Condensed Statements of Cash Flow

Power Program

For the years ended September 30 (in millions)		2003	2002

Cash flows from operating activities
	Net income	$ 456	$ 73
	Items not requiring cash	1,069	1,369
	Changes in current assets and liabilities	173	21
	Other, net	(66)	(116)
Net cash provided by operating activities		1,632	1,347

Cash flows from investing activities
	Construction expenditures	(1,693)	(1,231)
	Nuclear fuel	(187)	(146)
	Other, net	(63)	31
Net cash used in investing activities		(1,943)	(1,346)

Cash flows from financing activities
	Long-term debt, net	1,024	(600)
	Short-term debt, net	(1,412)	476
	Proceeds from other financing activities, net	934	289
	Other, net	(100)	(108)
Net cash provided by financing activities		446	57

Net change in cash and cash equivalents		135	58
Cash and cash equivalents at beginning of period		397	339

Cash and cash equivalents at end of period		$ 532	$ 397

Next: Forward-Looking Statements

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