Mr. Ronald S. Tanner

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  www.leggmason.com/products/bios/ronald_tanner.asp - [Cached Version]
  Published on: 3/18/2000    Last Visited: 2/2/2001  

  Ronald S. Tanner Managing Director and Group Head - UtiltiesResearch Coverage: Electrics / Water
  
  Prior to joining Legg Mason in 1993, Mr. Tanner was a utilities analyst at Goldman, Sachs & Company.He was also a utilities research analyst for Duff & Phelps, and he worked for Southern California Edison in Regulatory Finance, Financial Planning, and Investor Relations.
  
  Mr. Tanner was named an All-Star Analyst for his utilities research in the 1996 and 1998 Wall Street Journal surveys, and ranked among the top five utilities analysts in a Reuters survey of utility company executives.
  
  Mr. Tanner received his undergraduate business degree and MBA from California State University.He is a member of the Association for Investment Management and Research, the Society of Utility and Regulatory Financial Analysts, the Baltimore Security Analysts Society, and the Philadelphia Securities Association.

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  www.northernfunds.com/servlet/getNewsStory?StoryId=NEWS - [Cached Version]
  Published on: 11/22/2001    Last Visited: 8/23/2002  

  And because of the credit rating downgrade, the whole state has a little bit of a black eye because they're a junk utility now," said Ronald Tanner, an analyst with Legg Mason. "If they can solve this and provide a huge reduction in rates to the customers, then the governor's going to be doing cartwheels." Water utility SNWA, the largest user of power in southern Nevada, and Nevada Power serve largely the same customer base. SNWA hired Morgan Stanley & Co. last month as a strategic and financial advisor on the deal. Nevada Power spent hundreds of millions of dollars on power deals early last year, trying to make sure the lights stayed on last summer when blackouts were forecast in Western states amid a chronic shortage of electricity. California suffered a series of rolling blackouts early last year, but by the summer an economic recession had helped to reduce demand and power prices had fallen sharply, making Nevada Power's deals seem expensive. The utility sought approval from the Public Utilities Commission of Nevada to recover $922 million in extra power costs related to the crisis.

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  www.lmww.com/products/bios/ronald_tanner.asp - [Cached Version]
  Published on: 9/2/2000    Last Visited: 3/20/2001  

  Ronald S. TannerElectrics/Water
  
  Publications
  
  ...
  Ronald S. TannerManaging Director and Group Head - UtiltiesResearch Coverage : Electrics / Water
  
  Prior to joining Legg Mason in 1993 , Mr. Tanner was a utilities analyst at Goldman , Sachs & Company.He was also a utilities research analyst for Duff & Phelps , and he worked for Southern California Edison in Regulatory Finance , Financial Planning , and Investor Relations.
  
  Mr. Tanner was named an All-Star Analyst for his utilities research in the 1996 and 1998 Wall Street Journal surveys , and ranked among the top five utilities analysts in a Reuters survey of utility company executives.
  
  Mr. Tanner received his undergraduate business degree and MBA from California State University.He is a member of the Association for Investment Management and Research , the Society of Utility and Regulatory Financial Analysts , the Baltimore Security Analysts Society , and the Philadelphia Securities Association.

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  Analyst Coverage - Southern Company - [Cached Version]
  Last Visited: 10/9/2008  

  Ron Tanner

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  BSAS Members Directory - [Cached Version]
  Published on: 1/8/2001    Last Visited: 10/29/2002  

  Ronald S. Tanner rtanner@leggmason.com
  
  Legg Mason 888/453-5344

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  Boxer Property - Toll Free (877) 777-RENT - [Cached Version]
  Published on: 1/11/2002    Last Visited: 1/31/2006  

  Ronald S. Tanner, managing director for utilities research at Legg Mason Wood Walker Inc. (http://www.leggmason.com), said a nationwide average cost for raw power is particularly hard to calculate because of the dramatic fluctuations in different states.In California, he said, the average cost for a megawatt hour has ranged from $140 to $450 during peak periods of the day.
  
  Last summer, suppliers were paying more than $100 per megawatt hour.
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  Tanner said AC Boxer is the first real estate company -- that he's heard of -- to venture into the electricity business."It certainly doesn't sound like an obvious core competence," he said.
  
  Companies such as AC Boxer could have a difficult time breaking into the electricity industry and competing with veterans that have amassed years of experience, Tanner continued."There are a lot of people in this business who have been in this business a long time," he said.
  
  But this could be good for potential customers.Newcomers such as AC Boxer could end up giving away some electricity for free to lure new customers, Tanner said.

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  Challenges greet CEO - [Cached Version]
  Published on: 11/13/2001    Last Visited: 11/13/2001  

  Constellation's management has lost a lot of credibility in recent quarters , said Ron Tanner , an analyst with Legg Mason.I think they just want to be trim and have good earnings growth going forward , to get some momentum from the market..
  
  Toward that end , Constellation announced last week it capped off a two-year effort to sell Latin American power plant holdings now considered to be noncore assets , taking a $28 million fourth-quarter writedown in the process.
  
  That's a mild positive , seeing them get out of there , said Tanner.The cash will give the company more flexibility..An additional gain also will be realized from Constellation's sale of its share of Orion Power Holdings , which is expected to net the company $355 million in profits next year.
  
  Tanner says he also expects Constellation's board to vote to raise the dividend , now pegged at 48 cents per share , in order to get the stock price up.Until that happens , the company lacks the financial weight needed to make new acquisitions , he says.
  
  Meanwhile , the elephant sitting in Constellation's executive suite is the company's position as a takeover candidate.They can be sold at any time , said Tanner.
  
  But on this , analysts do not see eye-to-eye.
  
  Are they lightening themselves up to get acquired by somebody someday?.

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  Constellation readies for big breakup - 2001-07-23 -... - [Cached Version]
  Published on: 2/23/2001    Last Visited: 7/24/2001  

  He's been the driving force behind the company's new direction , said Ronald S. Tanner , managing director for utilities research at Legg Mason Wood Walker Inc..

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  Electric Light & Power - electric utility generation,... - [Cached Version]
  Published on: 8/7/2001    Last Visited: 8/7/2001  

  I don't think people anticipate a negative decision on the transmission line , but until you have certainty you don't get credit for it , said Ronald Tanner , managing director of utility research for Legg Mason Wood Walker , in Salt Lake City.Investors don't like uncertainty.We worry about everything.Even though the probability of approval is high , we worry about it until it's done..
  
  On those grounds , Wisconsin utilities are poised for stock price growth , Tanner said.
  
  The Wisconsin utilities are some of the healthiest , with some of the highest credit ratings and the lowest rates in the country , Tanner said.
  
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  To see more of the Milwaukee Journal Sentinel , or to subscribe to the newspaper , go to http : //www.jsonline.com.

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  FPL Group: Investor/ Shareholder Information: Security... - [Cached Version]
  Published on: 12/30/2001    Last Visited: 9/23/2002  

  Ronald Tanner
  
  Lehman Brothers

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