Sempra Energy Reports Record 2005 Net Income




 - Fourth-Quarter 2005 Net Income Increases to $355 Million
 - Commodities Unit Drives Earnings Growth
 - Company Raises 2006 Earnings-Per-Share Guidance to $3.40 to $3.60

SAN DIEGO, Feb. 22, 2006 (PRIMEZONE) -- Based on strong results in its commodities and utility businesses, Sempra Energy (NYSE:SRE) today reported 2005 net income of $920 million, or $3.65 per diluted share, compared with $895 million, or $3.83 per diluted share, in 2004.

Sempra Energy's fourth-quarter 2005 net income was $355 million, or $1.38 per diluted share, compared with $346 million, or $1.46 per diluted share, in 2004.

In 2005, Sempra Energy incurred $311 million after tax in litigation costs related to the Western U.S. energy crisis of 2000-01, compared with $84 million in 2004. In the fourth quarter 2005, the company took an after-tax charge of $116 million for energy-crisis-related litigation costs compared with $74 million in the prior-year quarter.

"We are pleased to report record net income in 2005 and a strong fourth quarter, driven by the outstanding operating results in our commodities and power generation businesses, as well as our California utilities," said Donald E. Felsinger, chairman and chief executive officer of Sempra Energy. "We continue to execute our strategy, expanding our competitive businesses in liquefied natural gas (LNG) and natural gas pipelines and storage, while building upon a solid foundation with our utilities, generation and commodities units."

Yesterday, Sempra Energy's board of directors announced an increase in the dividend on common shares on an annualized basis to $1.20 from $1.16.

Revenues for Sempra Energy in 2005 increased to $11.7 billion from $9.4 billion in 2004, due primarily to higher natural gas costs and increased commodities marketing activity. Fourth-quarter 2005 revenues were $4 billion, compared with $2.9 billion in the year-earlier period.

SUBSIDIARY OPERATING RESULTS

Sempra Utilities

Net income for San Diego Gas & Electric (SDG&E) rose to $262 million in 2005 from $208 million in the previous year. SDG&E's fourth-quarter 2005 net income was $72 million, up from $68 million in the fourth quarter 2004, due primarily to regulatory approval of demand-side-management incentives. In the fourth quarter 2004, SDG&E benefited from the settlement of its rate case at the California Public Utilities Commission (CPUC).

Net income for Southern California Gas Co. (SoCalGas) was $211 million in 2005, compared with $232 million in 2004. Fourth-quarter 2005 net income for SoCalGas was $48 million, compared with $58 million earned in the year-earlier period. In the fourth quarter 2005, SoCalGas received regulatory approval of demand-side-management incentives. In the previous-year quarter, SoCalGas benefited from the settlement of its rate case at the CPUC.

Sempra Commodities

Sempra Commodities had record net income of $460 million in 2005, an increase of 44 percent over 2004 net income of $320 million. Fourth-quarter 2005 net income for Sempra Commodities rose to $244 million from $171 million in the same quarter in 2004, due primarily to increased activity in natural gas, power and oil marketing in both Europe and North America.

"Sempra Commodities has built an enviable track record of growth to become an industry leader, achieving 28 consecutive quarters of profitability," Felsinger said.

Sempra Generation

Sempra Generation's 2005 net income was $164 million, up from $137 million the previous year. Fourth-quarter net income for Sempra Generation increased to $61 million in 2005 from $19 million in 2004, due primarily to improved operating results for the company's Western U.S. power-generating fleet.

Sempra Generation announced plans in December 2005 to sell or refinance all of its Texas-based power-generation assets. Last month, the company entered into an agreement to sell one of its Texas power plants, the 305-megawatt coal-fired Twin Oaks Power facility, for $480 million in cash. The sale is expected to close in the second quarter 2006 and result in an after-tax gain of approximately $215 million.

Sempra Pipelines & Storage

Net income for Sempra Pipelines & Storage in 2005 was $64 million, compared with $63 million in 2004. Fourth-quarter 2005 net income for Sempra Pipelines & Storage was $16 million, compared with $28 million in the previous year's quarter. In the fourth quarter 2004, Sempra Pipelines & Storage benefited from the favorable resolution of foreign-tax issues.

Sempra LNG

Sempra LNG recorded a loss of $25 million in 2005, compared with a loss of $8 million in 2004. For the fourth quarter, Sempra LNG's loss was $10 million in 2005, compared with a loss of $8 million in 2004.

"Construction of our Mexico and Louisiana LNG receipt facilities is on schedule and we expect to receive final regulatory approvals of our Texas receipt facility by the middle of this year," said Felsinger.

2006 Earnings Outlook

Sempra Energy today updated its 2006 earnings-per-share guidance to $3.40 to $3.60 from previous guidance of $3.20 to $3.40. The updated guidance for 2006 excludes any gains from asset sales.

Internet Broadcast

Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 1 p.m. Eastern Time with senior management of the company. Access is available by logging onto the Web site at www.sempra.com. For those unable to log onto the live Webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (706) 645-9291 and entering the passcode, 5624328.

Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2005 revenues of $11.7 billion. The Sempra Energy companies' 14,000 employees serve more than 29 million consumers in the United States, Europe, Canada, Mexico, South America and Asia.

Income-statement information by business unit is available on Sempra Energy's Web site at http://www.sempra.com/downloads/4Q2005_Table_All.pdf.

This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When the company uses words like "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "would," "should" or similar expressions, or when the company discusses its strategy or plans, the company is making forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, the California State Legislature, the California Department of Water Resources, the Federal Energy Regulatory Commission and other regulatory bodies in the United States and other countries; capital markets conditions, inflation rates, interest rates and exchange rates; energy and trading markets, including the timing and extent of changes in commodity prices; the availability of natural gas; weather conditions and conservation efforts; war and terrorist attacks; business, regulatory, environmental, and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the company's reports filed with the Securities and Exchange Commission that are available through the EDGAR system without charge at its Web site, www.sec.gov and on the company's Web site, www.sempra.com.

Sempra LNG and Sempra Pipelines & Storage are not the same companies as the utilities, SDG&E or SoCalGas, and are not regulated by the California Public Utilities Commission. Sempra Energy Trading, doing business as Sempra Commodities, and Sempra Generation are not the same companies as the utilities, SDG&E or SoCalGas, and the California Public Utilities Commission does not regulate the terms of their products and services.



                             SEMPRA ENERGY
                                Table A

 STATEMENTS OF CONSOLIDATED INCOME

 (Dollars in millions, except per share amounts)

                               Three months ended      Years ended
                                  December 31,         December 31,
                               ------------------   ------------------
                                 2005      2004       2005      2004
                               --------  --------   --------  --------
                                  (Unaudited)
 Operating revenues
 California utilities          $  2,259  $  1,760   $  7,042  $  6,195
 Sempra Global and parent         1,735     1,146      4,695     3,239
                               --------  --------   --------  --------
  Total operating revenues        3,994     2,906     11,737     9,434
                               --------  --------   --------  --------
 Operating expenses
 California utilities:
   Cost of natural gas            1,172       849      3,232     2,593
   Cost of electric fuel and
    purchased power                 187       151        624       576
 Other cost of sales                828       555      2,715     1,741
 Litigation expense                 210       126        551       150
 Other operating expenses           854       663      2,634     2,243
 Depreciation and amortization      165       120        646       621
 Franchise fees and other taxes      66        65        251       236
 Gains on sale of assets, net        (8)       (1)      (112)      (15)
 Impairment losses                   71         1         85         8
                               --------  --------   --------  --------
  Total operating expenses        3,545     2,529     10,626     8,153
                               --------  --------   --------  --------
 Operating income                   449       377      1,111     1,281
 Other income, net                   27        31         51        33
 Interest income                     23        11         75        69
 Interest expense                   (90)      (88)      (311)     (322)
 Preferred dividends of
  subsidiaries                       (3)       (3)       (10)      (10)
                               --------  --------   --------  --------
 Income from continuing
  operations before income
  taxes and equity in earnings
  of certain unconsolidated
  subsidiaries                      406       328        916     1,051

 Income tax expense                  58         2         42       193
 Equity in income of certain
  unconsolidated subsidiaries        13        13         55        62
                               --------  --------   --------  --------
 Income from continuing
  operations                        361       339        929       920
 Discontinued operations,
  net of tax                         (6)        7         (9)      (25)
                               --------  --------   --------  --------
 Net income                    $    355  $    346   $    920  $    895
                               ========  ========   ========  ========
 Basic earnings per share:
  Income from continuing
   operations                  $   1.42  $   1.47   $   3.78  $   4.03
  Discontinued operations,
   net of tax                     (0.02)     0.03      (0.04)    (0.11)
                               --------  --------   --------  --------
    Net income                 $   1.40  $   1.50   $   3.74  $   3.92
                               ========  ========   ========  ========
 Weighted-average number of
  shares outstanding 
 (thousands)                    253,516   230,832    245,906   228,271
                               ========  ========   ========  ========
 Diluted earnings per share:
  Income from continuing
   operations                  $   1.40  $   1.43   $   3.69  $   3.93
  Discontinued operations,
   net of tax                     (0.02)     0.03      (0.04)    (0.10)
                               --------  --------   --------  --------
   Net income                  $   1.38  $   1.46   $   3.65  $   3.83
                               ========  ========   ========  ========
 Weighted-average number of
  shares outstanding
  (thousands)                   257,845   237,500    252,088   233,852
                               ========  ========   ========  ========
 Dividends declared per share
  of common stock              $   0.29  $   0.25   $   1.16  $   1.00
                               ========  ========   ========  ========


                             SEMPRA ENERGY
                                Table B

 CONSOLIDATED BALANCE SHEETS
                                                      December 31,
 (Dollars in millions)                               2005      2004
 --------------------------------------------------------------------
 Assets
 Current assets:
   Cash and cash equivalents                        $   772   $   419
   Short-term investments                                12        15
   Accounts receivable                                1,192     1,032
   Due from unconsolidated affiliates                     3         4
   Deferred income taxes                                132        15
   Interest receivable                                   29        80
   Trading-related receivables and deposits, net      3,370     2,606
   Derivative trading instruments                     4,502     2,339
   Commodities owned                                  2,498     1,547
   Regulatory assets                                    255       255
   Inventories                                          212       172
   Other                                                291       222
                                                    -------   -------
    Current assets of continuing operations          13,268     8,706
    Current assets of discontinued operations            50        70
                                                    -------   -------
     Total current assets                            13,318     8,776
                                                    -------   -------
 Investments and other assets:
  Due from unconsolidated affiliates                     21        42
  Regulatory assets arising from fixed-price
   contracts and other derivatives                      398       500
  Other regulatory assets                               713       751
  Nuclear decommissioning trusts                        638       612
  Investments                                         1,104     1,164
  Sundry                                                920       844
                                                    -------   -------
    Total investments and other assets                3,794     3,913
                                                    -------   -------
 Property, plant and equipment, net                  12,101    11,086
                                                    -------   -------
 Total assets                                       $29,213   $23,775
                                                    =======   =======

 Liabilities and Shareholders' Equity
 Current liabilities:

  Short-term debt                                   $ 1,062   $   405
  Accounts payable                                    1,412     1,126
  Income taxes payable                                   68       187
  Trading-related payables                            4,127     3,182
  Derivative trading instruments                      3,246     1,484
  Commodities sold with agreement to repurchase         634       513
  Dividends and interest payable                        140       123
  Regulatory balancing accounts, net                    192       509
  Fixed-price contracts and other derivatives           130       157
  Current portion of long-term debt                     101       398
  Due to unconsolidated affiliates
   (mandatorily redeemable preferred securities)         --       205
  Other                                               1,035       776
                                                    -------   -------
   Current liabilities of continuing operations      12,147     9,065
   Current liabilities of discontinued operations        10        17
                                                    -------   -------
    Total current liabilities                        12,157     9,082
                                                    -------   -------
 Long-term debt                                       4,823     4,192
                                                    -------   -------
 Deferred credits and other liabilities:

  Due to unconsolidated affiliate                       162       162
  Customer advances for construction                    110        97
  Postretirement benefits other than pensions           121       129
  Deferred income taxes                                 245       420
  Deferred investment tax credits                        73        78
  Regulatory liabilities arising from
   removal obligations                                2,313     2,692
  Asset retirement obligations                          958       326
  Other regulatory liabilities                          200       199
  Fixed-price contracts and other derivatives           400       500
  Deferred credits and other                          1,312       854
                                                    -------   -------
   Total deferred credits and other liabilities       5,894     5,457
                                                    -------   -------
 Preferred stock of subsidiaries                        179       179
                                                    -------   -------
 Shareholders' equity                                 6,160     4,865
                                                    -------   -------
 Total liabilities and shareholders' equity         $29,213   $23,775
                                                    =======   =======

                             SEMPRA ENERGY
                                Table C

 CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
                                                  Years ended
                                                  December 31,
                                              --------------------
 (Dollars in millions)                          2005         2004
 -----------------------------------------------------------------
 Cash Flows from Operating Activities:
 Net income                                   $   920      $   895
 Adjustments to reconcile net income                       
  to net cash provided by operating                        
  activities:                                              
   Loss from discontinued operations,                      
    net of tax                                      9           25
   Depreciation and amortization                  646          621
   Gains on sale of assets, net                  (112)         (15)
   Impairment losses                               85            8
   Deferred income taxes and                               
    investment tax credits                       (283)          13
   Other                                          (48)          33
 Net changes in other working                              
  capital components                           (1,169)        (395)
 Changes in other assets                           27         (127)
 Changes in other liabilities                     451          (27)
                                              -------      -------
   Net cash provided by continuing                         
    operations                                    526        1,031
   Net cash used in discontinued                           
    operations                                     (5)         (30)
                                              -------      -------
   Net cash provided by operating                          
    activities                                    521        1,001
                                              -------      -------
 Cash Flows from Investing Activities:                     
 Expenditures for property, plant                          
  and equipment                                (1,404)      (1,083)
 Proceeds from sale of assets                     277          377
 Proceeds from disposal of                                 
  discontinued operations                           5          157
 Investments in and acquisitions of                        
  subsidiaries, net of cash acquired              (86)         (74)
 Purchases of nuclear decommissioning                      
  and other trust assets                         (299)        (319)
 Proceeds from sales by nuclear                            
  decommissioning and other trusts                262          262
 Dividends received from unconsolidated                    
  affiliates                                       72           59
 Other                                            (12)          10
                                              -------      -------
      Net cash used in investing activities    (1,185)        (611)
                                              -------      -------
                                                           
 Cash Flows from Financing Activities:                     
 Common dividends paid                           (268)        (195)
 Issuances of common stock                        694          110
 Repurchases of common stock                      (95)          (5)
 Issuances of long-term debt                      762          997
 Payments on long-term debt                      (532)      (1,670)
 Redemption of mandatorily redeemable                      
  preferred securities                           (200)          --
 Increase in short-term debt, net                 662          397
 Other                                             (6)         (14)
                                              -------      -------
   Net cash provided by (used in)                          
    financing activities                        1,017         (380)
                                              -------      -------
 Increase in cash and cash equivalents            353           10
 Cash and cash equivalents, January 1             419          409
                                              -------      -------
 Cash and cash equivalents, December 31       $   772      $   419
                                              =======      =======


                             SEMPRA ENERGY
                                Table D

 BUSINESS UNIT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS

                                 Three months ended     Years ended
                                    December 31,        December 31,
                                  -----------------------------------
 (Dollars in millions)             2005      2004      2005      2004
 --------------------------------------------------------------------
                                    (Unaudited)
 Net Income
 California Utilities:
  San Diego Gas & Electric        $  72     $  68     $ 262     $ 208
  Southern California Gas            48        58       211       232
                                  -----     -----     -----     -----
   Total California Utilities       120       126       473       440
                                  -----     -----     -----     -----
 Sempra Global:                                               
  Sempra Commodities                244       171       460       320
  Sempra Generation                  61        19       164       137
  Sempra Pipelines & Storage         16        28        64        63
  Sempra LNG                        (10)       (8)      (25)       (8)
                                  -----     -----     -----     -----
   Total Sempra Global              311       210       663       512
                                  -----     -----     -----     -----
                                                              
 Sempra Financial                     4        10        23        36
                                                              
 Parent & Other(a)                  (74)       (7)     (230)      (68)
                                  -----     -----     -----     -----
 Continuing Operations              361       339       929       920
                                                              
 Discontinued Operations                                      
  (Atlantic Electric & Gas)          (6)        7        (9)      (25)
                                  -----     -----     -----     -----
 Consolidated Net Income          $ 355     $ 346     $ 920     $ 895
                                  =====     =====     =====     =====
                                                           
 (a) Reflects after-tax litigation costs of $103 million and $193
     million recorded in the three months and the year ended December
     31, 2005, respectively.

                                 Three months ended     Years ended
                                    December 31,        December 31,
                                  ---------------     ---------------
 (Dollars in millions)             2005      2004      2005      2004
 --------------------------------------------------------------------
                                     (Unaudited)
 Capital Expenditures
 and Investments:
  California Utilities:
   San Diego Gas & Electric       $ 122     $ 131     $ 464     $ 414
   Southern California Gas          116        77       361       311
                                  -----     -----     -----     -----
    Total California Utilities      238       208       825       725
                                  -----     -----     -----     -----
 Sempra Global:
  Sempra Generation                  46        40       255       194
  Sempra Commodities                 11        28        72       131
  Sempra Pipelines & Storage          8         4        19        22
  Sempra LNG                        137        20       293        55
                                  -----     -----     -----     -----
   Total Sempra Global              202        92       639       402
                                  -----     -----     -----     -----
 Parent & Other                      13         5        26        30
                                  -----     -----     -----     -----
 Consolidated Capital
  Expenditures and Investments    $ 453     $ 305    $1,490    $1,157
                                  =====     =====    ======    ======


                             SEMPRA ENERGY
                                Table E

 OTHER OPERATING STATISTICS (Unaudited)

                                 Three months ended     Years ended
                                    December 31,        December 31,
                                 -------------------------------------
 CALIFORNIA UTILITIES              2005      2004      2005      2004
 ---------------------------------------------------------------------
 Revenues (Dollars in millions)
  SDG&E (excludes inter-
   company sales)                $   746   $   599   $ 2,493   $ 2,248
  SoCalGas (excludes inter-
   company sales)                $ 1,513   $ 1,161   $ 4,549   $ 3,947

 Gas Sales                           105       125       395       413
 Transportation and Exchange         113       139       494       550
                                 -------   -------   -------   -------
 Total Deliveries (Bcf)              218       264       889       963
                                 -------   -------   -------   -------

 Total Gas Customers (Thousands)                       6,383     6,297

 Electric Sales                    4,002     3,993    15,990    15,799
 Direct Access                       720       881     3,213     3,441
                                 -------   -------   -------   -------
 Total Deliveries
  (Millions of kWhs)               4,722     4,874    19,203    19,240
                                 -------   -------   -------   -------

 Total Electric Customers
  (Thousands)                                          1,338     1,319

 SEMPRA GENERATION
 ---------------------------------------------------------------------
 Power Sold (Millions of kWhs)     6,418     5,943    23,384    20,739

 SEMPRA PIPELINES & STORAGE
 (Represents 100% of these subsidiaries, although only the Mexican
  subsidiaries are 100% owned by Sempra Energy)
 ---------------------------------------------------------------------
 Natural Gas Sales (Bcf)
  Argentina                           62        60      272        251
  Mexico                               9         9       42         42
  Chile                                1         1        3          3
 Natural Gas Customers (Thousands)
  Argentina                                            1,495     1,449
  Mexico                                                  98        97
  Chile                                                   38        37
 Electric Sales (Millions of kWhs)
  Peru                             1,113     1,024     4,298     4,044
  Chile                              537       475     2,289     1,959
 Electric Customers (Thousands)
  Peru                                                   767       748
  Chile                                                  521       508


                             SEMPRA ENERGY
                          Table E (Continued)
 SEMPRA COMMODITIES
 ---------------------------------------------------------------------
                             Three months ended        Years ended
                                December 31,           December 31,
 Margin(a)                     --------------       ------------------
 (Dollars in millions)          2005     2004         2005      2004
 --------------------------------------------       ------------------
 Geographical:
  North America                $ 543    $ 293       $ 1,091    $   689
  Europe/Asia                    142      165           255        338
                               --------------       ------------------
   Total                       $ 685    $ 458       $ 1,346    $ 1,027
                               --------------       ------------------
 Product Line:
  Gas                          $ 317    $ 235       $   439    $   318
  Power                          209       79           443        170
  Oil - Crude & Products         132       70           292        268
  Metals                          12       55            54        180
  Other                           15       19           118         91
                               --------------       ------------------
   Total                       $ 685    $ 458       $ 1,346    $ 1,027
                               --------------       ------------------

 (a) Margin consists of net revenues less related costs (primarily
     brokerage, transportation and storage) plus or minus net interest
     expense/income, and is used by management in evaluating its
     geographical and product line performance.

                             Three months ended        Years ended
                                December 31,           December 31,
 
 Effect of EITF 02-03          --------------       ------------------
 (Dollars in millions)          2005     2004       2005(d)     2004
 --------------------------------------------       ------------------
 Mark-to-Market Earnings(b)    $ 209    $ 105       $   491    $   288
 Effect of EITF 02-03(c)          35       66           (31)        32
                               --------------       ------------------
  GAAP Net Income              $ 244    $ 171       $   460    $   320
                               --------------       ------------------

 (b) Represents the fair market value of all commodities
     transactions. This metric is a useful measurement of
     profitability because it simultaneously recognizes changes in the
     various components of transactions and reflects how the business
     is managed.
 (c) Consists of the income statement effect of not recognizing
     changes in the fair market value of certain physical inventories
     and capacity contracts for transportation and storage.
 (d) Includes after-tax gain of $41 million related to the sale of
     certain storage assets.


                              Fair      Scheduled Maturity (in months)
                          Market Value --------------------------------
 Net Unrealized Revenue     Dec. 31,                             more
 (Dollars in millions)       2005     0-12    13-24    25-36   than 36
 ---------------------------------------------------------------------
 Sources of Over-the-Counter
  (OTC) Fair Value:
   Prices actively quoted   $1,188   $  725   $   92   $  297   $   74
   Prices provided by other
    external sources            52        3        2       --       47
   Prices based on models
    and other valuation
    methods                    (12)      --       --       --      (12)
                            ------------------------------------------
     Total OTC Fair
      Value(a)              $1,228   $  728   $   94   $  297   $  109

 Maturity of OTC
  Fair Value
                            ------------------------------------------
  Percentage                 100.0%    59.3%     7.6%    24.2%    8.9%
  Cumulative Percentages               59.3%    66.9%    91.1%   100.0%
                            ------------------------------------------
 ---------------------------------------------------------------------
 Exchange Contracts(b)      $   260  $   464  $    71  $  (272) $   (3)
                            ------------------------------------------
 Total Net Unrealized
  Revenue at
  December 31, 2005         $ 1,488
                            -------

 (a) The present value of unrealized revenue to be received or
     (paid) from outstanding OTC contracts
 (b) Cash received or (paid) associated with open Exchange
     Contracts

                                                    December 31,
 Credit Quality of Unrealized               --------------------------
 Trading Assets (net of margin)                2005             2004
 ---------------------------------------------------------------------
 Commodity Exchanges                             2%              10%
 Investment Grade                               75%              66%
 Below Investment Grade                         23%              24%


                                   Three months ended   Years ended
 Risk Adjusted Performance            December 31,      December 31,
 Indicators                         ---------------   ----------------
 (Mark-to-Market Basis)               2005     2004     2005     2004
 ---------------------------------------------------------------------
 VaR at 95% (Dollars in
  millions) (a)                     $ 14.2   $ 11.2   $ 11.3   $  7.9
 VaR at 99% (Dollars in
  millions) (b)                     $ 20.0   $ 15.7   $ 15.9   $ 11.2
 Risk Adjusted Return on
  Capital (RAROC) (c)                  63%      34%      46%      38%

 (a) Average Daily Value-at-Risk for the period using a 95%
     confidence level
 (b) Average Daily Value-at-Risk for the period using a 99%
     confidence level
 (c) Average Daily Trading Margin/Average Daily VaR at 95%
     confidence level

 Physical Statistics
 ---------------------------------------------------------------------
 Natural Gas (Bcf/Day)               12.1     11.9     11.7     13.0
 Electric (Billions of kWhs)        112.4    108.1    413.2    373.7
 Oil & Liquid Products
  (Millions Bbls/Day)                 2.0      2.1      2.0      2.1


            

Mot-clé


Coordonnées