NGI The Weekly Gas Market Report / NGI All News Access

Houston Industries Becomes Reliant Energy

Houston Industries Becomes Reliant Energy

Houston Industries said last week it will meet the deregulating energy industry with a new name, Reliant Energy, which will begin trading under its new ticker symbol (NYSE:REI) Feb. 8.

"After 132 years in the energy business, our reputation has become our name - Reliant Energy," said Don Jordan, CEO. "We have maintained a tradition of service dating back to 1866 while altering the way we conduct business as our industry and our customers' needs changed. The name Reliant Energy reflects our continuing commitment to serve our customers today and in the evolving energy markets of the future. This name change is the culmination of a conscious decision we made in the early 1990s to transform our company to meet the dynamic circumstances in the energy services industry."

About five years ago Reliant Energy's principal business was Houston Light &amp Power, an electric utility. Since then, the company expanded its geographic reach and activities across the energy services value chain.

Revenues have increased 180% since 1993. Total return to shareholders was 26% in 1998. The company's annual total return averaged 17% for the past three years and 14% for the past five years.

Joe Fisher, Houston

©Copyright 1999 Intelligence Press, Inc. All rights reserved. The preceding news report may not be republished or redistributed in whole or in part without prior written consent of Intelligence Press, Inc.

Comments powered by Disqus