Advertisement
HomeCollectionsAllegheny Energy
IN THE NEWS

Allegheny Energy

FEATURED ARTICLES
BUSINESS
By Hanah Cho, The Baltimore Sun | January 19, 2011
Maryland energy regulators have approved the sale of Allegheny Energy, which serves Western Maryland, to FirstEnergy, but placed 20 conditions on the $4.7 billion stock deal that would create one of the biggest power companies in the country. The conditions include providing a one-time $29 credit to Maryland residential customers of Allegheny's Potomac Edison, ensuring there are no job losses in Maryland's utility operations related to the merger for at least two years and establishing a regional headquarters in Potomac Edison's Maryland service territory, according to the order issued late Tuesday from the Maryland Public Service Commission.
ARTICLES BY DATE
BUSINESS
By Hanah Cho, The Baltimore Sun | April 29, 2011
Baltimore's Constellation Energy Group was dubbed "Ginger. " Exelon Corp. was code-named "Allspice. " On a few occasions, Constellation board members met in private rooms at the Center Club, a members-only downtown restaurant. At one point, Constellation officials even frosted the glass of the boardroom at its headquarters to hide the Wall Street financial advisers who had come to Baltimore. And when a Constellation executive met with lawyers in Washington, he swapped his usual bag with the company logo for a plain briefcase so as not to be recognized.
Advertisement
BUSINESS
By Shanon D. Murray and Shanon D. Murray,SUN STAFF | January 27, 2000
Allegheny Energy Inc. said yesterday that fourth-quarter earnings fell 35 percent, largely because of charges related to the deregulation of Maryland and Pennsylvania's power market. The Hagerstown-based company, which operates in Western Maryland as Allegheny Power, reported net income of $24.8 million in the quarter that ended Dec. 31, compared with net income of $38.2 million in 1998. Allegheny Energy made 22 cents per share in the quarter, compared with 31 cents per share in the corresponding period in 1998.
BUSINESS
By Hanah Cho, The Baltimore Sun | January 19, 2011
Maryland energy regulators have approved the sale of Allegheny Energy, which serves Western Maryland, to FirstEnergy, but placed 20 conditions on the $4.7 billion stock deal that would create one of the biggest power companies in the country. The conditions include providing a one-time $29 credit to Maryland residential customers of Allegheny's Potomac Edison, ensuring there are no job losses in Maryland's utility operations related to the merger for at least two years and establishing a regional headquarters in Potomac Edison's Maryland service territory, according to the order issued late Tuesday from the Maryland Public Service Commission.
BUSINESS
By Shanon D. Murray and Shanon D. Murray,SUN STAFF | July 28, 1999
Allegheny Energy Inc. yesterday reported second-quarter earnings of $64.5 million, or 55 cents a share, compared with a net loss of $211.6 million, or $1.73 a share, in the second quarter of 1998.Included in the 1998 numbers was a charge of $265.4 million associated with the Hagerstown-based utility's restructuring order in Pennsylvania.Nearly half of the company's 1.4 million customers are in Pennsylvania, the only state in the company's five-state service area with a deregulated electricity industry.
BUSINESS
By Bloomberg News | October 5, 2007
Allegheny Energy Inc., owner of utilities in four states, said yesterday that it will pay its first common stock dividend in more than five years after recovering from a near-bankruptcy. Stockholders of record as of Dec. 3 will be paid a dividend of 15 cents a share on Dec. 17, Allegheny said in a statement. The company, which is based in Greensburg, Pa., and serves Western Maryland, stopped paying a dividend in 2002 after a bad bet on energy trading pushed it close to insolvency. Allegheny's credit ratings were raised to investment grade this year by Moody's Investors Service and Standard & Poor's.
BUSINESS
By Shanon D. Murray and Shanon D. Murray,SUN STAFF | December 21, 1999
Allegheny Energy Inc. said yesterday that it will buy West Virginia's largest natural gas utility for $323 million, continuing the Hagerstown-based energy company's foray into the natural gas market. The acquisition of Mountaineer Gas Co., a subsidiary of privately held Energy Corp. of America of Denver, includes $100 million in assumed debt.Allegheny Energy -- which expects to close the deal in six months, pending regulatory approvals -- said it will add Mountaineer to Allegheny Power, its energy delivery subsidiary.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | January 24, 2004
The Securities and Exchange Commission has requested financial and accounting documents from Allegheny Energy Inc. as part of an "informal" investigation into the utility, the Hagerstown company said yesterday. Allegheny disclosed the informal probe as part of an SEC filing yesterday in which it reported earnings showing that its loss narrowed to $51 million, or 40 cents per share, in the third quarter of 2003 from $263 million a year earlier. "We did receive a letter informing us there was an informal investigation the SEC was going to be conducting, and we were asked to provide some documents," said Janice Lantz, an Allegheny spokeswoman.
BUSINESS
By BLOOMBERG NEWS | September 26, 2003
Allegheny Energy Inc., the Hagerstown-based energy company that has been fighting to stave off bankruptcy, yesterday reported a net loss of $632.7 million for 2002 and restated the company's balance sheet for 2001 after completing an accounting review that began last year. The loss was equal to $5.04 a share and compares with net income of $417.8 million, or $3.47 a share, a year earlier, the company said in its delayed annual report filed with the Securities and Exchange Commission. The results included a $586.
BUSINESS
By Dan Thanh Dang and Dan Thanh Dang,SUN STAFF | February 26, 2003
After months of negotiations and setbacks, Allegheny Energy Inc. said yesterday that it nailed a crucial $2.4 billion refinancing deal with its lenders to ease growing concerns that the Hagerstown energy company would be forced into bankruptcy. Under the deal, subsidiary Allegheny Energy Supply Co. will receive $470 million in additional financing and refinance $1.64 billion of existing debt, which will be secured by substantially all its assets, according to a report filed with the Securities and Exchange Commission as the markets closed yesterday.
BUSINESS
By Allison Connolly | December 29, 2007
American Electric Power and Allegheny Energy said yesterday that they have filed a request with the Federal Energy Regulatory Commission to approve a rate formula to recover the cost of building a $1.8 billion, 290-mile-long, extra-high-voltage transmission line from West Virginia to Frederick. If the formula is approved, the PJM Interconnection, which operates the regional power grid, would use it to charge utilities in 13 states for the use of energy from that system. Maryland is part of that grid.
BUSINESS
By Bloomberg News | October 5, 2007
Allegheny Energy Inc., owner of utilities in four states, said yesterday that it will pay its first common stock dividend in more than five years after recovering from a near-bankruptcy. Stockholders of record as of Dec. 3 will be paid a dividend of 15 cents a share on Dec. 17, Allegheny said in a statement. The company, which is based in Greensburg, Pa., and serves Western Maryland, stopped paying a dividend in 2002 after a bad bet on energy trading pushed it close to insolvency. Allegheny's credit ratings were raised to investment grade this year by Moody's Investors Service and Standard & Poor's.
BUSINESS
By Paul Adams and Paul Adams,Sun reporter | June 23, 2007
Managers of the Mid-Atlantic power grid approved yesterday a $1.8 billion transmission line project that could bring less-expensive electricity into Maryland from West Virginia, but the potential benefits are at least five years away. The high-capacity power line will stretch 290 miles from a substation near St. Albans, W.Va., to a substation in Kemptown, in Frederick County. The project is a joint venture between Allegheny Energy Inc., which serves Western Maryland, and American Electric Power, an Ohio utility that owns a coal-fired power plant near the western end of the proposed power line.
BUSINESS
June 30, 2005
In the Region Developers buy last campground in Ocean City The only spot where tent and RV campers can lay their heads in Ocean City has been sold, officials said yesterday. Wilma Thomas, the campground's manager, said its owners have decided to sell the property for development. "The most feasible use for this property is not as a campground at this time, so therefore, it has been sold," Thomas told The Daily Times of Salisbury. "It's sad, but I think everyone here knew it would happen."
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | May 11, 2004
Debt-ridden Allegheny Energy Inc., struggling to recover from past trading losses and accounting irregularities, said yesterday that it posted its first quarterly profit in two years as it focuses on slashing debt. Allegheny, which is moving its headquarters from Hagerstown to Greensburg, Pa., to consolidate corporate offices, reported net income of $33.3 million, or 25 cents a share, for the first three months of 2004. That compared with a net loss of $58.8 million, or 46 cents a share, for last year's first quarter.
BUSINESS
By Dan Thanh Dang and Dan Thanh Dang,sun staff | April 22, 2004
Debt-ridden Allegheny Energy Inc. said yesterday it will move its headquarters from its sprawling 365-acre campus in Hagerstown to Greensburg, Pa., near Pittsburgh, to consolidate corporate offices and save money as it continues efforts to regain its financial footing. The energy company said about 50 employees still located in its headquarters will be affected by the move, but more than 300 employees such as linemen and other service workers associated with its power delivery business will remain in Western Maryland.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | December 23, 2003
Allegheny Energy Inc., the troubled Hagerstown-based utility owner, faces a transitional year in 2004 in which it will need to cut its $5.75 billion debt by refinancing and selling assets, the company said yesterday as it released weakened earnings for the first half of 2003. Paul J. Evanson, Allegheny's chairman and chief executive, said the company is on track to meet goals set six months ago when he joined a company teetering on the brink of bankruptcy. "We may need to consider selling selective assets and taking other actions to reduce debt levels," Evanson said.
BUSINESS
BY A SUN STAFF WRITER | July 27, 2001
Allegheny Energy Inc. said yesterday that its second-quarter net income jumped 70 percent to $121.3 million, from $71.5 million in last year's second quarter. On a per-share basis, earnings were a record $1.01 vs. 65 cents a year earlier, handily beating analysts' estimates of 76 cents a share. Earnings per share were reduced by 8 cents because of the sale of 14.26 million common shares in May. The Hagerstown-based energy company attributed the increase in earnings mainly to added revenue from its energy-trading business, Allegheny Energy Global Markets, which it acquired from Merrill Lynch in March.
BUSINESS
April 13, 2004
New Positions Allegheny Energy appoints Adams as vice president Allegheny Energy Inc. appointed Mike Adams vice president/quality for the Hagerstown-based utility company. Formerly director of global performance excellence for Microsoft Corp. and managing partner of Mike Adams & Co., a management consulting practice, he also was an adviser to Florida Power and Light. Adams, who holds a master's in business administration from Florida Atlantic University, serves on several organizations' boards of directors, including the Malcolm Baldrige National Quality Award and the American Society for Quality.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.