Energy

Industry Surveys

Electric Utilities

Justin C. McCann, Electric Utilities Analyst February 24, 2011

Current Environment ............................................................................................ 1 Industry Profile ...................................................................................................... 8 Industry Trends ..................................................................................................... 8 How the Industry Operates ............................................................................... 14 Key Industry Ratios and Statistics................................................................... 22 How to Analyze an Electric Utility Company.................................................. 23 Glossary................................................................................................................ 28 Industry References........................................................................................... 32 Comparative Company Analysis ......................................................... Appendix

This issue updates the one dated August 12, 2010. The next update of this Survey is scheduled for August 2011.

CONTACTS: INQUIRIES & CLIENT RELATIONS 800.852.1641 clientrelations@ standardandpoors.com SALES 877.219.1247 msa@standardandpoors.com MEDIA Michael Privitera 212.438.6679 michael_privitera@ standardandpoors.com Standard & Poor’s Equity Research Services 55 Water Street New York, NY 10041

Topics Covered by Industry Surveys

Aerospace & Defense Airlines Alcoholic Beverages & Tobacco Apparel & Footwear: Retailers & Brands Autos & Auto Parts Banking Biotechnology Broadcasting, Cable & Satellite Chemicals Communications Equipment Computers: Commercial Services Computers: Consumer Services & the Internet Computers: Hardware Computers: Software Computers: Storage & Peripherals Electric Utilities Environmental & Waste Management Financial Services: Diversified Foods &...