Colonial is fastest growing gas utility in New England executive tells national conference.ORLANDO, Fla.--(BUSINESS WIRE)--May 1, 1995--The Chief Financial Officer for Colonial Gas Co. said today that the company has been the fastest growing gas utility in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. during the past five years and plans to continue this momentum for at least the remainder of 1995 and beyond. The Lowell, Mass., utility, which serves over 136,000 residences and businesses in Cape Cod Cape Cod, narrow peninsula of glacial origin, 399 sq mi (1,033 sq km), SE Mass., extending 65 mi (105 km) E and N into the Atlantic Ocean. It is generally flat, with sand dunes, low hills, and numerous lakes. and the Merrimack Valley The Merrimack Valley is the area surrounding the Merrimack River in northeastern Massachusetts. The area on either side of the Merrimack in New Hampshire is named the Merrimack Valley Region by the NH Division of Travel and Tourism Development. northwest of Boston, added more than 8,500 new customers during the past two years and expects to bring on another 5,000 during 1995. Speaking today at the Financial Forum of the American Gas Association, Nickolas Stavropoulos, executive vice president and chief financial officer for Colonial Gas, said that the company's strategic growth plan calls for the addition of 25,000 customers during the remainder of the decade. "The plan calls for a 35 percent increase in the size of the company during the 1990s," Mr. Stavropoulos said. "This means the addition of about 45,000 customers for the decade." Mr. Stavropoulos said that these projections are based on two basic facts: "Nearly all new construction in our service area is choosing natural gas for heat, and over half the homes and business in our territory use alternative fuels for heat." He also stated that this growth will occur without expanding the company's workforce. "Colonial Gas is committed to basing its entire operation on high-technology management, resulting in reduced costs while expanding services to our customers. This includes a state-of-the-art Gas Management System that enables us to meet our customers' changing needs and a new work management system that computerizes the process from customer sign-up through meter installation." Mr. Stavropoulos said that this commitment to growth, technology, and reduced costs has been one of the principal reasons why Colonial Gas has provided a 13 percent average annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return to shareholders during the past five years. Colonial Gas Company, a Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. corporation formed in 1849, is
primarily a regulated natural gas distribution utility. Through its
subsidiary, Transgas Inc., the Company also provides over-the-road
transportation of liquefied natural gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. , propane propane, CH3CH2CH3, colorless, gaseous alkane. It is readily liquefied by compression and cooling. It melts at −189.9°C; and boils at −42.2°C;. , and other commodities. CONTACT: Colonial Gas Company Nickolas Stavropoulos, Executive Vice President and CFO See Chief Financial Officer. 508-458-3171 or Donovan Group Tim Trainor 508-798-5847 |
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