At Annual Meeting of Shareholders, Allegheny Energy, Inc. Chairman Reaffirms Commitment to Creating Shareholder Value.Business Editors NEW YORK--(BUSINESS WIRE)--May 9, 2002 By focusing on an integrated growth strategy, Allegheny Energy Allegheny Energy (NYSE: AYE) is a traditional public utility based in the Pittsburgh suburb of Greensburg. It services communities in Western Pennsylvania, Western Maryland, Northern West Virginia, Northwest Virginia. , Inc. (NYSE NYSE See: New York Stock Exchange :AYE) has overcome challenges of the energy industry in 2001 to once again deliver on its promise of creating shareholder value, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Alan J. Noia, Chairman of the Board, President, and Chief Executive Officer of Allegheny Energy. At the Company's 2002 Annual Meeting of Shareholders today, Noia reported to shareholders in attendance that, "2001 was a good year for Allegheny Energy. Despite a difficult operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. for energy companies in general last year, we continued to advance our corporate strategy and grow our business on a national level." According to the Allegheny Energy Chairman, achieving record earnings topped the Company's list of accomplishments during 2001. Highlights of the past year included: - An increase of 32 percent over the previous year's earnings per share and a 43-percent increase in net income; - Expanding by one-third its owned and controlled generating capacity in competitive markets throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; - Continuing a legacy of producing solid results in its top-notch energy delivery business; - Acquiring and integrating an energy marketing and trading unit Trading unit The number of shares of a particular security that is used as the acceptable quantity for trading on the exchanges. trading unit See unit of trading. into the Company's energy supply business; and - Receiving recognition among the nation's best companies as part of the Fortune 500, Forbes "Platinum 400," and S&P 500. Integral to Allegheny Energy's success are its efforts as a dedicated environmental steward and corporate citizen, Noia explained. "We take very seriously our responsibility to protect and enhance the environment and are involved on a local, regional, and national level in issues such as global climate change and air and water quality," he said. "In short, we are committed to continuing to generate electricity more efficiently and in an environmentally sound manner." In closing, Noia reaffirmed Allegheny Energy's commitment to producing positive results for shareholders. "Our management team, our dedicated employees, and I are fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully to creating shareholder value." With headquarters in Hagerstown, Md., Allegheny Energy is an integrated Fortune 500 energy company with a balanced portfolio of businesses, including Allegheny Energy Supply, a national energy merchant which owns and operates electric generating facilities and supplies energy and energy-related commodities in selected domestic retail and wholesale markets; Allegheny Power, which delivers low-cost, reliable electric and natural gas service to about three million people in Maryland, Ohio, Pennsylvania, Virginia, and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. ; and a business segment offering fiber-optic and data services, energy procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and management, and energy services. More information about the Company is available at www.alleghenyenergy.com. Certain statements contained herein constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. with respect to Allegheny Energy, Inc. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of Allegheny Energy to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors may affect Allegheny Energy's operations, markets, products, services, prices, capital expenditures, development activities, and future plans. Such factors include, among others, the following: changes in general, economic, and business conditions; changes in the price of electricity and natural gas; changes in industry capacity; changes in technology; changes in financial and capital market conditions; changes in political and social conditions, deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. activities and the movement toward competition in the states served by our operations; the effect of regulatory and legislative decisions; regulatory approvals and conditions; the loss of any significant customers; litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; and changes in business strategy or business plans. --30--tav/ny* sdg
CONTACT: Allegheny Energy, Hagerstown
Media:
Debra A. Beck, 301-790-6177
Media Hotline: 1-888-233-3583
E-Mail: dbeck@alleghenyenergy.com
KEYWORD: MARYLAND
INDUSTRY KEYWORD: ENERGY OIL/GAS UTILITIES
SOURCE: Allegheny Energy
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