NiSource Inc. is an energy holding company that provides natural gas, electricity, and other energy products and services to approximately 3.7 million customers located along the Gulf Coast through the Midwest to New England. The company operates through four primary business segments: Gas Distribution Operations, Gas Transmission and Storage Operations, Electric Operations, and Other Operations. Gas Distribution Operations serves over 3.3 million customers in 9 states through 56,000 miles of pipeline. Gas Transmission and Storage Operations owns and operates approximately 16,000 miles of interstate pipelines and one of the largest underground natural gas storage systems in the US. Electric Operations generates and distributes electricity to approximately 446,000 customers in northern Indiana. Other Operations participates in energy-
NiSource Inc. is an energy holding company with operations in gas distribution, gas transmission and storage, electric distribution, exploration and production, and other energy-related services. It serves over 3.7 million customers across 19 jurisdictions. The key segments are:
- Gas distribution operations serve over 3.2 million customers across 9 states.
- Gas transmission and storage operations include over 16,000 miles of pipelines and one of the largest underground natural gas storage systems.
- Electric operations generate and distribute electricity to over 437,000 customers in northern Indiana.
- Exploration and production operations have over 1.2 trillion cubic feet of proven natural gas and oil reserves.
This document provides an overview and analysis of Sempra Energy's financial condition and results of operations for 2004. Key points include:
- Net income increased 37.9% to $895 million in 2004 due to improved results at Sempra Commodities and Sempra Generation.
- Major events in 2004 that impacted financial results included acquisitions, LNG business development, California energy crisis litigation, and regulatory decisions affecting utility rates.
- The California Utilities division saw higher natural gas revenues and costs due to rising gas prices, while electric revenues declined slightly as fuel and purchase costs rose.
El Paso Corporation is a major natural gas company that owns pipelines and conducts exploration and production. The presentation discusses the implications of carbon regulation for natural gas companies and El Paso's strategies. Regulations could significantly increase costs for natural gas. El Paso aims to make its new Ruby Pipeline project carbon neutral through offsets, efficiency measures, and allowing trading. The company also commits to assessing and reducing its emissions footprint to prepare for a carbon constrained future. Natural gas may play a bridging role but its role depends on regulation stringency and other energy sources.
Progress Energy reported 2004 ongoing earnings of $3.06 per share and GAAP earnings of $3.13 per share. For the fourth quarter, ongoing earnings were $0.62 per share and GAAP earnings were $0.80 per share. For 2005, ongoing earnings guidance was set at $2.90 to $3.20 per share. Key drivers for 2005 earnings included customer growth and usage offset by higher O&M costs and the sale of Progress Rail. Significant events in 2004 included hurricane impacts, regulatory filings, and asset sales.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
This document summarizes Wells Fargo's investor meeting on June 16, 2005. It outlines the company's capital expenditure plan of $6.9 billion from 2005-2009, focusing on building and maintaining utility assets. This includes investments in areas like generation, transmission, nuclear fuel and customer additions. Regulatory support for cost recovery mechanisms and transmission legislation was also discussed. Financial projections showed potential average annual growth in rate base of 4.4% and regulatory income and depreciation reaching $1.56-1.65 billion by 2009.
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007finance26
This document summarizes a presentation made by Xcel Energy to investors in March 2007. It discusses Xcel's strategy of investing in regulated utility operations to drive sustainable earnings growth of 5-7% through initiatives like renewable energy, transmission expansion, and environmental upgrades. It also outlines Xcel's constructive regulatory relationships and cost recovery mechanisms across its eight-state service territory.
This document summarizes Deutsche Bank's Electric Power Conference held on June 14-15, 2005. It outlines Xcel Energy's $6.9 billion capital expenditure plan from 2005-2009, which is focused on building core utility assets. Key areas of investment include transmission infrastructure, nuclear fuel, and generation projects like Comanche 3 and Minnesota Energy Resource Plan. The plan aims to deliver earnings growth and stronger credit metrics while earning allowed returns. Regulatory support for cost recovery mechanisms was also discussed.
NiSource Inc. is an energy holding company with operations in gas distribution, gas transmission and storage, electric distribution, exploration and production, and other energy-related services. It serves over 3.7 million customers across 19 jurisdictions. The key segments are:
- Gas distribution operations serve over 3.2 million customers across 9 states.
- Gas transmission and storage operations include over 16,000 miles of pipelines and one of the largest underground natural gas storage systems.
- Electric operations generate and distribute electricity to over 437,000 customers in northern Indiana.
- Exploration and production operations have over 1.2 trillion cubic feet of proven natural gas and oil reserves.
This document provides an overview and analysis of Sempra Energy's financial condition and results of operations for 2004. Key points include:
- Net income increased 37.9% to $895 million in 2004 due to improved results at Sempra Commodities and Sempra Generation.
- Major events in 2004 that impacted financial results included acquisitions, LNG business development, California energy crisis litigation, and regulatory decisions affecting utility rates.
- The California Utilities division saw higher natural gas revenues and costs due to rising gas prices, while electric revenues declined slightly as fuel and purchase costs rose.
El Paso Corporation is a major natural gas company that owns pipelines and conducts exploration and production. The presentation discusses the implications of carbon regulation for natural gas companies and El Paso's strategies. Regulations could significantly increase costs for natural gas. El Paso aims to make its new Ruby Pipeline project carbon neutral through offsets, efficiency measures, and allowing trading. The company also commits to assessing and reducing its emissions footprint to prepare for a carbon constrained future. Natural gas may play a bridging role but its role depends on regulation stringency and other energy sources.
Progress Energy reported 2004 ongoing earnings of $3.06 per share and GAAP earnings of $3.13 per share. For the fourth quarter, ongoing earnings were $0.62 per share and GAAP earnings were $0.80 per share. For 2005, ongoing earnings guidance was set at $2.90 to $3.20 per share. Key drivers for 2005 earnings included customer growth and usage offset by higher O&M costs and the sale of Progress Rail. Significant events in 2004 included hurricane impacts, regulatory filings, and asset sales.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
This document summarizes Wells Fargo's investor meeting on June 16, 2005. It outlines the company's capital expenditure plan of $6.9 billion from 2005-2009, focusing on building and maintaining utility assets. This includes investments in areas like generation, transmission, nuclear fuel and customer additions. Regulatory support for cost recovery mechanisms and transmission legislation was also discussed. Financial projections showed potential average annual growth in rate base of 4.4% and regulatory income and depreciation reaching $1.56-1.65 billion by 2009.
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007finance26
This document summarizes a presentation made by Xcel Energy to investors in March 2007. It discusses Xcel's strategy of investing in regulated utility operations to drive sustainable earnings growth of 5-7% through initiatives like renewable energy, transmission expansion, and environmental upgrades. It also outlines Xcel's constructive regulatory relationships and cost recovery mechanisms across its eight-state service territory.
This document summarizes Deutsche Bank's Electric Power Conference held on June 14-15, 2005. It outlines Xcel Energy's $6.9 billion capital expenditure plan from 2005-2009, which is focused on building core utility assets. Key areas of investment include transmission infrastructure, nuclear fuel, and generation projects like Comanche 3 and Minnesota Energy Resource Plan. The plan aims to deliver earnings growth and stronger credit metrics while earning allowed returns. Regulatory support for cost recovery mechanisms was also discussed.
This document summarizes Wells Fargo's investor meeting on June 16, 2005. It outlines the company's capital expenditure plan of $6.9 billion from 2005-2009, focusing on utility asset investments. This is expected to increase average rate base growth by 4.4% annually and regulatory income and depreciation by over $1.5 billion from 2004 to 2009 levels. Key projects include Minnesota Energy Resource Plan investments, Comanche 3 power plant construction, and transmission upgrades. The presentation also reviews the company's dividend and financing strategies.
This document summarizes Deutsche Bank's Electric Power Conference held on June 14-15, 2005. It outlines Xcel Energy's capital expenditure plan of $6.9 billion from 2005-2009, focusing on investments in generation, transmission, nuclear fuel, and customer additions. It also discusses regulatory support for the plan from Colorado, Minnesota, and Texas and the potential for increased regulatory income and depreciation from $1.24 billion in 2004 to $1.56-1.65 billion in 2009.
Progress Energy reported its fourth quarter and full year 2003 financial results. For 2003, ongoing earnings were $3.56 per share and GAAP earnings were $3.30 per share. For Q4 2003, ongoing earnings were $0.82 per share and GAAP earnings were $0.42 per share. Progress Energy set its 2004 ongoing earnings guidance range at $3.50 to $3.65 per share. Significant events in 2003 included strong performance of the company's nuclear power plants, new franchise agreements in Florida, and receiving an emergency response award for its response to the 2002 ice storm.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its NRG investment and maintaining its dividend.
California's cap-and-trade program aims to reduce greenhouse gas emissions to 1990 levels by 2020. The program establishes an emissions cap and allows regulated entities to trade allowances. Electric utilities, industrial facilities, and fuel suppliers will be regulated under the program. Allowances will be allocated for free initially and auctioned starting in 2012. Cost controls are in place to limit allowance prices. Offsets can be used for compliance but supply may be limited. Linkage with other jurisdictions is envisioned but regulatory alignment is needed first. Potential changes to the program could come from CARB, legislation, or court challenges.
This document summarizes an investor presentation by Xcel Energy on its business operations and financial outlook. It discusses Xcel Energy's integrated utility operations, positive cash flow generation, plans to divest its stake in NRG Energy through bankruptcy proceedings, financial guidance for 2003 including earnings per share, and capital expenditure plans. The presentation also provides comparisons of Xcel Energy's operating metrics to industry peers.
AEP's dividend policy and expected EPS growth rate are detailed in this handout, which was shared at the Greater Chicagoland Coalition of Better Investing.
This presentation reflects conditions at the time it was delivered and do not include later developments. Updated information about current conditions can be found in the companies' filings with the Securities and Exchange Commission. AEP has not undertaken an obligation to update the presentation on this page.
TXU's fundamental business strategy is to transform into an industrial energy company focused on delivering top quartile financial performance across its three structurally advantaged businesses: generation, transmission & distribution, and retail.
TXU has significant exposure to natural gas prices and heat rates due to its large baseload coal generation fleet, which produces power at a lower marginal cost than gas plants. However, the integration of its generation and retail businesses helps reduce volatility as the businesses' margins move in opposite directions with changing gas prices.
In the mid to long term, TXU aims to continue improving operational excellence across its businesses to enhance financial performance and total returns for shareholders.
This document is Calpine Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2006. It provides financial statements and notes for the quarter, including the consolidated condensed balance sheet, statement of operations, and statement of cash flows. It also provides management's discussion and analysis of the company's financial condition and operating results, including information on liquidity, capital resources, market risks, and recent accounting pronouncements. The report states that Calpine and certain subsidiaries filed for Chapter 11 bankruptcy protection and CCAA proceedings in Canada.
This document is Calpine Corporation's annual report (Form 10-K) filed with the United States Securities and Exchange Commission for the fiscal year ending December 31, 2005. It includes information such as an overview of Calpine's business operations, audited financial statements, discussion of legal proceedings, risks factors, and information on corporate governance such as the backgrounds of directors and executive compensation. The report is broken down into parts covering topics such as properties, legal matters, financial data, management discussion and analysis, changes in accounting practices, security ownership and certain related transactions.
The document discusses the transformation of TXU from a regulated monopoly utility serving North Texas for over 100 years to an industrial energy company powering Texas' future. Texas legislators realized that a restructured electric market with market solutions would be better able to deal with challenges of the global energy market. Restructuring "unbundled" the electric value chain, bringing competition and choice that has spurred investment and innovation, increasing efficiency and providing lower prices than under regulation. Texas now has the only true competitive retail electric market in the US.
TXU reported lower third quarter earnings per share of $0.73 compared to $1.28 in the prior year, due to lower contributions from its European business and North America Energy segment. For the year-to-date period, earnings were $2.40 per share compared to $2.83 in the prior year. TXU also secured an additional $1 billion in liquidity by obtaining a 364-day credit facility for its subsidiary Oncor Electric Delivery Company.
energy future holindings Q107ER_Exhibits_FINALfinance29
TXU reported a net loss for the first quarter of 2007 compared to a net income in the same period of 2006. The loss was primarily due to special items including a charge related to suspending generation projects and unrealized losses on hedging positions. Excluding special items, operational earnings decreased from the prior year due to lower contribution margin from plant outages and pricing, as well as higher expenses, but volumes increased with colder weather. Key highlights included regulatory applications related to a proposed acquisition by investment firms KKR and TPG, completing generation plant outages safely and on schedule, and continued work on expanding nuclear and coal-fueled generation capacity.
The document contains charts showing the percentage of premium lubricants as part of Valvoline's branded volume from 2005 to 2009, as well as Valvoline's revenue from 2005 to early 2009. The percentage of premium lubricants increased overall during this period, ranging from a low of 15% to a high of 27.6%. Valvoline's revenue generally increased year-over-year, averaging around $130-140 million for the 12-month rolling period.
Campbell Soup Company reported strong financial results for fiscal year 2008 despite challenging market conditions. Net sales increased 8% to $7.998 billion and adjusted net earnings per share rose 7% to $2.09. The company's U.S. Soup, Sauces and Beverages business saw a 5% increase in sales. The Baking and Snacking business delivered an 11% increase in sales. International Soup, Sauces and Beverages sales increased 15%. Campbell remains focused on its core categories of Simple Meals, Baked Snacks, and Healthy Beverages which offer the best growth prospects globally.
- Third quarter 2005 earnings discussion presentation by TXU Corp on November 1, 2005
- Key highlights included solid performance across all core businesses, with operational excellence and cost management improvements increasing earnings
- However, rising natural gas prices greatly reduced margins, and an abnormally hot September further increased wholesale power prices and hurt profits
- Financial flexibility measures like EBITDA, debt levels, and cash from operations all improved compared to year-end 2004
This document is a Form 10-Q quarterly report filed by Calpine Generating Company, LLC and CalGen Finance Corp. with the SEC for the quarter ended September 30, 2004. It includes consolidated financial statements and notes. The consolidated balance sheet shows total assets of $6.7 billion and total liabilities and member's equity of $6.7 billion. The consolidated statement of operations shows net loss of $25.4 million for the nine months ended September 30, 2004. The consolidated statement of cash flows shows net cash provided by operating activities of $234.1 million and net cash used in investing activities of $155.1 million for the nine months ended September 30, 2004.
Calpine Corporation is a major power company that owns and operates 92 power plants capable of delivering over 26,500 megawatts of electricity. In 2004, Calpine generated over 96 million megawatt hours of electricity but reported a net loss of $242.5 million, its first annual loss as a public company. Calpine has significantly expanded its fleet in recent years through new construction and now has over 30,000 megawatts of generation capacity. The company aims to lower costs through economies of scale and strives to operate its power plants safely and reliably with high availability.
This document provides financial and operating reports for TXU Corp. and subsidiaries for the first quarter of 2001 and full year 2000. It includes statements of consolidated income, operating revenues and expenses, net income, earnings per share, and statements of consolidated cash flows. Some key details are revenues for the first quarter of 2001 were $8.4 billion, a 75% increase from the same period in 2000. Net income for the full year 2000 was $907 million, an 9% decrease from 1999. Cash provided by operating activities for 2000 was $2.5 billion.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided, so a concise 3 sentence summary cannot capture much meaningful information from this very brief document.
First Data Corporation is able to help facilitate commerce globally through payments in a seamless and flawless manner. It has the financial strength, global reach, and scalable infrastructure to promote economic opportunity in growing markets like China while also enhancing convenience for consumers making purchases anywhere. First Data can execute unique tasks like helping buy dinner, sending a car payment, and expanding opportunity in China through its unified vision and commitment to flawless execution.
TXU Corp reported a net loss of $4.2 billion for 2002 due to write-offs related to exiting its European business. Excluding unusual charges, net income was $622 million. For 2003, TXU expects earnings per share between $1.95-$2.05, driven by cost reductions and growth in its energy delivery businesses in North America and Australia. Cash from operations is projected to be $2.3 billion, allowing $1.5 billion to reduce debt after capital expenditures and dividends.
This document summarizes Wells Fargo's investor meeting on June 16, 2005. It outlines the company's capital expenditure plan of $6.9 billion from 2005-2009, focusing on utility asset investments. This is expected to increase average rate base growth by 4.4% annually and regulatory income and depreciation by over $1.5 billion from 2004 to 2009 levels. Key projects include Minnesota Energy Resource Plan investments, Comanche 3 power plant construction, and transmission upgrades. The presentation also reviews the company's dividend and financing strategies.
This document summarizes Deutsche Bank's Electric Power Conference held on June 14-15, 2005. It outlines Xcel Energy's capital expenditure plan of $6.9 billion from 2005-2009, focusing on investments in generation, transmission, nuclear fuel, and customer additions. It also discusses regulatory support for the plan from Colorado, Minnesota, and Texas and the potential for increased regulatory income and depreciation from $1.24 billion in 2004 to $1.56-1.65 billion in 2009.
Progress Energy reported its fourth quarter and full year 2003 financial results. For 2003, ongoing earnings were $3.56 per share and GAAP earnings were $3.30 per share. For Q4 2003, ongoing earnings were $0.82 per share and GAAP earnings were $0.42 per share. Progress Energy set its 2004 ongoing earnings guidance range at $3.50 to $3.65 per share. Significant events in 2003 included strong performance of the company's nuclear power plants, new franchise agreements in Florida, and receiving an emergency response award for its response to the 2002 ice storm.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its NRG investment and maintaining its dividend.
California's cap-and-trade program aims to reduce greenhouse gas emissions to 1990 levels by 2020. The program establishes an emissions cap and allows regulated entities to trade allowances. Electric utilities, industrial facilities, and fuel suppliers will be regulated under the program. Allowances will be allocated for free initially and auctioned starting in 2012. Cost controls are in place to limit allowance prices. Offsets can be used for compliance but supply may be limited. Linkage with other jurisdictions is envisioned but regulatory alignment is needed first. Potential changes to the program could come from CARB, legislation, or court challenges.
This document summarizes an investor presentation by Xcel Energy on its business operations and financial outlook. It discusses Xcel Energy's integrated utility operations, positive cash flow generation, plans to divest its stake in NRG Energy through bankruptcy proceedings, financial guidance for 2003 including earnings per share, and capital expenditure plans. The presentation also provides comparisons of Xcel Energy's operating metrics to industry peers.
AEP's dividend policy and expected EPS growth rate are detailed in this handout, which was shared at the Greater Chicagoland Coalition of Better Investing.
This presentation reflects conditions at the time it was delivered and do not include later developments. Updated information about current conditions can be found in the companies' filings with the Securities and Exchange Commission. AEP has not undertaken an obligation to update the presentation on this page.
TXU's fundamental business strategy is to transform into an industrial energy company focused on delivering top quartile financial performance across its three structurally advantaged businesses: generation, transmission & distribution, and retail.
TXU has significant exposure to natural gas prices and heat rates due to its large baseload coal generation fleet, which produces power at a lower marginal cost than gas plants. However, the integration of its generation and retail businesses helps reduce volatility as the businesses' margins move in opposite directions with changing gas prices.
In the mid to long term, TXU aims to continue improving operational excellence across its businesses to enhance financial performance and total returns for shareholders.
This document is Calpine Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2006. It provides financial statements and notes for the quarter, including the consolidated condensed balance sheet, statement of operations, and statement of cash flows. It also provides management's discussion and analysis of the company's financial condition and operating results, including information on liquidity, capital resources, market risks, and recent accounting pronouncements. The report states that Calpine and certain subsidiaries filed for Chapter 11 bankruptcy protection and CCAA proceedings in Canada.
This document is Calpine Corporation's annual report (Form 10-K) filed with the United States Securities and Exchange Commission for the fiscal year ending December 31, 2005. It includes information such as an overview of Calpine's business operations, audited financial statements, discussion of legal proceedings, risks factors, and information on corporate governance such as the backgrounds of directors and executive compensation. The report is broken down into parts covering topics such as properties, legal matters, financial data, management discussion and analysis, changes in accounting practices, security ownership and certain related transactions.
The document discusses the transformation of TXU from a regulated monopoly utility serving North Texas for over 100 years to an industrial energy company powering Texas' future. Texas legislators realized that a restructured electric market with market solutions would be better able to deal with challenges of the global energy market. Restructuring "unbundled" the electric value chain, bringing competition and choice that has spurred investment and innovation, increasing efficiency and providing lower prices than under regulation. Texas now has the only true competitive retail electric market in the US.
TXU reported lower third quarter earnings per share of $0.73 compared to $1.28 in the prior year, due to lower contributions from its European business and North America Energy segment. For the year-to-date period, earnings were $2.40 per share compared to $2.83 in the prior year. TXU also secured an additional $1 billion in liquidity by obtaining a 364-day credit facility for its subsidiary Oncor Electric Delivery Company.
energy future holindings Q107ER_Exhibits_FINALfinance29
TXU reported a net loss for the first quarter of 2007 compared to a net income in the same period of 2006. The loss was primarily due to special items including a charge related to suspending generation projects and unrealized losses on hedging positions. Excluding special items, operational earnings decreased from the prior year due to lower contribution margin from plant outages and pricing, as well as higher expenses, but volumes increased with colder weather. Key highlights included regulatory applications related to a proposed acquisition by investment firms KKR and TPG, completing generation plant outages safely and on schedule, and continued work on expanding nuclear and coal-fueled generation capacity.
The document contains charts showing the percentage of premium lubricants as part of Valvoline's branded volume from 2005 to 2009, as well as Valvoline's revenue from 2005 to early 2009. The percentage of premium lubricants increased overall during this period, ranging from a low of 15% to a high of 27.6%. Valvoline's revenue generally increased year-over-year, averaging around $130-140 million for the 12-month rolling period.
Campbell Soup Company reported strong financial results for fiscal year 2008 despite challenging market conditions. Net sales increased 8% to $7.998 billion and adjusted net earnings per share rose 7% to $2.09. The company's U.S. Soup, Sauces and Beverages business saw a 5% increase in sales. The Baking and Snacking business delivered an 11% increase in sales. International Soup, Sauces and Beverages sales increased 15%. Campbell remains focused on its core categories of Simple Meals, Baked Snacks, and Healthy Beverages which offer the best growth prospects globally.
- Third quarter 2005 earnings discussion presentation by TXU Corp on November 1, 2005
- Key highlights included solid performance across all core businesses, with operational excellence and cost management improvements increasing earnings
- However, rising natural gas prices greatly reduced margins, and an abnormally hot September further increased wholesale power prices and hurt profits
- Financial flexibility measures like EBITDA, debt levels, and cash from operations all improved compared to year-end 2004
This document is a Form 10-Q quarterly report filed by Calpine Generating Company, LLC and CalGen Finance Corp. with the SEC for the quarter ended September 30, 2004. It includes consolidated financial statements and notes. The consolidated balance sheet shows total assets of $6.7 billion and total liabilities and member's equity of $6.7 billion. The consolidated statement of operations shows net loss of $25.4 million for the nine months ended September 30, 2004. The consolidated statement of cash flows shows net cash provided by operating activities of $234.1 million and net cash used in investing activities of $155.1 million for the nine months ended September 30, 2004.
Calpine Corporation is a major power company that owns and operates 92 power plants capable of delivering over 26,500 megawatts of electricity. In 2004, Calpine generated over 96 million megawatt hours of electricity but reported a net loss of $242.5 million, its first annual loss as a public company. Calpine has significantly expanded its fleet in recent years through new construction and now has over 30,000 megawatts of generation capacity. The company aims to lower costs through economies of scale and strives to operate its power plants safely and reliably with high availability.
This document provides financial and operating reports for TXU Corp. and subsidiaries for the first quarter of 2001 and full year 2000. It includes statements of consolidated income, operating revenues and expenses, net income, earnings per share, and statements of consolidated cash flows. Some key details are revenues for the first quarter of 2001 were $8.4 billion, a 75% increase from the same period in 2000. Net income for the full year 2000 was $907 million, an 9% decrease from 1999. Cash provided by operating activities for 2000 was $2.5 billion.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided, so a concise 3 sentence summary cannot capture much meaningful information from this very brief document.
First Data Corporation is able to help facilitate commerce globally through payments in a seamless and flawless manner. It has the financial strength, global reach, and scalable infrastructure to promote economic opportunity in growing markets like China while also enhancing convenience for consumers making purchases anywhere. First Data can execute unique tasks like helping buy dinner, sending a car payment, and expanding opportunity in China through its unified vision and commitment to flawless execution.
TXU Corp reported a net loss of $4.2 billion for 2002 due to write-offs related to exiting its European business. Excluding unusual charges, net income was $622 million. For 2003, TXU expects earnings per share between $1.95-$2.05, driven by cost reductions and growth in its energy delivery businesses in North America and Australia. Cash from operations is projected to be $2.3 billion, allowing $1.5 billion to reduce debt after capital expenditures and dividends.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
The document is TXU's 2003 annual report which provides an overview of the company's operations and progress over the past year. It discusses TXU's business segments including TXU Energy, Oncor, and TXU Australia. The report highlights that in 2003, TXU delivered on its financial plan by achieving earnings per share of $2.03, generating $2.8 billion in cash from operations, and increasing production across its business segments.
This document summarizes TXU Corp.'s consolidated income statements and balance sheets for the three months, six months, and twelve months ended June 30, 2001 and 2000. Some key details:
- Operating revenues increased 33.4%, 54.8%, and 48.4% respectively compared to the prior year.
- Total operating expenses also increased significantly due to higher energy purchase costs and other factors.
- Net income decreased 8.8%, 2.9%, and 19.6% respectively compared to the prior year.
NiSource is an energy holding company serving 3.8 million customers across the Midwest and Northeast US. It operates natural gas distribution, transmission, and storage networks as well as electric generation and distribution. In 2007, NiSource's largest business segments by operating income were gas distribution and gas transmission/storage, followed by electric operations. NiSource focuses on its core regulated utility businesses and growing its natural gas and electric infrastructure to meet increasing energy demand in its service area.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
Doug Foshee, President and CEO of El Paso Corporation, presented at a Bank of America investment conference on September 19, 2006. El Paso operates leading natural gas pipelines in the US, with 26% of total interstate pipeline mileage and a $3 billion growth project portfolio. Foshee discussed El Paso's industry-leading pipeline integrity program and its commitment to safety, expansion, and delivering natural gas in a reliable manner.
Doug Foshee, President and CEO of El Paso Corporation, presented at a Bank of America investment conference on September 19, 2006. El Paso operates leading natural gas pipelines in the US, with 26% of total interstate pipeline mileage and a $3 billion growth project portfolio. Foshee emphasized El Paso's industry-leading pipeline integrity program and commitment to safety, as well as projected 4-6% EBITDA growth over the next 3-5 years through expansion projects.
The document discusses the key aspects and impacts of Australia's impending carbon tax. It will impose a price on carbon emissions starting at $23 per tonne. This will affect businesses through changes to fuel taxes and requirements to purchase carbon permits. Large emitters could face substantial carbon tax bills. The tax will also impact individuals through adjustments to income tax thresholds and increases to welfare payments. The document recommends that businesses factor higher costs into pricing, reduce energy use, and budget for changes to fuel tax credits under the new carbon tax plan.
1) The document is the presentation for the Lehman Brothers Energy & Power Conference by Robert W. Best, Chairman, President, and CEO of Atmos Energy Corporation on September 6, 2007.
2) Atmos Energy Corporation is a natural gas distribution company operating in 12 states as well as complementary nonutility businesses in 22 states.
3) Atmos has pursued a strategy of growth through acquisitions, successfully integrating over 20 acquisitions, and now serves over 3 million customers, making it the largest pure-gas distribution company in the US.
This document is Amerada Hess Corporation's 2000 Annual Report. It provides financial and operating highlights for 2000, including record after-tax earnings of $1.023 billion, a 20% return on capital employed, and production increasing to 374,000 barrels of oil equivalent per day, a 10% increase from 1999. It discusses successes in exploration and production, including field developments and acquisitions. It also discusses ongoing construction of a coking unit at the HOVENSA refinery in the Virgin Islands and continued investment in retail marketing, including acquisitions that have doubled the number of HESS retail facilities.
Atmos Energy Corporation provides forward-looking statements about its business in this presentation. It operates natural gas utilities in 12 states and nonutility businesses in 22 states. The company has grown through acquisitions, becoming the largest pure-play natural gas distribution company based on customers. It aims to maximize core utility earnings through regulatory strategies including weather normalization adjustment mechanisms, gas cost recovery, and capital investment recovery riders. Nonutility operations in gas marketing and pipeline/storage complement the utility business.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
The document is a presentation by Pat Reddy, SVP and CFO of Atmos Energy Corporation, given at the Wachovia Nantucket Equity Conference on June 26, 2007. It provides an overview of Atmos Energy, including its growth through acquisitions, focus on maximizing core utility earnings, complementary nonutility operations, and recent regulatory and project activities. Forward-looking statements are presented, subject to various risk factors.
This document provides an overview and analysis of Sempra Energy's financial condition and results of operations for 2004. Key points include:
- Net income increased 37.9% to $895 million in 2004 due to improved results at Sempra Commodities and Sempra Generation.
- Major events in 2004 that impacted financial results included acquisitions, LNG business development, increased profits from market volatility, and regulatory decisions affecting utility rates.
- The California Utilities segment saw higher natural gas revenues and costs due to rising gas prices, while electric revenues declined due to regulatory changes affecting procurement.
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007finance26
This document summarizes a presentation made by Xcel Energy to investors in March 2007. It outlines Xcel's strategy of sustainable growth through significant capital investments in regulated utility infrastructure and renewable energy. This will allow them to achieve earnings per share growth of 5-7% annually and dividend growth of 2-4% per year. Key capital investment opportunities include renewable projects, environmental initiatives, and transmission upgrades. Xcel has received constructive regulation allowing forward recovery for many major investments.
Xcel Energy is an electric and gas utility company operating in several Midwestern and Western states, with plans to invest over $1 billion per year through 2011 to upgrade its infrastructure and generation facilities. The company aims to grow earnings per share by 5-7% annually through 2009 by increasing its regulated rate base and return on equity through rate cases. Xcel Energy also discusses various regulatory proceedings and cost recovery mechanisms across its jurisdictions.
Xcel Energy is an electric and gas utility company operating in several Midwestern and Western states, with plans to invest approximately $1 billion per year through 2011 to upgrade its infrastructure and generation facilities. The company aims to grow earnings per share by 5-7% annually through 2009 by increasing its regulated rate base and return on equity through rate cases. Xcel Energy also discusses various regulatory proceedings and cost recovery mechanisms across its jurisdictions.
Xcel Energy is an electric and gas utility company operating in several Midwestern and Western states, with plans to invest over $1 billion per year through 2011 to upgrade its infrastructure and generation facilities. The company aims to grow earnings per share by 5-7% annually through 2009 by increasing its regulated rate base and return on equity through rate cases. Xcel Energy also discusses various regulatory proceedings and cost recovery mechanisms across its jurisdictions.
Similar to nisource Statistical Summary Book 2004 (20)
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain what the given percentage refers to.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain the meaning or significance of this number.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville shales. CHK has captured value through joint venture deals in these plays while maintaining high production growth rates and low finding costs. The document outlines CHK's competitive advantages that position it well during an economic downturn.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville shales. CHK has captured value through joint venture deals in these plays while maintaining high production growth rates and low finding costs. The document outlines CHK's competitive advantages that position it well during an economic downturn.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain what the given percentage refers to.
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This document contains selected historical net revenue and EBITDA data by resort for MGM MIRAGE and its subsidiaries. It shows that for the quarter ending September 30, 2004, Mandalay Bay had the highest net revenue of $194,864,000 and EBITDA of $47,807,000. Overall for 2004, Mandalay Bay had the highest annual net revenue of $823,464,000 and EBITDA of $241,512,000 among all the listed resorts. The data is broken out by quarter and resort, with notes on what properties are included in certain categories.
This document provides pro forma net revenues and EBITDA by resort for MGM MIRAGE and subsidiaries for the second quarter and first half of 2005 and 2004. It shows that the Bellagio and MGM Grand Las Vegas resorts generated the highest net revenues and EBITDA amounts both quarterly and year-to-date. Additional data includes pro forma results for other Nevada properties, MGM Grand Detroit, and Mississippi properties including Beau Rivage and Gold Strike Tunica. Schedules also reconcile operating income to EBITDA for the periods presented.
This document provides supplemental data on net revenues and EBITDA by resort for MGM MIRAGE and its subsidiaries. It shows that for the second quarter of 2005, net revenues increased over 60% and EBITDA increased over 47% compared to the same period in 2004. The largest contributors to net revenues and EBITDA were the Bellagio, MGM Grand Las Vegas, and other Las Vegas Strip properties. EBITDA margins expanded as several new acquisitions were integrated into operations.
This document provides supplemental financial data for MGM MIRAGE, including net revenues and property EBITDA by resort on the Las Vegas Strip for Q1 2007 and Q1 2006. It also includes hotel operating statistics like occupancy rates and average daily rates for their Strip properties. Revenues increased for most properties in 2007 compared to 2006. CityCenter had a loss of $14 million in property EBITDA in Q1 2007 due to ongoing preopening and start-up expenses.
This document provides quarterly net revenue and hotel statistics for MGM Resorts International properties on the Las Vegas Strip from 2007 to 2006. It shows that Bellagio and MGM Grand Las Vegas generally had the highest net revenues, while occupancy rates were consistently over 90% across most properties. Property EBITDA was highest for Bellagio, MGM Grand, and Mandalay Bay. Certain preopening, restructuring, and transaction costs affected Property EBITDA amounts.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
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TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
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13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
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Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
3. NiSource Inc.
NiSource Inc. (NiSource) is an energy holding company whose subsidiaries provide natural gas, electricity and
other products and services to approximately 3.7 million customers located within a corridor that runs from the
Gulf Coast through the Midwest to New England. NiSource’s primary business segments are: Gas Distribution
Operations; Gas Transmission and Storage Operations; Electric Operations; and Other Operations.
Gas Distribution Operations
NiSource’s natural gas distribution operations serve more than 3.3 million customers in 9 states and operate over
56,000 miles of pipeline. Through its wholly owned subsidiary, Columbia, NiSource owns five distribution subsidiaries
that provide natural gas to approximately 2.2 million residential, commercial and industrial customers in Ohio,
Pennsylvania, Virginia, Kentucky and Maryland. NiSource also distributes natural gas to approximately 784,000
customers in northern Indiana through three subsidiaries: Northern Indiana Public Service Company (Northern
Indiana), Kokomo Gas and Fuel Company and Northern Indiana Fuel and Light Company, Inc. Additionally, NiSource’s
subsidiaries Bay State and Northern Utilities, Inc. distribute natural gas to more than 335,000 customers in
Massachusetts, Maine and New Hampshire.
Gas Transmission and Storage Operations
NiSource’s Gas Transmission and Storage Operations subsidiaries own and operate approximately 16,000 miles of
interstate pipelines and operate one of the nation’s largest underground natural gas storage systems capable of storing
approximately 646 billion cubic feet (Bcf) of natural gas. Through its subsidiaries, Columbia Gas Transmission
Corporation (Columbia Transmission), Columbia Gulf Transmission Company (Columbia Gulf), Crossroads Pipeline
Company and Granite State Gas Transmission, Inc. (Granite State), NiSource owns and operates an interstate pipeline
network extending from offshore in the Gulf of Mexico to near Lake Erie, New York and the eastern seaboard. Together,
these companies serve customers in 19 northeastern, mid-Atlantic, midwestern and southern states and the District of
Columbia. The Gas Transmission and Storage Operations subsidiaries are engaged in several projects that will expand
their facilities and throughput. The largest such project is the proposed Millennium Pipeline. The Millennium Pipeline is
a project proposed by a partnership of energy companies including Columbia Transmission, which would replace parts
of an existing Columbia Transmission pipeline. Another project is Hardy Storage, a Columbia Transmission partnership
to develop a storage field in West Virginia to provide additional natural gas storage for the eastern United States.
Electric Operations
NiSource generates and distributes electricity through its subsidiary Northern Indiana to approximately 446,000 customers
in 21 counties in the northern part of Indiana. Northern Indiana owns and has the ability to operate four coal-fired electric
generating stations with a net capability of 3,059 megawatts (mw), six gas-fired generating units with a net capability of
323 mw and two hydroelectric generating plants with a net capability of 10 mw. These facilities provide for a total system
net capability of 3,392 mw.
Other Operations
The Other Operations segment participates in energy-related services including gas marketing, power trading and
ventures focused on distributed power generation technologies, including a cogeneration facility, fuel cells and storage
systems. NiSource subsidiary PEI Holdings, Inc., operates the Whiting Clean Energy project, which is a 525 mw
cogeneration facility that uses natural gas to produce electricity for sale in the wholesale markets and also provides
steam for industrial use.
Business Segments Primary Subsidiaries
% of 2004 Operating Income
• Bay State Gas Co.
• Columbia Gas of Kentucky
• Columbia Gas of Maryland
• Columbia Gas of Ohio
• Columbia Gas of Pennsylvania
• Columbia Gas of Virginia
• Columbia Gas Transmission
• Columbia Gulf Transmission
• Crossroads Pipeline
• Granite State Gas Transmission
• Kokomo Gas and Fuel Co.
• Northern Indiana Fuel & Light Co.
• Northern Indiana Public Service Co.
• Northern Utilities
• Whiting Clean Energy
page 2
4. Contents
FINANCIAL
Consolidated Financial Data and Ratios .......................................................................................................4
Statements of Consolidated Income .............................................................................................................5
Consolidated Balance Sheets ........................................................................................................................6
Statements of Consolidated Cash Flows ......................................................................................................8
Statements of Consolidated Capitalization ..................................................................................................9
Statements of Consolidated Long-Term Debt ............................................................................................10
Income Taxes ..................................................................................................................................................11
Statements of Consolidated Common Stockholders’ Equity and Comprehensive Income................12
Current Security and Bond Ratings .............................................................................................................14
STOCKHOLDERS
Common Stockholders — State...................................................................................................................15
Common Stockholders...................................................................................................................................15
BUSINESS SEGMENTS
Gas Distribution Statistics.............................................................................................................................16
Gas Distribution Customers and Throughput Statistics by State .......................................................17
Gas Transmission and Storage Operations................................................................................................18
Electric Operations.........................................................................................................................................19
Electric Generation and Production Statistics ......................................................................................20
Fuel for Electric Generation ......................................................................................................................21
Capacity and Operating Margins .............................................................................................................22
Glossary of Selected Energy Terms.............................................................................................................23
Board of Directors and NiSource Officers.................................................................................................24
Shareholder Information/Contacts ..............................................................................................back cover
page 3
5. Consolidated Financial Data and Ratios
Year Ended December 31, (in millions, except per share amounts) 2004 2003 2002 2001 2000
Return on average common equity 9.5% 2.0% 9.7% 6.3% 6.3%
Times interest earned (pre-tax) 2.54 2.30 2.04 1.47 1.69
Dividends paid per share 0.92 1.10 1.16 1.16 1.08
Dividend payout ratio 55.8% 333.3% 65.5% 110.5% 96.4%
Market values during the year:
High 22.82 21.97 24.99 32.55 31.50
Low 19.65 16.39 14.51 18.25 12.81
Close 22.78 21.94 20.00 23.06 30.75
Book value of common stock 17.69 16.81 16.78 16.72 16.59
Market-to-book ratio at year end 128.8% 130.5% 119.2% 137.9% 185.4%
Total Assets 16,988.0 16,624.2 17,942.6 18,826.6 20,570.5
Capital Expenditures 517.0 574.6 531.9 525.3 331.1
Capitalization
Common stockholders’ equity 4,787.1 4,415.9 4,174.9 3,469.4 3,409.1
Preferred and preference stock 81.1 81.1 84.9 88.6 132.7
Company-obligated mandatorily redeemable preferred
securities of subsidiary trust holding solely Company debentures — — 345.0 345.0 345.0
Long-term debt 4,835.9 5,993.4 4,849.5 6,065.1 5,802.7
Total Capitalization 9,704.1 10,490.4 9,454.3 9,968.1 9,689.5
Number of employees 8,628 8,614 9,307 12,501 14,674
Operating Income (Loss)
Gas Distribution Operations $ 440.3 $ 506.4 $ 459.1 $ 380.8 $ 241.0
Gas Transmission and Storage Operations 363.1 398.8 398.3 349.0 45.7
Electric Operations 306.2 267.5 322.3 340.7 353.0
Other Operations (32.3) (43.8) (43.1) (69.6) 55.4
Corporate (5.3) (12.6) 15.6 (33.0) (113.3)
Consolidated $ 1,072.0 $ 1,116.3 $ 1,152.2 $ 967.9 $ 581.8
Depreciation and Amortization
Gas Distribution Operations $ 194.6 $ 190.2 $ 189.2 $ 228.8 $ 146.7
Gas Transmission and Storage Operations 114.2 111.4 109.4 161.4 27.7
Electric Operations 178.1 175.1 172.2 166.8 162.8
Other Operations 13.3 11.2 10.3 8.7 22.4
Corporate 9.5 9.1 10.1 11.0 4.5
Consolidated $ 509.7 $ 497.0 $ 491.2 $ 576.7 $ 364.1
Assets
Gas Distribution Operations $ 6,332.2 $ 6,096.4 $ 5,967.0 $ 5,889.0 $ 6,224.8
Gas Transmission and Storage Operations 3,053.3 2,920.4 2,940.1 2,990.5 3,094.2
Electric Operations 3,114.2 3,079.7 2,968.8 3,102.0 3,522.2
Other Operations 1,467.9 1,412.5 1,727.1 1,579.6 2,695.1
Corporate 3,020.4 3,115.2 4,339.6 5,265.5 5,034.2
Consolidated $16,988.0 $16,624.2 $17,942.6 $18,826.6 $20,570.5
Capital Expenditures
Gas Distribution Operations $ 226.7 $ 193.5 $ 196.4 $ 209.9 $ 129.7
Gas Transmission and Storage Operations 130.4 126.7 128.0 136.0 41.6
Electric Operations 159.5 224.1 197.8 133.3 123.5
Other Operations (8.2) 19.3 5.3 46.1 36.3
Corporate 8.6 11.0 4.4 — —
Consolidated $ 517.0 $ 574.6 $ 531.9 $ 525.3 $ 331.1
The results in the table above for 2000 are not comparable as a result of the acquisition of Columbia Energy Group on November 1, 2000. Also, in 2002, NiSource Inc. discontinued the
amortization of goodwill consistent with SFAS No. 142, “Goodwill and Other Intangible Assets”.
page 4
6. Statements of Consolidated Income
Year Ended December 31, (in millions, except per share amounts) 2004 2003 2002
Net Revenues
Gas Distribution $3,801.8 $3,554.5 $2,890.4
Gas Transportation and Storage 1,013.4 1,033.5 1,014.1
Electric 1,121.0 1,115.9 1,103.6
Other 730.0 542.7 311.7
Gross Revenues 6,666.2 6,246.6 5,319.8
Cost of Sales 3,610.5 3,186.3 2,248.9
Total Net Revenues 3,055.7 3,060.3 3,070.9
Operating Expenses
Operation and maintenance 1,211.7 1,185.9 1,185.0
Depreciation and amortization 509.7 497.0 491.2
(Gain) on sale or impairment of assets (3.1) (24.9) (27.5)
Other taxes 265.4 286.0 270.0
Total Operating Expenses 1,983.7 1,944.0 1,918.7
Operating Income 1,072.0 1,116.3 1,152.2
Other Income (Deductions)
Interest expense, net (403.9) (464.7) (516.4)
Minority interests — (2.5) (20.4)
Preferred stock dividends of subsidiaries (4.4) (4.5) (6.7)
Other, net 7.4 15.3 8.3
Total Other Income (Deductions) (400.9) (456.4) (535.2)
Income From Continuing Operations Before Income Taxes
and Change in Accounting 671.1 659.9 617.0
Income Taxes 240.9 234.2 218.9
Income From Continuing Operations Before Change in Accounting 430.2 425.7 398.1
Income (Loss) from Discontinued Operations — net of taxes 6.1 (0.5) 18.2
Loss on Disposition of Discontinued Operations — net of taxes — (331.2) (43.8)
Change in Accounting — net of taxes — (8.8) —
Net Income $ 436.3 $ 85.2 $ 372.5
Basic Earnings (Loss) Per Share ($)
Continuing operations $ 1.63 $ 1.64 $ 1.89
Discontinued operations 0.02 (1.28) (0.12)
Change in accounting — (0.03) —
Basic Earnings Per Share $ 1.65 $ 0.33 $ 1.77
Diluted Earnings (Loss) Per Share ($)
Continuing operations $ 1.62 $ 1.63 $ 1.87
Discontinued operations 0.02 (1.27) (0.12)
Change in accounting — (0.03) —
Diluted Earnings Per Share $ 1.64 $ 0.33 $ 1.75
Dividends Declared Per Common Share $ 0.92 $ 1.10 $ 1.16
Basic Average Common Shares Outstanding (millions) 263.7 259.6 211.0
Diluted Average Common Shares (millions) 265.5 261.6 212.8
page 5
7. Consolidated Balance Sheets
As of December 31, (in millions) 2004 2003 2002
ASSETS
Property, Plant and Equipment
Utility Plant $16,194.1 $15,977.3 $15,579.7
Accumulated depreciation and amortization (7,247.6) (7,095.9) (6,813.7)
Net utility plant 8,946.5 8,881.4 8,766.0
Other property, at cost, less
accumulated depreciation 438.2 409.3 415.3
Net Property, Plant and Equipment 9,384.7 9,290.7 9,181.3
Investments and Other Assets
Assets of discontinued operations
and assets held for sale 23.4 20.7 1,571.0
Unconsolidated affiliates 108.1 113.2 125.1
Other investments 72.5 74.7 51.6
Total Investments 204.0 208.6 1,747.7
Current Assets
Cash and cash equivalents 30.1 27.3 31.1
Restricted cash 56.3 22.8 24.2
Accounts receivable, net 536.7 546.3 545.5
Unbilled revenue, net 352.7 268.0 305.2
Gas inventory 452.9 429.4 255.3
Underrecovered gas and fuel costs 293.8 203.2 206.1
Materials and supplies, at average cost 70.8 71.5 68.6
Electric production fuel, at average cost 29.2 29.0 39.0
Price risk management assets 61.1 74.3 66.4
Exchange gas receivable 169.6 174.8 120.1
Regulatory assets 136.2 114.5 99.5
Prepayments and other 96.2 101.8 111.8
Total Current Assets 2,285.6 2,062.9 1,872.8
Other Assets
Price risk management assets 148.3 114.4 115.1
Regulatory assets 568.4 575.5 608.8
Goodwill 3,687.2 3,687.2 3,722.1
Intangible assets 520.3 527.1 552.2
Deferred charges and other 189.5 157.8 142.6
Total Other Assets 5,113.7 5,062.0 5,140.8
Total Assets $16,988.0 $16,624.2 $17,942.6
page 6
8. Consolidated Balance Sheets
As of December 31, (in millions) 2004 2003 2002
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity
Common stock — $0.01 par value, 400,000,000 shares authorized;
270,625,370; 262,630,409; and 248,860,178 shares issued and outstanding, respectively $ 2.7 $ 2.6 $ 2.5
Additional paid-in-capital, net of deferred stock compensation 3,924.0 3,752.2 3,388.9
Retained earnings 925.4 731.3 930.9
Accumulated other comprehensive loss and other common stock equity (65.0) (70.2) (147.4)
Total Common Stock Equity 4,787.1 4,415.9 4,174.9
Preferred Stocks —
Series without mandatory redemption provisions 81.1 81.1 81.1
Series with mandatory redemption provisions — — 3.8
Company-obligated mandatorily redeemable preferred securities
of subsidiary trust holding solely Company debentures — — 345.0
Long-term debt, excluding amounts due within one year 4,835.9 5,993.4 4,849.5
Total Capitalization 9,704.1 10,490.4 9,454.3
Current Liabilities
Current portion of long-term debt 1,299.9 118.3 1,224.9
Short-term borrowings 307.6 685.5 913.1
Accounts payable 648.4 496.6 536.7
Dividends declared on common and preferred stocks 1.1 1.8 1.1
Customer deposits 87.1 80.4 65.2
Taxes accrued 160.9 210.8 222.8
Interest accrued 84.1 82.4 76.6
Overrecovered gas and fuel costs 15.5 29.2 13.1
Price risk management liabilities 46.9 36.5 39.7
Exchange gas payable 325.1 290.8 411.9
Current deferred revenue 31.5 28.2 17.5
Regulatory liabilities 30.2 73.7 13.5
Accrued liability for postretirement and postemployment benefits 85.5 64.3 48.9
Other accruals 478.4 418.0 391.8
Total Current Liabilities 3,602.2 2,616.5 3,976.8
Other Liabilities and Deferred Credits
Price risk management liabilities 5.5 0.2 3.2
Deferred income taxes 1,665.9 1,589.2 1,517.8
Deferred investment tax credits 78.4 87.3 96.3
Deferred credits 58.0 72.7 100.9
Noncurrent deferred revenue 87.4 113.0 130.1
Accrued liability for postretirement and postemployment benefits 413.0 406.9 419.2
Preferred stock liabilities with mandatory redemption provisions 0.6 2.4 —
Liabilities of discontinued operations and liabilities held for sale — — 959.9
Regulatory liabilities 1,168.6 1,061.6 1,073.2
Other noncurrent liabilities 204.3 184.0 210.9
Total Other Liabilities and Deferred Credits 3,681.7 3,517.3 4,511.5
Commitments and Contingencies — — —
Total Capitalization and Liabilities $16,988.0 $16,624.2 $17,942.6
page 7
9. Statements of Consolidated Cash Flows
Year Ended December 31, (in millions) 2004 2003 2002
Operating Activities
Net Income $ 436.3 $ 85.2 $ 372.5
Adjustments to reconcile net income to net cash from continuing operations:
Depreciation and amortization 509.7 497.0 491.2
Net changes in price risk management assets and liabilities 16.3 (4.3) (43.3)
Deferred income taxes and investment tax credits 97.5 77.9 95.8
Deferred revenue (22.3) (6.4) (15.2)
Stock compensation expense 8.0 12.9 7.3
Gain on sale or impairment of assets (3.1) (24.9) (27.5)
Change in accounting, net of tax — 8.8 —
Loss (Income) from unconsolidated affiliates (0.9) 5.4 (2.6)
Loss on sale of discontinued operations — 331.2 43.8
Loss (Income) from discontinued operations (6.1) 0.5 (18.2)
Amortization of Discount/Premium on Debt 21.6 18.9 21.0
Other Adjustments (2.3) (2.5) (1.4)
Changes in assets and liabilities:
Restricted cash (33.5) 1.4 14.7
Accounts receivable and unbilled revenue (92.0) 67.3 43.6
Inventories (23.1) (166.9) 117.0
Accounts payable 153.3 (41.4) (50.6)
Customer deposits 6.7 15.2 55.2
Taxes accrued (57.8) (89.5) (8.1)
Interest accrued 1.7 5.9 8.6
(Under) Overrecovered gas and fuel costs (104.3) 18.9 (107.6)
Exchange gas receivable/payable 93.3 (196.0) 191.3
Other accruals 11.4 (55.5) (203.1)
Prepayments and other current assets 4.2 9.9 25.9
Regulatory assets/liabilities 18.6 3.3 (13.7)
Postretirement and postemployment benefits 35.4 82.6 (19.2)
Deferred credits (14.3) (28.1) (11.8)
Deferred charges and other noncurrent assets (36.3) 14.2 243.5
Other noncurrent liabilities 2.6 (26.6) (38.1)
Net Cash Flows from Continuing Operations 1,020.6 614.4 1,171.0
Net Cash Flows (used for) or from Discontinued Operations 2.2 (141.5) (133.3)
Net Cash Flows from Operating Activities 1,022.8 472.9 1,037.7
Investing Activities
Capital expenditures (517.0) (574.6) (531.9)
Proceeds from disposition of assets 7.1 586.5 419.2
Other investing activities (9.2) (17.6) (2.2)
Net Cash Flows used for Investing Activities (519.1) (5.7) (114.9)
Financing Activities
Issuance of long-term debt 450.0 1,401.5 —
Retirement of long-term debt (486.6) (1,366.9) (462.8)
Change in short-term debt (377.9) (227.6) (941.2)
Retirement of preferred shares — (346.2) (46.7)
Issuance of common stock 160.8 354.7 734.9
Acquisition of treasury stock (4.1) (2.5) (6.9)
Dividends paid — common shares (243.1) (284.0) (241.5)
Net Cash Flows for Financing Activities (500.9) (471.0) (964.2)
Increase (decrease) in cash and cash equivalents 2.8 (3.8) (41.4)
Cash and cash equivalents at beginning of year 27.3 31.1 72.5
Cash and cash equivalents at end of period $ 30.1 $ 27.3 $ 31.1
Supplemental Disclosures of Cash Flow Information
Cash paid for interest $ 383.0 $ 442.3 $ 493.8
Interest capitalized 2.3 2.5 2.4
Cash paid for income taxes 184.6 256.8 118.8
page 8
10. Statements of Consolidated Capitalization
As of December 31, (in millions, except shares outstanding and par value) 2004 2003 2002
Common shareholders’ equity $4,787.1 $ 4,415.9 $4,174.9
Preferred Stocks, which are redeemable solely at option of issuer:
Northern Indiana Public Service Company—
Cumulative preferred stock — $100 par value —
41⁄4% series — 209,035 shares outstanding 20.9 20.9 20.9
4 ⁄2% series — 79,996 shares outstanding
1
8.0 8.0 8.0
4.22% series — 106,198 shares outstanding 10.6 10.6 10.6
4.88% series — 100,000 shares outstanding 10.0 10.0 10.0
7.44% series — 41,890 shares outstanding 4.2 4.2 4.2
7.50% series — 34,842 shares outstanding 3.5 3.5 3.5
Premium on preferred stock and other 0.3 0.3 0.3
Cumulative preferred stock — no par value —
Adjustable rate series A (stated value —
$50 per share), 473,285 shares outstanding 23.6 23.6 23.6
Series without mandatory redemption provisions 81.1 81.1 81.1
Redeemable Preferred Stocks, subject to mandatory
redemption requirements or whose redemption is
outside the control of issuer:
Northern Indiana Public Service Company—
Cumulative preferred stock — $100 par value —
73⁄4% series — 0; 0; and 11,136 shares
outstanding, respectively — — 1.1
8.35% series — 0; 0; and 27,000 shares
outstanding, respectively — — 2.7
Series with mandatory redemption provisions — — 3.8
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust
holding solely Company debentures — — 345.0
Long-term debt 4,835.9 5,993.4 4,849.5
Total Capitalization $9,704.1 $10,490.4 $9,454.3
page 9
11. Statements of Consolidated Long-Term Debt
As of December 31, (in millions) 2004 2003 2002
NiSource Inc.:
Senior Debentures — 3.628%, due November 1, 2006 $ 144.4 — —
Debentures due November 1, 2006, with interest imputed at 7.77% (SAILSSM) — $ 135.8 $ 126.0
Unamortized discount on long-term debt 0.4 — —
Total long-term debt of NiSource, Inc. $ 144.8 $ 135.8 $ 126.0
Bay State Gas Company:
Medium-Term Notes —
Interest rates between 6.26% and 9.20% with a weighted average interest rate of 6.81%
and maturities between June 6, 2011 and February 15, 2028 48.5 68.5 80.5
Northern Utilities:
Medium-Term Note — Interest rate of 6.93% and maturity of September 1, 2010 4.2 5.0 5.8
Total long-term debt of Bay State Gas Company 52.7 73.5 86.3
Columbia Energy Group:
Debentures —
6.80% Series C — due November 28, 2005 — 281.5 281.5
7.05% Series D — due November 28, 2007 281.5 281.5 281.5
7.32% Series E — due November 28, 2010 281.5 281.5 281.5
7.42% Series F — due November 28, 2015 281.5 281.5 281.5
7.62% Series G — due November 28, 2025 229.2 229.2 229.2
Fair value adjustment of debentures for interest rate swap agreements — 11.2 30.6
Unamortized discount on long-term debt (96.0) (98.2) (108.0)
Subsidiary debt — Capital lease obligations 2.2 1.7 2.0
Total long-term debt of Columbia Energy Group 979.9 1,269.9 1,279.8
PEI Holdings, Inc.:
Long-Term Notes —
Whiting Clean Energy, Inc.— Interest rates between 6.73% and 8.58% with a weighted average
interest rate of 8.30% and maturity of June 20, 2011 298.6 301.5 302.5
Total long-term debt of PEI Holdings, Inc. 298.6 301.5 302.5
NiSource Capital Markets, Inc.:
Senior Unsecured Notes — 4.25%, due February 19, 2005 — 0.3 —
Subordinated Debentures — Series A, 73⁄4%, due March 31, 2026 — — 75.0
Senior Notes — 6.78%, due December 1, 2027 75.0 75.0 75.0
Medium-term notes —
Issued at interest rates between 7.38% and 7.99%, with a weighted average interest rate of
7.77% and various maturities between April 17, 2006 and May 5, 2027 190.0 220.0 300.0
Total long-term debt of NiSource Capital Markets, Inc. 265.0 295.3 450.0
NiSource Development Company, Inc.:
NDC Douglas Properties, Inc. — Notes Payable —
Interest rate between 3.8% and 12.6% with a weighted average
interest rate of 7.4% 36.7 2.6 5.1
Total long-term debt of NiSource Development Company, Inc. 36.7 2.6 5.1
NiSource Finance Corp.:
Long-Term Notes —
Floating Rate Notes — 1.93% at December 31, 2003, due May 4, 2005 — 250.0 —
75⁄8% — due November 15, 2005 — 900.0 900.0
3.20% — due November 1, 2006 250.0 250.0 —
77⁄8% — due November 15, 2010 1,000.0 1,000.0 1,000.0
Senior Unsecured Notes — 6.15%, due March 1, 2013 345.0 345.0 —
5.40% — due July 15, 2014 500.0 500.0 —
Floating Rate Notes — 2.92% at December 31, 2004, due November 23, 2009 450.0 — —
Fair value adjustment of notes for interest rate swap agreements 29.9 3.3 —
Unamortized discount on long-term debt (14.6) (15.5) (13.6)
Total long-term debt of NiSource Finance Corp., Inc. 2,560.3 3,232.8 1,886.4
Northern Indiana Public Service Company:
First mortgage bonds — Series NN, 7.10% — due July 1, 2017 — — 55.0
Pollution control bonds —
Issued at interest rates between 1.65% and 1.80%, with a weighted average interest rate of 1.75%
and various maturities between November 1, 2007 and April 1, 2019 278.0 278.0 223.0
Medium-term notes —
Issued at interest rates between 6.69% and 7.69%, with a weighted average interest rate of
7.30% and various maturities between July 8, 2007 and August 4, 2027 221.2 405.5 437.5
Unamortized premiums and discount on long-term debt, net (1.3) (1.5) (2.1)
Total long-term debt of Northern Indiana Public Service Company 497.9 682.0 713.4
Total long-term debt, excluding amount due within one year $4,835.9 $5,993.4 $4,849.5
page 10
12. Income Taxes
Year Ended December 31, (in millions) 2004 2003 2002
Income Taxes
Current
Federal $117.0 $132.0 $126.4
State 26.4 24.3 (3.3)
Total Current 143.4 156.3 123.1
Deferred
Federal 102.4 82.4 74.8
State 4.0 4.4 29.9
Total Deferred 106.4 86.8 104.7
Deferred Investment Credits (8.9) (8.9) (8.9)
Income Taxes Included in Continuing Operations $240.9 $234.2 $218.9
Total income taxes from continuing operations were different from the amount that would be computed by
applying the statutory Federal income tax rate to book income before income tax. The major reasons for this
difference were as follows:
Year Ended December 31, (in millions) 2004 2003 2002
Book income from Continuing
Operations before income taxes $671.1 $659.9 $617.0
Tax expense at statutory Federal income tax rate 234.9 35.0% 231.0 35.0% 216.0 35.0%
Increases (reductions) in taxes resulting from:
State income taxes, net of federal income
tax benefit 19.8 3.0 18.6 2.8 17.1 2.8
Regulatory treatment of depreciation differences 4.5 0.7 1.2 0.2 (2.2) (0.4)
Amortization of deferred investment tax credits (8.9) (1.3) (8.9) (1.3) (8.9) (1.4)
Low-income housing (3.9) (0.6) (5.1) (0.8) (5.1) (0.8)
Other, net (5.5) (0.9) (2.6) (0.4) 2.0 0.3
Income Taxes from Continuing Operations $240.9 35.9% $234.2 35.5% $218.9 35.5%
Deferred income taxes resulted from temporary differences between the financial statement carrying amounts
and the tax basis of existing assets and liabilities. The principal components of NiSource’s net deferred tax liability
were as follows:
At December 31, (in millions) 2004 2003 2002
Deferred tax liabilities
Accelerated depreciation and other property differences $1,680.3 $1,596.5 $1,482.0
Unrecovered gas and fuel costs 112.6 68.0 46.7
Other regulatory assets 303.9 279.0 238.4
SFAS No. 133 and price risk adjustments 40.9 49.0 42.7
Premiums and discounts associated with long-term debt 54.1 56.6 60.7
Total Deferred Tax Liabilities 2,191.8 2,049.1 1,870.5
Deferred tax assets
Deferred investment tax credits and other regulatory liabilities (177.9) (156.5) (62.4)
Pension and other postretirement/postemployment benefits (192.4) (190.9) (163.4)
Environmental liabilities (21.4) (20.1) (41.2)
Other accrued liabilities (43.9) (30.0) (52.3)
Other, net (19.2) (5.4) (38.2)
Total Deferred Tax Assets (454.8) (402.9) (357.5)
Less: Deferred income taxes related to current assets and liabilities 71.1 57.0 (4.8)
Non-Current Deferred Tax Liability 1,665.9 $1,589.2 $1,517.8
page 11
13. Statements of Consolidated Common
Stockholders’ Equity and Comprehensive Income
Accumulated
Additional Deferred Other
Common Treasury Paid-In Retained Stock Comprehensive Comprehensive
(in millions) Stock Stock Capital Earnings Compensation Income/(Loss) Total Income
Balance January 1, 2002 $2.1 $ 0.0 $2,637.3 $ 798.6 $(19.8) $ 51.2 $3,469.4
Comprehensive Income:
Net Income 372.5 372.5 $372.5
Other comprehensive income, net of tax:
Gain/loss on available for sale securities:
Unrealized (6.0) (6.0) (6.0)
Realized 0.3 0.3 0.3
Net unrealized gains on derivatives qualifying
as cash flow hedges 17.7 17.7 17.7
Minimum pension liability adjustment (203.7) (203.7) (203.7)
Total comprehensive income $180.8
Dividends:
Common stock (240.8) (240.8)
Treasury stock acquired (6.9) (6.9)
Issued:
Common stock issuance 0.4 734.3 734.7
Employee stock purchase plan 0.9 0.9
Long-term incentive plan 17.0 (0.7) 16.3
Amortization of unearned compensation 19.9 19.9
Other 0.6 0.6
Balance December 31, 2002 $2.5 $ (6.9) $3,389.5 $ 930.9 $ (0.6) $(140.5) $4,174.9
Comprehensive Income:
Net Income 85.2 85.2 $ 85.2
Other comprehensive income, net of tax:
Gain/loss on available for sale securities:
Unrealized 1.4 1.4 1.4
Gain/loss on foreign currency translation:
Unrealized 0.7 0.7 0.7
Net unrealized gains on derivatives qualifying
as cash flow hedges 23.9 23.9 23.9
Minimum pension liability adjustment 53.5 53.5 53.5
Total comprehensive income $164.7
Dividends:
Common stock (284.8) (284.8)
Treasury stock acquired (2.5) (2.5)
Issued:
Common stock issuance 0.1 344.9 345.0
Employee stock purchase plan 0.6 0.6
Long-term incentive plan 21.6 (4.5) 17.1
Amortization of unearned compensation 0.9 0.9
Balance December 31, 2003 $2.6 $ (9.4) $3,756.6 $ 731.3 $ (4.2) $ (61.0) $4,415.9
Comprehensive Income:
Net Income 436.3 436.3 $436.3
Other comprehensive income, net of tax:
Gain/loss on available for sale securities:
Unrealized 1.5 1.5 1.5
Gain/loss on foreign currency translation:
Unrealized 0.7 0.7 0.7
Net unrealized gains on derivatives qualifying
as cash flow hedges 2.2 2.2 2.2
Minimum pension liability adjustment 5.2 5.2 5.2
Total comprehensive income $445.9
Dividends:
Common stock (242.3) (242.3)
Treasury stock acquired (4.1) (4.1)
Issued:
Common stock issuance 0.1 144.3 144.4
Employee stock purchase plan 0.7 0.7
Long-term incentive plan 23.0 (3.0) 20.0
Tax benefits of options, PIES and other 5.2 0.1 5.3
Amortization of unearned compensation 1.3 1.3
Balance December 31, 2004 $2.7 $(13.5) $3,929.8 $ 925.4 $ (5.9) $ (51.4) $4,787.1
page 12
14. Statements of Consolidated Common
Stockholders’ Equity and Comprehensive Income
Common Treasury
Shares (in thousands) Shares Shares
Balance January 1, 2002 207,492 —
Treasury stock acquired (350)
Issued:
Stock issuance 41,400 —
Employee stock purchase plan 43 —
Long-term incentive plan 275 —
Balance December 31, 2002 249,210 (350)
Treasury stock acquired (128)
Issued:
Stock issuance 13,111 —
Employee stock purchase plan 33 —
Long-term incentive plan 754 —
Balance December 31, 2003 263,108 (478)
Treasury stock acquired (190)
Issued:
Stock issuance 6,814 —
Employee stock purchase plan 35 —
Long-term incentive plan 1,337 —
Balance December 31, 2004 271,294 (668)
page 13
15. Current Security and Bond Ratings
Columbia Energy Group
Description Moody’s S&P Fitch
Senior Unsecured Baa2 BBB BBB+
Northern Indiana Public Service Company
Description Moody’s S&P Fitch
Senior Unsecured Baa2 BBB BBB+
Preferred Stock Baa3 BB+ BBB
NiSource Inc.
Description Moody’s S&P Fitch
Senior Unsecured Baa3 BBB BBB
Commercial Paper Prime-3 A-2 F-2
page 14
16. Common Stockholders —State
Geographical Breakdown of Shareholders by State:
Percent Percent Percent Percent
State Holders of Total *Shares of Total State Holders of Total Shares of Total
Alabama 206 0.41% 71,316 0.03% New Hampshire 274 0.55% 120,403 0.04%
Alaska 29 0.06% 6,857 0.00% New Jersey 1,850 3.69% 8,476,840 3.12%
Arizona 545 1.09% 249,951 0.09% New Mexico 116 0.23% 36,751 0.01%
Arkansas 142 0.28% 44,855 0.02% New York 3,545 7.07% 240,715,107 88.73%
California 2,327 4.64% 933,123 0.34% North Carolina 572 1.14% 163,711 0.06%
Colorado 428 0.85% 269,502 0.10% North Dakota 44 0.09% 19,164 0.01%
Connecticut 936 1.87% 347,445 0.13% Ohio 3,631 7.24% 1,043,945 0.38%
Delaware 165 0.33% 44,445 0.02% Oklahoma 158 0.31% 43,953 0.02%
Dist. of Columbia 116 0.23% 67,644 0.02% Oregon 205 0.41% 61,628 0.02%
Florida 2,535 5.05% 999,236 0.37% Pennsylvania 2,350 4.69% 706,781 0.26%
Georgia 477 0.95% 210,540 0.08% Rhode Island 147 0.29% 59,008 0.02%
Hawaii 87 0.17% 25,332 0.01% South Carolina 268 0.53% 75,022 0.03%
Idaho 57 0.11% 29,844 0.01% South Dakota 64 0.13% 27,498 0.01%
Illinois 3,654 7.28% 1,947,161 0.72% Tennessee 330 0.66% 114,457 0.04%
Indiana 11,010 21.95% 8,631,562 3.18% Texas 1,313 2.62% 399,498 0.15%
Iowa 283 0.56% 132,820 0.05% Utah 88 0.18% 18,651 0.01%
Kansas 185 0.37% 54,237 0.02% Vermont 95 0.19% 31,205 0.01%
Kentucky 691 1.38% 223,410 0.08% Virginia 1,466 2.92% 483,641 0.18%
Louisiana 349 0.70% 68,271 0.03% Washington 377 0.75% 140,623 0.05%
Maine 271 0.54% 78,898 0.03% West Virginia 1,087 2.17% 240,497 0.09%
Maryland 1,051 2.10% 301,972 0.11% Wisconsin 1,058 2.11% 470,596 0.17%
Massachusetts 2,170 4.33% 1,428,567 0.53% Wyoming 41 0.08% 9,773 0.00%
Michigan 1,673 3.34% 927,466 0.34% Canada 56 0.11% 14,304 0.01%
Minnesota 530 1.06% 227,094 0.08% Other Foreign 131 0.26% 27,025 0.01%
Mississippi 119 0.24% 30,272 0.01% Totals 50,160 100.00% 271,293,852 100.00%
Missouri 498 0.99% 256,543 0.09%
Less Treasury Shares 668,482
Montana 77 0.15% 23,592 0.01%
Nebraska 119 0.24% 63,143 0.02% Total Shares Outstanding 270,625,370
Nevada 164 0.33% 98,673 0.04%
Common Stockholders
December 31, 2004 Number Percent Number Percent
Holder Category of Holders of Holders of Shares of Shares
Joint Tenants—Survivorship Rights 12,013 23.95% 6,270,180 2.31%
Individual—Female 13,879 27.67% 4,364,831 1.61%
Individual—Male 15,881 31.66% 7,375,144 2.72%
Corporations 881 1.76% 9,300,874 3.43%
Depositories 4 0.01% 239,810,064 88.39%
Nominee 11 0.02% 7,957 0.00%
Trusts 7,319 14.59% 4,050,757 1.49%
Miscellaneous 172 0.34% 114,045 0.04%
Total 50,160 100.00% 271,293,852 100.00%
Less Treasury Shares 668,482
Total Shares Outstanding 270,625,370
Share Size %
3,331 to 33.9 Shares 15,849 31.60% 170,805 0.06%
3, 34 to 49.9 Shares 2,291 4.57% 92,771 0.03%
3, 50 to 99.9 Shares 4,422 8.82% 317,842 0.12%
3,100 to 300.9 Shares 12,112 24.15% 2,233,678 0.82%
3,301 to 500.9 Shares 5,079 10.13% 2,004,815 0.74%
3,501 to 1,000.9 Shares 5,317 10.60% 3,834,994 1.41%
1,001 and over 5,090 10.15% 262,638,947 96.81
Total 50,160 100.00% 271,293,852 100.00%
Less Treasury Shares 668,482
Total Shares Outstanding 270,625,370
page 15
17. Gas Distribution Statistics
Year Ended December 31, (in millions) 2004 2003 2002 2001 2000
Net Revenues
Sales Revenues $3,859.6 $3,659.9 $2,905.4 $3,890.5 $1,980.5
Less: Cost of gas sold 2,850.8 2,625.3 1,921.6 2,887.9 1,415.9
Net Sales Revenues 1,008.8 1,034.6 983.8 1,002.6 564.6
Transporation Revenues 431.8 442.0 405.0 389.8 171.4
Net Revenues 1,440.6 1,476.6 1,388.8 1,392.4 736.0
Operating Expenses
Operation and maintenance 640.4 615.4 589.6 638.1 280.2
Depreciation and amortization 194.6 190.2 189.2 228.8 146.7
Other taxes 165.3 164.6 150.9 144.7 68.1
Total Operating Expenses 1,000.3 970.2 929.7 1,011.6 495.0
Operating Income $ 440.3 $ 506.4 $ 459.1 $ 380.8 $ 241.0
Revenues ($ in Millions)
Residential 2,388.5 2,356.2 1,790.7 2,231.0 1,250.4
Commercial 839.0 841.3 604.9 842.4 446.5
Industrial 197.4 194.0 101.9 131.8 92.2
Transportation 431.8 442.0 405.0 389.8 171.4
Off System Sales 214.2 86.1 191.5 636.8 97.2
Other 220.5 182.3 216.4 47.9 94.2
Total $4,291.4 $4,101.9 $3,310.4 $4,279.7 $2,151.9
Sales and Transportation (MMDth)
Residential sales 218.9 230.4 223.4 220.3 142.4
Commercial sales 85.3 89.7 83.6 92.8 57.3
Industrial sales 24.3 21.8 17.3 15.3 15.2
Transportation 534.5 522.9 536.9 507.7 304.6
Off System Sales 34.9 10.5 62.8 170.4 25.0
Other 0.6 0.9 0.2 0.3 (5.1)
Total 898.5 876.2 924.2 1,006.8 539.4
Heating Degree Days 4,887 5,134 4,757 4,500 4,965
Normal Heating Degree Days 4,967 4,949 5,129 5,144 5,173
% Colder (Warmer) than Normal (2)% 4% (7)% (13)% (4)%
page 16
18. Gas Distributi on Cu s tomers and Throughput Stati s tics by State
Customers (as of
December 31) 2004 2003 2002 2001 2000
Residential 2,389,032 2,278,768 2,318,862 2,294,395 2,352,219
Commercial 215,633 210,967 216,024 213,052 216,346
Industrial 5,806 6,009 5,818 5,835 5,952
Transportation 722,379 779,802 705,430 720,993 637,075
Other 61 135 146 150 24
Total Customers 3,332,911 3,275,681 3,246,280 3,234,425 3,211,616
Transportation 2004 2003
Customers by State RResidential Commercial Industrial & Other Total Total % Chg
Indiana 672,206 52,517 3,259 55,999 783,981 776,158 1.0%
Ohio 824,582 61,529 1,371 527,264 1,414,746 1,386,744 2.0%
Kentucky 91,028 9,870 106 40,957 141,961 141,205 0.5%
Pennsylvania 289,905 32,419 340 83,713 406,377 401,218 1.3%
Maryland 27,397 3,682 23 1,289 32,391 31,788 1.9%
Virginia 190,567 18,589 283 9,364 218,803 209,150 4.6%
New Hampshire 20,533 5,924 33 211 26,701 25,954 2.9%
Maine 17,637 6,817 18 453 24,925 24,480 1.8%
Massachusetts 255,177 24,286 373 3,190 283,026 278,984 1.4%
Total NiSource 2,389,032 215,633 5,806 722,440 3,332,911 3,275,681 1.7%
Throughput by State (MMDth) Residential Commercial Industrial Transportation Off-syst Sales Other Total
Indiana 63.7 25.2 16.3 171.7 0.1 0.4 277.4
Ohio 74.4 19.4 0.8 206.8 27.1 0.1 328.6
Kentucky 6.9 3.3 0.2 26.6 0.8 — 37.8
Pennsylvania 27.8 12.7 0.3 45.5 6.5 0.1 92.9
Maryland 2.5 1.6 — 2.8 0.2 — 7.1
Virginia 14.6 9.6 2.6 50.8 0.2 — 77.8
New Hampshire 1.8 2.4 0.5 2.4 — — 7.1
Maine 1.1 2.5 0.2 3.4 — — 7.2
Massachusetts 26.1 8.6 3.4 24.5 — — 62.6
Total NiSource 218.9 85.3 24.3 534.5 34.9 0.6 898.5
page 17
19. Gas Transmission and Storage Operations
Year Ended December 31, (in millions) 2004 2003 2002 2001 2000
Operating Revenues
Transportation revenues $ 668.0 $ 663.2 $ 730.4 $ 756.7 $ 199.9
Storage revenues 178.2 177.9 178.9 178.9 29.9
Other revenues 9.0 12.2 12.9 28.1 1.8
Total Operating Revenues 855.2 853.3 922.2 963.7 231.6
Less: Cost of gas sold 22.6 16.0 47.8 80.1 62.5
Net Revenues 832.6 837.3 874.4 883.6 169.1
Operating Expenses
Operation and maintenance 301.8 278.3 316.2 321.0 68.8
Depreciation and amortization 114.2 111.4 109.4 161.4 27.7
Loss (Gain) on sale or impairment of assets 1.2 (1.8) (2.2) — 16.9
Other taxes 52.3 50.6 52.7 52.2 10.0
Total Operating Expenses 469.5 438.5 476.1 534.6 123.4
Operating Income $ 363.1 $ 398.8 $ 398.3 $ 349.0 $ 45.7
Throughput (MMDth)
Columbia Transmission
Market Area 978.3 1,018.9 1,043.8 970.2 285.0
Columbia Gulf
Mainline 539.1 612.6 614.4 626.3 114.2
Short-haul 102.5 124.4 146.9 184.7 28.8
Columbia Pipeline Deep Water 16.7 7.4 0.7 2.9 0.1
Crossroads Gas Pipeline 40.5 34.3 29.2 37.4 40.7
Granite State Pipeline 32.7 33.4 33.2 29.1 36.4
Intrasegment eliminations (537.1) (592.1) (553.9) (609.3) (109.8)
Total 1,172.7 1,238.9 1,314.3 1,241.3 395.4
page 18
20. Electric Operations
Year Ended December 31, (in millions) 2004 2003 2002 2001 2000
Net Revenues
Sales revenues $1,111.2 $1,092.8 $1,137.4 $1,064.5 $1,072.7
Less: Cost of sales 351.0 364.2 369.0 277.6 274.6
Net Revenues 760.2 728.6 768.4 786.9 798.1
Operating Expenses
Operation and maintenance 243.3 224.7 222.8 223.3 234.3
Depreciation and amortization 178.1 175.1 172.2 166.8 162.8
Gain on sale of assets (1.6) — — — —
Other taxes 34.2 61.3 51.1 56.1 48.0
Total Operating Expenses 454.0 461.1 446.1 446.2 445.1
Operating Income $ 306.2 $ 267.5 $ 322.3 $ 340.7 $ 353.0
Revenues ($ in millions)
Residential $ 295.1 $ 294.9 $ 309.5 $ 295.7 $ 291.1
Commercial 294.1 289.8 297.2 292.9 282.2
Industrial 414.1 380.2 393.6 404.0 413.8
Wholesale 47.0 92.8 92.9 29.6 51.1
Other 60.9 35.1 44.2 42.3 34.5
Total $1,111.2 $1,092.8 $1,137.4 $1,064.5 $1,072.7
Sales (Gigawatt Hours)
Residential 3,104.3 3,122.5 3,228.4 2,956.9 2,953.3
Commercial 3,635.0 3,579.7 3,618.3 3,446.3 3,375.9
Industrial 9,309.4 8,972.2 8,822.4 8,935.5 9,494.9
Wholesale 1,176.2 2,623.2 2,983.5 845.0 1,546.9
Other 142.6 141.6 123.3 127.6 121.9
Total 17,367.5 18,439.2 18,775.9 16,311.3 17,492.9
Cooling Degree Days 582 572 1,015 801 693
Normal Cooling Degree Days 803 808 792 792 792
% Warmer (Colder) than Normal (28)% (29)% 28% 1% (13)%
Revenue per KWH (cents):
Residential 9.51 9.44 9.59 10.00 9.86
Commercial 8.09 8.10 8.21 8.50 8.36
Industrial 4.45 4.24 4.46 4.52 4.36
Residential Customers
Average annual KWH use per customer 7,912 8,045 8,388 7,752 7,774
Average annual electric bill $ 752.15 $ 759.81 $ 804.12 $ 775.22 $ 766.24
Electric Customers
Residential 392,342 388,123 384,891 381,440 379,908
Commercial 50,332 49,252 48,286 47,286 46,638
Industrial 2,528 2,543 2,577 2,643 2,663
Wholesale 22 21 22 23 37
Other 770 794 799 801 806
Total 445,994 440,733 436,575 432,193 430,052
On June 20, 2002 a settlement agreement was filed with IURC regarding the electric rate review. The settlement agreement provides electric customers will receive a credit of $55M
each year for 49 months, beginning July 1, 2002.
page 19
21. Electric Generation and Production Statistics
Year in Net KW
Unit Service Capability 2004 2003 2002 2001 2000
(Kilowatt-hours in Thousands)
Megawatt-hours Generated by
Conventional Coal Fired
Steam Turbine—Michigan City
Generating Station:
Units 2 and 3(a) 1951 120,000 (1,674) (1,725) (2,002) (1,210) 7,761
Unit 12 1974 469,000 2,705,973 2,405,676 2,486,543 2,413,036 2,738,298
Station total 589,000 2,704,299 2,403,951 2,484,541 2,411,826 2,746,059
Dean H. Mitchell Generating Station:(b)
Unit 4 1956 125,000 0 0 (674) 374,324 230,560
Unit 5 1959 125,000 0 0 (388) 321,140 513,071
Unit 6 1959 125,000 0 0 (735) 555,396 564,095
Unit 11 1970 110,000 0 0 32,114 520,028 567,465
Station total 485,000 0 0 30,317 1,770,888 1,875,191
Bailly Generating Station:
Unit 7 1962 160,000 992,795 1,013,047 911,943 950,482 958,691
Unit 8 1968 320,000 2,105,916 1,289,827 1,918,972 1,706,284 1,862,584
Station total 480,000 3,098,711 2,302,874 2,830,915 2,656,766 2,821,275
R. M. Schahfer Generating Station:
Unit 14 1976 431,000 2,216,069 2,657,685 1,619,597 2,049,614 2,350,089
Unit 15 1979 472,000 2,942,038 3,001,038 2,602,456 3,017,124 2,873,483
Unit 17 1983 361,000 2,196,962 2,107,624 2,138,528 1,671,071 2,165,151
Unit 18 1986 361,000 1,990,524 2,238,720 2,388,925 2,171,866 2,356,513
Station total 1,625,000 9,345,593 10,005,067 8,749,506 8,909,675 9,745,236
Total conventional
steam generating stations 3,179,000 15,148,603 14,711,892 14,095,279 15,749,155 17,187,761
Megawatt-hours Generated by
Gas Turbine—Dean H. Mitchell
Generating Station:
Unit 9A 1966 17,400 0 0 0 969 805
Bailly Generating Station:
Unit 10 1968 30,900 314 806 336 1,071 955
R. M. Schahfer Generating Station:
Units 16A and 16B 1979 155,000 5,323 5,064 6,924 12,339 18,292
Total gas turbine
generating stations 203,300 5,637 5,870 7,260 14,379 20,052
Megawatt-hours Generated
by Hydroelectric—
Oakdale 1925 6,000 33,242 32,253 22,827 40,280 24,932
Norway 1923 4,000 28,629 22,355 24,855 30,196 17,208
Total hydroelectric 10,000 61,871 54,608 47,682 70,476 42,140
Total all generating stations 3,392,300 15,216,111 14,772,370 14,150,221 15,834,010 17,249,953
(a) Units 2 and 3 are fired on gas only.
(b) D. H. Mitchell Generating Station taken out of service January 2002.
page 20
22. Fuel for Electric Generation
Coal Consumed by Generating Station for Electric Production (tons)
2004 2003 2002 2001 2000
Michigan City 1,538,985 1,351,752 1,389,568 1,331,813 1,525,548
Dean H. Mitchell(1) 0 0 22,560 1,094,636 1,123,902
Bailly 1,424,345 1,084,259 1,358,927 1,290,955 1,342,092
R. M. Schahfer 5,126,539 5,465,003 4,703,826 5,037,711 5,230,952
Total 8,089,869 7,901,014 7,474,881 8,755,115 9,222,494
Average Cost Per Ton of Coal Consumed(2) by Generating Station
2004 2003 2002 2001 2000
Michigan City $23.60 $26.71 $26.97 $24.23 $25.15
Dean H. Mitchell(1) N/A.0 N/A.00 N/A0 $23.92 $21.94
Bailly $32.86 $30.38 $30.00 $32.74 $28.73
R. M. Schahfer $27.21 $27.13 $27.79 $25.49 $24.70
Average of all stations $27.52 $27.50 $27.93 $26.17 $25.02
Mills Per Net KWH Generated for all Fuels, Total M Therms Burned all Fuels, and Btu Per Net KWH
Generated
2004 2003 2002 2001 2000
Mills/net KWH generated 14.83 15.25 14.96 15.01 14.07
Total M therms 1,673,421 1,630,234 1,567,534 1,770,762 1,900,768
Btu/net KWH generated 11,083 11,091 11,039 11,440 11,138
Fuel Mix for Electric Generation Including Purchased Power
2004 2003 2002 2001 2000
Coal 83.9 76.9 72.4% 92.5% 93.9%
Oil 0.0 0.0 0.0 0.0 0.0
Gas 0.0 (3) 0.0(3) 0.0 0.3 0.7
Hydro 0.3 0.3 0.2 0.4 0.2
Purchased Power 15.8 22.8 27.4 6.8 5.2
100.0% 100.0% 100.0% 100.0% 100.0%
(1)D. H. Mitchell Generating Station taken out of service January 2002.
(2)Includes the delivered cost of coal, fuel stock expense, ash handling and sale of slag.
(3)Gas usage was only .02% of total and rounded to 0.0%.
page 21
23. Capacity and Operating Margins
Capacity and Operating Margins provide a method by which electrical resources are displayed to show the
future electrical demands and energy requirements of the Northern Indiana Public Service Company’s
customers. Analyses are conducted in order to determine the optimum outcome of various electric resource
plans, which are necessary for customer demand and electric system reliability.
2004 2003 2002 2001 2000
Resources Available (at time of peak)
Net demonstrated capacity of units (MW) 3,392 3,392 3,392 3,392 3,392
Purchased power (MW) 628 827 774 98 282
Total resources of system (MW) 4,020 4,219 4,166 3,490 3,674
Scheduled outage (MW)* (502) (502) (502) 0 0
Random unavailability (MW) (221) (207) (245) (258) (316)
Resources available to meet peak load (MW) 3,297 3,510 3,419 3,232 3,358
Total internal system peak demand (MW) 2,922 3,054 2,978 2,998 2,870
Capacity Margins
Capacity margin expresses the difference between total demonstrated resources and the internal system peak
demand, as a fraction of the total demonstrated resources. Capacity margin permits examination and
calculation of operating needs.
2004 2003 2002 2001 2000
Total resources of system (MW) 4,020 4,219 4,166 3,490 3,674
Total internal system peak demand (MW) 2,922 3,054 2,978 2,998 2,870
Capacity margin (MW) 1,098 1,165 1,188 492 804
Capacity margin (percent) 27.3% 27.6% 28.5% 14.1% 21.9%
Operating Margins
Operating margin is capacity margin less the demonstrated resources unavailable because of predictable
events such as scheduled outages and variable events such as random unavailability. Consideration of these
variables explicitly incorporates the dimension of generation reliability into both utility operational and capacity
planning needs. The total internal system peak demand is subtracted from the resources available to meet peak
demand. This difference, divided by the total demonstrated resources and expressed as a percentage, is the
operating margin.
2004 2003 2002 2001 2000
Resources available to meet peak load (MW) 3,297 3,510 3,419 3,232 3,358
Total internal system peak demand (MW) 2,922 3,054 2,978 2,998 2,870
Operating margin (MW) 375 234 488
456 441
Operating margin (percent) 9.3% 6.7% 13.3%
10.8% 10.6%
Annual Load Factor 66.0% 61.8% 66.3% 61.6% 66.2%
*D.H. Mitchell Generating Station taken out of service January 2002 and is on indefinite shutdown.
page 22