The New Power Co. (TNPC), the first nationally branded provider of electricity and natural gas to residential and small commercial customers in the United States, reported yesterday that its revenues derived from the sale and delivery of the commodities to retail customers during the third quarter for 2000 was $18.2 million (see Daily GPI, Nov 6). Gross profit for the new company was $1.3 million (7.2% of revenues). The net loss for the quarter was $69.9 million, or $2.96 per basic share, based on 23,581097 weighted average common shares outstanding. "This was a quarter of important progress for The New Power Company, as we achieved both our overall financial performance targets and business objectives," commented H. Eugene Lockhart, CEO. "Additionally, the successful completion of our IPO just after the close of the quarter enabled us to raise $546 million, firmly positioning New Power as the first mover in establishing a national brand to address the $150 billion deregulating electric and natural gas marketplace for residential and small commercial customers." The company hopes to achieve revenues of $60 to $63 million for the fourth quarter, with a year-end customer count in the area of 340,000.
UtiliCorp reported that its earnings available for common shares for the third quarter were $74.9 million, reflecting contributions from Aquila Energy and international businesses. Earnings available for common shares a year ago for the third quarter were $42.5 million. Sales for the quarter were $8.1 billion, up 25% from $6.5 billion a year earlier. UtiliCorp said this quarter set an all-time record for sales, earnings before interest and taxes, net income and earnings per share. UtiliCorp's earnings before interest and taxes for the third quarter were $162.9 million, up 42% from $114.6 million a year earlier.
PG&E Corp.'s National Energy Group (NEG) filed an application with the Oregon Office of Energy to build a new electricity generating facility adjacent to the company's existing power plant in Umatilla County. The 550 MW natural gas-fired plant is slated to be operational in time to help meet the Northwest Power Planning Council's (NPPC) forecasted deadline of 2003. At that time, the council expects the region will need an additional 3000 MW to maintain reliability. The proposed Umatilla plant is expected to generate enough electricity to supply 550,000 homes. The plant is expected to be built adjacent to the 474 MW Hermiston plant which NEG co-owns with PacifiCorp. to maximize efficiencies. The Umatilla plant will receive its natural gas fuel supply via NEG's Pacific Northwest pipeline system.
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