1/4 277 14.4 4.74 4.28( 4) 6.9 2.76 9.32 64 35.71 83 12.4 84 WASHINGTON WTR Pwn 22 3/8 23 5/8 - 21 ]/8 47 9.J 3.19 3.06( 4) 7.3 2.08 9.30 68 23.88 94 13.2 85 ATLANitC CITY ELEC 18 3/4 19 7/8 - 17 1/2 120 12.0 2.21 2.37( 3) 7.9 1.74 9.28 73 21.27 88 11.3 86 CENTRAL SOUTH WEST 15 3/8 16 1/4 - 14 $/8 708 65.5 2.25 2.32( 3) 6.6 1.42 9.24 61 15.83 97 15.1 87 CDKMUNITY PUB Syc 20 3/8 21 - 18 3/4 15 1.8 3.11 3.18( 3) 6.4 1.88 9.23 59 23.63 86 13.7 88 eSwAllAN ELECTRIC 24 3/8 27 1/2 - 23 3/4 77 5.9 3.38 3.46( 3) 70 2.24 9.19 65 28.21 86 12.5 89 It4DIANAPOLIS P & L 23 1/8 23 3/8 - 21 1/2 157 13.1 2.30 2.84( 4) 8.1 2.12 9.17 75 22.25 104 12.9 90 FLORIDA PwR & LT 26 1/2 28 7/8 - 26 1001 40.2 4.54 4.27( 3) 6.2 ?.40 9.06 $6 32.49 82 13 7 11 IC A HO POwt h 25 1/4 26 1/8 - 24 101 10.5 2.96 2.58( 3) 9.8 2.28 9.03 88 28.89 87 9.0 92 ROCHESTER GA5 s EL 16 18 - 15 3/8 134 15.2 2.46 2.34( 3) 6.8 1.44 9.00 62 22.01 73 10.b 93 Pue svc INotANA= 26 26 $/8 - 24 1/8 474 27.1 2.92 3.29( 4) 7.9 2.32 8.92 71 23.17 112 14.5 94 MONTANA DAKOTA UT 17 18 1/2 - 16 47 5.5 2.45 2.34( 3) 7.3 1.50 8.82 64 20.05 85 11.8 IN ) 95 TUCSON ELEC PWR 16 1/8 167/8-153/8 483 21.3 1.95 2.15( 3) 7.5 1.4; 8.81 66 14.54 111 15 3 s NO 96 texas UTILITIE.= 19 1/4 20 1/8 - 18 1522 86.0 2.54 2.58( 4) 7.5 1.6% 8.52 64 20.14 96 13.1 97 SOUTHERN INo G s E 17 7/8 18 3,4 - 17 1/8 75 5.3 3.04 3.25( 4) 5.5 1.52 8.50 47 20.88 86 16.2 C::) 98 houston INousTRIES 28 3/4 31 1/8 - 27 1/8 501 33.1 4.21 4.51( 4) 6.4 2.36 8.21 52 13.04 87 14.1 99 TAMPA ELECTReC 17 3/4 Id 1/2 - 17 1/8 353 15.3 2.53 2.39( 3) 7.4 1.44 8.!! 10 17.36 102 14.3 100 CENIRAL LA ENERGY 30 1/8 31 3/4 - 19 7/8 527 9.6 3.06 3 92( 4) 77 1.68 5.58 43 20.33 148 20.1 (,s4

Dividend Reinvestment at 54 Discount HIGN 12.2 12.32 145 148 20.1 low 3.9 5.58 37 39 7.3 AVERAGE 7.3 10.07 74 86 12.2 NEntsN 7.1 10.02 71 85 12.1 9

- - - - - - -- -- - -_= m.e u m _m m --- - _ _ _ 10 Salomon Brothers O ELECTRIC UTILITY COMMON STDCK PuRKET DATA RANKING SY MK T / 800K 1979 (000) (HM) 12/11/71 4 5/31/79 YE AR DATE NO 5H% 1978 CURR Div PAY SOOK MKT / RET / VOLU O/5 EPS EPS (MO) P/E RATE YLD OUT VAL /5H BDOE AVG EQ asss assassa PR!CE MIGN - LOW sassassssss=ssasssssssssssssssasssssssssazzassassas===ssassss=ss 1 CENTRAL LA ENERLY 30 1/8 31 3/4 - 19 7/8 527 9.6 3 06 3 92( 4) 7.7 1.68 5.58 43 20.33 148 20.1 sasssssssssssssssssssssssss 2 500iMwtSTERN P 5 13 1/4 14 5/8 - 13 1/8 449 25 9 1.64 1.60f 4) 8.3 1.28 9.o6 80 9 29 143 16.7 3 PUB SVC IkotANA" 26 26 5/8 - 24 1/8 474 27 1 2.92 3 29( 4) 7.9 2.32 8.42 71 23 17 Il2 14.5 4 luc 50N ELEL Fwt 16 1/8 16 7/8 - 15 3/8 483 21.3 1 95 2.15( 3) 7.5 1.42 8.81 66 14.54 III 15 3 5 INDIANAPOLIS P &L 23 1/8 23 3/8 - 21 1/2 157 13,3 2 30 2.84( 4) 8.1 2.12 9 17 75 22.25 104 12.9 6 TAMPA ELECTRIC 17 3/4 18 1/2 - 17 1/8 353 15 3 2.53 2.39( 3) 7.4 1.44 8.11 60 17.36 102 14.3 7 ufAH power & LIGHT 18 1/2 19 3/4 - 47 3/4 496 Je.8 1.93 1.79( 4) 10.3 1.76 9 51 98 18.16 102 9.9 8 EL PASO ELECTRIC 9 7/8 11 1/4 - 9 7/8 285 12.7 1.30 1.30( 3) 7.F 1.04 10.53 80 10.01 99 13.4 9 PACIF IC POWER & LT 20 3/8 21 1/4 - 19 1/2 319 37.4 2.51 2.42( 3) 8.4 1.92 9.42 79 20.80 98 11.8 10 CEN ILL pus SVC" 13 1/2 13 3/4 - 12 1/4 279 23 3 1.63 2.08( 4) 6.5 1.36 10.07 65 13.86 97 15.1 61 15.83 97 1s.1 11 CENTRAL SOUTH WEST 15 3/8 16 1/4 - 14 5/8 708 65.5 2.25 2.32( 3) 6.6 1.42 12 CINCINNATI G E E 19 1/4 21 1/8 - 18 473 26.8 2.54 2.66( 4) 7.2 1.96 aU.18 74 19.04 97 13.6 13 W15 CON 51N Pwm & LT 18 5/8 19 3/4 - 17 3/4 68 11.0 2.15 2.41( 3) 7.7 1.76 9.45 73 19.22 97 12.7 14 ILLINORS POWER" 21 1/4 23 3/4 - 20 826 28.5 2.74 2.80( 3) 7.6 2.26 10.73 81 21.95 97 12.9 15 IEXA5 UTILITIE5" 19 1/4 20 1/8 - 18 1522 86.0 2.54 2.58C 4) 7.5 1.6% 8.52 64 20.14 96 13.1 16 WISCONSIN PUS SVC 17 3/8 19 7/8 - 16 1/4 95 10.8 2.53 2.65( 3) 6.6 1.62 9.32 61 18.24 95 14.2 17 orLAnoMA GAS 5 EL" 16 17 7/8 - 15 1/2 795 26.7 1.97 1.78C 3) 9.0 1.60 10.00 90 16.85 95 10.7 18 AMERICAN ELEC PWR" 20 3/8 231/2-197/8 1444 110.7 2.26 2.27( }) 9.0 2.18 10.70 96 21.47 95 10.6 19 wASHINGioN Win PwR 22 3/8 23 5/8 - 21 3/8 47 9.0 3.19 3.06( 4) 73 2.08 9.30 68 23.88 94 13.2 20 EMPIRE DIST ELEC" 13 3/4 14 1/2 - 13 1/4 22 4.0 1.70 1.94( 3) 71 1.40 10.18 72 14.75 93 13 3 21 PORTLAND GEN ELEC 17 1/8 18 3/8 - 16 1/8 327 31.0 1.40 1.41( 3) 12.1 1.70 9.93 121 18.42 93 7.6 22 IOWA PUBLIC SVC 20 3/4 23 3/8 - 19 7/8 109 8.9 3.05 3.12( 3) 6.7 2.04 9.83 65 22.33 93 14.1 23 CLEVELAND EL ILLU 18 19 t/4 - 16 3/8 777 35.8 2.20 2.16( 3s 8.3 1.92 10.67 89 19.69 91 13.0 24 IOWA POWER & LT" 23 3/4 26 - 22 3/8 73 7.J 3.62 3.46( 3) 6.9 2 5? 10.61 71 25.98 91 13.6 25 OHIO EDis0N" 14 3/4 17 1/2 - 14 5/8 1640 $8.1 1.19 1.21( 4) 12.2 1.76 11.93 145 16.31 90 7.3 26 So CAtollNA EEG" 16 5/8 18 - 15 384 ?).6 2.26 1.95( 4) 8.5 1.68 10.11 86 18.44 Sd 10.7 27 NfW INGLAND ELEC" 22 3/8 23 3/8 - 20 1/8 226 41.1 3.21 3.48( 3) 6.4 2.24 10.01 64 24.97 90 14.3 48 INTERSTATE POWER 14 1/8 15 5/8 - 13 3/4 64 7.6 1.60 1.70( 3) 8.3 1.50 10.62 88 15.81 89 10.8 29 MINNESOTA PR $ Lf" 19 7/8 21 1/4 - 18 7/8 86 10.2 3.19 3.93( 3) 5.1 1.94 9.76 49 22.27 89 18.1 30 NORIHERN STATES" 23 1/8 25 7/8 - 21 3/8 1124 30.0 3.29 3.55( 3) 6.6 2.16 9.34 62 25.99 89 13.8 31 NORT HWESTERN P 5 16 5/8 17 3/4 - 16 3/8 39 2.4 2.65 2.64( }) 6.3 1.80 10.83 68 18.72 89 14.2 NC) 32 PUS Sbc COLORADO 15 5/8 17 3/8 - 15 1/4 601 31.8 1.66 1.70( 3) 9.2 1.60 1G.2% 94 17.63 89 9.6 N CZ3 13 PUS SVC NEw MEXICO 19 1/2 20 $/8 - 18 7/8 433 15.2 2,83 2.78( 3) 7.0 1.92 4.85 (9 22.03 89 12.7 34 OTIF A Tall POWER 20 7/8 23 - 19 1/4 118 3.8 3.31 3.27( 3) 6.4 2.00 4.58 61 23 61 88 14.2 3$ ATLANilC CITY ELEC 18 3/4 19 7/8 - 17 1/2 120 12.0 2.21 2. 37( 3) 7.9 1.74 9.2R 7,5 21.27 88 11.3 36 COL E So OHBO ELEC 22 1/2 24 $/8 - 20 7/8 173 16.2 1.73 2.13( 4) 10.6 2.32

13. 31 109 25.69 88 8.2 (M

3T IDAHO power 25 1/4 26 1/8 - 24 101 10.5 2.96 2.58( 3) 9.8 2.28 9.03 88 28.89 87 9.0 f5e) 38 NEVADA power 21 5/8 22 3/8 - 20 1/4 76 5.1 2.45 3.00f 3) 7.2 2.12 9.80 71 24.78 8T 12.2 39 lowa-ILL GAS s EL" 18 1/4 21 3/8 - 18 1/8 75 9.1 2.74 2.85( 3) 6.4 2.00 10.96 70 20.96 87 13.9 40 HOUSION BNDUSTRIES 28 3/4 31 1/8 - 27 1/8 501 33.1 4.21 4.51( 4) 6.4 2.36 8.21 52 33 04 87 14.1 41 tiNION EL".CTRIC 14 14 3/4 - 13 1/8 322 52.1 2.01 2.11( }) 6.6 1,44 10.29 68 16.11 87 13 3 43 COMMUNITY PUS SVC 20 3/8 2 - 1 /4 .]8 4 (j {.g {*.gg ].3 j.g} gg j. 42 nAWAllAN ELECTRIC 24 3/8 2 1/2 - 2 /4 .1 44 5AN DIEGO GA5 E EL 15 IS 7/8 - 14 409 27.6 2.02 1.82( 3) 8.2 1.44 9.60 79 17.48 86 10.5 45 CENTRAL ILL Ll4Hi" 16 3/8 17 I/2 - l$ 1/2 69 10.4 1.91 2.29( 4) 7.3 1.70 10.38 76 19.05 86 11.9 46 SIERRA PAC PwR CO 13 14 - 12 1/4 90 93 1.83 1.9d( 4) 6.6 1.22 9.38 62 15.16 86 13.2 47 500lsetNN INU G &E 17 7/8 10 3/4 - 17 1/8 75 53 3.04 3.25( 4) 5.5 1.52 8.50 47 20.8N 86 16.2 46 BANSAS POWtR & LT" 19 1/4 20 */ 4 - 19 156 10.8 2.74 2.75( }) 7.2 1.96 1.92 71 21.12 85 12.0 49 wl5CuN5 B N ELEC PR" 25 t/8 27 - 21 3/8 449 18.5 J.50 3.49( 4) 7.2 2.38 9.47 08 29.50 85 12.1 50 t one. In ann t1Nr. 16 j/4 18 t/4 - 15 1/8 (tB 51.4 /.44 2 37( 3) 6.9 1.7n 10.46 72 19.12 85 12.5

m m.ar 51 lowA soutHEnN ur" 23 3/4 237/8-231/4 31 2.5 3.47 3.76r 4) 6.3 2.28 9.60 61 27.98 85 13.8 %* HoNfANA Danora ut 17 la 1/2 - 16 47 5.5 2.45

2. 34( 3) 7.3 1.50 8.82 64 20.05 85 11.8 s i ta>s t Powta 18 20 g/8 - 16 1/2 1446 78.0 2.61 2.70( 3) 6.7 1.80 10.00 67 21.31 84 12.9 S4 tuulsystle G s. E 20 1/2

?! 7/8 - 19 1/2 157 10.2 2.06 2.05( 4) 10.0 2.00 9.76 98 24.35 84 8.4

s MaulsuN GA5 & tLa 14 3/4 16 7/8 - 14 1/4 70 55 1.96 1.97( 3) 7.5 1.48 10.03 75 17.54 84 11.4 56 PuGET sound P s t"

15 5/8 17 1/2 - 15 3/8 224 18.8 2.17 2 07( 31 7.5 1.56 9.98 75 18.63 84 11.2 57 ALLEGHtNT POwth 17 1/4 17 3/8 - 15 3/8 833 34.7 1.90 2.33( 31 7.4 1.72 9.97 74 20.59 84 11.4 58

ANSA 5 GA5 & tLEC" 18 1/8 19 3/4 - 17 1/4 185 11.1 2.28 1.93( 4) 9.5 1.90 1 0. 14 98 21.95 84 8.7 59 AalloNA PueLIC svC 18 7/8 21 3/8 - 18 1/4 601 32.8 3.15 2.90( ])

6.5 1.88 9.96 65 22.56 84 13.1 60 DAYION POuta & LT IS 3/8 13 7/8 - 14 3/4 23] 23.4 1.73 1.8 j( 3) 8.4 1.74 11.32 95 18.39 34 9.9 bl TOLEDO EDISON 20 1/4 23 3/8 - 19 150 15.7 2.78 2.83( 3) 7.2 2.20 10.86 78 24.29 83 11.7 62 MONIANA POWER" 21 $/8 22 7/8 - 20 1/2 275 10.2 2.71 2.6)( 3) 8.3 2.04 9.43 78 25.98 83 10.2 6 3 BAL T IMoRE G AS 4 t " 24 1/4 26 - 21 1/2 $96 31.0 3.38 3.34( 4) 7.3 2.44 10.06 73 29.20 83 11.7 64 ttoalDA Powta ConP 29 5/8 32 7/8 - 27 1/4 277 14.4 4.74 4.2H( 4) 6.9 2.76 9.32 64 35.71 83 12.4 65 CAaOLINA Pwa & LT 20 1/8 22 1/2 - 18 1/4 669 40.6 3.10 3.08( 4) 6.5 1.96 9.74 64 24.30 83 12.9 66 COMMONWEALTH ED" 24 1/4 27 3/4 - 22 3/8 1805 85.6 3.30 2.97( 4) 8.2 2.60 10.72 88 29.30 83' 10.3 67 MIDoLE south UTILS IS 3/8 16 1/4 - 13 5/8 1285 84.8 2.46 2.50( 4) 6.1 1.52 9.89 61 18.60 83 13.7 68 PfwN5YLVANIA P&L" 20 3/4 21 1/8 - IS 3/4 402 39.1 2.06 3.13( 3) 6.6 2.04 9.83 65 25.12 83 12.6 69 OeANGE s a0CK ul" 13 7/8 15 3/4 - 13 5/8 67 10.1 2.10 2.06( 3) 6.7

1. 5.'

10.95 74 16.92 82 12.4 in DLLMARVA PWR 5 LT 12 7/8 14 1/8 - 12 1/8 458 23.8 1.85 1.88( 3) 6.8 1.38 10.72 73 15.77 82 12.1 11 fLonIDA Pwa & LT 26 1/2 28 7/8 - 26 1001 40.2 4.54 4.27( 3) 6.2 2.40 9.06 56 32.49 82 13.7 72 Ne w En6 G s E AS5n 15 1/8 16 1/8 - 14 1/8 49 7.4 2.40 2.59( 3) 5.8 1.60 10.58 62 18.63 81 14.2

7) KENIuCEV uTILITIE5 20 1/8 20 3/4 - 18 126 9.7 1.88 2.92( 4) 6.9 2.04 10.14 70 24.92 81 11.7 74 GutF STATES UilLS 12 1/2 13 1/2 - 11 1/4 509 38.3 1.73 1.69( 3) 7.4 1.36 10.88 80 15.50 81 11.1 75 DE Ta0li EDISON" 15 1/8 15 5/8 - 13 1/2 861 66.4 1.76 2.04( 4) 7.4 1.60 10.58 78 18.81 80 10.8 76 NOMIHLaN IND P 5" 15 16 3/4 - 14 7/8 265 30.7 1.61 1.85( 4) 8.1 1.50 10.00 81 18.71 80 9.9 77 SOulHteN C ALIF ED" 26 273/8-241/4 933 62.9 3.52 4.04( 3) 6.4 2.48 9.54 61 32.57 80 12.5 78 PHILADELPHIA Ettc 15 3/8 17 5/8 - 15 1/8 893 80.5 1.87 1.87( 3) 8.2 1.80 11.71 96 19.28 80 9.7 79 CENia AL MAINE Pwn 13 1/4 16

- 13 1/4 104 11.8 2.19 2.17( 3) 6.3 1.52 11.05 To 17.25 80 12.8 80 POTOMAC ELEC PWR" 12 7/8 14 5/8 - 12 3/8 6 32 40.7 1.70 1.59( 4) 8.1 1 34 10.41 84 16.17 80 9.9 81 Duqur5NE LIGHT 14 3/6 16 7/8 - 14 1/4 358 31.8 1.49 1.39( 3) 10.3 1.72 11.97 124 18.20 79 7.6 82 PACIFIC GAS & ELEC 23 1/2 25 1/8 - 21 5/8 1481 100.9 3.20 3.5?( 3) 6.7 2.32 9.87 66 29.76 79 12.0 83 htw Yoax 57 E6G" 16 3/8 18 1/8 - 15 7/8 220 25.7 2.46 2.34( 3) 7.0 1.68 10.26 72 20.78 79 11.3 84 uNiiLD BLLUMINAING

2) 1/8 24 7/8 - 21 7/8 61 6.1 3.n6 3.64( 4) 6.4 2.56 11.07 70 29.36 79 12.3 85 pus SVC EL & GA5" 20 1/2 22 3/4 - 20 669 64.5 2.95 3.14( 4) 6.5 2.20 10.73 70 26.13 78

!?.1 P6 pus SVC NEW HAMP 17 7/8 21 1/8 - 17 1/8 264 11.8 3.25 3.13( 3) 5.7 2.12 11.86 68 22.89 78 13.8 87 NIAGAaA MOHAWK Pwa 13 1/4 15 3/8 - 13 793 61.8 1.89 2.00( 3) 6.6 1.44 10.87 72 17.14 7/ 11.7 88 lowA ELEC LT s Pa" 13 7/8 15 7/8 - 13 3/4 57 7.3 2.04 2.02( 3) 6.9 1.50 10.81 74 18.12 77 11.3 89 CON 5uMERS PowEn 21 1/8 23 5/8 - 19 802 47.4 3.21 3.53( 3) 6.0 2.24 10.60 63 27.86 76 12.8 90 KANSAS CITY P $ L" 24 7/8 271/8-241/8 291 11.6 3.55 2.93( 4) 8.5 2.66 10.69 91 32.99 75 8.9 91 SOUTHERN COMPANYu }2 }f2 }4 y/8 - 32 2413 }43,4 1,45 },41( 43 6,9 1.54 12.32 109 17.05 73 8.2 92 accitSTER GA5 & EL 16 18 - 15 3/8 134 15.2 2.46 2.34( 3) 6.8 1.44 9.00 62 22.01 73 10.8 93 CENiaAL HuO50N GEE 18 %/8 20 3/4 - 18 44 5.4 3.24 3.08( 3) 6.0 1.96 10.52 64 26.29 71 11.8 94 CENiaAL VT pus SVC 14 3/4 16 5/8 - 14 3/8 43 2.9 2.92 3.01( 3) 4.9 1.64 11.12 54 20.8% 71 15.0 95 BOSTON EDISON 21 1/2 e' 3/4 - 20 5/8 158 11.5 2.96 3.36( 3) 6.4 2.44 11.35 73 31.00 69 10.9 N) sg) 96 NoaIHEAST utIL5 8 7/8 10 - 8 5/8 738 65.2 1.29 1.53( 4) 5.8 1.02 11.45 66 13.27 67 11.6 97 VlaGINIA ELEC & PR 12 5/8 14 3/4 - 12 2249 85.2 1.88 1.77( 3) 7.1 1.40 11.09 7f 19.09 66 o1 Cll) 98 SAVANNAH ELEC ( PR 10 3/8 11 1/2 - 10 33 3.4 2.75 2.69( 3) 3.9 1.00 9.64 )t 17.60 59 16*1 99 CONSOLIDATED LJ 22 3/4 25 - 21 976 62,2 4.29 4.00( 3) 57 2.44 10.73 61 41.89 $4 96 100 GENERAL PUS uf.5 8 3/4 18 7/8 a 81/4 5476 60.t 2.30 2.25( 4J 39 1.00 11.43 44 22.41 39 10.1 (,NJ

Dividsnd Reinvestment at 54 Discount HIGH 12.2 12.32 145 148 20.1 Low 3.9 5.58 37 39 7.3 Avt a AGE 7.3 10.07 74 86 12.2 MtDIAN 7.1 10.02 71 85 12.1 11

2 s. r,, 7. m.,.. g, w m p. p g. n 3. g r g. p.c.,q c v y g r. 51 r - q g- .,7 S2!omon BrMhog 12 Stock Research 3 ELECTRIC uritliv CoMMnN STOCK NARKET DArA RANKING sv RET / avg Eq 1979 (000) (MM) 12/31/te 5 5 5/11/79 YEAR-TO-DATE M0 SHS 19tv CURR Div PAT BOOK MKT / RET / F*lCE FIGN - LOW VOLU 0/5 EPS EP5 (MO) P/E RATE VLD OUT VAL /5H 800K AVG EQ 3333333E333233333233 333333 23:2== 22:323E333333333333223:33*32233432333333333233333333333333=33:3 33:222 1 CENTAAL LA ENERGY 30 1/8 31 3/4 - 19 7/8 527 9.6 3.06 3.9?( 4) 7.7 1.68 5.58 43 20.33 148 20.1 2 MlhNE50TA PR & LTN 19 7/8 21 1/4 - 18 7/8 86 10.? 3.19 3.9)( 3) 5.1 1.94 9.76 49 22.27 89 18.1 3 SOUTHWCSTERN P 5 13 1/4 14 5/8 - 13 1/8 449 25.9 1.64 1.60( 4) 8.1 1.28 9.66 80 9.29 143 16.7 4 SOUTHERN IND G & E 17 7/8 18 3/4 - 17 1/8 75 5.3 3.04 3.25( 4) 5.5 1.52 8.5G 47 20.88 86 16.2 5 5AVANNAH ELEC E PR 10 3/8 11 1/2 - 10 33 3.4 2.75 2.69( 3) 3.9 1.00 9.64 37 17.60 59 16.1 6 TUCSON ELEC PWa 16 1/8 16 7/8 - 15 1/8 483' 21.3 1.95 2.15( 3) 7.5 1.42 8.81 66 14.54 111 15.3 7 CEN ILL pus svC= 13 1/2 13 3/4 - 12 1/4 279 23.3 1.63 2.08( 4) 6.5

1. 16 80.07 65 11.86 97 15.I 8 CENTRAL 50UIN WEST 15 3/8 161/4-145/8 708 65.5

?.25 2.32( 3) 6.6 1.42 4.24 65 15.83 97 15.1 9 CtNTRAL VT PUS SVC lb 3/4 16 5/8 - 14 3/8 43 2.9 2.92 3.01( 3) 4.9 1,64 11.12 54 20.84 71 15.0 10 PUS SVC INDIANA" 26 26 5/8 - 24 1/8 474 27 1 2.0 3.29( 4) 7.9 2.32 8.92 71 2 3. t 7 112 14.5 11 IOWA PUBLIC syc 20 3/4 231/8-197/8 109 8.9 3.05 3.12( 3) 6.7 2.04 9.83 65 22.33 93 14 3 12 NEW E NGL AND ELEC" 22 3/f 23 3/8 - 20 1/8 226 21.1 3.21 3.48( 3) 6.4 2.24 10.01 64 24.97 90 14.3 13 YAMPA ELECTRIC 17 3/4 18 1/2 - 17 1/8 353 15.3 2.53 2.39( 3) 7.4 1.44 0.11 60 17 36 102 14.3 14 NEW ENG G $ E ASSO 15 1/8 161/8-141/8 49 7.4 2.40 2.59( 3) 5.8 1.60 10.58 6? 18.63 81 14.2 15 NORTHWESTERN P 5 16 5/8 17 3/4 - 16 3/8 39 2.4 2.65 2.64( 3) 6.3 1.80 10.83 FR 1R.72 89 14.2 16 OTTER TAIL POWER 20 7/8 23 - 19 1/4 118 3.8 3.31 3.27( 3) 6.4 2.00 9.58 61 23.61 88 14.2 17 Wl5 CON)lN PUG lyC 17 3/8 17 7/8 - 16 1/4 95 10.8 2.53 2.65( 3) 6.6 1.62 9.32 61 1R.24 95 14.2 18 HOU5 TON INDUSTRIES 28 3/4 31 1/8 - 27 1/8 501 33.1 L.?1 4.51( 4) 6.4 2.36 R.?! 52 33.04 87 14.1 19 IOWA-ILL GAS E EL" 18 1/4 2: 1/8 - 18 1/8 75 9.1 2.74 2.85C 3) 6.4 2.00 80.96 70 20.96 87 33.9 20 NORiHERN STATES" 23 1/8 25 7/8 - 21 3/8 1124 30.0 3.29 3 51( 34 6.6 2.16

9. 3%

62 25.99 89 13.8 21 PUS SYC NEW HAMP 17 7/8 21 1/8 - 17 1/8 264 11.8 1.25 3.13( 3) 5.7 2.12 11.86 68 ??.89 73 13.8 22 IOWA 500lHERN UTM 23 1/4 257/8-231/4 31 2.5 3.47 3.76( %) 6.3 2.?8 9.e n 61 ??.99 P5 I t.8 23 MIDDR.E SOUTH UTILS 15 3/8 16 1/4 - II 5/8 1285 84.8 2.46 2.50( 4) 6.1 1.5? 9.H9 of IM.on at 1 1. / 2% COMMUNITY PUS Syc 20 3/8 21 - 18 3/4 15 1.8 3.11 3.18( 3) 6.4 1.88 9.23 59 23.61 86 11.7 25 PLORIDA PWR a LT 26 1/2 28 7/8 - 26 1001 40.2 4.54 4.27( ]) 6.2 2.40 9.06 56 32.49 82 13.7 26 IOWA POWER 8 Liu 23 3/4 26 - 22 3/8 73 7.3 3.62 3.46( 3) 6.9 2.5? 10.f l 73 25.98 91 13.6 27 CINCINNAil GEE 19 1/4 21 1/8 - 18 473 26.8 2.5% 2.66( 4) 7.2 1.96 10,18 74 11,84 97 13,6 28 EL PA50 ELECTRIC 97/8 11 1/4 - 9 7/8 285 12.7 1.30 1.30( 3) 7.6 1.04 10.53 en In.nl 99 33.4 29 UNION ELECTRIC 14 14 3/4 - 13 1/8 322 52.1 2.01 2.11( 3) 6.6 1,44 10.29 6A 16.11 87 13.3 30 EMPIRE DIST ELECM 13 3/4 14 1/2 - 13 1/4 22 4.0 1.70 1.94( 3) 7.1 1.40 10.18 72 14.75 93 19.3 ~~~~ 31 51ERRA PAC PWR CO 13 14 - 12 3/4 90 9.3 1.83 1.98( 4) 6.6 1.22 9.38 62 15.16 86 13.2 IN ) 32 WASHINGTON WIR PWR 22 3/8 23 5/8 - 21 3/8 47 9.0 3.19 3.08( 4) 7.3 2.08 9.30 68 23.8R 94 13.2 s sc) 33 linAs UTILirits" 19 1/4 20 1/8 - 18 1522 86.0 2.54 2.58( 4) 7.5 1.64 8. *.? 64 ?n.14 96 l _t.1 34 ARIZONA PUBLIC sVC 18 7/8 21 1/3 - 18 t/4 601 32.8 3.15 2.90( 3) 6.5 1.88 9.06 65 22.56 84 11.1 C:2) 35 ILLINOIS POWER = 21 1/4 23 3/4 - 20 826 28.5 2.74 2.80( 3) 7.6 2.28 10.33 81 21.95 9r 12.9 36 CAROLINA PWR $ LT 20 1/8 22 1/2 - 18 1/4 669 40.6 3.10 3.08( 4) 6.5 1.96 9.74 64 24.30 83 12.9 l *4 37 DUKE POWER 18 20 5/8 - 16 1/2 1446 78.0 2.61 2.70( ]) 6.7 1.80 10.00 67 21.31 84 12.9 38 lNDIANAPOLIS P & L 23 1/8 23 3/8 - 21 1/2 157 13.1 2.30 2.84( 4) 8.1 2.12 9.17 75 22.25 104 12.9

33, 39 CENTRAL MAINE PWR 13 3/4 16

- 13 1/4 104 11.8 2.19 2.17( 3) 6.3 1.52 11.05 70 17.25 80 12.8 4 0 CON SUME R S POWE R 21 1/8 23 5/8 - 19 802 47.4 3.21 3.53C 3) 6.0 2.24 10.60 63 27.86 76 12.8 41 Wl5CDN5lN PWR & LT 18 5/8 19 3/4 - 17 3/4 68 11.0 2.15 2.41( }) 7.7 1.76 9.45 73 19.22 97 12.7 42 PUB SVC NEW MEXICO 19 1/2 20 5/8 - 18 7/8 433 15.2 2.63 2.78( 3) 7.0 1.92 9.85 69 22.03 89 12.7 43 PENNSYLVANIA P&Lu 20 3/4 21 1/8 - 18 3/4 402 39.1 2.86 3.13( 3) 6.6 2.04 9.83 65 25.12 83 12.6 44 taWAll AN ELECTRIC 24 3/8 271/2-233/4 77 5.9 3.38 3.46( 3) 7.0 2.2% 9.19 65 28.21 86 12.5 45 LONG ISLAND LING 16 1/4 18 1/4 - 15 1/8 668 51.4 2.44 2. 37( }) 6.9 1.70 10.46 72 19.12 05 12.5 46 SOUTHERN CALIF EDN 26 27 3/8 - 24 1/4 93) 62.9 3.52 4.04( 3) 6.4 2.48 9.5% 61 12.57 Rn 12.5 41 OR Arn;E 6 ROCK Ulm Il 7/8 15 3/4 - 13 $/8 67 10.1 2.10 2.06( 3) 6.7 1.52 10.95 74 16.9? 82 I?.4 48 FLORIDA POWER CORP 29 5/8 )? 7/8 - 27 1/4 277 14.4 4.74 4.28( 4) 6.9 2.76 9.1/ 64 15.73 At 12.4 49 Ure t i t O llLUMINATNG

2) 1/8 24 7/8 - ?) 7/8 61 6.1 1.06 3.64( 4) 6.4 2. Sf.

II.nl 70

29. lf.

74 I?.I 5n Nr.yApr gn.tw cl */H ?? 3/R - 2n 1/4 76 5.1 ?.45 3.on( 4) , 1. 2 ?.I? 9.R1 Il 24 /R R/ L2.'

51 rue Syc EL E GAsa 20 1/2 22 3/4 - 20 669 64.5 2.s 3 14( 4) 6.5 2.20 10.73 70 26.13 78 12.1 52 DtLMARvA PwR & LT 12 7/8 14 1/8 - 12 1/8 458 23.8 1.85 1.88( 3) 6.8 1.38 10.72 7) 15.77 82 12.1

5) Wi b(GNSIN E L EC PR" 25 I/8 27

- 23 3/8 449 18.5 3.50 3.49( 4) 7.2 2.38 9.47 68 29.50 85 12.1 54 PACleIL 6As E ELEC 23 1/2 25 1/8 - 21 5/8 1481 100.9 3.20 3.52( 3) 6.7 2.32 9.87 66 29.76 79 12.0 55 tan 5A5 P0wtR & L T" 19 3/4 20 3/4 - 19 156 10.8 2.74 2.75( 3) 7.2 1.96 9.92 71 23 12 85 12.0 56 CENTRAL ILL LIGHT" 16 3/8 17 t/2 - 15 1/2 69 10.4 1.91 2.25( 4) 7.3 1.70 10.3' 76 19.05 86 11.9 57 CENTRAL HUO50d GEE 18 5/8 20 3/4 - 18 44 5.4 3.04 3.08( }) 6.0 1.96 10.52 64 26.29 71 11.8 58 MONT AN A DAacT4 UT 17 18 1/2 - 16 47 5.5 2.45 2.34( 3) 7.3 1.50 8.82 64 20.05 85 11.5 $9 PACIPIC PuutR & LT 20 J/8 28 1/4 - 19 1/2 li9 17.4 2.51 2.42( 3) 8.4 1.92 9.42 79 20.80 98 11.8 60 NIAGARA M04AwK PWR 13 1/4 15 3/8 - 13 793 61.8 1.89 2.00( 3) 6.6 1.44 10.87 72 17.14 77 11.7 61 TOL EDO EDISON 20 1/4 23 3/8 - 19 150 15.7 2.78 2.83( 3) 7.2 2.20 10.86 78 24.29 83 11.7 62 E ENIUCKY UTILillES 20 1/8 20 3/4 - 18 126 9.7 1.88 2.92( 4) 6.9 2.04 10.14 70 24.92 81 11.7 63 SALTIMORE GA5 & LM 24 1/4 26 - 21 1/2 $96 31.0 3.38 3.3)( 4) 7.3 2.4% 10.06 73 29.20 83 11.7 3 64 NORint asi ur lL5 6 7/8 10 - 85/8 718 65.2 1.29

1. 5 )( 4) 5.8 1.02 11.45 66 13.27 67 11.6 l 65 MAolsou GAS & EL" 14 1/4 26 7/8 - 14 1/4 70 5.5 1.96 1.97( 3) 7.5 1,48 10.03 75 17.54 P4 11.4 66 ALLEGHENY POWER 17 1/4 17 3/8 - 15 3/8 833 34.7 1.90

2. 3)( 3) 7.4 1.72 9.97 74 20.59 84 11.4 67 NEW YORK Si ttG" 16 3/8 18 1/8 - 15 7/8 220 25.7 2.46 2.34( 3) 7.0 1.68 10.26 72 20.78 79 11.3 69 10wr EttC Li s PR" 13 7/8 15 7/8 - 13 3/4 57 7.3 2.04 2.02( 3) 6.9 1.50 10.81 74 18.12 77 11.3 69 ATLANTIC CITY EtCC 18 3/4 19 7/8 - 17 1/2 120 12.0 2.21 2.37( 3) 7.9 1.74 9.28 73 21.27 88 11.3 70 PuGET 509ND P &tu 35 $/8 17 ]/2 15 3/8 224 18.8 2.17 2.07( 3) 7.5 1.56

9. j8 75 18.63 84 11.2 73 GULF STAIES UllL5 12 1/2 13 1/2 - 11 3/4 509 38,3 1,73 1.69( 3) 7.4 1.36 10.88 80 l$.$0 81 11.1 12 CLEyLLAND EL LLLV 18 11 1/4 - 16 3/8 777 35.8 2J20 2.16( 3) 8.2 1.92 10.67 89 19.e9 91 11.0 71 BOSTON EDISON 21 1/2 24 3/4 - 20 5/8 158 11.5 2.96 3.36( 3) 6.4 2.44 11.35 73 31.00 69 10.9 74 DE IRol t tol50N" 15 1/8 15 5/8 - 13 1/2 861 66.4 1.76 2.04( 4) 7.4 1.60 10.58 78 18.81 80 10.8 75 INTER 5 FAIL POWER 14 1/8 15 5/8 - 13 3/4 64 7.6 1.60 1.70( 3) 8.3 1.50 10.62 88 15.81 89 10.8 76 ROCHESTER GAS & EL 16 18

- 15 3/8 134 13.7 2.46 2.34( }) 6.8 1.44 9.00 62 22.01 73 10.8 77 50 CAROLINA EEG" 16 5/8 18 - 15 384 23.6 2.26 1.95( 4) 8.5 1.68 10.11 86 IP.44 90 10.7 78 OKLArtoMA GA5 & EL" 16 177/8-151/2 795 26.7 1.97 1.78( 3) 9.0 1.60 10.00 90 16.85 95 10.7 79 ANtulCAN ELEC PWR" 20 3/8 23 1/2 - 19 7/8 1444 110.7 2.26 2.27( 3) 9.0 2.18 10.70 96 21.47 95 10.6 80 SAN DILGO GAS & EL 15 15 7/8 - 14 409 27.6 2.02 1.82( 3) 8.2 1.44 9.60 79 17.41 86 10.5 81 COMMONWEALTH ED" 24 1/4 27 3/4 - 22 *,/8 1805 85.6 3.10 2.97( 4) 8.2 2.60 10.72 88 29.30 83 10.3 82 MONTANA POWER" 21 5/8 22 7/8 - 20 1/2 275 10.2 2,71 2.6t( 3) 8.3 2.04 9.43 78 25.98 83 10.2 83 GLNERAL PUS UTILS 8 3/4 18 7/8 - 8 1/4 5476 60.5 2.30 2.25C 4) 3.9 1.00 11.43 44 22.41 39 10.1 84 UTAH POWER E LIGHT 18 1/2 19 3/4 - 17 3/4 485 32.8 1.93 1.79( 4) 10.3 1.76 9.51 98 18.16 102 9.9 85 POTOMAC ELEC PwR" 12 7/8 14 5/8 - 12 3/8 632 40.7 1.70 1.59( 4) 8.1 1.34 10.41 84 16.17 80 9.9 86 DAYTON P0wFR S LT 15 3/8 16 7/8 - 14 3/4 233 23.4 1.73 1.83( 3) 8.4 1.74 11.32 95 18.39 84 9.9 87 NORIHERN INO P 5" 15 16 3/4 - 14 7/8 265 30.7 1.61 1.85( 4) 8.1 1.50 10.00 81 18.71 80 9.9 88 CON 50LIDATLD ED 22 3/4 25 - 21 976 62.2 4.29 4.00( 3) 5.7 2.44 10.73 61 41.89 54 9.8 89 PHILADELPHIA CLEC 15 3/8 17 5/8 - 15 1/8 893 80.5 1.87 1.87( 3) 8.2 1.80 11.71 96 19.28 80 9.7 90 PUS Svc COLORADO 15 $/D 17 3/8 - 15 1/4 601 31.8 1.66 1.70( 3) 9.2 1.60 10.24 94 17.F3 89 9.6 91 vlRGINIA ELEC & PR 12 5/8 14 3/4 - 12 2249 85.2 1.88 1.77( 3) 7.1 1.40 11.09 79 19.09 66 9.3 92 IDANO PowtR 25 1/4 26 1/8 - 24 101 10.5 2.96 2.58( 3) 9.8 2.28 9.03 88 28.89 87 9.0 93 KANSAS CITY P 5 L" 24 7/8 27 1/8 - 24 1/8 291 11.6 3.55 2.93( ) 8.5 2.66 10.69 91 12.99 75 8.9 94 KANSA5 GAS & ELEC" 18 3/8 19 3/4 - 17 1/4 !!5 11.1 2.28 .l.93( 4) 9.5 1.90 10.34 98 21.95 84 8.7 95 L0utsvlLLE G & E 20 1/2 21 7/8 - 19 1/2 157 10.2 2.06 2.05( 4) 10.0 2.00 9.76 98 24.35 84 8.4 a 96 SOUTHERN COMPANYu }2 ]/2 14 7/8 - ]2 24g3 143,4 1,45 3,4)( 43 8.9 1.54 12.32 109 17.05 73 8.2 I ') 97 COL s 50 OH10 E L EC 22 1/2 24 5/8 - 20 7/8 173 16.2 1.73 2.13( 4) 10.6 2.32 10.31 109 25.69 88 8.2 NC) 98 POR7 LAND GEM ELEC 17 1/8 18 3/8 - 16 1/8 327 31.0 1.40 1.41( 3) 12.1 1.70 9.93 121 18.42 93 7.6 99 DUQUESNE LIGHT 14 1/8 16 7/8 - 14 1/4 358 31.8 1.49 1.39( 3) 10.3 1.72 11.97 124 18.20 79 7.6

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100 onto LDISON" 14 3/4 17 1/2 - 14 5/8 1640 58.1 1.19 1.2)( 4) 12.2 1.76 11.93 145 16.33 90 7.3 t_.a

oividend Reinvestment at 54 biscount HIGH 12.2 12.32 145 148 20.1 tow 3.9 5.58 37 39 7.3

(_J i AVERAGE 7.3 10.07 74 86 12.2 MEDIAN 7.1 10.02 71 85 12.1 13

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YFYF '!T Mk EWMXWWTEPYV:M : ' ' T Sa!omon Brothets E dcxk Hesearch DEFINITIONS OF CALCULATIONS P/E The morth-end market price d.vided by current earnings per share (12 montha trailing).

Dividend Rate The latest declared quarterly dividend multiplied by 4. Yield The dividend rate divided by the month-end market price. Payout The dividend rate divided by current earnings per share (12 months trailing). Book Value/ Share December 31, 1976 common stock equity divided by pg) outstanding shares on that date. so cz) Market / Book Ratio The month-end market price divided by book value per share at December 31, 1976, expressed as a L-J percent. N 00 Return on Equity The current earnings per share (12 months trailing) divided by the average of book values per share on December 31, 1976 and December 31, 1975.}}

ML19254F119

Contents

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ML19254F119

Text

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