Performance at power companies studied

Thirteen electric power companies with above-average ratings in corporate governance, environmental risk and management outperformed 13 lagging companies in the sector by an average 900 basis points in total cumulative shareholder return, including dividends reinvested, for the three years ended Dec. 31, according to an analysis by Innovest Strategic Value Advisors. Pinnacle West Capital Corp., FPL Group and PPL Corp. scored the highest in Innovest's intangible value assessment rating. The study looked at how well the 26 U.S. electric companies manage "financially relevant governance, environmental and social issues typically not addressed in conventional financial analysis."