Fitch Teleconference Today: U.S., Australian & New Zealand Utilities Outlook.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 5, 2003

Fitch Ratings is hosting a teleconference to discuss the review and Outlook for the US, Australian and New Zealand utility sectors at the following dates and time:

-- Australia - Sydney, March 6, 2003 @ 10:00 a.m.

-- Australia - Brisbane, March 6, 2003 @ 9:00 a.m.

-- New Zealand - March 6, 2003 @ 12:00 p.m.

-- United States - New York - March 5, 2003 @ 6:00 p.m.

Fitch analysts Richard Hunter, Ellen Lapson and Carolyn Martin will host the call.

Key points of the presentation:

-- Global utility outlook;

-- Updated outlook for US utility sector;

-- Comments on US parents of Australian utilities (Aquila, CMS 

Energy, Duke Energy, Edison International, TXU, and Xcel

Energy/NRG Energy);

-- Outlook for Australia and New Zealand utility sectors;

-- Question and answer session.

Interested parties in Australia can participate by calling 1-800-766-788 five minutes prior to the starting time, referencing 'Fitch Ratings Utilities Teleconference'. Participants in the US can participate by calling 866/321-1799. Other international parties should dial [phone]. To ensure there are sufficient telephone lines available, please contact Melody Whelan via email at '[e-mail]' if you have not already responded.

Additionally, Fitch has recently issued several relevant reports:

-- 'Shock to the Systems: Local Business, Global Cycle?' -(Feb.

24, 2003);

-- 'Australian Utilities: What's to be in 2003?' (Jan. 31, 2003);

-- 'New Zealand Utilities: What's to be in 2003?' (Feb. 11,

2003);

-- 'Outlook 2003: U.S. Power and Gas' (Dec. 17, 2002).

A full copy of the reports is available on the Fitch Ratings web site at 'www.fitchratings.com' in the 'Global Power' sector page under 'Highlight Reports' or by contacting the Fitch Ratings Desk in the United States at 800/893-4824.