Regulated electric and gas operations provide more than 85% of total operating income, Regulated operations are in jurisdictions with generally constructive regulatory environments, Service territory is large and diverse, with largely attractive markets and above-average customer growth, Clarity in the regulatory environment in Ohio, with potential for continuation of an arrangement that provides for revenue and cash flow stability over the next three years, and Large and efficient regulated power generation fleet, with well-managed nuclear and coal plants affording some fuel diversity and providing for competitive rates. Significant capital spending to address environmental and growth needs necessitates timely recovery of expenses to preserve the currently strong financial profile, and International operations introduce some political and currency risk. The ratings on
