cer 2009 debt, page-2

Dividends are a matter for discussion on their own. If I receive a dividend I take some value from the company which I can spend or invest, maybe invest in shares,maybe in more shares of the company that pays the dividend.

If the company pays down debt instead of paying a dividend then it increases the value of the company(because it has less debt and increased capacity to pay bigger dividends in the future)and in doing so should increase the share price.

So dividends are not necessary. The important factor is "profitability of the company". I believe that CER has that. Another important factor is share dilution because of funding arrangements. CER should not have that problem, CNP probably will.