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INDIANA UTILITY REGULATORY COMMISSION DISMISSES PSI'S CINERGY MERGER PROPOSAL; IPALCO WELCOMES IURC RULING

 INDIANAPOLIS, June 25 /PRNewswire/ -- IPALCO Enterprises welcomes today the unanimous decision by the Indiana Utility Regulatory Commission to dismiss the PSI Resources and Cincinnati Gas & Electric Company merger proceeding.
 Indianapolis Power & Light Company filed a motion with the Commission on March 22, 1993, asking it to dismiss the PSI proposal because it is contrary to Indiana law.
 IPL's motion was based on Indiana Code 8-1-2-91, which states: "No license, permit, or franchise to own, operate, manage or control any plant or equipment of any public utility shall be hereafter granted or transferred except to a corporation duly organized under the laws of the State of Indiana or to a citizen of such state."
 In its ruling, the Commission said: "The statute's brevity and simple terminology argue for IPL's position, which is supported by well- stated case-law." The commission also held that PSI's plan "would lead to the subordinated jurisdiction of one state by another, in this case, Ohio over Indiana."
 John R. Hodowal, IPALCO chairman, said: "The Indiana legislature saw the wisdom of keeping the ownership of utilities in Indiana. The plain meaning of the Indiana statute prohibits PSI from transferring all of its Indiana utility assets and operating permits to CINergy, a corporation organized under the laws of the State of Ohio."
 "As a result of this decision, there is only one proposal left on the table that is legally permissible -- the combination of IPALCO and PSI. We look forward to the ultimate merger of these two fine companies into one great Indiana company."
 -0- 6/25/93
 /CONTACT: Susan Hanafee, 317-261-8763, or Marni Lemons, 317-261-8219 or (pager) 317-461-9578, both of IPALCO, or Tom Davies or Josh Perkarsky of Kekst and Company, 212-593-2655, for IPALCO/
 (IPL)


CO: IPALCO Enterprises ST: Indiana IN: UTI SU:

LG-OS -- NY037 -- 5821 06/25/93 14:56 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
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