Matthews: WWP an 'Inventive' Utility
After less than two years as president of NGC Corp. (now called
Dynegy), Tom Matthews is leaving the company for an organization he
considers a non-traditional utility, Washington Water Power (WWP).
He said the company he will run as CEO and chairman of the board is
among about a half dozen utilities that have been "inventive and
creative" in responding to deregulation.
"From what I've seen in the couple months I've looked at them,
all four areas of their company are doing very well and have
substantial opportunities for growth. And this is the generation
side, the transmission side, the distribution side in both power
and gas. as well as the non-regulated side.
"One of the things that looks good is [WWP marketing subsidiary]
Avista [Energy] has done very well in the fundamental physical
business rather than just play a lot of the volatile financial
trading between marketers." Avista recently joined the top 25% of
the nation's power marketers, ranking 21st in sales volumes.
Attaining the assets necessary for successful physical trading has
been a focus of NGC.
One possible future move for WWP will be the acquisition of
additional generating assets, although details are not yet known,
Matthews said. "It depends on what areas of the country we want to
grow into and how much we want to add right where we are." Matthews
said what he learned at NGC about opportunities for power
generation and the running of a disciplined trading operation will
be useful knowledge at WWP.
Matthews' NGC responsibilities included oversight of worldwide
operations, including Warren Petroleum, NGC's gas liquids
subsidiary; NGC Global Energy, the company's international
division; Destec Energy, the company's power division; and the
corporate merger and acquisition, legal, regulatory, and
information technology functions. CEO of NGC and now Dynegy Chuck
Watson praised Matthews' abilities. He said he originally hired
Matthews, in part, to oversee the integration of Warren Petroleum
and Destec into NGC. Watson said there will be no replacement for
Prior to his time with NGC, Matthews held the position of vice
president of Texaco, president of Texaco's Global Gas and Power
Division, and president and chief executive officer of Texaco
Natural Gas, where he was responsible for worldwide power, natural
gas processing, gas liquids, gas pipelines, and gas sales and
marketing operations. Matthews also held positions in Texaco as
vice president of gas for Texaco U.S.A and president of Texaco
Refining and Marketing, Inc.
Before joining Texaco, Matthews spent eight years at Tenneco as
president of Tennessee Gas Pipeline Company and executive vice
president of Tenneco Gas. He also spent 16 years with Exxon in
various domestic and international engineering, management, and
Joe Fisher, Houston
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