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PEOPLES ENERGY ANNOUNCES IRS TAX SETTLEMENT

 CHICAGO, Oct. 28 /PRNewswire/ -- Peoples Energy Corp. (NYSE: PGL) today announced that it has reached a settlement with the Internal Revenue Service covering the company's past income tax returns for fiscal years 1978 through 1990.
 Under the settlement, the IRS will pay the company about $28 million, including principal and interest, to resolve disputed issues for the years in question. Most of the settlement relates to the company's tax returns for the fiscal years prior to 1985.
 The company said its two utility subsidiaries, Peoples Gas and North Shore Gas, have received regulatory authorization to defer the recording of the settlement amount in income for fiscal 1993.
 Under this regulatory accounting treatment, each utility will record its portion of the IRS settlement amount in income for fiscal years 1994 and 1995.
 Each utility has indicated to the Illinois Commerce Commission that, having received this accounting authorization, it will not file a request for an increase in its base rates for gas service until at least December 1994. Thus, the earliest that customers could see an increase in base rates would be the fall of 1995.
 -0- 10/28/93
 /CONTACT: Ed Joyce, 312-431-4567, Peoples Energy.
 (PGL)


CO: Peoples Energy Corporation ST: Illinois IN: UTI SU:

JS -- NY117 -- 8102 10/28/93 15:59 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
Words:214
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