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To: mishedlo who wrote (144957)	1/20/2002 6:44:34 PM
From: yard_man	Respond to of 436258

the earnings of regulated utilities are largely safe, IMO, if they are decently run and not in California. The question is where they are with respect to historical valuations and bonds ... dereg has certainly been set back by ENE and this bodes well for the utilities that have PBR (not the beer -- performance based regulation -- something that was supposed to be a transition to competition, but amounts to a giveaway in most jurisdictions). I looked at water a little while back and don't think those are a value -- PEs way too high.