GREENSBURG, Pa.--(Business Wire)--
Allegheny Energy, Inc. (NYSE: AYE) today announced that it has agreed to extend
Paul J. Evanson`s employment as Chairman, President and Chief Executive Officer
to June 15, 2011.
"The board is very pleased with Paul`s many accomplishments since joining
Allegheny in 2003," said Steven H. Rice, Presiding Director of Allegheny`s
board. "Retaining his leadership during these challenging economic times
positions the company favorably for the future. We look forward to continued
success under Paul`s guidance."
"I appreciate the board`s confidence in me," said Mr. Evanson. "We have a
talented leadership team and a dedicated workforce focused on high performance,
customer satisfaction and shareholder value. I`m delighted to have the
opportunity to work with them."
Allegheny Energy
Headquartered in Greensburg, Pa., Allegheny Energy is an investor-owned electric
utility with total annual revenues of over $3 billion and more than 4,000
employees. The company owns and operates generating facilities and delivers
low-cost, reliable electric service to 1.6 million customers in Pennsylvania,
West Virginia, Maryland and Virginia. For more information, visit the company`s
Web site at www.alleghenyenergy.com.
Forward-Looking Statements
In addition to historical information, this release contains a number of
"forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995. Words such as anticipate, expect, project, intend, plan,
believe, and words and terms of similar substance used in connection with any
discussion of future plans, actions, or events identify forward-looking
statements. These include statements with respect to: rate regulation and the
status of retail generation service supply competition in states served by
Allegheny Energy`s distribution business, Allegheny Power; financing plans;
demand for energy and the cost and availability of raw materials, including
coal; provider-of-last-resort and power supply contracts; results of litigation;
results of operations; internal controls and procedures; capital expenditures;
status and condition of plants and equipment; capacity purchase commitments;
regulatory matters; and accounting issues. Forward-looking statements involve
estimates, expectations and projections and, as a result, are subject to risks
and uncertainties. There can be no assurance that actual results will not
materially differ from expectations. Actual results have varied materially and
unpredictably from past expectations. Factors that could cause actual results to
differ materially include, among others, the following: plant performance and
unplanned outages; changes in the price of power and fuel for electric
generation; general economic and business conditions; changes in access to
capital markets; complications or other factors that render it difficult or
impossible to obtain necessary lender consents or regulatory authorizations on a
timely basis; environmental regulations; the results of regulatory proceedings,
including proceedings related to rates; changes in industry capacity,
development and other activities by Allegheny Energy`s competitors; changes in
the weather and other natural phenomena; changes in customer switching behavior
and their resulting effects on existing and future load requirements; changes in
the underlying inputs and assumptions, including market conditions used to
estimate the fair values of commodity contracts; changes in laws and regulations
applicable to Allegheny Energy, its markets or its activities; the loss of any
significant customers or suppliers; dependence on other electric transmission
and gas transportation systems and their constraints or availability; changes in
PJM, including changes to participant rules and tariffs; the effect of
accounting policies issued periodically by accounting standard-setting bodies;
and the continuing effects of global instability, terrorism and war. Additional
risks and uncertainties are identified and discussed in Allegheny Energy`s
reports filed with the Securities and Exchange Commission.
Allegheny Energy, Inc.
David Neurohr, Director, External Communications
Phone: 724-838-6020
Media Hotline: 888-233-3583
E-mail: dneuroh@alleghenyenergy.com
or
Max Kuniansky, Executive Director, Investor Relations
and Corporate Communications
Phone: 724-838-6895
E-mail: mkunian@alleghenyenergy.com
Copyright Business Wire 2009
