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NEW YORK, Dec. 20, 2002 -- Fitch Ratings has published its annual electric utility competitive operating statistics. This study highlights power production costs and sales data for 102 investor-owned electric utilities (IOUs) in the U.S. for the year-ended Dec. 31, 2002.

Fitch first began publishing this report in 1993 to identify those companies that would be in the best position to prosper in a competitive generation market. Since then, the development of a competitive U.S. generation market has progressed, with 22 states having acted on restructuring.

In more than one-half of those states, full or partial generation divestiture has been mandated or is strongly encouraged by regulators. As companies divest generation, write down above-market-priced generating assets, accelerate depreciation, and/or recover strandable costs, the embedded cost of providing service has declined - improving the utilities' fixed cost of providing power.

The report is available via FitchResearch, the Fitch Ratings subscription-based web site located at 'www.fitchratings.com'.

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