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 & 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
Joe Fisher, Houston
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