Industry & Services >> Analyst Interviews >> April 12, 2004

OUTLOOK FOR NATURAL GAS & ELECTRIC UTILITIES: RONALD BARONE – UBS SECURITIES LLC

RONALD J. BARONE is the Managing Director of the Natural Gas & Electric Utilities Group of UBS Investment Research. An analyst since 1971, Mr. Barone specializes in natural gas pipelines/distribution companies, electric utilities, independent power producers, and energy master limited partnerships. He has been ranked on Institutional Investor's All-American Research Team for 29 consecutive years, including a number one spot in the natural gas category in 2003. Prior to the UBS AG acquisition of PaineWebber Incorporated, Mr. Barone was the natural gas analyst at PaineWebber. Prior to that, he followed natural gas and electric utilities at Kidder Peabody & Co. Mr. Barone earned an MBA degree from New York University and a BA degree in Economics from Manhattan College. Profile
TWST: What is the outlook for the natural gas and electric utilities?

Mr. Barone: The outlook for the natural gas sector is quite positive.

There is a serious shortage of natural gas in the