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Bailey Leaving FERC For Position at Cinergy

Bailey Leaving FERC For Position at Cinergy

After a long six and a half years as a commissioner on the Federal Energy Regulatory Commission, Vicky A. Bailey is stepping down effective Feb. 1 to serve as president of PSI Energy Inc., Indiana's largest electric utility and a subsidiary of Cinergy Corp. PSI serves more than 655,000 customers in 69 of the state's 92 counties.

The move comes not long after Bailey recused herself from a series of cases, leading to speculation that she might be leaving the Commission. In an earlier interview with NGI, she admitted holding discussions with several potential employers (see NGI, Nov. 22). She said her departure was not imminent, but she seemed eager to plot a new course.

"Vicky Bailey is an impact player who brings knowledge of both the energy industry and the state of Indiana to her position as president of PSI," said James E. Rogers, vice chairman, president and CEO of Cinergy. "She has been an active participant in the move to a competitive electricity market and will play a key role for our company in shaping energy policy in Indiana. I am delighted that Vicky is joining the Cinergy team." Rogers himself is a FERC alum, having served as general counsel in the early eighties.

Bailey succeeds J. Joseph Hale, Jr., who has served as interim president of PSI Energy since John M. Mutz retired from full time service in May 1999. Hale continues to serve as Cinergy's vice president of corporate communications and president of the Cinergy Foundation, Inc.

Bailey, an Indiana native, served on the Indiana Utility Regulatory Commission from 1986 to 1993, prior to her appointment as a FERC commissioner. She was first nominated by President Clinton in 1993 to serve a term on the FERC expiring in 1996 and was then renominated for a five-year term. Prior to joining the IURC, Bailey was vice president of administration for the J. Bailey Company. She holds a BS degree from the Krannert School of Management at Purdue University.

Longtime FERC observers have described Bailey as a firm believer in deregulation and lighter-handed Commission oversight. She and Commissioner Curt Hebert were often on the same free-market side of the fence in contrast to the other three commissioners who have more centrist views and have taken more cautious approaches to further deregulation. If she is replaced by more of a political centrist, it could leave Commissioner Curt Hebert isolated as a lone dissenter on many cases. On the other hand, if someone with a similar philosophy replaces Bailey, FERC could remain significantly divided.

A Republican or an Independent will have to take Bailey's place on the Commission which already has three Democrats.

Rocco Canonica

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