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Financial Performance

2013 was another strong year from a financial perspective, representing the ninth consecutive year in which we have met or exceeded our earnings guidance and the tenth consecutive year we have increased our dividend. Ongoing earnings increased largely due to rate increases in various states, weather impacts and reduced interest charges. Partially offsetting these positive factors were higher operating and maintenance expenses, depreciation and property taxes.

In 2005, we introduced a long-term earnings guidance of 5 to 7 percent with dividend growth of 2 to 4 percent, and today we’re one of the few utility companies to have achieved the growth objectives we set for ourselves. In 2013, we established new earnings and dividend guidelines to balance growth and yield, delivering an attractive total return to investors through a combination of 4 to 6 percent earnings growth and 4 to 6 percent dividend growth. Our earnings guidance for 2014 is $1.90 to $2.05 per share.

We seek to provide sustainable shareholder value well into the future through a series of building blocks that starts with operational excellence and risk management, and grows stronger through a solid regulatory compact and the right organic growth opportunities. Our focus on operational excellence enables us to deliver clean, safe, reliable energy to our customers at a competitive price, while also yielding strong earnings for our shareholders. Risk management encompasses a wide range of initiatives to protect our shareholders’ investments, including managing our balance sheet well to maintain favorable financing, diversifying our fuel mix to minimize the impact of market fluctuations on our customers’ rates and reducing our emissions to address regulatory risk. A constructive regulatory compact allows us to deliver reliable earnings for shareholders, while moderating the impact on customers through rate structures that create more predictable pricing from year to year. Finally, the availability of strong organic growth opportunities lets us invest in and upgrade our utility system in a way that benefits both customers and shareholders.

Read more about our corporate strategy and priorities.

See how we plan to invest $14.1 billion in capital expenditures through 2018.

Financial Summary for 2013
Earnings $948 million
Earnings per diluted share $1.91
Ongoing diluted earnings per share $1.95
Economic Value Generated
Total revenues $10.9 billion
Electric utility revenues $9.0 billion
Natural gas revenues $1.8 billion
Other operating revenues $76 million
Economic Value Distributed
Electric fuel and purchased power costs $4.0 billion
Cost of natural gas sold and transported $1.1 billion
Employee compensation, including wages and benefits $1.8 billion
Total corporate giving $39 million
Retained earnings $2.8 billion
Interest charges and financing costs $536 million
Common stock dividends $514 million
Tax payments $904 million
Franchise fees $171 million

Please see our 2013 10-K for detailed financial statements.