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IPALCO RESPONDS TO PUBLIC UTILITIES COMMISSION OF OHIO PROTEST FILING IN PSI AND CG&E FEDERAL ENERGY REGULATORY COMMISSION PROCEEDING

 INDIANAPOLIS, July 20 /PRNewswire/ -- On July 19, the Public Utilities Commission of Ohio (PUCO) filed a Protest with the Federal Energy Regulatory Commission (FERC) in connection with the Cincinnati Gas & Electric Company and PSI Energy application for FERC approval of their proposed merger.
 In response to the Protest filing, IPALCO President Ray Humke said today, "We believe this filing is 'must reading' for anyone who wants to understand how incredibly difficult it will be for PSI and CG&E to get their deal approved by three state and two Federal regulators -- each with competing interests.
 "The PUCO Protest filing reenforces questions we, and others, have raised concerning the full impact of the holding company structure on shareholders and on ratepayers in Ohio, Indiana and Kentucky," Mr. Humke said.
 In its Protest filing, the PUCO raised specific questions about the implications of the holding company structure. Among other issues, the PUCO said it was concerned about:
 -- "whether there will be an impact on the effectiveness of regulation of the post-merger entities";
 -- "... the impact [of the likely required divestiture of CG&E's gas operations] ... upon the corporate and residential customers of CG&E";
 -- "... [whether] the change in the proposed post-merger corporate structure could substantially impact the cost savings Applicants originally claimed would result from the merger."
 The PUCO requested that the Applicants amend their filing to supply additional information on these issues and that FERC convene a "Joint Board" consisting of FERC, the PUCO and the Indiana Utility Regulatory Commission to review the merger application.
 IPALCO Enterprises, Inc., is offering, upon the terms and subject to the conditions set forth in its Prospectus dated April 21, 1993, and in the related Letter of Transmittal and Letter of Transmittal Supplement, to exchange $26.50 per share in cash for 10,754,717 shares of PSI Common Stock and .6906 shares (subject to adjustment) of IPALCO Common Stock for each remaining share of PSI Common Stock. The Offer will expire on midnight, New York City time, on July 30, 1993, unless extended by IPALCO. IPALCO may extend the offer by giving oral or written notice of such extension to the exchange agent. Any such extension will be followed as promptly as practicable by public announcement.
 -0- 7/20/93
 /NOTE TO EDITORS: For a full copy of the PUCO Protest, call Susan Hanafee or Marni Lemons at 317-261-8763/
 /CONTACT: Susan Hanafee, 317-261-8763, Marni Lemons, 317-261-8219 or (investors) Tom Davies or Josh Pekarsky, 212-593-2655, all for IPALCO/
 (IPL)


CO: IPALCO Enterprises, Inc. ST: Indiana, Ohio IN: UTI SU:

WB -- NY118 -- 3627 07/20/93 17:43 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
Words:432
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