DQE Announces First Quarter 2001 Results and Revises Earnings Outlook

Apr 30, 2001, 01:00 ET from DQE, Inc.

    PITTSBURGH, April 30 /PRNewswire/ -- As part of its successful completion
 of phase one of electric utility industry restructuring in Pennsylvania, DQE
 (NYSE:   DQE) sold its generation assets in April 2000.  While beneficial to
 both customers and shareholders, this sale reduced earning assets by
 $1 billion, as had been expected.
     Reflecting the effects of the generation asset sale in April 2000, DQE
 today reported first quarter 2001 basic earnings of $.22 per share
 ($12.2 million), 63% below the first quarter 2000 level of $.60 per share
 ($42.9 million).  First quarter 2000 earnings exclude the incremental
 $15.5 million one-time cumulative effect of a change in accounting principle
 for unbilled revenues.  First quarter 2001 income decreased by $30.7 million
 compared to the first quarter 2000, due primarily to the following factors:
 
      -- $20.3 million related to lower earnings in conjunction with the
          decreased transition cost balance during 2001; and
      -- $11.6 million related to a lower effective tax rate used in the first
          quarter 2000 in anticipation of the generation divestiture
          transaction.
 
     As described more fully in the Earnings Outlook below, 2001 is a
 transition year and significant earnings increases beyond 2001 are expected
 from DQE's core businesses.
 
     Strategic Review Update
     As previously announced, DQE currently is engaged in a strategic and
 financial review of the entire company.  At this point, DQE is evaluating the
 possible separation of its water utility and financial and investment
 businesses from its electric utility and related businesses.  DQE is actively
 focused on the divestiture of certain businesses and on structuring the
 separation in a manner that optimizes shareholder value.  The company expects
 to complete this review process during the next few months.
 
     Earnings Outlook
      -- Duquesne Light is focused on its Best-in-Class service improvement and
          cost-reduction initiatives undertaken in conjunction with its exit
          from the generation business.  Duquesne Light is expected to earn
          solid utility returns in 2001, and returns in 2002 and beyond are
          expected to be significantly enhanced with the inclusion of the
          extended provider of last resort arrangement (POLR II) margin.
          Duquesne Light now anticipates a higher than previously expected
          level of operating income from POLR II due to less customer shopping
          as a result of higher wholesale energy prices.  During 2002,
          incremental earnings from POLR II margin are expected to contribute
          approximately $.30 per share.
      -- DQE Energy Services continues to be successful in further penetrating
          its niche markets of energy facility operation and maintenance
          projects for industrial and commercial customers.  All current
          construction-phase projects are on schedule and on budget and current
          operational-phase projects are profitable.
      -- DQE Communications is experiencing a high level of demand for its open
          access fiber optic network in southwestern Pennsylvania and expects
          to continue to lease dark fiber in accordance with its plan.
      -- AquaSource is focused on realizing operating efficiencies as the
          result of its integration initiatives.  The improvements made to date
          had a positive impact on first-quarter earnings and, combined with
          ongoing improvement efforts, are expected to have a more significant
          impact throughout the remainder of the year.  Business development
          activities currently under way are expected to increase 2002 earnings
          by approximately $.20 per share beyond the 2001 level.
      -- Our propane business, ProAm, is seasonal, with a large portion of
          customer usage coming from residential heating.  During the first
          quarter of 2001, ProAm was able to maintain strong margins and
          produce sound financial results.
      -- DQE Financial's landfill gas and alternative energy businesses
          performed well in the first quarter, taking advantage of higher
          margins on gas sales.  The level of gas prices throughout 2001 is
          expected to be a significant factor in the financial results
          throughout the remainder of the year.
      -- DQE Enterprises continues to be hampered by weak equity markets.  The
          market value of its existing public investments performed in line
          with the broader technology-related markets during the first quarter
          and opportunities for further investment and monetization of its
          private investments, as previously projected for 2001, are unclear in
          the current equity market environment.  As a result, it is no longer
          expected that gains from initial public offerings, asset sales and
          improvements in market valuations would be a significant source of
          earnings in 2001.
 
     Overall, DQE's 2001 basic earnings were expected to decline substantially
 from the 2000 level.  This decline reflects the effects of Duquesne's
 generation asset sale in April 2000, which reduced earning assets by
 $1 billion.  While DQE's recapitalization program and cost-reduction
 initiatives would lessen the effect of this earnings decline, future earnings
 would be on a significantly lower base of assets than historical levels.
 Improving earnings from DQE's other businesses, particularly AquaSource, are
 also expected to mitigate this decline to some extent; however, given the
 outlook for DQE Enterprises, it is no longer likely that DQE will meet its
 comprehensive earnings aspirations in 2001.
     The Company previously had projected comprehensive earnings for 2001 in
 the range of $2.96 to $3.36 per share, contingent upon equity market
 performance.  Included in this projection was $1.82 to $2.22 of earnings
 projected from DQE Enterprises' investments.  Based upon the current outlook
 for the market, DQE does not expect to realize the previously projected
 earnings associated with these investments in the near term.  With its core
 utility businesses performing well, DQE projects 2001 basic earnings in the
 $1.25 to $1.35 per share range, excluding gains from the monetization of DQE
 Enterprises' investments.  Earnings from our core businesses include
 approximately $.95 per share from Duquesne Light and related businesses
 (Communications and Energy Services) and $0.30 per share from AquaSource.  The
 remaining $.05 per share is attributable to DQE's other businesses and parent
 debt expenses.
     In comparison, basic earnings per share for 2000 were reported at $2.44.
 This included an $.85 gain from the sale of DQE Energy Services' alternative
 fuel facilities.  Without this gain, basic EPS would have been $1.59 per share
 in 2000, which included approximately $45.6 million, or $.72 per share, of
 earnings on the transition cost balance.
     Although DQE's targeted earnings are expected to decline from the 2000
 level, particularly due to the sale of the company's generation facilities,
 operating cash flow is expected to continue to be strong.  During 2001, the
 company expects to collect the majority of its remaining $210 million of
 transition costs (after-tax) from electric utility customers.  In addition,
 all of the businesses currently are generating positive cash flows from their
 operations, a trend that is projected to continue.  Although DQE's stock
 buyback program has been temporarily suspended during the strategic review,
 DQE may resume the program after further evaluation.
     A management presentation will be provided via Internet broadcast from
 DQE's Web site, www.dqe.com, at 9 a.m. EDT on Tuesday, May 1, 2001.  For
 additional information, see the "Outlook" section of DQE's Form 10-Q for the
 First Quarter of 2001, which will be filed on May 1.
 
     About DQE
     DQE is a growth utility, delivering essential products and related
 services, including electricity, water, gas and communications, to more than
 one million customers throughout the United States.  DQE combines its
 extensive utility delivery expertise with leading-edge technology to create
 greater value for customers and shareholders.
 
     The foregoing paragraphs contain forward-looking statements, the results
 of which may materially differ from those implied due to known and unknown
 risks and uncertainties.  These statements, and certain of the risks and
 uncertainties that may affect the results, are discussed below.  DQE earnings
 will depend on the performance of our subsidiaries, on the outcome of our
 strategic review process, on our ability to sell select, non-strategic assets
 such as our bottled water operations, and on the effectiveness of our
 administrative resource reduction.  Demand for electric, water, gas, propane
 and telecommunications utility services, and the availability of appropriate
 investment opportunities in those industries, as well as changing market and
 weather conditions, will affect cash flow, returns on investment and earnings
 levels at DQE and each of our subsidiaries.  Energy prices will affect the
 number of customers using our provider of last resort service, which in turn
 will affect earnings from POLR II margins.  AquaSource's returns will depend
 in part on the outcome of its rate filings in Texas and Indiana, which in turn
 depend on the determinations of each state's public utility commission.  The
 availability of suitable partners will affect ProAm's ability to carry out a
 consolidation strategy.  Gas price levels will have an obvious impact on DQE
 Financial's earnings levels.  Stock market volatility will affect earnings at
 DQE Enterprises.  Overall performance by DQE and its subsidiaries will also be
 affected by economic, competitive, regulatory, governmental and technological
 factors affecting operations, markets, products, services and prices, as well
 as the factors discussed in our SEC filings made to date.
 
 
                              STATEMENT OF INCOME
 
     (Thousands of Dollars)        Three Months             Twelve Months
                                  Ended March 31           Ended March 31
      (Unaudited)                2001        2000          2001        2000
     Operating Revenues:
     Sales of Electricity:
       Customers               $232,516    $234,201      $998,148   $998,334
       Utilities                  4,109      11,790        21,732     74,439
     Total Sales of
      Electricity               236,625     245,991     1,019,880  1,072,773
     Water Sales                 25,626      25,952       133,884    128,377
     Other                       58,263      42,544       179,866    135,457
         Total Operating
          Revenues              320,514     314,487     1,333,630  1,336,607
     Operating Expenses:
       Fuel and purchased power  93,490      50,627       390,722    228,898
       Non-Fuel operating
        and maintenance          99,422     121,058       442,518    516,563
       Depreciation and
        amortization             87,805      69,273       361,764    208,311
       Taxes other than
        income taxes             15,271      23,377        59,963    86,982
         Total Operating
          Expenses              295,988     264,335     1,254,967  1,040,754
     Operating Income            24,526      50,152        78,663    295,853
     Other income                23,355      33,361       217,721    151,647
     Interest and other charges  28,363      33,523       118,450    155,743
 
     Income Before Income Taxes
      and Cumulative Effect      19,518      49,990       177,934    291,757
     Income Taxes                 7,295       7,058        70,587     95,874
 
     Income Before
      Cumulative Effect          12,223      42,932       107,347    195,883
 
     Cumulative Effect of
      Change in Accounting
      Principle - net (a)             -      15,495             -     15,495
 
     Net Income                  12,223      58,427       107,347    211,378
     Other Comprehensive
      Income (Loss) - net       (10,986)      8,357         7,282     10,263
 
     Comprehensive Income        $1,237     $66,784      $114,629   $221,641
 
     Dividends on
      Preferred Stock                44         411        (1,173)     1,588
 
     Comprehensive Earnings
      Available for Common Stock $1,193     $66,373      $115,802   $220,053
 
     Average No. of
      Common Shares (000)        55,882      70,936        59,616     73,906
 
     Earnings Per Share of
      Common Stock                $0.22       $0.82         $1.82      $2.84
 
     Comprehensive EPS of
      Common Stock                $0.02       $0.94         $1.94      $2.98
 
     Dividends Declared Per Share $0.42       $0.40         $1.62      $1.56
 
     Actual No. of Common Shares
      (000)                      55,887      70,138        55,887     70,138
 
     (a)  Relates to the accrual of unbilled electric utility customer
 revenues.  Amount is net of appropriate expenses and taxes.
 
 
     OPERATING STATISTICS
     (Thousands)                                        Three Months Ended
                                                            March 31,
     (Unaudited)                                      2001            2000
     KILOWATT-HOUR SALES:
     Electric Utility Customers:
       Residential                                    900,730        872,078
       Commercial                                   1,467,330      1,461,846
       Industrial                                     837,341        930,273
       Miscellaneous                                   18,602         17,630
         Sales to Electric Utility Customers        3,224,003      3,281,827
     Sales to Other Utilities                         155,422        494,724
     TOTAL SALES                                    3,379,425      3,776,551
 
     OPERATING REVENUES:
     Electric Utility Customers:
       Residential                                    $90,451        $92,371
       Commercial                                      97,979         92,423
       Industrial                                      41,311         47,397
       Miscellaneous                                    2,775          2,010
     Revenues from Electric Utility Customers         232,516        234,201
     Sales to Other Utilities                           4,109         11,790
     Water Sales                                       25,626         25,952
     Other                                             58,263         42,544
     TOTAL OPERATING REVENUES                        $320,514       $314,487
 
     (Thousands)                                      Twelve Months Ended
                                                           March 31,
     (Unaudited)                                      2001           2000
     KILOWATT-HOUR SALES:
     Electric Utility Customers:
       Residential                                  3,537,168      3,481,326
       Commercial                                   6,097,823      5,992,750
       Industrial                                   3,487,584      3,560,671
       Miscellaneous                                   71,342         70,528
         Sales to Electric Utility Customers       13,193,917     13,105,275
     Sales to Other Utilities                         623,378      3,179,083
     TOTAL SALES                                   13,817,295     16,284,358
 
     OPERATING REVENUES:
     Electric Utility Customers:
       Residential                                   $371,235       $390,934
       Commercial                                     431,006        412,815
       Industrial                                     185,584        185,792
       Miscellaneous                                   10,323          8,793
     Revenues from Electric Utility Customers         998,148        998,334
     Sales to Other Utilities                          21,732         74,439
     Water Sales                                      133,884        128,377
     Other                                            179,866        135,457
     TOTAL OPERATING REVENUES                      $1,333,630     $1,336,607
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X67487585
 
 

SOURCE DQE, Inc.
    PITTSBURGH, April 30 /PRNewswire/ -- As part of its successful completion
 of phase one of electric utility industry restructuring in Pennsylvania, DQE
 (NYSE:   DQE) sold its generation assets in April 2000.  While beneficial to
 both customers and shareholders, this sale reduced earning assets by
 $1 billion, as had been expected.
     Reflecting the effects of the generation asset sale in April 2000, DQE
 today reported first quarter 2001 basic earnings of $.22 per share
 ($12.2 million), 63% below the first quarter 2000 level of $.60 per share
 ($42.9 million).  First quarter 2000 earnings exclude the incremental
 $15.5 million one-time cumulative effect of a change in accounting principle
 for unbilled revenues.  First quarter 2001 income decreased by $30.7 million
 compared to the first quarter 2000, due primarily to the following factors:
 
      -- $20.3 million related to lower earnings in conjunction with the
          decreased transition cost balance during 2001; and
      -- $11.6 million related to a lower effective tax rate used in the first
          quarter 2000 in anticipation of the generation divestiture
          transaction.
 
     As described more fully in the Earnings Outlook below, 2001 is a
 transition year and significant earnings increases beyond 2001 are expected
 from DQE's core businesses.
 
     Strategic Review Update
     As previously announced, DQE currently is engaged in a strategic and
 financial review of the entire company.  At this point, DQE is evaluating the
 possible separation of its water utility and financial and investment
 businesses from its electric utility and related businesses.  DQE is actively
 focused on the divestiture of certain businesses and on structuring the
 separation in a manner that optimizes shareholder value.  The company expects
 to complete this review process during the next few months.
 
     Earnings Outlook
      -- Duquesne Light is focused on its Best-in-Class service improvement and
          cost-reduction initiatives undertaken in conjunction with its exit
          from the generation business.  Duquesne Light is expected to earn
          solid utility returns in 2001, and returns in 2002 and beyond are
          expected to be significantly enhanced with the inclusion of the
          extended provider of last resort arrangement (POLR II) margin.
          Duquesne Light now anticipates a higher than previously expected
          level of operating income from POLR II due to less customer shopping
          as a result of higher wholesale energy prices.  During 2002,
          incremental earnings from POLR II margin are expected to contribute
          approximately $.30 per share.
      -- DQE Energy Services continues to be successful in further penetrating
          its niche markets of energy facility operation and maintenance
          projects for industrial and commercial customers.  All current
          construction-phase projects are on schedule and on budget and current
          operational-phase projects are profitable.
      -- DQE Communications is experiencing a high level of demand for its open
          access fiber optic network in southwestern Pennsylvania and expects
          to continue to lease dark fiber in accordance with its plan.
      -- AquaSource is focused on realizing operating efficiencies as the
          result of its integration initiatives.  The improvements made to date
          had a positive impact on first-quarter earnings and, combined with
          ongoing improvement efforts, are expected to have a more significant
          impact throughout the remainder of the year.  Business development
          activities currently under way are expected to increase 2002 earnings
          by approximately $.20 per share beyond the 2001 level.
      -- Our propane business, ProAm, is seasonal, with a large portion of
          customer usage coming from residential heating.  During the first
          quarter of 2001, ProAm was able to maintain strong margins and
          produce sound financial results.
      -- DQE Financial's landfill gas and alternative energy businesses
          performed well in the first quarter, taking advantage of higher
          margins on gas sales.  The level of gas prices throughout 2001 is
          expected to be a significant factor in the financial results
          throughout the remainder of the year.
      -- DQE Enterprises continues to be hampered by weak equity markets.  The
          market value of its existing public investments performed in line
          with the broader technology-related markets during the first quarter
          and opportunities for further investment and monetization of its
          private investments, as previously projected for 2001, are unclear in
          the current equity market environment.  As a result, it is no longer
          expected that gains from initial public offerings, asset sales and
          improvements in market valuations would be a significant source of
          earnings in 2001.
 
     Overall, DQE's 2001 basic earnings were expected to decline substantially
 from the 2000 level.  This decline reflects the effects of Duquesne's
 generation asset sale in April 2000, which reduced earning assets by
 $1 billion.  While DQE's recapitalization program and cost-reduction
 initiatives would lessen the effect of this earnings decline, future earnings
 would be on a significantly lower base of assets than historical levels.
 Improving earnings from DQE's other businesses, particularly AquaSource, are
 also expected to mitigate this decline to some extent; however, given the
 outlook for DQE Enterprises, it is no longer likely that DQE will meet its
 comprehensive earnings aspirations in 2001.
     The Company previously had projected comprehensive earnings for 2001 in
 the range of $2.96 to $3.36 per share, contingent upon equity market
 performance.  Included in this projection was $1.82 to $2.22 of earnings
 projected from DQE Enterprises' investments.  Based upon the current outlook
 for the market, DQE does not expect to realize the previously projected
 earnings associated with these investments in the near term.  With its core
 utility businesses performing well, DQE projects 2001 basic earnings in the
 $1.25 to $1.35 per share range, excluding gains from the monetization of DQE
 Enterprises' investments.  Earnings from our core businesses include
 approximately $.95 per share from Duquesne Light and related businesses
 (Communications and Energy Services) and $0.30 per share from AquaSource.  The
 remaining $.05 per share is attributable to DQE's other businesses and parent
 debt expenses.
     In comparison, basic earnings per share for 2000 were reported at $2.44.
 This included an $.85 gain from the sale of DQE Energy Services' alternative
 fuel facilities.  Without this gain, basic EPS would have been $1.59 per share
 in 2000, which included approximately $45.6 million, or $.72 per share, of
 earnings on the transition cost balance.
     Although DQE's targeted earnings are expected to decline from the 2000
 level, particularly due to the sale of the company's generation facilities,
 operating cash flow is expected to continue to be strong.  During 2001, the
 company expects to collect the majority of its remaining $210 million of
 transition costs (after-tax) from electric utility customers.  In addition,
 all of the businesses currently are generating positive cash flows from their
 operations, a trend that is projected to continue.  Although DQE's stock
 buyback program has been temporarily suspended during the strategic review,
 DQE may resume the program after further evaluation.
     A management presentation will be provided via Internet broadcast from
 DQE's Web site, www.dqe.com, at 9 a.m. EDT on Tuesday, May 1, 2001.  For
 additional information, see the "Outlook" section of DQE's Form 10-Q for the
 First Quarter of 2001, which will be filed on May 1.
 
     About DQE
     DQE is a growth utility, delivering essential products and related
 services, including electricity, water, gas and communications, to more than
 one million customers throughout the United States.  DQE combines its
 extensive utility delivery expertise with leading-edge technology to create
 greater value for customers and shareholders.
 
     The foregoing paragraphs contain forward-looking statements, the results
 of which may materially differ from those implied due to known and unknown
 risks and uncertainties.  These statements, and certain of the risks and
 uncertainties that may affect the results, are discussed below.  DQE earnings
 will depend on the performance of our subsidiaries, on the outcome of our
 strategic review process, on our ability to sell select, non-strategic assets
 such as our bottled water operations, and on the effectiveness of our
 administrative resource reduction.  Demand for electric, water, gas, propane
 and telecommunications utility services, and the availability of appropriate
 investment opportunities in those industries, as well as changing market and
 weather conditions, will affect cash flow, returns on investment and earnings
 levels at DQE and each of our subsidiaries.  Energy prices will affect the
 number of customers using our provider of last resort service, which in turn
 will affect earnings from POLR II margins.  AquaSource's returns will depend
 in part on the outcome of its rate filings in Texas and Indiana, which in turn
 depend on the determinations of each state's public utility commission.  The
 availability of suitable partners will affect ProAm's ability to carry out a
 consolidation strategy.  Gas price levels will have an obvious impact on DQE
 Financial's earnings levels.  Stock market volatility will affect earnings at
 DQE Enterprises.  Overall performance by DQE and its subsidiaries will also be
 affected by economic, competitive, regulatory, governmental and technological
 factors affecting operations, markets, products, services and prices, as well
 as the factors discussed in our SEC filings made to date.
 
 
                              STATEMENT OF INCOME
 
     (Thousands of Dollars)        Three Months             Twelve Months
                                  Ended March 31           Ended March 31
      (Unaudited)                2001        2000          2001        2000
     Operating Revenues:
     Sales of Electricity:
       Customers               $232,516    $234,201      $998,148   $998,334
       Utilities                  4,109      11,790        21,732     74,439
     Total Sales of
      Electricity               236,625     245,991     1,019,880  1,072,773
     Water Sales                 25,626      25,952       133,884    128,377
     Other                       58,263      42,544       179,866    135,457
         Total Operating
          Revenues              320,514     314,487     1,333,630  1,336,607
     Operating Expenses:
       Fuel and purchased power  93,490      50,627       390,722    228,898
       Non-Fuel operating
        and maintenance          99,422     121,058       442,518    516,563
       Depreciation and
        amortization             87,805      69,273       361,764    208,311
       Taxes other than
        income taxes             15,271      23,377        59,963    86,982
         Total Operating
          Expenses              295,988     264,335     1,254,967  1,040,754
     Operating Income            24,526      50,152        78,663    295,853
     Other income                23,355      33,361       217,721    151,647
     Interest and other charges  28,363      33,523       118,450    155,743
 
     Income Before Income Taxes
      and Cumulative Effect      19,518      49,990       177,934    291,757
     Income Taxes                 7,295       7,058        70,587     95,874
 
     Income Before
      Cumulative Effect          12,223      42,932       107,347    195,883
 
     Cumulative Effect of
      Change in Accounting
      Principle - net (a)             -      15,495             -     15,495
 
     Net Income                  12,223      58,427       107,347    211,378
     Other Comprehensive
      Income (Loss) - net       (10,986)      8,357         7,282     10,263
 
     Comprehensive Income        $1,237     $66,784      $114,629   $221,641
 
     Dividends on
      Preferred Stock                44         411        (1,173)     1,588
 
     Comprehensive Earnings
      Available for Common Stock $1,193     $66,373      $115,802   $220,053
 
     Average No. of
      Common Shares (000)        55,882      70,936        59,616     73,906
 
     Earnings Per Share of
      Common Stock                $0.22       $0.82         $1.82      $2.84
 
     Comprehensive EPS of
      Common Stock                $0.02       $0.94         $1.94      $2.98
 
     Dividends Declared Per Share $0.42       $0.40         $1.62      $1.56
 
     Actual No. of Common Shares
      (000)                      55,887      70,138        55,887     70,138
 
     (a)  Relates to the accrual of unbilled electric utility customer
 revenues.  Amount is net of appropriate expenses and taxes.
 
 
     OPERATING STATISTICS
     (Thousands)                                        Three Months Ended
                                                            March 31,
     (Unaudited)                                      2001            2000
     KILOWATT-HOUR SALES:
     Electric Utility Customers:
       Residential                                    900,730        872,078
       Commercial                                   1,467,330      1,461,846
       Industrial                                     837,341        930,273
       Miscellaneous                                   18,602         17,630
         Sales to Electric Utility Customers        3,224,003      3,281,827
     Sales to Other Utilities                         155,422        494,724
     TOTAL SALES                                    3,379,425      3,776,551
 
     OPERATING REVENUES:
     Electric Utility Customers:
       Residential                                    $90,451        $92,371
       Commercial                                      97,979         92,423
       Industrial                                      41,311         47,397
       Miscellaneous                                    2,775          2,010
     Revenues from Electric Utility Customers         232,516        234,201
     Sales to Other Utilities                           4,109         11,790
     Water Sales                                       25,626         25,952
     Other                                             58,263         42,544
     TOTAL OPERATING REVENUES                        $320,514       $314,487
 
     (Thousands)                                      Twelve Months Ended
                                                           March 31,
     (Unaudited)                                      2001           2000
     KILOWATT-HOUR SALES:
     Electric Utility Customers:
       Residential                                  3,537,168      3,481,326
       Commercial                                   6,097,823      5,992,750
       Industrial                                   3,487,584      3,560,671
       Miscellaneous                                   71,342         70,528
         Sales to Electric Utility Customers       13,193,917     13,105,275
     Sales to Other Utilities                         623,378      3,179,083
     TOTAL SALES                                   13,817,295     16,284,358
 
     OPERATING REVENUES:
     Electric Utility Customers:
       Residential                                   $371,235       $390,934
       Commercial                                     431,006        412,815
       Industrial                                     185,584        185,792
       Miscellaneous                                   10,323          8,793
     Revenues from Electric Utility Customers         998,148        998,334
     Sales to Other Utilities                          21,732         74,439
     Water Sales                                      133,884        128,377
     Other                                            179,866        135,457
     TOTAL OPERATING REVENUES                      $1,333,630     $1,336,607
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X67487585
 
 SOURCE  DQE, Inc.