DPL reported yesterday that it has notched a record for earningsper share before extraordinary items in 2000 at $1.56, a 15%increase over the $1.35 mark the company posted for 1999. Likewise,the company beat 1999’s fourth quarter level of $0.27 per share by$0.10. For the fourth quarter, the company posted net income of $45million, compared to the 1999 level of $40.6 million. For the year2000, DPL’s net income was $199 million, which shows a slightdecrease from the $204.2 million the company showed in 1999. “Our2000 financial and operating results reflect the significant stepswe took in preparing the company for the deregulated energymarket,” said CEO Allen Hill. “In addition, our focus on merchantgeneration expansion will lead to continued industry leadinggrowth.” DPL expects 2001 earnings per share to increase more than20% from the $1.56 in 2000 to $1.90. In addition, DPL forecaststhat its earnings are expected to increase at an annual rate of atleast 10% after 2001, and could reach a rate of up to 15%.Ohio-based DPL has two subsidiaries, DPL Energy and Dayton Power& Light Co.

A strong performance in the fourth quarter from its AquilaEnergy subsidiary will lift UtiliCorp United’s full-year 2000earnings higher than estimated just three months ago, companyofficials said this week. The Kansas City, MO-based company nowestimates 2000 earnings per share will be about $2.20, a 25.7%increase over the $1.75 earned in 1999. “Aquila’s energy merchantbusiness continued to be very strong through the fourth quarter,”said President Robert K. Green. “Aquila’s performance clearlyenabled us to raise our expectations regarding year-end results.”The company will give a 2000 earnings update on Feb. 8. CEO RichardC. Green Jr. said the company began reducing its exposure in theCalifornia market several months ago, and added, “today, we have nomaterial exposure there.”

Moody’s assigned negative outlooks to the debt and preferredstock securities of Cinergy Corp. and all of its subsidiariesyesterday, in response to several recent Cinergy announcements,including the purchase of two peaking plants from Enron, a dealwith EPA and two Cinergy utility subsidiaries (Cincinnati Gas &Electric and PSI Energy), and the uncertainty surroundingCG&E’s post-deregulation corporate and financial structure.Cinergy estimates its costs of carrying out the EPA agreement,which relates to Clean Air Act violations by Cinergy coal-firedpower plants, will total $1.4 billion through 2013.

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