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The Top Utility Stocks

A review of total shareholder returns shows how growth and merger strategies drove performance last year.

Fortnightly Magazine - March 2006

long-term investment bets with companies in the combined growth-recovering group either won or lost depending on the stocks they purchased (and held). If they won, their reward was better than average returns ( i.e., traditionalist). If they lost with an investment in a recovering company over the hold period, investors ended up with lower or negative returns.



1. To be included in this analysis, a company had to provide electric power services to regulated energy end-use customers. We excluded those companies that had an equity market capitalization of less than $500 million, as well as companies in the midst of bankruptcy proceedings ( e.g., Calpine).

2. The one-year period measured returns in 2005, the three-year period measured returns for 2003-2005, and the five-year return measured returns over the 2001-2005 period. Each year reflected Jan. 1 through Dec. 31.