Table 13.2.1.  Cost of equity and variability of earnings for selected regulated industries

Utility			Cost of			Variability of rate	Log of
group			equity (%)		earned on book (%)	variability

AT&T			 9.9				 3.6		1.28
Electrics		10.4				 7.1		1.96
Independent Telephones	10.4				10.6		2.36
Gas Pipelines		11.4				11.9		2.48
Gas Distributions	12.2				12.9		2.56
Water Utilities		10.0				17.1		2.84
Truckers		16.5				44.0		3.78
Airlines		18.9				76.0		4.33
Western Union		  ?				27.0		3.30