NGI The Weekly Gas Market Report
Houston Industries said last week it will meet the deregulatingenergy industry with a new name, Reliant Energy, which will begintrading under its new ticker symbol (NYSE:REI) Feb. 8.
“After 132 years in the energy business, our reputation hasbecome our name – Reliant Energy,” said Don Jordan, CEO. “We havemaintained a tradition of service dating back to 1866 whilealtering the way we conduct business as our industry and ourcustomers’ needs changed. The name Reliant Energy reflects ourcontinuing commitment to serve our customers today and in theevolving energy markets of the future. This name change is theculmination of a conscious decision we made in the early 1990s totransform our company to meet the dynamic circumstances in theenergy services industry.”
About five years ago Reliant Energy’s principal business wasHouston Light & Power, an electric utility. Since then, thecompany expanded its geographic reach and activities across theenergy services value chain.
Revenues have increased 180% since 1993. Total return toshareholders was 26% in 1998. The company’s annual total returnaveraged 17% for the past three years and 14% for the past fiveyears.
Joe Fisher, Houston
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