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2004 Working Capital Survey Tables
Days sales outstanding, days inventory outstanding, days payables outstanding, and days working capital in 67 industry sectors.
CFO Staff, CFO Magazine




ELECTRIC UTILITIES
COMPANY DSO DIO DPO DWC
2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01
CALPINE CORP 40 +10% -22% 6 +9% +37% 38 -37% -2% 8 N/M +63%
DUQUESNE LIGHT HOLDINGS 46 -3% -12% 7 +2% +9% 45 +12% +14% 8 -43% -43%
KENTUCKY POWER 9 +77% -60% 5 +44% -27% 4 -24% -47% 10 +207% -56%
XCEL ENERGY 30 -18% +29% 17 -34% +51% 36 -32% +60% 11 +19% -25%
ALLIANT ENERGY CORP 30 +12% -3% 18 +4% -22% 36 -10% +24% 12 +214% -78%
NORTHEAST UTILITIES 50 -20% +42% 9 +10% +46% 46 -14% +51% 13 -25% +20%
AVISTA 104 -13% +407% 7 -11% +521% 97 -24% +468% 14 N/M -64%
CONSOLIDATED EDISON 40 +35% +26% 9 +10% +1% 34 -15% +57% 15 -988% -127%
AES CORP 53 +0% -16% 16 +0% -34% 53 +10% +50% 16 -23% -63%
TECO ENERGY 37 -35% +20% 23 -21% +22% 42 -19% +40% 18 -47% +1%
RELIANT ENERGY 27 -45% +307% 9 -11% +479% 17 -49% +235% 18 -25% N/M
FIRSTENERGY 30 -14% -29% 12 -3% -29% 22 -22% -14% 21 +4% -43%
HAWAIIAN ELECTRIC INDUSTRIES 38 -1% +12% 10 -7% +16% 27 -8% +17% 22 +6% +8%
EXELON 52 +27% +4% 12 +6% -49% 42 +81% -60% 22 -25% N/M
SEMPRA ENERGY 53 +15% +52% 7 -16% -38% 38 -10% +32% 22 +85% +5%
WPS RESOURCES 50 -8% +61% 15 -7% +15% 43 -30% +35% 22 +146% +311%
GREAT PLAINS ENERGY 41 +4% +4% 13 -5% -22% 32 -6% -21% 22 +15% +50%
NORTHWESTERN 38 -27% +57% 9 -41% +74% 24 +29% -18% 23 -52% +153%
PINNACLE WEST CAPITAL 46 -11% +76% 16 +27% +46% 38 -23% +128% 24 +59% -8%
FLORIDA POWER & LIGHT 28 +12% -7% 16 -10% +33% 19 +5% -8% 24 +2% +21%
NSTAR 44 -5% -16% 10 +27% +29% 28 -9% +29% 26 +11% -38%
EDISON INTERNATIONAL 48 -2% +22% 10 -7% +6% 33 +19% -19% 26 -20% +97%
PNM RESOURCES 38 -4% +71% 10 -12% +105% 22 -29% +63% 27 +30% +107%
MIDAMERICAN ENERGY HOLDINGS 41 -21% +117% 8 -19% +25% 21 -38% +77% 27 -0% +123%
LOUISVILLE GAS & ELECTRIC 28 +16% -22% 32 +3% +23% 31 -29% -20% 29 +150% N/M
CONSTELLATION ENERGY GROUP 59 -39% -2% 15 -44% -36% 44 -40% +2% 30 -40% -27%
OGE ENERGY 37 -7% +71% 20 +17% +29% 27 -12% +75% 31 +15% +39%
WESTAR ENERGY 20 +7% -20% 34 +41% +55% 24 +13% -12% 31 +39% +45%
JERSEY CENTRAL POWER & LIGHT 49 +25% -2% 0 +82% -11% 16 -2% +6% 33 +46% -8%
TEXAS GENCO HOLDINGS 15 -14% +324% 31 -16% +92% 13 +21% +2% 33 -24% N/M
AMERICAN ELECTRIC POWER 43 -2% -19% 25 -15% +2% 34 -34% -20% 34 +58% +19%
ENTERGY 40 +5% +20% 26 -4% +57% 32 -16% +67% 34 +25% +4%
ATLANTIC CITY ELECTRIC 50 -12% +5% 10 +169% +46% 24 +19% +5% 35 -10% +7%
PEPCO HOLDINGS 57 -2% -9% 14 +6% +121% 35 +5% -7% 36 -6% +12%
COLUMBUS SOUTHERN POWER 37 -16% -19% 15 -49% +1635% 15 -71% -20% 37 +69% N/M
UNISOURCE ENERGY 41 +24% +8% 22 +10% +75% 25 +19% -2% 38 +19% +55%
ALLEGHENY ENERGY 66 +56% -18% 14 -15% +32% 42 +216% -63% 39 -16% +57%
MONONGAHELA POWER 66 +54% -23% 14 -37% +62% 42 +68% -18% 39 -6% +5%
WEST PENN POWER 43 -0% -16% 5 -3% -13% 10 -10% -3% 39 +2% -19%
ARIZONA PUBLIC SERVICE 44 -25% +60% 19 +0% +58% 23 +11% +89% 40 -30% +51%
FPL GROUP 45 +60% +3% 17 -12% +31% 21 +2% -1% 42 +51% +26%
SOUTH CAROLINA ELECTRIC & GAS 47 -11% +18% 18 -27% +13% 23 -21% +36% 42 -13% +7%
AMEREN 43 +38% -30% 39 +62% +11% 38 +20% -27% 44 +86% +5%
SONOCO PRODUCTS 42 -3% +2% 33 +1% -2% 32 +468% +21% 44 -38% -1%
ALLETE 91 -2% +19% 9 -4% +14% 55 +12% -14% 45 -16% +83%
SCANA 55 -8% +34% 23 -22% +17% 33 -27% +54% 45 +1% +9%
PPL 59 -5% +68% 17 +3% +2% 30 -9% -8% 45 +1% +164%
ENTERGY ARKANSAS 47 +166% +9% 20 -4% +27% 21 -25% +58% 46 N/M -30%
OHIO POWER 36 -12% +570% 28 -7% +477% 17 -42% +276% 47 +12% N/M
ENERGY EAST 60 -11% +23% 14 +13% +16% 27 -18% +51% 47 +0% +7%
DYNEGY 64 -65% +456% 18 +13% +359% 33 -68% +243% 48 -49% N/M
KEYSPAN 77 -18% +34% 32 +36% -3% 60 -7% +8% 49 -7% +53%
MDU RESOURCES GROUP 56 -5% +25% 18 +6% +7% 23 -2% +31% 50 -3% +16%
INDIANA MICHIGAN POWER 44 +861% -58% 32 +248% -12% 23 +127% -49% 52 N/M N/M
APPALACHIAN POWER 57 +31% -19% 21 -27% +779% 26 -49% -20% 53 N/M N/M
VIRGINIA ELECTRIC & POWER 106 -18% +58% 33 +2% +20% 86 -26% +56% 53 +19% +32%
SOUTHERN 48 -9% +28% 32 +10% -15% 23 -33% +12% 57 +21% +6%
CLEVELAND ELECTRIC ILLUMINATING 50 +39% +6% 11 -4% +31% 2 -46% -85% 59 +34% +95%
FLORIDA POWER 29 -2% +4% 50 +79% +31% 19 +6% +8% 61 +52% +20%
NISOURCE 48 -18% +63% 43 +10% +65% 29 -21% +56% 61 +1% +68%
WISCONSIN ENERGY 43 -9% +16% 46 +4% +11% 27 -13% +8% 62 +3% +17%
WISCONSIN ENERGY 43 -3% -11% 46 +80% -13% 27 +83% -4% 62 +13% -13%
DTE ENERGY 62 -5% +64% 33 +5% +33% 32 -7% +8% 62 +2% +99%
PROGRESS ENERGY 45 +2% +8% 47 +17% +5% 29 -15% +13% 63 +26% +3%
DOMINION RESOURCES 118 +29% +50% 26 +16% +14% 82 -1% -1% 63 +96% N/M
VECTREN 63 +16% +10% 21 +64% +2% 20 -5% -19% 64 +38% +27%
PG&E 85 +27% +39% 4 -63% +64% 23 +74% +4% 66 +1% +54%
CMS ENERGY 32 +32% -54% 59 +128% -16% 20 +28% -64% 71 +105% -14%
PUBLIC SERVICE ENTERPRISE 98 +37% +54% 41 +51% -4% 66 +36% +49% 73 +46% +19%
CONSUMERS ENERGY 21 +4% +79% 70 +36% -18% 16 -27% -15% 75 +52% +3%
COVANTA ENERGY 93 -9% -3% 0 N/M N/M 10 +7% -27% 83 -11% +0%
FMC TECHNOLOGIES 86 +24% +129% 45 +264% +27% 43 +18% +101% 88 +95% +107%
Sector Average 51 +1% +32% 21 +4% +41% 34 -11% +19% 38 N/M N/M

DSO: Days Sales Outstanding
DIO: Days Inventory Outstanding
DPO: Days Payables Outstanding
DWC: Days Working Capital
* Adjusted for effects of securitization
N/M: Not meaningful

Source: REL Consultancy Group



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