EXHIBIT L-1
MARKET SHARES FOR ELECTRIC COMPANIES IN THE UNITED STATES
SORTED BY ELECTRIC REVENUES
1998
ELECTRIC
REVENUES SHARE OF
RANK COMPANY NAME ($000s) TOTAL
---- ------------ -------- --------
1 AEP and C&SW Combined (Pro Forma) $10,044,103 4.88%
2 Southern Company $9,762,569 4.75%
3 PG&E Corporation $8,924,000 4.34%
4 Edison International $8,847,000 4.30%
5 Unicorn Corporation $7,151,253 3.48%
6 Texas Utilities Company $6,556,103 3.19%
7 FPL Group, inc. $6,365,829 3.09%
8 Entergy Corporation $6,136,322 2.98%
9 Consolidated Edison, Inc. $5,674,446 2.76%
10 XCEL ENERGY (PRO FORMA) $5,338,679 2.59%
11 FirstEnergy Corp. $5,263,756 2.56%
12 PECO Energy Company $4,810,840 2.34%
13 CINergy Corp. $4,747,235 2.31%
14 Duke Energy Corporation $4,586,000 2.23%
15 Reliant Energy, Incorporated $4,350,275 2.11%
16 Dominion Resources, Inc. $4,284,600 2.08%
17 Northeast Utilities $4,257,069 2.07%
18 Public Service Enterprise Group Inc $4,031,000 1.96%
19 GPU, Inc. $4,028,339 1.96%
20 DTE Energy Company $3,860,517 1.88%
21 Niagara Mohawk Holdings, Inc. $3,390,501 1.65%
22 Carolina Power &Light Company $3,130,045 1.52%
23 Ameren Corporation $3,094,211 1.50%
24 CMS Energy Corporation $2,883,000 1.40%
25 NEW CENTURY ENERGIES, INC. $2,697,486 1.31%
26 Florida Progress Corporation $2,648,200 1.29%
27 NORTHERN STATES POWER COMPANY $2,641,193 1.28%
28 Allegheny Energy, Inc. $2,576,436 1.25%
29 MidAmerican Energy Hldgs-CalEnergy $2,555,206 1.24%
30 Energy East Corporation $2,499,418 1.21%
31 PPL Corporation $2,410,000 1.17%
32 NSTAR $2,341,823 1.14%
33 Constellation Energy Group, Inc. $2,219,200 1.08%
34 Conectiv $2,203,748 1.07%
35 Pinnacle West Capital Corporation $2,006,398 0.98%
36 Potomac Electric Power Company $1,886,100 0.92%
37 Sempra Energy $1,865,000 0.91%
38 l1linova Corporation $1,781,400 0.87%
39 Dynegy Inc. $1,781,388 0.87%
40 Wisconsin Energy Corporation $1,663,632 0.81%
41 Western Resources, Inc. $1,612,959 0.78%
42 Alliant Energy Corporation $1,567,442 0.76%
43 New England Electric System $1,490,417 0.72%
44 Puget Sound Energy, Inc. $1,475,208 0.72%
45 LG&E Energy Corp. $1,438,824 0.70%
46 NiSource Inc. $1,429,986 0.70%
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47 TECO Energy, Inc. $1,327,814 0.65%
48 OGE Energy Corp. $1,312,078 0.64%
49 KeySpan Corporation $1,293,998 0.63%
50 SCANA Corporation $1,220,000 0.59%
51 DQE $1,126,789 0.55%
52 DPL Inc. $1,070,700 0.52%
53 Hawaiian Electric Industries, Inc. $1,016,283 0.49%
54 Kansas City Power &Light Company $938,941 0.46%
55 CMP Group, Inc. $938,739 0.46%
56 Sierra Pacific Resources $873,682 0.42%
57 Avista Corporation $856,074 0.42%
58 Public Service Company -New Mexico $835,204 0.41%
59 IPALCO Enterprises, Inc. $785,835 0.38%
60 Eastern Utilities Associates $773,943 0.38%
61 RGS Energy Group, Inc. $687,970 0.33%
62 United Illuminating Company $686,191 0.33%
63 UniSource Energy Corporation $625,407 0.30%
64 UtiliCorp United Inc. $616,526 0.30%
65 El Paso Electric Company $602,221 0.29%
66 TNP Enterprises, Inc. $586,445 0.29%
67 Minnesota Power, Inc. $559,900 0.27%
68 Montana Power Company $547,164 0.27%
69 WPS Resources Corporation $543,260 0.26%
70 Cleco Corporation $515,175 0.25%
71 IDACORP, Inc. $514,856 0.25%
72 CH Energy Group, Inc. $418,507 0.20%
73 CILCORP Inc. $360,009 0.17%
74 SIGCORP, Inc. $297,865 0.14%
75 Central Vermont Public Service Corp $297,662 0.14%
76 Empire District Electric Co. $238,801 0.12%
77 Otter Tail Power Company $227,477 0.11%
78 MDU Resources Group, Inc. $211,453 0.10%
79 Bangor Hydro-Electric Company $195,144 0.09%
80 Citizens Utilities Company $190,051 0.09%
81 Green Mountain Power Corporation $184,304 0.09%
82 Madison Gas and Electric Company $169,563 0.08%
83 Unitil Corporation $149,639 0.07%
84 Black Hills Corporation $129,236 0.06%
85 St. Joseph Light &Power Company $89,678 0.04%
86 Northwestern Corporation $78,415 0.04%
87 Maine Public Service Company $56,602 0.03%
TOTAL I.O.U. ELECTRIC REVENUES $205,740,800 100.00%
Based on Study Prepared by Navigant Consulting, Inc.
