META Group, Inc. announced initial findings from its 2003 Energy Utility IT Spending Study, a comprehensive survey of the current spending habits within the energy utility industry. According to the results, while overall IT spending as a percent of revenue in the energy utility market was down 13 percent from last year, there are certain areas showing an increase in budgetary dollars.

"Overall, IT spending in energy utilities has decreased slightly over the past year, but there are some areas experiencing high rates of change that CIOs simply cannot afford to cut back on," said Rick Nicholson, vice president and director of META Group's Energy Information Strategies. "We are seeing an increase in spending on applications supporting wholesale power market restructuring such as energy trading and risk management systems, energy management systems and metering systems, and security."

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