SO is a good bellweather for regulated utilities that probably should trade at a premium to the group given size, liquidity, growth, and dividend yield. SO trades at 14.8x 2005 P/E and 4.6% dividend yield. At $26/shr NWEC is trading at 18.6x P/E and 3.4% dividend yield. NWEC 2005 eps guidance is $1.30-1.45. Lets use 14.5x $1.40/shr = $20/shr + $1/shr for tax NOL = $21/shr based on comparable group valuations.