EXHIBIT L-2
MARKET SHARES FOR ELECTRIC COMPANIES IN THE UNITED STATES
SORTED BY ASSETS
1998
ASSETS SHARE OF
RANK COMPANY NAME ($000s) TOTAL
---- ------------ -------- --------
1 Texas Utilities Company $39,514,000 5.91%
2 Southern Company $36,192,000 5.41%
3 PG&E Corporation $33,234,000 4.97%
4 AEP and C&SW Combined (Pro Forma) $33,227,202 4.97%
5 Duke Energy Corporation $26,806,000 4.01%
6 Unicorn Corporation $25,707,080 3.84%
7 Edison International $24,698,000 3.69%
8 Entergy Corporation $22,848,023 3.42%
9 FirstEnergy Corp. $18,063,507 2.70%
10 Public Service Enterprise Group Inc $17,997,000 2.69%
11 Dominion Resources, Inc. $17,517,000 2.62%
12 GPU, Inc. $16,288,109 2.43%
13 XCEL ENERGY $15,068,261 2.26%
14 Consolidated Edison, Inc. $14,381,403 2.15%
15 Niagara Mohawk Holdings, Inc. $13,861,187 2.07%
16 DTE Energy Company $12,088,000 1.81%
17 PECO Energy Company $12,048,363 1.80%
18 FPL Group, Inc. $12,029,000 1.80%
19 CMS Energy Corporation $11,310,000 1.69%
20 Sempra Energy $10,456,000 1.56%
21 Northeast Utilities $10,387,381 1.55%
22 CINergy Corp. $10,298,795 1.54%
23 PPL Corporation $9,607,000 1.54%
24 Constellation Energy Group, Inc. $9,195,000 1.37%
25 MidAmerican Energy Hldgs-CalEnergy $9,103,524 1.36%
26 Ameren Corporation $8,847,439 1.32%
27 Carolina Power &Light Company $8,347,406 1.25%
28 Hawaiian Electric Industries, Inc. $8,199,260 1.23%
29 Western Resources, Inc. $7,951,428 1.19%
30 NEW CENTURY ENERGIES, INC. $7,671,964 1.15%
31 NORTHERN STATES POWER COMPANY $7,396,297 1.11%
32 KeySpan Corporation $6,895,102 1.03%
33 Pinnacle West Capital Corporation $6,824,546 1.02%
34 lllinova Corporation $6,801,300 1.02%
35 Allegheny Energy, Inc. $6,747,793 1.01%
36 Potomac Electric Power Company $6,654,800 0.99%
37 Florida Progress Corporation $6,160,800 0.92%
38 Conectiv $6,087,674 0.91%
39 UtiliCorp United Inc. $5,991,500 0.90%
40 Wisconsin Energy Corporation $5,361,757 0.80%
41 Citizens Utilities Company $5,292,932 0.79%
42 SCANA Corporation $5,281,000 0.79%
43 Dynegy Inc. $5,264,237 0.79%
44 DQE $5,247,563 0.78%
45 New England Electric System $5,070,535 0.76%
46 NiSource Inc. $4,986,503 0.75%
47 Alliant Energy Corporation $4,959,337 0.74%
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48 Energy East Corporation $4,883,337 0.73%
49 LG&E Energy Corp. $4,773,268 0.71%
50 Puget Sound Energy, Inc. $4,720,689 0.71%
51 TECO Energy, Inc. $4,179,300 0.62%
52 DPL Inc. $3,855,900 0.58%
53 Avista Corporation $3,253,636 0.49%
54 NSTAR $3,204,036 0.48%
55 Kansas City Power &Light Company $3,012,364 0.45%
56 OGE Energy Corp. $2,983,929 0.45%
57 Montana Power Company $2,928,095 0.44%
58 UniSource Energy Corporation $2,634,180 0.39%
59 Sierra Pacific Resources $2,607,824 0.39%
60 Public Service Company -New Mexico $2,576,788 0.39%
61 Reliant Energy, Incorporated $2,452,935 0.37%
62 RGS Energy Group, Inc. $2,452,935 0.37%
63 IDACORP, Inc. $2,451,620 0.37%
64 Minnesota Power, Inc. $2,317,100 0.35%
65 CMP Group, Inc. $2,262,884 0.34%
66 IPALCO Enterprises, Inc. $2,118,945 0.32%
67 United Illuminating Company $1,891,336 0.28%
68 El Paso Electric Company $1,891,219 0.28%
69 Northwestern Corporation $1,736,216 0.26%
70 WPS Resources Corporation $1,510,387 0.23%
71 MDU Resources Group, Inc. $1,452,775 0.22%
72 Cleco Corporation $1,429,000 0.21%
73 CH Energy Group, Inc. $1,316,038 0.20%
74 CILCORP Inc. $1,312,940 0.20%
75 Eastern Utilities Associates $1,302,638 0.19%
76 SIGCORP, Inc. $1,029,518 0.15%
77 TNP Enterprises, Inc. $993,765 0.15%
78 Otter Tail Power Company $655,612 0.10%
79 Empire District Electric Co. $653,294 0.10%
80 Bangor Hydro-Electric Company $605,689 0.09%
81 Black Hills Corporation $559,417 0.08%
82 Central Vermont Public Service Corp $530,282 0.08%
83 Madison Gas and Electric Company $466,265 0.07%
84 Unitil Corporation $376,835 0.06%
85 Green Mountain Power Corporation $309,824 0.05%
86 St. Joseph Light &Power Company $251,255 0.04%
87 Maine Public Service Company $164,296 0.02%
TOTAL I.0.U. ASSETS $669,007,113 100.00%
Based on Study Prepared by Navigant Consulting, Inc.
