Strategy

2001 Working Capital Survey – Chart 9

ELECTRIC UTILITIES
CFO StaffJuly 1, 2001

Behind the Rankings

The management of working capital combines two measures, weighted equally:
1. Days of Working Capital (DWC) = (Receivables + Inventory ­ Payables) ÷ (Sales ÷ 365 Days). If payables exceed the sum of receivables and inventory, DWC is negative.
2. Cash Conversion Efficiency (CCE) = Cash Flow from Operations ÷ Sales.

The overall ranking: (Highest Overall CCE ­ Company CCE) ÷ (Highest Overall CCE ­ Lowest Overall CCE) + (Lowest Overall DWC ­ Company DWC) ÷ (Lowest Overall DWC ­ Highest Overall DWC). Days of Sales Outstanding (DSO), Inventory Turns, and Days of Payables Outstanding (DPO) are not part of the overall ranking criteria. Industry averages consider all companies in an industry, not just the top five.

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Sources: REL Consultancy Group, Piranha Web


Back to “Forget the Float? — The 2001 Working Capital Survey”

ELECTRIC UTILITIES
Over- all Rank Company Name Prior Year Sales Cash Conver. Effic. Days Working Capital Days Sales Outst. Inven. Turns Days Payable Outst.
CCE Rk. DWC Rk. DSO Rk. Ts. Rk. DPO Rk.
23 CALPINE CORP $2,283 30% 26 13 130 70 807 29 105 65 69
31 DQE $1,341 28% 33 21 179 30 254 5 684 29 459
33 CLEVELAND ELECTRIC ILLUMI- NATING CO $1,865 32% 24 51 461 84 898 5 578 78 34
36 ARIZONA PUBLIC SERVICE CO $2,293 27% 35 28 236 37 346 7 453 25 605
37 IPALCO ENTERPR. INC $835 28% 32 32 273 21 167 3 867 29 467
41 FLORIDA POWER & LIGHT CO $6,438 25% 47 24 206 28 238 8 392 20 764
47 IDACORP INC $1,019 22% 71 9 88 55 596 10 303 61 81
48 PINNACLE WEST CAPITAL CORP $3,690 25% 51 24 209 43 422 12 251 31 417
50 AMEREN CORP $3,856 24% 54 23 198 35 318 6 532 37 283
51 ENTERGY ARKANSAS INC $1,542 24% 57 21 176 16 129 6 490 20 794
52 SEMPRA ENERGY $7,037 20% 93 2 54 41 406 14 224 48 148
53 XCEL ENERGY INC $2,869 25% 50 29 248 39 362 6 538 36 291
56 FIRST- ENERGY CORP $7,029 22% 76 13 125 18 150 3 832 20 767
57 POTOMAC EDISON CO $753 27% 36 46 416 41 398 8 383 16 884
60 SOUTH CAROLINA ELECTRIC & GAS CO $1,467 26% 38 46 419 46 469 7 439 19 797
61 VIRGINIA ELECTRIC & POWER CO $4,591 24% 52 35 296 59 663 12 257 43 204
62 KANSAS CITY POWER & LIGHT CO $1,116 22% 73 21 182 31 266 5 608 34 352
66 SOUTHERN CO $10,066 26% 42 47 428 51 550 6 548 32 385
68 ALLIANT ENERGY CORP $2,405 20% 102 12 115 30 255 8 412 37 275
70 FPL GROUP INC $7,082 21% 79 25 213 30 256 8 423 24 656
71 ENTERGY CORP DE $10,016 17% 148 (0) 45 15 124 14 221 30 438
73 CLECO CORP NEW $820 16% 185 (6) 28 23 181 11 272 42 219
74 DAYTON POWER & LIGHT CO $1,273 26% 41 54 492 60 681 4 758 34 348
79 PUBLIC SERVICE CO OF OKLAHOMA $749 19% 118 17 147 17 136 8 409 25 604
82 PUBLIC SERVICE CO OF NEW MEXICO $1,611 18% 140 11 110 48 502 23 132 48 151
83 DOMINION RESOURCES INC VA $9,260 19% 115 21 183 55 598 8 420 52 117
84 CONSUMERS ENERGY CO $3,874 19% 116 21 180 9 91 6 504 19 819
86 ALABAMA POWER CO $3,385 23% 61 45 406 36 334 6 547 18 839
88 WEST PENN POWER CO $1,354 21% 84 32 274 38 355 19 151 22 706
89 DTE ENERGY CO $5,597 21% 87 33 284 30 258 5 680 23 684
90 LOUISVILLE GAS & ELECTRIC CO $968 22% 66 43 381 53 571 5 675 48 156
95 RGS ENERGY GROUP INC $1,448 19% 124 24 205 31 267 10 299 21 752
96 MONON- GAHELA POWER CO $673 23% 62 50 450 40 376 8 375 11 957
97 TECO ENERGY INC $2,295 20% 94 35 299 49 518 1 997 41 233
104 PUBLIC SERVICE ENTERPRISE GROUP INC $6,848 20% 98 36 304 53 573 4 727 46 173
106 MINNESOTA POWER INC $1,332 17% 160 17 149 62 697 9 366 52 118
107 DPL INC $1,437 22% 67 50 451 61 685 7 476 34 363
110 EDISON INTER- NATIONAL $9,670 20% 92 40 351 50 524 17 175 20 766
114 ALLEGHENY ENERGY INC $4,012 19% 107 36 300 46 471 11 284 29 473
115 CONSOL- IDATED EDISON INC $9,431 15% 198 13 129 31 270 15 196 30 456
118 UNISOURCE ENERGY CORP $1,034 19% 125 35 294 35 317 9 350 18 849
127 NORTHEAST UTILITIES $5,877 14% 236 9 89 26 208 15 208 32 399
145 PPL CORP $5,683 15% 194 27 231 38 356 11 276 28 515
154 COLUMBUS SOUTHERN POWER CO $1,230 18% 141 41 372 35 320 9 356 11 949
164 WISCON- SIN ENERGY CORP $3,355 16% 164 38 337 44 433 5 581 36 303
168 PUGET ENERGY INC $2,067 13% 255 21 174 38 357 19 154 29 468
177 MISSIS- SIPPI POWER CO $633 16% 168 42 378 26 214 7 430 7 982
180 GPU INC $5,196 11% 342 11 112 36 324 17 174 35 338
186 TXU CORP $22,009 11% 318 15 134 42 414 19 157 40 250
197 PG&E CORP $20,820 13% 250 29 252 36 328 20 149 18 830
209 APPALA- CHIAN POWER CO $1,651 15% 213 41 361 29 241 8 415 13 937
215 RELIANT ENERGY INC $29,339 8% 494 4 65 27 220 41 80 30 448
217 SCANA CORP $3,433 15% 206 44 392 59 667 9 342 38 273
227 DUKE ENERGY CORP $47,730 11% 356 21 184 57 631 33 92 45 183
228 CINERGY CORP $8,422 9% 468 10 99 50 533 24 126 50 130
248 POTOMAC ELECTRIC POWER CO $3,048 12% 295 37 311 49 515 15 199 30 436
254 BLACK HILLS CORP NEW $1,624 7% 559 11 101 50 534 64 46 44 188
263 MDU RESOURCES GROUP INC $1,874 13% 260 45 399 55 610 7 442 27 545
270 ATLANTIC CITY ELECTRIC CO $1,077 12% 291 41 365 44 439 12 254 18 851
271 WPS RESOURCES CORP $1,952 9% 432 25 217 48 492 11 285 46 175
273 WESTERN RESOURCES INC KS $2,036 11% 311 38 336 45 453 9 365 24 636
279 OGE ENERGY CORP $3,299 12% 305 40 358 44 446 9 363 29 493
299 CONECTIV INC $5,029 10% 386 36 305 55 602 20 142 31 403
304 CMS ENERGY CORP $8,998 10% 380 38 327 56 617 9 326 41 228
309 ENERGY EAST CORP $2,960 7% 597 20 163 38 349 28 110 27 540
323 UTILICORP UNITED INC $28,975 3% 812 0 47 41 395 85 33 45 184
329 AVISTA CORP $7,911 3% 789 4 59 37 337 216 9 35 320
332 INDIANA MICHIGAN POWER CO $1,394 11% 334 50 456 38 352 6 553 15 903
443 AES CORP $6,691 12% 303 69 621 81 879 10 300 38 268
450 NORTH- WESTERN CORP $7,132 3% 795 20 171 34 305 26 114 28 517
600 TXU GAS CO $6,530 -1% 963 17 148 51 544 45 74 42 208
639 SCOTTISH POWER PLC $6,632 17% 155 129 936 136 988 14 214 18 827
952 NIAGARA MOHAWK HOLDINGS INC $4,539 -15% 998 23 199 37 341 11 271 28 525
170 Industry Average $5,559 17%   29   43   16   32  

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