Mr. Miller: The number one issue right now that we're watching closely is the demand outlook - not so much even 2010 demand, but looking out to 2012 and even 2013, what is the normalized environment going to be for power demand and natural gas demand? Demand affects both sides of the utility industry. It affects both the regulated side and the more volatile merchant power generation side. So we are watching demand and then the follow-on effect for power prices, natural gas prices and other commodity prices.
TWST: At this point, what do you think demand will look like?
Mr. Miller: We saw the substantial drop-off in industrial demand during the last two years. That's the big factor in terms of thinking about normalized demand, and that's obviously closely tied to the economy. As industrial production numbers fell, so did industrial electricity use in the U.S. And as the economy rebounds, we expect industrial demand to come back. Since industrial demand is 25% to 30% of total usage, a 10% or so rebound from lows we saw last year should have a substantial impact on reversing the declines we've seen in total usage.
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