One of America's leading power utilities produces and sells electricity to more than 5 million customers in 11 states. The 100-year-old, publicly held company owns the nation's largest electricity transmission system and operates eight regulated regional utilities. Thus, like any public company, it must handle its financial affairs efficiently and profitably and report on them to shareholders and regulatory agencies; it also has to demonstrate that its financial practices comply with an array of regulations that govern issues related to rates for service, spending oversight and economic development.

By 2003, the team had succeeded in redu...