A cost-conscious Hayllar takes on PGW overhaul

Article Abstract:

Philadelphia Gas Works Co (Philadelphia, PA) is beginning its second managerial overhaul with the appointment of Ben Hayllar as interim CEO. Four of PGW's 9 senior executives have recently left the company due to allegations of overspending, including CEO James Hawes 3d. Hayllar says he does not expect the ongoing criminal investigation of PGW management to find criminal wrongdoing, and notes that the $250,000 in questionable expenses is not large compared to the utilities $550 million in yearly revenues. Hayllar has tightened rules on use of company credit cards, and plans to reduce the size of the marketing department.

Gas Utilities, Natural Gas Distribution, Executive changes & profiles, Abstract, Philadelphia Gas Works

Midwest price surge boosts Peco

Article Abstract:

Peco Energy has posted a 25% increase in its second-quarter earnings in 1998, due to increasing power prices in the Midwest. The company's net income for the quarter reached $148 million on revenue of $12 billion. Meanwhile, Power Team, Peco's national wholesale power marketer, also increased sales to other utilities by one-third in the second quarter to 8.1 million megawatt hours, compared with 6.1 million in the same quarter in 1997. The Midwest price surge was caused by the temperature in the 90s, shutdowns of several generating plants and default by two power marketers.

Comment:

Has posted a 25% increase in its second-quarter earnings in 1998, due to increasing power prices in the Midwest

Sales, profits & dividends, Electric Power Generating, Electric Power Generation, PECO Energy Co.

Time draws near to choose your power supplier

Article Abstract:

Two-thirds of electric customers in Pennsylvania will have more options in their suppliers starting in January 1998. The rest of the Pennsylvania electric customers will be eligible to join the deregulation in 2000. Close to 400,000 customers in Southeastern Pennsylvania have already enrolled for the right to choose. However, only the quota for major business and institutional customers have been completed, while quota for residential and small commercial customers are still less than half filled.

Comment:

PA: Two-thirds of electric customers in Pennsylvania will have more options in their suppliers starting in January 1998

Electric Utilities, Electric Power Generation, Transmission and Distribution, Market information - general