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2001 Working Capital Survey - Chart 9

ELECTRIC UTILITIES

1Jul


Behind the Rankings


The management of working capital combines two measures, weighted equally:
1. Days of Working Capital (DWC) = (Receivables + Inventory ­ Payables) ÷ (Sales ÷ 365 Days). If payables exceed the sum of receivables and inventory, DWC is negative.
2. Cash Conversion Efficiency (CCE) = Cash Flow from Operations ÷ Sales.

The overall ranking: (Highest Overall CCE ­ Company CCE) ÷ (Highest Overall CCE ­ Lowest Overall CCE) + (Lowest Overall DWC ­ Company DWC) ÷ (Lowest Overall DWC ­ Highest Overall DWC). Days of Sales Outstanding (DSO), Inventory Turns, and Days of Payables Outstanding (DPO) are not part of the overall ranking criteria. Industry averages consider all companies in an industry, not just the top five.

Sources: REL Consultancy Group, Piranha Web




Back to "Forget the Float? — The 2001 Working Capital Survey"

ELECTRIC UTILITIES
Over- all RankCompany NamePrior Year SalesCash Conver. Effic.Days Working CapitalDays Sales Outst.Inven. TurnsDays Payable Outst.
CCERk.DWCRk.DSORk.Ts.Rk.DPORk.
23CALPINE CORP$2,28330%261313070807291056569
31DQE$1,34128%332117930254568429459
33CLEVELAND ELECTRIC ILLUMI- NATING CO$1,86532%24514618489855787834
36ARIZONA PUBLIC SERVICE CO$2,29327%352823637346745325605
37IPALCO ENTERPR. INC$83528%323227321167386729467
41FLORIDA POWER & LIGHT CO$6,43825%472420628238839220764
47IDACORP INC$1,01922%7198855596103036181
48PINNACLE WEST CAPITAL CORP$3,69025%5124209434221225131417
50AMEREN CORP$3,85624%542319835318653237283
51ENTERGY ARKANSAS INC$1,54224%572117616129649020794
52SEMPRA ENERGY$7,03720%93254414061422448148
53XCEL ENERGY INC$2,86925%502924839362653836291
56FIRST- ENERGY CORP$7,02922%761312518150383220767
57POTOMAC EDISON CO$75327%364641641398838316884
60SOUTH CAROLINA ELECTRIC & GAS CO$1,46726%384641946469743919797
61VIRGINIA ELECTRIC & POWER CO$4,59124%5235296596631225743204
62KANSAS CITY POWER & LIGHT CO$1,11622%732118231266560834352
66SOUTHERN CO$10,06626%424742851550654832385
68ALLIANT ENERGY CORP$2,40520%1021211530255841237275
70FPL GROUP INC$7,08221%792521330256842324656
71ENTERGY CORP DE$10,01617%148(0)45151241422130438
73CLECO CORP NEW$82016%185(6)28231811127242219
74DAYTON POWER & LIGHT CO$1,27326%415449260681475834348
79PUBLIC SERVICE CO OF OKLAHOMA$74919%1181714717136840925604
82PUBLIC SERVICE CO OF NEW MEXICO$1,61118%14011110485022313248151
83DOMINION RESOURCES INC VA$9,26019%1152118355598842052117
84CONSUMERS ENERGY CO$3,87419%11621180991650419819
86ALABAMA POWER CO$3,38523%614540636334654718839
88WEST PENN POWER CO$1,35421%8432274383551915122706
89DTE ENERGY CO$5,59721%873328430258568023684
90LOUISVILLE GAS & ELECTRIC CO$96822%664338153571567548156
95RGS ENERGY GROUP INC$1,44819%12424205312671029921752
96MONON- GAHELA POWER CO$67323%625045040376837511957
97TECO ENERGY INC$2,29520%943529949518199741233
104PUBLIC SERVICE ENTERPRISE GROUP INC$6,84820%983630453573472746173
106MINNESOTA POWER INC$1,33217%1601714962697936652118
107DPL INC$1,43722%675045161685747634363
110EDISON INTER- NATIONAL$9,67020%9240351505241717520766
114ALLEGHENY ENERGY INC$4,01219%10736300464711128429473
115CONSOL- IDATED EDISON INC$9,43115%19813129312701519630456
118UNISOURCE ENERGY CORP$1,03419%1253529435317935018849
127NORTHEAST UTILITIES$5,87714%236989262081520832399
145PPL CORP$5,68315%19427231383561127628515
154COLUMBUS SOUTHERN POWER CO$1,23018%1414137235320935611949
164WISCON- SIN ENERGY CORP$3,35516%1643833744433558136303
168PUGET ENERGY INC$2,06713%25521174383571915429468
177MISSIS- SIPPI POWER CO$63316%168423782621474307982
180GPU INC$5,19611%34211112363241717435338
186TXU CORP$22,00911%31815134424141915740250
197PG&E CORP$20,82013%25029252363282014918830
209APPALA- CHIAN POWER CO$1,65115%2134136129241841513937
215RELIANT ENERGY INC$29,3398%49446527220418030448
217SCANA CORP$3,43315%2064439259667934238273
227DUKE ENERGY CORP$47,73011%3562118457631339245183
228CINERGY CORP$8,4229%4681099505332412650130
248POTOMAC ELECTRIC POWER CO$3,04812%29537311495151519930436
254BLACK HILLS CORP NEW$1,6247%5591110150534644644188
263MDU RESOURCES GROUP INC$1,87413%2604539955610744227545
270ATLANTIC CITY ELECTRIC CO$1,07712%29141365444391225418851
271WPS RESOURCES CORP$1,9529%43225217484921128546175
273WESTERN RESOURCES INC KS$2,03611%3113833645453936524636
279OGE ENERGY CORP$3,29912%3054035844446936329493
299CONECTIV INC$5,02910%38636305556022014231403
304CMS ENERGY CORP$8,99810%3803832756617932641228
309ENERGY EAST CORP$2,9607%59720163383492811027540
323UTILICORP UNITED INC$28,9753%81204741395853345184
329AVISTA CORP$7,9113%78945937337216935320
332INDIANA MICHIGAN POWER CO$1,39411%3345045638352655315903
443AES CORP$6,69112%30369621818791030038268
450NORTH- WESTERN CORP$7,1323%79520171343052611428517
600TXU GAS CO$6,530-1%9631714851544457442208
639SCOTTISH POWER PLC$6,63217%1551299361369881421418827
952NIAGARA MOHAWK HOLDINGS INC$4,539-15%99823199373411127128525
170Industry Average$5,55917% 29 43 16 32 



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