2001 Year End Highlights

Non-Regulated

Regulated Gas*

Regulated Electric

(incl. Transmission)

Corporate and Other

$3.48

Summary Highlights

Operating Earnings per Share

• Non-regulated earnings of $162 million exceeded prior targets of $130 million

• Regulated Gas contributed incremental earnings in 2001 but tempered by mild weather

• Regulated Electric performance was down in 2001 due to:
  • weak economy and 5% rate reduction
  • offset by improved power supply mix (higher percentage of internal generation)

• Cost reduction activities

2.40

0.15

$1.05

(0.12)

* Partial year June-December 2001

Average shares outstanding: 154 million

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