Further reflecting the impact of restructured markets on traditional full-service utilities, industrial sales declined sharply by 2.1 percent to 1,018 billion kilowatthours in 1999 from 1,040 billion kilowatthours in 1998. The average revenue in cents per kilowatthour for industrial sales decreased from 4.48 in 1998 to 4.43 in 1999, a decline of 1.1 percent. Nominal industrial rates in 1999 are the lowest since 1981 and real industrial rates are the lowest since 1973. The retail sales of investor-owned utilities decreased by 1.2 percent in 1999 while publicly owned utilities increased sales by 2.7 percent and cooperative utilities increased sales by 2.8 percent. Publicly owned and cooperative utilities are not generally affected by various State restructuring programs.
Federal sales are primarily in the wholesale market.
As a result, electric operating income remained essentially unchanged from 1998. Dividends declared on preferred stock continued to decline with the 1999 amount half that reported in 1995. The profit margin remained unchanged at 7.98 percent, while the current ratio of .88 dropped tothe 1995 and 1996 levels. In 1999, the major investor-owned segment continued to position itself in response to restructuring of the industry. Other property and investments increased 11.7 percent, whereas deferred debits dropped 2.2 percent.