exclusive C Three equity index:
utilities continue to lead the S&P 500

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The C Three Group’s Composite Energy Utility Index continues to lead the S&P 500 for 2004, up 2.6 percent vs. 2.0 percent for the S&P. The C Three LDC Index also leads the S&P 500 in 2004, posting a 2.3 percent gain so far. And, while the Merchant Index has fallen into negative territory for the year, its 12-month performance remains up 57.4 percent. Please refer to the following table for a complete performance summary of the C Three Equity Indices.

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To see the companies comprising each of the four C Three Group equity indices-and the method of calculation-please visit www.elp.com/onlineextra.

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