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eratingStatistics

6

FITCH

The

capital

chargesby

function

(generatio

n,transmission,and

distribution)arebasedoneachcompanyscapitalstructure,resultingina

separatepretaxcapitalcostfactorforeachutility

(ratherthanonefactor

appliedtoallc

ompanies).

Thecapitalch

argecalculationispretaxandrequiresthegrossingupofthe

costofcapitalforfederalandstateincometaxes.T

hemodelutilizeseach

companysestimatedtotalincometaxratewhereavailable.However,inthe

eventextraord

inarycircumstancesskewedacomp

anyseffectiveincome

taxratein2001,agenerictaxratebasedonthepreviousyearsfinancial

datawasapplied.

NERCregion

weightedaveragesarebasedonweig

htingbycompanykwh

sales.

Whiletheseassum

ptionssometimesvarymateriallyfr

omtheactualcostsof

individualutilities,t

hevalueoftheembeddedcostmode

listheabilitytoobtain

aconsistentoverviewofalargeuniverseofutilitiesbasedonpubliclyavailable

information.(Foradditionalinformationaboutthemodel,seetheElementsof

EmbeddedCostsboxonpage4.)

11

22

33

44

55

66

77

88

99

1010

NorthAmericanElectricR

eliabilityCouncil

*Returnoncapitalisaweightedaveragebasedoneachutilityscapitalstructure.

Average

Em

bedded

CostofService

Region

(ce

nts/kwh)

1

ECAR

EastCentralAreaReliabilityCoordinationAgreement

4.26

2

ERCOT

ElectricRelia

bilityCouncilofTexas

7.76

3

FRCC

FloridaRelia

bilityCoordinatingCouncil

6.91

4

MAAC

Mid-AtlanticAreaCouncil

7.03

5

MAIN

Mid-America

InterconnectedNetwork

5.52

6

MAPP

Mid-ContinentAreaPowerPool

5.62

7

NPCC

NortheastPowerCoordinatingCouncil

9.19

8

SERC

SoutheasternElectricReliabilityCouncil

5.72

9

SPP

SouthwestP

owerPool

7.06

10

WECC

WesternElectricityCoordinatingCouncil

8.08

11

22

33

44

55

66

77

88

99

1010

NorthAmericanElectricR

eliabilityCouncil

*Returnoncapitalisaweightedaveragebasedoneachutilityscapitalstructure.

Average

Em

bedded

CostofService

Region

(ce

nts/kwh)

1

ECAR

EastCentralAreaReliabilityCoordinationAgreement

4.26

2

ERCOT

ElectricRelia

bilityCouncilofTexas

7.76

3

FRCC

FloridaRelia

bilityCoordinatingCouncil

6.91

4

MAAC

Mid-AtlanticAreaCouncil

7.03

5

MAIN

Mid-America

InterconnectedNetwork

5.52

6

MAPP

Mid-ContinentAreaPowerPool

5.62

7

NPCC

NortheastPowerCoordinatingCouncil

9.19

8

SERC

SoutheasternElectricReliabilityCouncil

5.72

9

SPP

SouthwestP

owerPool

7.06

10

WECC

WesternElectricityCoordinatingCouncil

8.08

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ElectricUtilityCompetitiv

eOperatingStatistics

19

FITCH

PowerSupplyStatistics*(continued)

(YearEndedDec.31,2001)

--

PowerSu

pply----

SalesandDispos.ofElec.

-

FuelMix(%ofTotalGeneration)-

Company

Net

Generation

(gwh)

Average

Prod.Costs

(Cents/kwh)**

Pu

rchased

Power

(gwh)

Average

Purchased

PwrCost

(cents/kwh)

Salesto

Ultimate

Cust.

(gwh)

Salesf

or

Resa

le

(gw

h)

NetGen.

%Sales

toUlt.

Cust.

Resale

Sales

%Total

MwhSales

Coal

Gas

Nuclear

Hydro

Oiland

Other

SanDiegoGasandElectricCompan

y

3,028

3.00

6,550

9.98

9,176

23

3

33.0

2.5

0.0

0.0

100.0

0.0

0.0

SouthernCaliforniaEdisonCompany

30,157

2.47

31,165

12.09

78,454

7

0

38.4

0.1

37.0

0.0

52.8

10.1

0.1

TucsonElectricPowerCompany

12,183

5.85

4,092

13.94

8,261

7,12

8

147.5

46.3

98.6

1.4

0.0

0.0

0.0

*NorthAmericanElectricReliabilityCounc

il(NERC)averagesareweightedbasedoninvestor-ownedutilitykilowatt-sales.TheNERCregionscontainonlythemajorinvestor-ownedutilitiesin

eachregion.**Reflects

variablecostsofproduction(fuelandO&M

)dividedbynetgeneration.Reflectscostofpurchasedpowerdividedbykilowatt-hour(kwh)purc

hased.Companyhassoldortransferredgenera

tingassets,butcontinuesto

supplyelectricitythroughpowerpurchasestocustomers.Companyreliesonpurchasedpowertomeetitssupplyobligation.gwhGigawat

t-hour.N.A.Notavailable.Seethemaponpage6forthenamesand

locationsofNERCregions.CertainoperatingcompanydataisunavailablereflectinganincompleteFERCForm1filing.Source:SNLEnergy

InformationSystem,providedunderlicensebyS

NLSecurities,LCof

Charlottesville,VA.

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ElectricUtilityCompetitiv

eOperatingStatistics

23

FITCH