Peoples Energy Chairman and CEO Richard E. Terry announced plans to retire Aug. 1, consistent with the company’s policy requiring officers to retire upon attaining the age of 65. Thomas M. Patrick, currently president and COO, is expected to assume the positions of chairman and CEO in August. Following a pattern among regulated utilities, both men moved up through the company’s legal department. Terry’s retirement will cap a 30-year career with Peoples, including more than 11 years as chairman and CEO. Patrick has been with Peoples for 26 years. He began his career in 1976 as a member of the company’s legal department and was elected president and COO in 1998. He has been a director of the company since 1998. Peoples gas utility division serves about 1 million retail customers in Chicago and northeastern Illinois.
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Market Mostly Nickeled and Dimed Down for Weekend
Much of the cash market was remarkably consistent in moving lower Friday in trading for the Presidents Day weekend. A majority of points fell within a narrowly defined range of 5-10 cents. A couple of scattered points managed flat showings, while a few others held their declines to less than a nickel.
NRG Strengthens Northeast Power Base
Consistent with both companies’ strategies for the future, NRGEnergy Inc. announced it would pay $325 million to Wisconsin EnergyCorp. for two Connecticut coal-fired power stations. NRG said theacquisition would help it maintain and develop a “top-threeposition in the Northeast,” while Wisconsin Energy said it wouldfocus its energy projects in the Midwest.
Overall Flatness Shows East-West Divergence
The cash market, which had been fairly consistent in overallprice movement for most of last week, went into the weekendstarting to diverge on an East-West axis. While Friday’s mix ofgains and losses amounted to a generally flat wash, Eastern pointstended to be flat to about a nickel higher, and their Westerncounterparts tended to range from flat to about a nickel lower.