Condensed Statements of Income

Power Program

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

Operating revenues
	Sales of electricity	$ 6,875	$ 6,708
	Other	77	88
Total operating revenues		6,952	6,796

Operating expenses
	Fuel and purchased power	1,957	1,877
	Operating and maintenance	2,027	1,849
	Depreciation, accretion, and amortization	1,062	1,093
	Tax equivalents	329	328
Total Operating Expenses		5,375	5,147

Operating income		1,577	1,649

Other income, net		12	7

Loss on plant cancellation		-	(154)

Interest expense, net		(1,350)	(1,429)

Income before cumulative effects of accounting changes		239	73

Cumulative effects of accounting changes		217	-

Net income		$ 456	$ 73

Next: Condensed Balance Sheets

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