1129162--3/31/2006--CAP_ROCK_ENERGY_CORP

related topics
{regulation, change, law}
{cost, contract, operation}
{condition, economic, financial}
{operation, natural, condition}
FERC has jurisdiction over wholesale rates for electric transmission service and certain other activities of our transmission subsidiary. Federal, state and local agencies also have jurisdiction over many of the Company s other activities, including regulation of retail rates and environmental matters. The Company is unable to predict the impact on its operating results from the future regulatory activities of any of these agencies. Changes in regulations or the imposition of new or additional regulations could have an adverse impact on results of operations and therefore could materially affect the Company s ability to meet its financial obligations. We remain committed to providing superior service and reliability to customers. Meeting this commitment requires the expenditure of significant capital and other resources. The Company s failure to provide safe reliable service and to meet reliability standards could adversely affect the Company s operating results as well as cause increased capital and maintenance costs and the imposition of fines and penalties by regulatory bodies. Weather conditions directly impact the demand for electric power. In the Company s service areas, demand for power peaks during the summer months, and severe weather such as tornadoes, storms and ice may cause outages and property damage that may require the Company to incur additional costs that are generally not insured and that may not be recoverable from customers. The effect of the failure of the Company s facilities to operate as planned under these adverse conditions would be arduous during a peak demand period. Declines in demand for electricity generally follow a sustained downturn in the economy, and lessen cash flows, especially as industrial customers reduce production. Economic conditions also impact the ability of customers to pay their bills, thus affecting the rate of delinquent customer accounts receivable.

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