Electric and gas utilities account for 70% of consolidated cash flow. Electric and gas utilities serve customers from Minnesota through Colorado to West Texas and New Mexico. The diversity of weather, alternate peak seasons, and a broad mix of economic drivers improve earnings stability. Nearly 44% of consolidated operating income comes from residential and commercial customers who, unlike industrial customers, are not likely to build their own generating plants or go out of business. Regulators of retail energy supply services are generally supportive of strong credit quality, allowing timely recovery of costs and investment, approving a reasonable rate of return and, in some states, permitting incentives to improve operating efficiency by allowing shareholders to keep a portion of the increased
