1129542--3/2/2006--VECTREN_UTILITY_HOLDINGS_INC

related topics
{operation, natural, condition}
{debt, indebtedness, cash}
{competitive, industry, competition}
{capital, credit, financial}
{gas, price, oil}
{cost, regulation, environmental}
{cost, contract, operation}
{financial, litigation, operation}
Utility Holdings is a holding company, and its assets consist primarily of investments in its subsidiaries. The Company operates in an increasingly competitive industry, which may affect its future earnings. Utility Holdings is a holding company, and its assets consist primarily of investments in its subsidiaries. The Company operates in an increasingly competitive industry, which may affect its future earnings. Utility Holdings is a holding company, and its assets consist primarily of investments in its subsidiaries. A significant portion of the Company s gas and electric utility sales are space heating and cooling. Accordingly, its operating results may fluctuate with variability of weather. The Company s gas and electric utility sales are concentrated in the Midwest. Risks related to the regulation of the Company s businesses, including environmental regulation, could affect the rates charged, its costs and its profitability. From time to time, the Company is subject to material litigation and regulatory proceedings. The Company s electric operations are subject to various risks. The Company may experience significantly increased gas costs. The impact of MISO participation is uncertain. Wholesale power marketing activities may add volatility to earnings. Catastrophic events could adversely affect the Company s facilities and operations. A downgrade in the Company s credit rating could negatively affect its ability to access capital. A downgrade in the Company s credit rating could negatively affect its ability to access capital.

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