Regulated integrated electric and natural gas utility operations that provide an essential service and has relatively stable cash flows Generally supportive regulatory framework, as demonstrated by recent successful rate cases Strategy now focused on developing more thorough transmission to connect the two utilities Recent increase in the amount of owned generation, which has mitigated market exposure Looming acquisition by MidAmerican Energy Holdings, which is rated higher and has significant scale Relatively conservative financial policy, and leverage that remains higher than that of comparable utilities Significant capital spending in recent years that is not likely to recur Some variability in cash flow due to regulatory lag, though this is somewhat mitigated by mechanisms included in recent rate cases Financial measures that
