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Winners and Losers: Utility Strategy and Shareholder Return

Diversified companies lead (and the globals lag) over the past five years.

Fortnightly Magazine - October 2004

failure on a going- forward basis.



1. Includes companies listed in the "Energy," "Pipelines" and "Utilities: Gas and Electric" industries of the 1000 index as compiled on April 5, 2004, excluding Adams Resources & Energy, Hawaiian Electric Industries, Kinder Morgan Energy, TransMontaign, Plains All America Pipeline, Ferrell Gas Partners, Enbridge Energy Partners, USEC, and Oglethorpe Power (not comparable business models); and Mirant (insufficient stock price history).