A conservative business strategy, based on its status as the sole provider of fully regulated essential services--electricity and natural gas distribution--in its service territories; Geographically and economically diverse service territories that lack competition; 3.5 million electric customers and 2 million natural gas customers in eight states spanning from the upper Midwest to Colorado, the Texas Panhandle, and New Mexico; Regulation that is diverse and credit-supportive; A customer base for the regulated utilities (both electric and gas) consisting primarily of residential and commercial customers (in terms of revenues as well as sales), which provides stable cash flows; and A low-cost and diversified generation portfolio. A strengthened financial risk profile; Aggressive capital spending; Dependence on supportive cost recovery; Negative free operating cash
