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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                          (AMENDMENT NO. ___________)*

                             POWELL INDUSTRIES, INC.
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                                (Name of Issuer)

                                     COMMON
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                         (Title of Class of Securities)

                                    739128106
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                                 (CUSIP Number)

                                DECEMBER 31, 2002
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             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[X] Rule 13d-1(b)

[ ] Rule 13d-1(c)

[ ] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page. The information required in the
remainder of this cover page shall not be deemed to be "filed" for the purpose
of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall be subject to
all other provisions of the Act (however, see the Notes).

CUSIP No.  739128106
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             1.    Names of Reporting Persons.

                   I.R.S. Identification Nos. of above persons (entities only).

                   FLEETBOSTON FINANCIAL CORPORATION
                   05-0341324
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             2.    Check the Appropriate Box if a Member of a Group (See
                   Instructions)

                   (a)  [ ]
                   (b)  [ ]
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             3.    SEC Use Only

--------------------------------------------------------------------------------

             4.    Citizenship or Place of Organization.

                   100 FEDERAL STREET
                   BOSTON, MASSACHUSETTS 02110
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                        5.    Sole Voting Power 380,500
                        --------------------------------------------------------
Number of
Shares                  6.    Shared Voting Power 0
Beneficially            --------------------------------------------------------
Owned by
Each Reporting          7.    Sole Dispositive Power 553,000
Person With             --------------------------------------------------------

                        8.    Shared Dispositive Power 0
                        --------------------------------------------------------

            9.    Aggregate Amount Beneficially Owned by Each Reporting Person
                  553,000
--------------------------------------------------------------------------------

            10.   Check if the Aggregate Amount in Row (11) Excludes Certain
                  Shares (See Instructions)
--------------------------------------------------------------------------------

            11.   Percent of Class Represented by Amount in Row (11) 5.03%
--------------------------------------------------------------------------------

            12.   Type of Reporting Person (See Instructions) HC
--------------------------------------------------------------------------------

ITEM 1.

               (a)      Name of Issuer POWELL INDUSTRIES, INC.

               (b)      Address of Issuer's Principal Executive Offices
                        8550 MOSLEY DRIVE, P.O. BOX 12818,
                        HOUSTON, TX 77075-1180


ITEM 2.

               (a)      Name of Person Filing
                        FLEETBOSTON FINANCIAL CORPORATION

                        Address of Principal Business Office or, if none,
                        Residence
               (b)      100 FEDERAL STREET
                        BOSTON, MASSACHUSETTS 02110

               (c)      Citizenship MASSACHUSETTS

               (d)      Title of Class of Securities COMMON

               (e)      CUSIP Number 739128106



ITEM 3.        IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13D-1(B) OR
               240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A:

              (a) [ ] Broker or dealer registered under section 15 of the
                      Act (15 U.S.C. 78o).
              (b) [ ] Bank as defined in section 3(a)(6) of the Act (15
                      U.S.C. 78c).
              (c) [ ] Insurance company as defined in section 3(a)(19) of
                      the Act (15 U.S.C. 78c).
              (d) [ ] Investment company registered under section 8 of the
                      Investment Company Act of 1940 (15 U.S.C. 80a-8).
              (e) [ ] An investment adviser in accordance with
                      Section 240.13d-1(b)(1)(ii)(E);
              (f) [ ] An employee benefit plan or endowment fund in
                      accordance with Section 240.13d-1(b)(1)(ii)(F);
              (g) [X] A parent holding company or control person in
                      accordance with Section 240.13d-1(b)(1)(ii)(G);
              (h) [ ] A savings associations as defined in Section 3(b) of
                      the Federal Deposit Insurance Act (12 U.S.C. 1813);
              (i) [ ] A church plan that is excluded from the definition
                      of an investment company under section 3(c)(14) of
                      the Investment Company Act of 1940 (15 U.S.C. 80a-3);
              (j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).

ITEM 4.           OWNERSHIP.

Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.

                  (a)      Amount beneficially owned: 553,000

                  (b)      Percent of class: 5.03%

                  (c)      Number of shares as to which the person has:

                           (i)      Sole power to vote or to direct the vote
                                    380,500

                           (ii)     Shared power to vote or to direct the vote 0

                           (iii)    Sole power to dispose or to direct the
                                    disposition of 553,000

                           (iv)     Shared power to dispose or to direct the
                                    disposition of 0

Instruction. For computations regarding securities which represent a right to
acquire an underlying security see Section 240.13d3(d)(1).


ITEM 5.           OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [].
Instruction: Dissolution of a group requires a response to this item.

ITEM 6.           OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
                  PERSON.

If any other person is known to have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, such
person should be identified. A listing of the shareholders of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of employee benefit plan, pension fund or endowment fund is not required.

ITEM 7.           IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
                  ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
                  COMPANY

If a parent holding company has filed this schedule, pursuant to Rule
13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the
identity and the Item 3 classification of the relevant subsidiary. If a parent
holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule
13d-1(d), attach an exhibit stating the identification of the relevant
subsidiary. EXHIBIT A ATTACHED

ITEM 8.           IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

If a group has filed this schedule pursuant to Section 240.13d-1(b)(1)(ii)(J),
so indicate under Item 3(j) and attach an exhibit stating the identity and Item
3 classification of each member of the group. If a group has filed this schedule
pursuant to Section 240.13d-1(c) or Section 240.13d-1(d), attach an exhibit
stating the identity of each member of the group.

ITEM 9.           NOTICE OF DISSOLUTION OF GROUP

Notice of dissolution of a group may be furnished as an exhibit stating the date
of the dissolution and that all further filings with respect to transactions in
the security reported on will be filed, if required, by members of the group, in
their individual capacity. See Item 5.

ITEM 10.          CERTIFICATION

                  (a)      The following certification shall be included if the
                           statement is filed pursuant to Section 240.13d-1(b):

                           By signing below I certify that, to the best of my
                           knowledge and belief, the securities referred to
                           above were acquired and are held in the ordinary
                           course of business and were not acquired and are not
                           held for the purpose of or with the effect of
                           changing or influencing the control of the issuer of
                           the securities and were not acquired and are not held
                           in connection with or as a participant in any
                           transaction having that purpose or effect.

                  (b)      The following certification shall be included if the
                           statement is filed pursuant to Section 240.13d-1(c):

                           By signing below I certify that, to the best of my
                           knowledge and belief, the securities referred to
                           above were not acquired and are not held for the
                           purpose of or with the effect of changing or
                           influencing the control of the issuer of the
                           securities and were not acquired and are not held in
                           connection with or as a participant in any
                           transaction having that purpose or effect.

                                    SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

                                FEBRUARY 14, 2003
                                -----------------
                                Date

                                /S/ ERNEST L. PUSCHAVER
                                -----------------------
                                Signature

                                ERNEST L. PUSCHAVER, CHIEF ACCOUNTING OFFICER
                                ---------------------------------------------
                                Name/Title

The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative other than an executive
officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature. NOTE: Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all
exhibits. See Section 240.13d-7 for other parties for whom copies are to be
sent.

ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
           CRIMINAL VIOLATIONS
           (SEE 18 U.S.C. 1001)