Niagara Mohawk Power’s new holding company structure, which isexpected to receive regulatory approval in the first quarter of1999, will be called Niagara Mohawk Holdings Inc. William E. Davis,currently Niagara Mohawk Power chairman and CEO, will becomechairman and CEO of Niagara Mohawk Holdings. Niagara MohawkHoldings will succeed Niagara Mohawk Power as the sole entity inwhich common stock is held.
Niagara Mohawk Holdings initially will have two subsidiaries:Niagara Mohawk, a regulated company whose chief executive will beDavis; and Opinac NA, an unregulated entity with two subsidiariesof its own – Plum Street Enterprises and Opinac Energy. Albert J.Budney Jr., currently president and chief operating officer ofNiagara Mohawk Power, has been named CEO of Opinac NA. He also willbecome president of Niagara Mohawk Holdings.
The regulated Niagara Mohawk will have three main businessunits: Energy Delivery; Nuclear Operations; and Fossil/HydroGeneration and Environmental Affairs. Over time, as the companycompletes the auction of its fossil and hydro generating assets,Niagara Mohawk will increase its focus on its energy deliverybusiness.
“This represents the first major round of our company’srestructuring,” Davis said. “After thorough, strategic analysis, Iam confident we have selected the right model and the rightleadership to assure our company’s success into the 21st century.Getting this new organization and its top managers in placepromptly is vitally important to our success in the coming monthsand years.”
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