A mostly lower-risk, monopolistic, rate-regulated utility company that provides an essential service Effective management of regulated risk, leading to generally constructive rate case outcomes The energy trading business is a higher-risk operation with considerably less dependable cash flows Economic improvement within the company's regulated service jurisdiction A strategy mostly predicated on the growth of its lower-risk regulated businesses Longer-term uncertainty regarding electric customer choice Cash flow measures at the lower end of the significant financial risk profile Negative discretionary cash flow driven by high capital spending Annual capital spending of about $2 billion Dividend expected to be minimally maintained at existing level Moderate financial policies combined with "adequate" liquidity The stable rating outlook reflects Standard&Poor's Ratings Services' expectation
