‘93/’94 Year-End Review and Outlook : Industry Outlook : Continuing low-grade growth in the national economy, coupled with hopes for stability--if not expansion--in California, is the backdrop for the year in business. Here is an assessment of key industries’ prospects.

UTILITIES: Investor-owned gas and electric utilities face the same old gruel of thin returns on equity. In California, consumers will benefit from lower prices. Natural gas will increase its market share at the expense of coal and other energy sources.