<ARTICLE> UT
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               MAR-31-1996
<BOOK-VALUE>                                  PER-BOOK
<TOTAL-NET-UTILITY-PLANT>                   18,807,712
<OTHER-PROPERTY-AND-INVEST>                  1,827,902
<TOTAL-CURRENT-ASSETS>                       3,380,889
<TOTAL-DEFERRED-CHARGES>                     2,617,835
<OTHER-ASSETS>                                       0
<TOTAL-ASSETS>                              26,634,338
<COMMON>                                     2,073,473
<CAPITAL-SURPLUS-PAID-IN>                    3,749,153
<RETAINED-EARNINGS>                          2,836,255
<TOTAL-COMMON-STOCKHOLDERS-EQ>               8,658,881
<PREFERRED-MANDATORY>                          437,500
<PREFERRED>                                    402,056
<LONG-TERM-DEBT-NET>                         7,985,999
<SHORT-TERM-NOTES>                                   0
<LONG-TERM-NOTES-PAYABLE>                            0
<COMMERCIAL-PAPER-OBLIGATIONS>                 763,304
<LONG-TERM-DEBT-CURRENT-PORT>                  230,342
<PREFERRED-STOCK-CURRENT>                            0
<CAPITAL-LEASE-OBLIGATIONS>                          0
<LEASES-CURRENT>                                     0
<OTHER-ITEMS-CAPITAL-AND-LIAB>               8,156,256
<TOT-CAPITALIZATION-AND-LIAB>               26,634,338
<GROSS-OPERATING-REVENUE>                    2,248,768
<INCOME-TAX-EXPENSE>                           171,544
<OTHER-OPERATING-EXPENSES>                   1,675,374
<TOTAL-OPERATING-EXPENSES>                   1,675,374
<OPERATING-INCOME-LOSS>                        573,394
<OTHER-INCOME-NET>                              32,782
<INCOME-BEFORE-INTEREST-EXPEN>                 606,176
<TOTAL-INTEREST-EXPENSE>                       173,928
<NET-INCOME>                                   260,704
<PREFERRED-STOCK-DIVIDENDS>                      8,278
<EARNINGS-AVAILABLE-FOR-COMM>                  252,426
<COMMON-STOCK-DIVIDENDS>                       200,998
<TOTAL-INTEREST-ON-BONDS>                            0
<CASH-FLOW-OPERATIONS>                         931,163
<EPS-PRIMARY>                                      .61
<EPS-DILUTED>                                      .61