Current and Historical Credit Ratings Schedule: I1 Page: 1 of 1 Line 1 Standard & Poor's 2 Current Ratings at Year End 3 Ratings 2009 2008 2007 2006 2005 4 Detroit Edison 5 Senior Unsecured Debt BBB BBB BBB BBB- BBB- BBB- 6 Senior Secured Debt A- A- A- A- BBB+ BBB+ 7 Commercial Paper A-2 A-3 A-2 A-2 A-2 A-2 8 Outlook Positive Negative Stable Stable Stable Stable 9 10 DTE Energy 11 Senior Unsecured Debt BBB- BBB- BBB- BBB- BBB- BBB- 12 Commercial Paper A-2 A-3 A-2 A-2 A-2 A-2 13 Outlook Positive Negative Stable Stable Stable Stable 14 15 16 17 Moody's Investors Service 18 Current Ratings at Year End 19 Ratings 2009 2008 2007 2006 2005 20 Detroit Edison 21 Senior Unsecured Debt Baa1 Baa1 Baa1 Baa1 Baa1 22 Senior Secured Debt A2 A2 A3 A3 A3 A3 23 Commercial Paper P-2 P-2 P-2 P-2 P-2 P-2 24 Outlook Stable Stable Stable Stable Stable Stable 25 26 DTE Energy 27 Senior Unsecured Debt Baa2 Baa2 Baa2 Baa2 Baa2 Baa2 28 Commercial Paper P-2 P-2 P-2 P-2 P-2 P-2 29 Outlook Stable Stable Stable Stable Stable Stable 30 31 32 33 Fitch Ratings 34 Current Ratings at Year End 35 Ratings 2009 2008 2007 2006 2005 36 Detroit Edison 37 Senior Secured Debt A- A- A- A- A- A- 38 Commercial Paper F2 F2 F2 F2 F2 F2 39 Outlook Stable Stable Stable Stable Positive Stable 40 41 DTE Energy 42 Senior Unsecured Debt BBB BBB BBB BBB BBB BBB 43 Commercial Paper F2 F2 F2 F2 F2 F2 44 Outlook Stable Negative Negative Stable Stable Stable
Recent Utility Corporate Bond Issuances Schedule: I2 Page: 1 of 4 (a) (b) (c) (d) (e) (f) (g) (h) (i) Line Offer Amount Credit Ratings No. Date Issuer Type ($MM) Moody's S&P Coupon Structure Maturity Spread 1 07/07/08 Idaho Power Corp Sec 120 A3 A- 6.025% 10 NC/L 07/15/2018 +215.0 bp 2 07/14/08 PacifiCorp Sec 500 A3 A- 5.650% 10 NC/L 07/15/2018 +180.0 bp 3 07/14/08 PacifiCorp Sec 300 A3 A- 6.350% 30 NC/L 07/15/2038 +192.0 bp 4 07/14/08 Entergy Arkansas Inc. Sec 300 Baa1 A- 5.400% 5 NC/L 08/01/2013 +223.0 bp 5 07/25/08 Nevada Power Company Sec 500 Baa3 BBB 6.500% 10 NC/L 08/01/2018 +245.0 bp 6 08/06/08 Public Service Company of Colorado Sec 300 A3 A- 5.800% 10 NC/L 08/01/2018 +175.0 bp 7 08/06/08 Public Service Company of Colorado Sec 300 A3 A- 6.500% 30 NC/L 08/01/2038 +185.0 bp 8 08/11/08 Entergy Louisiana, LLC Sec 300 Baa1 A- 6.500% 10 NC/L 09/01/2018 +248.0 bp 9 08/11/08 Southern California Edison Sec 400 A2 A 5.500% 10 NC/L 08/15/2018 +155.0 bp 10 08/18/08 Duke Energy Indiana, Inc. Sec 500 A3 A 6.350% 30 NC/L 08/15/2038 +193.0 bp 11 08/20/08 Orange and Rockland Utilities U 50 A2 A- 6.150% 10 NC/L 09/01/2018 +237.5 bp 12 08/27/08 Sierra Pacific Power Company Sec 250 Baa3 BBB 5.450% 5 NC/L 09/01/2013 +247.0 bp 13 09/03/08 Oncor Electric Delivery Co. F 650 Baa3 BBB+ 5.950% 5 NC/L 09/01/2013 +305.0 bp 14 09/03/08 Oncor Electric Delivery Co. F 550 Baa3 BBB+ 6.800% 10 NC/L 09/01/2018 +312.5 bp 15 09/03/08 Oncor Electric Delivery Co. F 300 Baa3 BBB+ 7.500% 30 NC/L 09/01/2038 +320.0 bp 16 09/03/08 Northern States Power Sec 200 A2 A 6.375% 30 NC/L 09/01/2038 +210.0 bp 17 09/04/08 Ohio Power Company U 250 A3 BBB 5.750% 5 NC/L 09/01/2013 +290.0 bp 18 09/04/08 Oklahoma Gas and Electric Co. U 250 A2 BBB+ 6.350% 10 NC/L 09/01/2018 +275.0 bp 19 09/08/08 Consumers Energy Company Sec 350 Baa1 BBB 6.125% 10.5 NC/L 03/15/2019 +245.0 bp 20 09/24/08 UGI Utilities, Inc. U 108 A3 A 6.375% 5 NC/L 09/30/2013 +346.6 bp 21 09/25/08 Wisconsin Electric Power U 300 A1 A- 6.000% 5.5 NC/L 04/01/2014 +300.0 bp 22 09/25/08 PECO Energy Sec 300 A2 A 5.600% 5 NC/L 10/15/2013 +262.5 bp 23 09/25/08 South Carolina E&G Sec 300 A2 A- 6.500% 10 NC/L 11/01/2018 +265.0 bp 24 10/01/08 Wisconsin Power & Light U 250 A2 A- 7.600% 30 NC/L 10/01/2038 +349.9 bp 25 10/01/08 Interstate Power & Light U 250 A3 BBB+ 7.250% 10 NC/L 10/01/2018 +358.2 bp 26 10/07/08 The Detroit Edison Company Sec 250 A3 A- 6.400% 5 NC/L 10/01/2013 +400.0 bp 27 10/07/08 Southern California Edison Sec 500 A2 A 5.750% 5.5 NC/L 03/15/2014 +340.0 bp 28 10/14/08 PPL Electric Utilities Sec 400 A3 A- 7.125% 5 NC/L 11/30/2013 +412.5 bp 29 10/15/08 Ohio Edison Company Sec 275 Baa1 BBB+ 8.250% 30 NC/L 11/01/2038 +427.3 bp 30 10/16/08 Pacific Gas and Electric U 600 A3 BBB+ 8.250% 10 NC/L 10/15/2018 +455.7 bp 31 10/20/08 Illinois Power Sec 400 Baa3 BBB 9.750% 10 NC/L 11/15/2018 +609.3 bp 32 11/03/08 Virginia Electric and Power Company U 700 Baa1 A- 8.875% 30 NC/L 11/15/2038 +456.3 bp 33 11/06/08 Atlantic City Electric Sec 250 A3 A- 7.750% 10 NC/L 11/15/2018 +412.5 bp 34 11/12/08 Georgia Power U 400 A2 A 6.000% 5 NC/L 11/01/2013 +360.0 bp 35 11/12/08 Duke Energry Carolinas Sec 400 A2 A 5.750% 5 NC/L 11/15/2013 +345.0 bp 36 11/12/08 Duke Energry Carolinas Sec 500 A2 A 7.000% 10 NC/L 11/15/2018 +340.0 bp 37 11/12/08 Georgia Power (retail) U 100 A2 A 8.200% 40 NC/5 11/01/2048 -- 38 11/13/08 Cleveland Electric Illuminating Sec 300 Baa2 BBB+ 8.875% 10 NC/L 11/15/2018 +513.6 bp 39 11/13/08 Pacific Gas and Electric U 400 A3 BBB+ 6.250% 5 NC/L 12/01/2013 +410.0 bp 40 11/13/08 Pacific Gas and Electric U 200 A3 BBB+ 8.250% 10 NC/L 10/15/2018 +395.0 bp 41 11/13/08 Central Hudson Gas & Electric U 30 A2 A 6.854% 5 NC/L 11/01/2013 +450.0 bp 42 11/14/08 Alabama Power Company U 250 A2 A 5.800% 5 NC/L 11/15/2013 +355.0 bp 43 11/14/08 Mississippi Power Company U 50 A1 A 6.000% 5 NC/L 11/15/2013 +375.0 bp 44 11/14/08 Southwestern Public Services U 300 Baa1 BBB+ 8.750% 10 NC/L 12/01/2018 +515.5 bp 45 11/18/08 Delmarva Power & Light Sec 250 Baa1 A- 6.400% 5 NC/L 12/01/2013 +420.0 bp 46 11/18/08 Southern California Gas Co Sec 250 A1 A+ 5.500% 5 NC/L 03/15/2014 +332.0 bp 47 11/18/08 Westar Energy Sec 300 Baa2 BBB 8.750% 10 NC/L 12/01/2018 +521.3 bp 48 11/21/08 American Water Capital Corp U 75 Baa2 BBB+ 10.000% 30 NC/L 12/01/2038 -- 49 11/24/08 Public Service Electric and Gas Sec 275 A3 A- 6.330% 5 NC/L 11/01/2013 +412.5 bp 50 12/01/08 Wisconsin Public Service Corp. F 125 Aa3 A+ 6.375% 7 NC/L 12/01/2015 +434.5 bp 51 12/02/08 Consolidated Edison of NY U 600 A1 A- 7.125% 10 NC/L 12/01/2018 +450.0 bp 52 12/03/08 Potomac Electric Power Company Sec 250 Baa1 BBB+ 7.900% 30 NC/L 12/15/2038 +462.7 bp 53 12/04/08 Central Illinios Light Company Sec 150 Baa2 BBB+ 8.875% 5 NC/L 12/15/2013 +734.9 bp 54 12/08/08 Wisconsin Electric Power U 250 A1 A- 6.250% 7 NC/L 12/01/2015 +425.0 bp 55 12/08/08 Oklahoma Gas and Electric Co. U 250 A2 BBB+ 8.250% 10 NC/L 01/15/2019 +549.2 bp 56 12/10/08 Monongahela Power Co. Sec 300 Baa2 BBB+ 7.950% 5 NC/L 12/15/2013 +639.4 bp 57 12/19/08 Southern Connecticut Gas Company Sec 50 A3 A 7.500% 10 NC/L 12/15/2018 +539.8 bp 58 12/19/08 Rochester Gas and Electric Sec 150 A3 A 8.000% 25 NC/L 12/01/2033 +545.7 bp 59 01/05/09 PacifiCorp Sec 350 A3 A- 5.500% 10 NC/L 01/15/2019 +310.0 bp 60 01/05/09 PacifiCorp Sec 650 A3 A- 6.000% 30 NC/L 01/15/2039 +310.0 bp
Recent Utility Corporate Bond Issuances Schedule: I2 Page: 2 of 4 (a) (b) (c) (d) (e) (f) (g) (h) (i) Line Offer Amount Credit Ratings No. Date Issuer Type ($MM) Moody's S&P Coupon Structure Maturity Spread 61 01/06/09 CenterPoint Energy Houston Electric LLC Sec 500 Baa2 BBB+ 7.000% 5 NC/L 03/01/2014 +528.6 bp 62 01/07/09 Nevada Power Company Sec 125 Baa3 BBB 7.375% 5 NC/L 01/15/2014 +527.0 bp 63 01/08/09 Progress Energy Carolina Sec 600 A2 A- 5.300% 10 NC/L 01/15/2019 +285.0 bp 64 01/12/09 Indiana Michigan Power U 475 Baa2 BBB 7.000% 10.3 NC/L 03/15/2019 +475.0 bp 65 01/14/09 Metropolitan Edison Co. U 300 Baa2 BBB 7.700% 10 NC/L 01/15/2019 +550.2 bp 66 01/20/09 Puget Sound Energy F 250 Baa2 A- 6.750% 7 NC/L 01/15/2016 +480.3 bp 67 01/22/09 Jersey Central Power & Light U 300 Baa2 BBB 7.350% 10 NC/L 02/01/2019 +475.0 bp 68 01/23/09 The Israel Electric Corp. U 500 Baa2 BBB+ 9.375% 11 NC/L 01/28/2020 +684.0 bp 69 01/27/09 Entergy Texas Inc. Sec 500 Baa3 BBB+ 7.125% 10 NC/L 02/01/2019 +470.0 bp 70 02/04/09 Georgia Power Company U 500 A2 A 5.950% 30 NC/L 02/01/2039 +225.0 bp 71 02/09/09 Connecticut Light & Power Company Sec 250 A3 BBB+ 5.500% 10 NC/L 02/01/2019 +250.0 bp 72 02/10/09 NSTAR Electric Co. U 100 A1 A+ 5.625% 9 NC/L 11/15/2017 +210.0 bp 73 02/23/09 Arizona Public Service U 500 Baa2 BBB- 8.750% 10 NC/L 03/01/2019 +595.0 bp 74 02/25/09 Nevada Power Company Sec 500 Baa3 BBB 7.125% 10 NC/L 03/15/2019 +425.0 bp 75 02/26/09 Alabama Power Company U 500 A2 A 6.000% 30 NC/L 03/01/2039 +235.0 bp 76 03/02/09 Consumers Energy Sec 500 Baa1 BBB 6.700% 10 NC/L 09/15/2019 +380.0 bp 77 03/03/09 Pacific Gas & Electric Company U 550 A3 BBB+ 6.250% 30 NC/L 03/01/2039 +270.0 bp 78 03/03/09 Mississippi Power Company U 125 A1 A 5.550% 10 NC/L 03/01/2019 +275.0 bp 79 03/04/09 Appalachian Power Co. U 350 Baa2 BBB 7.950% 11 NC/L 01/15/2020 +500.0 bp 80 03/10/09 South Carolina Electric and Gas Sec 175 A2 A- 6.050% 29 NC/L 01/15/2038 +240.0 bp 81 03/11/09 Florida Power & Light Sec 500 Aa3 A 5.960% 30 NC/L 04/01/2039 +220.0 bp 82 03/13/09 Union Electric Co. Sec 350 Baa1 BBB 8.450% 30 NC/L 03/15/2039 +482.5 bp 83 03/16/09 Texas-New Mexico Power Co. Sec 262 Baa2 BBB- 9.400% 10 NC/L 04/01/2019 +691.8 bp 84 03/17/09 Southern California Edison Sec 250 A2 A 4.150% 5.5 NC/L 09/15/2014 +220.0 bp 85 03/17/09 Southern California Edison Sec 500 A2 A 6.050% 30 NC/L 03/15/2039 +235.0 bp 86 03/18/09 Duke Energy Ohio Sec 450 A3 A 5.450% 10 NC/L 04/01/2019 +250.0 bp 87 03/18/09 Duke Energy Indiana Sec 450 A3 A 6.450% 30 NC/L 04/01/2039 +270.0 bp 88 03/19/09 Kansas City Power and Light Sec 400 A3 BBB+ 7.150% 10 NC/L 04/01/2019 +460.0 bp 89 03/19/09 PECO Energy Company Sec 250 A2 A- 5.000% 5.5 NC/L 10/01/2014 +340.0 bp 90 03/23/09 Consolidated Edison of NY U 275 A1 A- 5.550% 5 NC/L 04/01/2014 +387.5 bp 91 03/23/09 Consolidated Edison of NY U 475 A1 A- 6.650% 10 NC/L 04/01/2019 +400.0 bp 92 03/23/09 Northwestern Energy Corporation Sec 250 Baa1 A- 6.340% 10 NC/L 04/01/2019 +370.0 bp 93 03/23/09 Atmos Energy Corp. U 450 Baa3 BBB+ 8.500% 10 NC/L 03/15/2019 +587.5 bp 94 03/25/09 Idaho Power Company Sec 100 A3 A- 6.150% 10 NC/L 04/01/2019 +340.0 bp 95 04/13/09 Portland General Electric Sec 300 Baa1 A 6.100% 10 NC/L 04/15/2019 +325.0 bp 96 04/23/09 The Toledo Edison Company Sec 300 Baa2 BBB+ 7.250% 11 NC/L 05/01/2020 +437.5 bp 97 05/06/09 DTE Energy Corporation U 300 Baa2 BBB- 7.625% 5 NC/L 05/15/2014 +561.1 bp 98 05/11/09 San Diego Gas and Electic Sec 300 A1 A+ 6.000% 30 NC/L 06/01/2039 +185.0 bp 99 05/14/09 Entergy Texas Inc. Sec 150 Baa3 BBB+ 7.875% 30 NC/5 06/01/2039 -- 100 05/18/09 Central Maine Power Sec 150 A3 A 5.700% 10 NC/L 06/01/2019 +250.0 bp 101 05/19/09 PPL Electric Utilities Corp Sec 300 A3 A- 6.250% 30 NC/L 05/15/2039 +210.0 bp 102 06/08/09 Kansas Gas & Electric Company Sec 300 Baa2 BBB 6.700% 10 NC/L 06/15/2019 +287.5 bp 103 06/09/09 Entergy Mississippi Inc. Sec 150 Baa A- 6.640% 10 NC/L 07/01/2019 +280.0 bp 104 06/23/09 Virginia Electric and Power Company U 350 Baa1 A- 5.000% 10 NC/L 06/30/2019 +137.5 bp 105 06/24/09 Rochester Gas and Electric Sec 150 Baa1 A- 5.900% 10 NC/L 07/15/2019 +225.0 bp 106 07/01/09 Tampa Electric (Reopening) U 100 Baa1 BBB 6.100% 9 NC/L 05/15/2018 +210.0 bp 107 07/07/09 Wisconsin Power and Light Company U 250 A2 A- 5.000% 10 NC/L 07/15/2019 +160.0 bp 108 07/07/09 Interstate Power and Light Company U 300 A3 BBB+ 6.250% 30 NC/L 07/15/2039 +195.0 bp 109 08/03/09 Niagara Mohawk Power Corp U 750 A3 A- 4.881% 10 NC/L 08/15/2019 +125.0 bp 110 08/13/09 Cleveland Electric Sec 300 Baa1 BBB+ 5.500% 15 NC/L 08/15/2024 +195 bp 111 08/18/09 Sierra Pacific Power (reopening) Sec 150 Baa3 BBB 6.000% 7 NC/L 05/15/2016 +180.0 bp 112 09/08/09 Puget Sound Energy F 350 Baa1 A- 5.757% 30 NC/L 10/01/2039 +150.0 bp 113 09/15/09 Avista Corporation SEC 250 Baa1 BBB+ 5.125% 12.5 NC/L 04/01/2022 +170.0 bp 114 09/17/09 Duke Energy Kentucky U 100 Baa1 A- 4.650% 10 NC/L 10/01/2019 +130.0 bp 115 09/21/09 Niagara Mohawk Power Corp U 500 A3 A- 3.553% 5 NC/L 10/01/2014 +110.0 bp 116 09/21/09 Ohio Power Company U 500 Baa1 BBB 5.375% 12 NC/L 10/01/2021 +195.0 bp 117 09/28/09 Pennsylvania Electric Company U 250 Baa2 BBB 5.200% 10.5 NC/L 04/01/2020 +195.0 bp 118 09/28/09 Pennsylvania Electric Company U 250 Baa2 BBB 6.150% 29 NC/L 10/01/2038 +212.5 bp 119 09/29/09 Entergy Gulf States Lousiana Sec 300 Baa1 BBB+ 5.590% 15 NC/L 10/01/2024 +230.0 bp 120 10/22/09 Black Hills Power Sec 180 A3 BBB 6.125% 30 NC/L 11/01/2039 +187.5 bp
Recent Utility Corporate Bond Issuances Schedule: I2 Page: 3 of 4 (a) (b) (c) (d) (e) (f) (g) (h) (i) Line Offer Amount Credit Ratings No. Date Issuer Type ($MM) Moody's S&P Coupon Structure Maturity Spread 121 10/26/09 Oglethorpe Power Corp. Sec 400 A3 A 5.950% 30 NC/L 11/01/2039 +160.0 bp 122 11/09/09 Northern States Power Sec 300 A1 A 5.350% 30 NC/L 11/01/2039 +98.0 bp 123 11/09/09 Public Service Co. of Oklahoma U 250 Baa1 BBB 5.150% 10 NC/L 12/01/2019 +170.0 bp 124 11/09/09 Cleco Power (Reopening) U 145 Baa2 BBB 5.350% 26 NC/L 06/15/2018 +237.5 bp 125 11/10/09 Entergy Louisiana LLC Sec 400 A3 A- 5.400% 15 NC/L 11/01/2024 +195.0 bp 126 11/10/09 Pacific Gas & Electric Company U 550 A3 BBB+ 5.400% 30.2 NC/L 01/15/2040 +110.0 bp 127 11/10/09 Massachusetts Electric Co. U 800 A3 A- 5.900% 30 NC/L 11/15/2039 +150.0 bp 128 11/16/09 Duke Energy Carolinas, LLC Sec 750 A1 A 5.300% 30 NC/L 02/15/2040 +105.0 bp 129 11/17/09 Idaho Power Company Sec 150 A3 A- 4.500% 10.4 NC/L 03/01/2020 +120.0 bp 130 11/18/09 Public Service Electric and Gas Co. Sec 250 A2 A- 5.375% 30 NC/L 11/01/2039 +112.0 bp 131 12/02/09 South Carolina G&E Sec 150 A3 A- 5.500% 30 NC/5 12/15/2039 +130.0 bp 132 12/02/09 Consolidated Edison of New York U 600 A3 A- 5.500% 30 NC/L 12/01/2039 +128.0 bp 133 12/08/09 Wisconsin Electric Power U 250 A1 A- 4.250% 10 NC/L 12/15/2019 +90.0 bp 134 12/08/09 Georgia Power Company U 500 A2 A 4.250% 10 NC/L 12/01/2019 +90.0 bp 135 12/08/09 Orange and Rockland U 60 Baa1 A- 4.960% 10 NC/L 12/01/2019 +158.0 bp 136 12/08/09 Orange and Rockland U 60 Baa1 A- 6.000% 30 NC/L 12/01/2039 +164.0 bp 137 12/09/09 Public Service of New Hampshire Sec 150 A3 BBB+ 4.500% 10 NC/L 12/01/2019 +115.0 bp 138 12/10/09 American Transmission Systems U 400 Baa1 BBB 5.250% 12 NC/L 01/15/2022 +180.0 bp 139 12/14/09 Duke Energy Ohio Sec 250 A2 A 2.100% 3.5 NC/L 06/15/2013 +78.0 bp 140 01/19/10 Trans-Allegheny Interstate Line Co U 450 Baa2 BBB- 4.000% 5 NC/L 01/15/2015 +162.5 bp 141 02/03/10 Florida Power & Light Sec 500 Aa2 A 5.690% 30 NC/L 03/01/2040 +110.0 bp 142 02/03/10 Elm Road Generating Station Supercritical, L Sec 255 A1 A- 5.209% 12.14YR AL 02/11/2030 +150.0 bp 143 02/03/10 Elm Road Generating Station Supercritical, L Sec 275 A1 A- 6.090% 25.73YR AL 02/11/2040 +145.0 bp 144 03/02/10 Public Service Electric & Gas Company Sec 300 A2 A- 5.500% 30 NC/L 03/01/2040 +95.0 bp 145 03/03/10 Puget Sound Energy F 325 Baa1 A- 5.795% 30 NC/L 03/15/2040 +120.0 bp 146 03/03/10 Western Massachusetts Electric Co. U 95 Baa2 BBB 5.100% 10 NC/L 03/01/2020 +150.0 bp 147 03/03/10 Southwestern Electric Power Company U 350 Baa3 BBB 6.200% 30 NC/L 03/15/2040 +160.0 bp 148 03/08/10 Southern California Edison Sec 500 A1 A 5.500% 30 NC/L 03/15/2040 +90.0 bp 149 03/11/10 NSTAR Electric Company U 300 A1 A+ 5.500% 30 NC/L 03/15/2040 +90.0 bp 150 03/15/10 Entergy Louisiana Sec 150 A3 A- 6.000% 30 NC/5 03/15/2040 -- 151 03/17/10 Narragansett Electric U 250 A3 A- 4.534% 10 NC/L 03/15/2020 +90.0 bp 152 03/17/10 Narragansett Electric U 300 A3 A- 5.638% 30 NC/L 03/15/2040 +108.0 bp 153 03/22/10 Progress Energy Florida, Inc. Sec 250 A1 A- 4.550% 10 NC/L 04/01/2020 +90.0 bp 154 03/22/10 Progress Energy Florida, Inc. Sec 350 A1 A- 5.650% 30 NC/L 04/01/2040 +110.0 bp 155 04/06/10 Gulf Power Company U 175 A2 A 4.750% 10 NC/L 04/15/2020 +80.0 bp 156 04/07/10 Entergy Mississippi Sec 80 Baa1 A- 6.200% 30 NC/5 04/15/2040 -- 157 05/10/10 San Diego Gas and Electric Sec 250 Aa3 A+ 5.350% 30 NC/L 05/15/2040 +95.0 bp 158 05/17/10 Public Service Electric & Gas Company Sec 300 A2 A- 2.700% 5 NC/L 05/01/2015 +62.0 bp 159 05/18/10 Entergy Texas Inc. Sec 200 Baa2 BBB+ 3.600% 5 NC/L 06/01/2015 +150.0 bp 160 05/19/10 Appalachian Power U 300 Baa2 BBB 3.400% 5 NC/L 05/24/2015 +137.0 bp 161 05/24/10 Empire District Electric Sec 100 A3 BBB+ 4.650% 10 NC/L 05/28/2020 +145.0 bp 162 05/24/10 Georgia Power Company U 600 A2 A 5.400% 30 NC/L 06/01/2040 +135.0 bp 163 06/02/10 Duke Energy Carolinas, LLC Sec 450 A1 A 4.300% 10 NC/L 06/15/2020 +100.0 bp 164 06/02/10 Consolidated Edison of NY U 350 A3 A- 4.450% 10 NC/L 06/15/2020 +115.0 bp 165 06/02/10 Consolidated Edison of NY U 350 A3 A- 5.700% 30 NC/L 06/15/2040 +150.0 bp 166 06/03/10 Oklahoma Gas & Electric Co. U 250 A2 BBB+ 5.850% 30 NC/L 06/01/2040 +162.5 bp 167 06/10/10 Wisconsin Power & Light U 150 A2 A- 4.600% 10 NC/L 06/15/2020 +135.0 bp 168 06/10/10 Interstate Power and Light U 150 A3 BBB+ 3.300% 5 NC/L 06/15/2015 +130.0 bp 169 06/24/10 Puget Sound Energy Sec 250 Baa1 A- 5.764% 30 NC/L 07/15/2040 +167.5 bp 170 07/06/10 Duke Energy Indiana Sec 500 A2 A 3.750% 10 NC/L 07/15/2020 +80.0 bp 171 07/13/10 Black Hills Corp. U 200 Baa3 BBB- 5.875% 10 NC/L 07/15/2020 +277.2 bp 172 07/26/10 Commonwealth Edison Sec 500 Baa1 A- 4.000% 10 NC/L 08/01/2020 +100.0 bp 173 08/03/10 Public Service Electric & Gas Company Sec 250 A2 A- 3.500% 10 NC/L 08/15/2020 +62.0 bp 174 08/04/10 Northern States Power - Minnesota Sec 250 A1 A 4.850% 30 NC 29.5 08/15/2040 +80.0 bp 175 08/04/10 Northern States Power - Minnesota Sec 250 A1 A 1.950% 5 NC/L 08/15/2015 +38.0 bp 176 08/09/10 Orange and Rockland U 115 Baa1 A- 5.500% 30 NC/L 08/15/2040 +150.0 bp 177 08/09/10 Orange and Rockland U 55 Baa1 A- 2.500% 5 NC/L 08/15/2015 +100.0 bp 178 08/10/10 Great Plains Energy U 250 Baa3 BBB- 2.750% 3 NC/L 08/15/2013 +195.0 bp 179 08/12/10 Detroit Edison Company Sec 300 A2 A- 3.450% 10 NC 9.75 10/01/2020 +80.0 bp 180 08/18/10 Empire District Electric Sec 50 A3 BBB+ 5.200% 30 NC/L 09/01/2040 +150.0 bp
Recent Utility Corporate Bond Issuances Schedule: I2 Page: 4 of 4 (a) (b) (c) (d) (e) (f) (g) (h) (i) Line Offer Amount Credit Ratings No. Date Issuer Type ($MM) Moody's S&P Coupon Structure Maturity Spread 181 08/23/10 San Diego Gas and Electric Sec 500 Aa3 A+ 4.500% 30 NC/L 08/15/2040 +88.0 bp 182 08/23/10 Interstate Power & Light U 200 A3 BBB+ 3.650% 10 NC 9.75 09/01/2020 +105.0 bp 183 08/25/10 Virginia Electric and Power Co. U 300 Baa1 A- 3.450% 12 NC/L 09/01/2022 +100.0 bp 184 08/25/10 Southern California Edison Sec 500 A1 A 4.500% 30 NC/L 09/01/2040 +100.0 bp 185 08/25/10 Idaho Power Company Sec 100 A2 A- 3.400% 10 NC/L 11/01/2020 +95.0 bp 186 08/25/10 Idaho Power Company Sec 100 A2 A- 4.850% 30 NC/L 08/15/2040 +130.0 bp 187 08/26/10 Georgia Power Company U 500 A3 A 4.750% 30 NC/L 09/01/2040 +125.0 bp 188 09/08/10 Pacific Gas & Electric U 550 A3 BBB+ 3.500% 10 NC 9.75 10/01/2020 +90.0 bp 189 09/08/10 Oncor Electric Delivery Sec 475 Baa1 A- 5.250% 30 NC/L 09/30/2040 +158.0 bp 190 09/09/10 Nevada Power Sec 250 Baa3 BBB 5.375% 30 NC 29.5 09/15/2040 +160.0 bp 191 09/09/10 Gulf Power Company U 125 A3 A 5.100% 30 NC/L 10/01/2040 +130.0 bp 192 09/20/10 Georgia Power Company U 500 A3 A 1.300% 3 NC/L 09/15/2013 +60.0 bp 193 09/21/10 Entergy Louisiana LLC Sec 250 A3 A- 4.440% 15 NC/L 01/15/2026 +185.0 bp 194 09/27/10 Entergy Gulf States Louisiana Sec 250 A3 BBB+ 3.950% 10 NC/L 10/01/2020 +145.0 bp 195 09/27/10 Alabama Power U 250 A2 A 3.375% 10 NC/L 10/01/2020 +87.5 bp Legend: U = Unsecured Sec = Secured F = Secured by Fallway Bonds Source: Citibank
Historical Financial Metrics Schedule: I3 Page: 1 of 1 (a) (b) (c) (d) (e) (f) Line No. Metric 2005 2006 2007 2008 2009 1 A) EBIT Interest Coverage 3.4 3.6 3.1 3.3 3.2 2 B) EBITDA Interest Coverage 6.3 7.2 6.1 6.1 5.9 3 C) FFO Interest Coverage 5.8 6.3 5.0 5.8 5.2 4 D) Overall Fixed Charge Coverage 2.5 2.7 2.5 2.5 2.4 5 E) Cash Flow Coverage of Dividend 2.8 3.3 2.8 3.5 3.6 6 F) Common Dividend Payout Ratio 111% 95% 96% 92% 81% 7 G) Permanent Capitalization ($MM) 6,256 6,711 6,873 7,700 7,998 8 G) Permanent Capitalization (% Debt) 53% 54% 52% 54% 52% 9 H) Return on Common Equity (ROE) 9% 11% 10% 10% 10% 10 H) Authorized ROE 11% 11% 11% 11% 11% A) Methodology consistent with Standard & Poor's B) Methodology consistent with Standard & Poor's C) Methodology consistent with Standard & Poor's D) Numerator: Net Income plus Gross Interest Denominator: Gross Interest plus Preferred Dividends E) Numerator: Net Income for Common plus depreciation plus amortization plus deferred taxes plus deferred investment tax credits Denominator: Common Dividends F) Numerator: Common Dividends Denominator: Net Income for Common G) Numerator: Long-Term Debt Denominator: Permanent Capital (Long-Term Debt + Equity) H) Numerator: Net Income Denominator: Avg Equity
Historical Ratemaking Metrics Schedule: I4 Page: 1 of 1 (a) (b) (c) (d) (e) (f) Line No. Metric 2005 2006 2007 2008 2009 1 A) EBIT Interest Coverage 3.5 3.9 3.6 3.7 3.8 2 B) EBITDA Interest Coverage 6.1 7.1 6.6 6.4 6.4 3 C) FFO Interest Coverage 5.4 5.9 4.9 5.7 5.2 4 D) Overall Fixed Charge Coverage 2.5 2.6 2.5 2.5 2.6 5 E) Cash Flow Coverage of Dividend 2.7 3.1 2.6 3.3 3.3 6 F) Common Dividend Payout Ratio 109% 96% 103% 96% 82% 7 G) Permanent Capitalization ($MM) 6,235 6,696 6,843 7,673 7,970 8 G) Permanent Capitalization (% Debt) 52% 53% 51% 54% 51% 9 H) Return on Common Equity (ROE) 9% 10% 9% 9% 10% 10 H) Authorized ROE 11% 11% 11% 11% 11% A) Methodology consistent with Standard & Poor's B) Methodology consistent with Standard & Poor's C) Methodology consistent with Standard & Poor's D) Numerator: Net Income plus Gross Interest Denominator: Gross Interest plus Preferred Dividends E) Numerator: Net Income for Common plus depreciation plus amortization plus deferred taxes plus deferred investment tax credits Denominator: Common Dividends F) Numerator: Common Dividends Denominator: Net Income for Common G) Numerator: Long-Term Debt Denominator: Permanent Capital (Long-Term Debt + Equity) H) Numerator: Net Income Denominator: Avg Equity
Forecasted Metrics Schedule: I5 Page: 1 of 1 (a) (b) (c) With Without Line Rate Rate No. Metric Relief Relief 1 A) EBIT Interest Coverage 3.9 2.1 2 B) EBITDA Interest Coverage 6.4 4.5 3 C) FFO Interest Coverage 5.4 4.3 4 D) Overall Fixed Charge Coverage 2.9 1.8 5 E) Cash Flow Coverage of Dividend 3.5 2.6 6 F) Common Dividend Payout Ratio 66% 164% 7 G) Permanent Capitalization ($MM) 8,485 8,487 8 G) Permanent Capitalization (% Debt) 51.1% 51.0% 9 H) Return on Common Equity (ROE) 11.4% 4.6% 10 I) Authorized ROE 11.0% 11.0% A) Methodology consistent with Standard & Poor's B) Methodology consistent with Standard & Poor's C) Methodology consistent with Standard & Poor's D) Numerator: Net Income plus Gross Interest Denominator: Gross Interest plus Preferred Dividends E) Numerator: Net Income for Common plus depreciation plus amortization plus deferred taxes plus deferred investment tax credits Denominator: Common Dividends F) Numerator: Common Dividends Denominator: Net Income for Common G) Numerator: Long-Term Debt Denominator: Permanent Capital (Long-Term Debt + Equity) H) Numerator: Net Income Denominator: Avg Equity I) Per case No. U-15768