<PAGE>
<TABLE>
<CAPTION>
Exhibit M-3
Market Shares for Electric Companies in the United States: Sorted by Electric Customers
Data Current as of December 31, 1998*
Share of
Rank Company Customers Total
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 FPL Group, Inc. and Entergy (Pro forma post-merger) 6,162,437 6.86%
-----------------------------------------------------------------------------------------------------------------------------
2 Consolidated Edison, Inc. and Northeast Utilities (Pro forma post-merger) 4,960,442 5.52%
-----------------------------------------------------------------------------------------------------------------------------
3 PECO/Unicom Corporation (Pro forma post-merger) 4,932,508 5.49%
-----------------------------------------------------------------------------------------------------------------------------
4 AEP (Pro forma post-merger with CSW) 4,734,648 5.27%
-----------------------------------------------------------------------------------------------------------------------------
5 PG&E Corporation 4,536,341 5.05%
-----------------------------------------------------------------------------------------------------------------------------
6 Edison International 4,284,029 4.77%
-----------------------------------------------------------------------------------------------------------------------------
7 FirstEnergy Corp./GPU, Inc.(Pro forma post-merger) 4,192,618 4.67%
-----------------------------------------------------------------------------------------------------------------------------
8 Southern Company 3,761,136 4.19%
-----------------------------------------------------------------------------------------------------------------------------
9 National Grid/Niagara Mohawk Holdings, Inc. (Pro forma post-merger) 3,163,421 3.52%
-----------------------------------------------------------------------------------------------------------------------------
10 Xcel Energy (Pro forma post-merger of NSP and NCE) 3,092,273 3.44%
-----------------------------------------------------------------------------------------------------------------------------
11 Texas Utilities Company 2,516,927 2.80%
-----------------------------------------------------------------------------------------------------------------------------
12 Florida Progress Corporation and Carolina Power & Light Company(Pro forma post-merger) 2,509,438 2.79%
-----------------------------------------------------------------------------------------------------------------------------
13 DTE Energy Company 2,061,679 2.30%
-----------------------------------------------------------------------------------------------------------------------------
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 CMS Energy Corporation 1,627,808 1.81%
-----------------------------------------------------------------------------------------------------------------------------
18 Reliant Energy, Incorporated 1,596,361 1.78%
-----------------------------------------------------------------------------------------------------------------------------
19 Ameren Corporation 1,506,500 1.68%
-----------------------------------------------------------------------------------------------------------------------------
20 CINergy Corp. 1,424,118 1.59%
-----------------------------------------------------------------------------------------------------------------------------
21 Allegheny Energy, Inc. 1,409,753 1.57%
-----------------------------------------------------------------------------------------------------------------------------
22 Energy East Corp (Pro forma post-merger NYSEG and CMP) 1,342,617 1.49%
-----------------------------------------------------------------------------------------------------------------------------
23 PPL Corporation 1,250,246 1.39%
-----------------------------------------------------------------------------------------------------------------------------
24 Sempra Energy 1,189,555 1.32%
-----------------------------------------------------------------------------------------------------------------------------
25 lllinova/Dynegy Inc.(Pro forma post-merger) 1,135,436 1.26%
-----------------------------------------------------------------------------------------------------------------------------
26 Constellation Energy Group, Inc. 1,116,652 1.24%
-----------------------------------------------------------------------------------------------------------------------------
27 NSTAR 1,039,987 1.16%
-----------------------------------------------------------------------------------------------------------------------------
28 Wisconsin Energy Corporation 1,005,173 1.12%
-----------------------------------------------------------------------------------------------------------------------------
29 Conectiv 938,659 1.04%
-----------------------------------------------------------------------------------------------------------------------------
30 Alliant Energy Corporation 901,825 1.00%
-----------------------------------------------------------------------------------------------------------------------------
31 Puget Sound Energy, Inc. 881,843 0.98%
-----------------------------------------------------------------------------------------------------------------------------
32 LG&E Energy Corp. 831,841 0.93%
-----------------------------------------------------------------------------------------------------------------------------
33 Sierra Pacific Resources 825,377 0.92%
-----------------------------------------------------------------------------------------------------------------------------
34 Pinnacle West Capital Corporation 777,674 0.87%
-----------------------------------------------------------------------------------------------------------------------------
35 OGE Energy Corp. 693,710 0.77%
-----------------------------------------------------------------------------------------------------------------------------
36 Potomac Electric Power Company 690,160 0.77%
-----------------------------------------------------------------------------------------------------------------------------
37 MidAmerican Energy Hldgs-CalEnergy 650,586 0.72%
-----------------------------------------------------------------------------------------------------------------------------
38 Western Resources, Inc. 620,306 0.69%
-----------------------------------------------------------------------------------------------------------------------------
39 DQE 581,205 0.65%
-----------------------------------------------------------------------------------------------------------------------------
40 UtiliCorp United Inc, Empire District Electric Co. and St. Joseph Light & Power Company (Pro 575,751 0.64%
forma post-merger)
-----------------------------------------------------------------------------------------------------------------------------
41 TECO Energy, Inc. 530,252 0.59%
-----------------------------------------------------------------------------------------------------------------------------
42 SCANA Corporation 510,499 0.57%
-----------------------------------------------------------------------------------------------------------------------------
43 DPL Inc. 487,603 0.54%
-----------------------------------------------------------------------------------------------------------------------------
44 Kansas City Power & Light Company 447,934 0.50%
-----------------------------------------------------------------------------------------------------------------------------
45 WPS Resources Corporation 439,957 0.49%
-----------------------------------------------------------------------------------------------------------------------------
46 IPALCO Enterprises, Inc. 423,409 0.47%
-----------------------------------------------------------------------------------------------------------------------------
47 NiSource Inc. 418,387 0.47%
-----------------------------------------------------------------------------------------------------------------------------
48 IDACORP, Inc. 367,597 0.41%
-----------------------------------------------------------------------------------------------------------------------------
49 Public Service Company - New Mexico 353,653 0.39%
-----------------------------------------------------------------------------------------------------------------------------
50 RGS Energy Group, Inc. 344,367 0.38%
-----------------------------------------------------------------------------------------------------------------------------
51 Hawaiian Electric Industries, Inc. 327,186 0.36%
-----------------------------------------------------------------------------------------------------------------------------
52 UniSource Energy Corporation 320,776 0.36%
-----------------------------------------------------------------------------------------------------------------------------
53 United Illuminating Company 313,991 0.35%
-----------------------------------------------------------------------------------------------------------------------------
54 Avista Corporation 301,980 0.34%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
55 El Paso Electric Company 287,918 0.32%
-----------------------------------------------------------------------------------------------------------------------------
56 Montana Power Company 283,834 0.32%
-----------------------------------------------------------------------------------------------------------------------------
57 CH Energy Group, Inc. 268,502 0.30%
-----------------------------------------------------------------------------------------------------------------------------
58 Cleco Corporation 245,176 0.27%
-----------------------------------------------------------------------------------------------------------------------------
59 TNP Enterprises, Inc. 226,302 0.25%
-----------------------------------------------------------------------------------------------------------------------------
60 CILCORP Inc. 195,244 0.22%
-----------------------------------------------------------------------------------------------------------------------------
61 Central Vermont Public Service Corp 140,293 0.16%
-----------------------------------------------------------------------------------------------------------------------------
62 Minnesota Power, Inc. 138,920 0.15%
-----------------------------------------------------------------------------------------------------------------------------
63 Otter Tail Power Company 125,462 0.14%
-----------------------------------------------------------------------------------------------------------------------------
64 SIGCORP, Inc. 123,350 0.14%
-----------------------------------------------------------------------------------------------------------------------------
65 Madison Gas and Electric Company 123,270 0.14%
-----------------------------------------------------------------------------------------------------------------------------
66 Bangor Hydro-Electric Company 120,561 0.13%
-----------------------------------------------------------------------------------------------------------------------------
67 MDU Resources Group, Inc. 114,111 0.13%
-----------------------------------------------------------------------------------------------------------------------------
68 Citizens Utilities Company 112,885 0.13%
-----------------------------------------------------------------------------------------------------------------------------
69 Unitil Corporation 95,552 0.11%
-----------------------------------------------------------------------------------------------------------------------------
70 Green Mountain Power Corporation 83,564 0.09%
-----------------------------------------------------------------------------------------------------------------------------
71 Black Hills Corporation 56,671 0.06%
-----------------------------------------------------------------------------------------------------------------------------
72 Northwestern Corporation 55,965 0.06%
-----------------------------------------------------------------------------------------------------------------------------
73 Maine Public Service Company 35,381 0.04%
-----------------------------------------------------------------------------------------------------------------------------
74 KeySpan Corporation 1 0.00%
-----------------------------------------------------------------------------------------------------------------------------
Total 89,830,204 100.0%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
* 1998 data does not reflect changed circumstances occurring since December 31,
1998.
Data Source: Exelon utilizes data first submitted by American Electric Power
Company, Inc., and Central and Southwest Corporation in their Amendment No. 5 to
their Form U-1, filed on May 24, 2000, and later submitted by New Century
Energies, Inc., and Northern States Power Company in their Amendment No. 3 their
Form U-1, filed on August 3, 2000. The information was developed for AEP and CSW
by Navigant Consulting, Inc., using Form 10-K filings and FERC Form 1 filings.
