EXHIBIT L-3
MARKET SHARES FOR ELECTRIC COMPANIES IN THE UNITED STATES
SORTED BY ELECTRIC CUSTOMERS
ELECTRIC
CUSTOMERS SHARE OF
RANK COMPANY NAME (1998) TOTAL
---- ------------ --------- --------
1 AEP and C&SW Combined (Pro Forma) 4,734,648 5.27%
2 PG&E Corporation 4,536,341 5.05%
3 Edison International 4,284,029 4.77%
4 Southern Company 3,761,136 4.19%
5 FPL Group, Inc. 3,680,481 4.10%
6 Unicorn Corporation 3,444,714 3.83%
7 Consolidated Edison, Inc. 3,231,096 3.60%
8 XCEL ENERGY 3,092,273 3.44%
9 Texas Utilities Company 2,516,927 2.80%
10 Entergy Corporation 2,481,956 2.76%
11 FirstEnergy Corp. 2,161,424 2.41%
12 DTE Energy Company 2,061,679 2.30%
13 GPU, Inc. 2,031,194 2.26%
14 Dominion Resources, Inc. 2,009,391 2.24%
15 Duke Energy Corporation 1,968,249 2.19%
16 Public Service Enterprise Group Inc 1,910,971 2.13%
17 Northeast Utilities 1,729,346 1.93%
18 CMS Energy Corporation 1,627,808 1.81%
19 Reliant Energy, Incorporated 1,596,361 1.78%
20 Niagara Mohawk Holdings, Inc. 1,550,732 1.73%
21 NORTHERN STATES POWER COMPANY 1,546,804 1.72%
22 NEW CENTURY ENERGIES, INC. 1,545,469 1.72%
23 Ameren Corporation 1,506,500 1.68%
24 PECO Energy Company 1,487,794 1.66%
25 CINergy Corp. 1,424,118 1.59%
26 Allegheny Energy, Inc. 1,409,753 1.57%
27 Florida Progress Corporation 1,340,853 1.49%
28 PPL Corporation 1,250,246 1.39%
29 Sempra Energy 1,189,555 1.32%
30 Carolina Power & Light Company 1,168,585 1.30%
31 Constellation Energy Group, Inc. 1,116,652 1.24%
32 NSTAR 1,039,987 1.16%
33 Wisconsin Energy Corporation 1,005,173 1.12%
34 New England Electric System 972,056 1.08%
35 Conectiv 938,659 1.04%
36 Alliant Energy Corporation 901,825 1 00%
37 Puget Sound Energy, Inc. 881,843 0.98%
38 LG&E Energy Corp. 831,841 0.93%
39 Sierra Pacific Resources 825,377 0.92%
40 Energy East Corporation 812,772 0.90%
41 Pinnacle West Capital Corporation 777,674 0.87%
42 OGE Energy Corp. 693,710 0.77%
43 Potomac Electric Power Company 690,160 0.77%
44 MidAmerican Energy Hldgs-CalEnergy 650,586 0.72%
45 Eastern Utilities Associates 640,633 0.71%
46 Western Resources, Inc. 620,306 0.69%
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47 DQE 581,205 0.65%
48 Dynegy Inc. 567,760 0.63%
49 l1linova Corporation 567,676 0.63%
50 TECO Energy, Inc. 530,252 0.59%
51 CMP Group, Inc. 529,845 0.59%
52 SCANA Corporation 510,499 0.57%
53 DPL Inc. 487,603 0.54%
54 Kansas City Power & Light Company 447,934 0.50%
55 WPS Resources Corporation 439,957 0.49%
56 IPALCO Enterprises, Inc. 423,409 0.47%
57 NiSource Inc. 418,387 0.47%
58 UtiliCorp United Inc. 370,587 0.41%
59 IDACORP, Inc. 367,597 0.41%
60 Public Service Company - New Mexico 353,653 0.39%
61 RGS Energy Group, Inc. 344,367 0.38%
62 Hawaiian Electric Industries, Inc. 327,186 0.36%
63 UniSource Energy Corporation 320,776 0.36%
64 United Illuminating Company 313,991 0.35%
65 Avista Corporation 301,980 0.34%
66 El Paso Electric Company 287,918 0.32%
67 Montana Power Company 283,834 0.32%
68 CH Energy Group, Inc. 268,502 0.30%
69 Cleco Corporation 245,176 0.27%
70 TNP Enterprises, Inc. 226,302 0.25%
71 CILCORP Inc. 195,244 0.22%
72 Empire District Electric Co. 143,154 0.16%
73 Central Vermont Public Service Corp 140,293 0.16%
74 Minnesota Power, Inc. 138,920 0.15%
75 Otter Tail Power Company 125,462 0.14%
76 SIGCORP, Inc. 123,350 0.14%
77 Madison Gas and Electric Company 123,270 0.14%
78 Bangor Hydro-Electric Company 120,561 0.13%
79 MDU Resources Group, Inc. 114,111 0.13%
80 Citizens Utilities Company 112,885 0.13%
81 Unitil Corporation 95,552 0.11%
82 Green Mountain Power Corporation 83,564 0.09%
83 St. Joseph Light & Power Company 62,010 0.07%
84 Black Hills Corporation 56,671 0.06%
85 Northwestern Corporation 55,965 0.06%
86 Maine Public Service Company 35,381 0.04%
87 KeySpan Corporation 1 0.00%
TOTAL I.O.U. ELECTRIC CUSTOMERS 89,830,204 100.00%
Based on Study Prepared by Navigant Consulting, Inc.