The New Power Co. (TNPC), the first nationally branded provider ofelectricity and natural gas to residential and small commercialcustomers in the United States, reported yesterday that its revenuesderived from the sale and delivery of the commodities to retailcustomers during the third quarter for 2000 was $18.2 million (seeDaily GPI, Nov 6). Gross profit for thenew company was $1.3 million (7.2% of revenues). The net loss for thequarter was $69.9 million, or $2.96 per basic share, based on23,581097 weighted average common shares outstanding. “This was aquarter of important progress for The New Power Company, as weachieved both our overall financial performance targets and businessobjectives,” commented H. Eugene Lockhart, CEO. “Additionally, thesuccessful completion of our IPO just after the close of the quarterenabled us to raise $546 million, firmly positioning New Power as thefirst mover in establishing a national brand to address the $150billion deregulating electric and natural gas marketplace forresidential and small commercial customers.” The company hopes toachieve revenues of $60 to $63 million for the fourth quarter, with ayear-end customer count in the area of 340,000.

UtiliCorp reported that its earnings available for common sharesfor the third quarter were $74.9 million, reflecting contributionsfrom Aquila Energy and international businesses. Earnings availablefor common shares a year ago for the third quarter were $42.5million. Sales for the quarter were $8.1 billion, up 25% from $6.5billion a year earlier. UtiliCorp said this quarter set an all-timerecord for sales, earnings before interest and taxes, net incomeand earnings per share. UtiliCorp’s earnings before interest andtaxes for the third quarter were $162.9 million, up 42% from $114.6million a year earlier.

PG&E Corp.’s National Energy Group (NEG) filed anapplication with the Oregon Office of Energy to build a newelectricity generating facility adjacent to the company’s existingpower plant in Umatilla County. The 550 MW natural gas-fired plantis slated to be operational in time to help meet the NorthwestPower Planning Council’s (NPPC) forecasted deadline of 2003. Atthat time, the council expects the region will need an additional3000 MW to maintain reliability. The proposed Umatilla plant isexpected to generate enough electricity to supply 550,000 homes.The plant is expected to be built adjacent to the 474 MW Hermistonplant which NEG co-owns with PacifiCorp. to maximize efficiencies.The Umatilla plant will receive its natural gas fuel supply viaNEG’s Pacific Northwest pipeline system.

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