Allegheny Energy Pledges Cooperative Dialogue with West Virginia Officials on New Transmission Line
2008-08-05 13:23:00
Allegheny Energy Pledges Cooperative Dialogue with West Virginia Officials on New Transmission Line
GREENSBURG, Pa.–(EMWNews)–Allegheny Energy, Inc. (NYSE: AYE) commented today on West
Virginia Governor Joe Manchin’s plan to
introduce legislation as a result of the recent regulatory approval of
the Trans-Allegheny Interstate Line (TrAIL).
“I intend to work collaboratively with
Governor Manchin and the legislature in support of the Governor’s
proposals to ensure that our customers and the state will benefit from
the construction of the line,” said Paul J.
Evanson, Chairman, President, and Chief Executive Officer of Allegheny
Energy. “The completion of this project can
and should be of great benefit to all parties.”
Last week, the Public Service Commission of West Virginia issued an
order approving construction of TrAIL, a 500-kilovolt transmission line
project being undertaken by an Allegheny Energy subsidiary. The West
Virginia segments of TrAIL represent the largest portion of the project,
which is also awaiting regulatory decisions in Virginia and Pennsylvania.
Previously, a Hearing Examiner in Virginia recommended that regulators
in that state authorize construction of the Virginia segments of TrAIL,
subject to approvals in West Virginia and Pennsylvania. In the meantime,
pre-construction work will continue, including right-of-way acquisition,
permitting, and engineering activities. The construction phase will last
about two-and-a-half years.
Allegheny Energy
Headquartered in Greensburg, Pa., Allegheny Energy is an investor-owned
electric utility with total annual revenues of over $3 billion and more
than 4,000 employees. The company owns and operates generating
facilities and delivers low-cost, reliable electric service to
approximately 1.6 million customers in Pennsylvania, West Virginia,
Maryland and Virginia. For more information, visit our Web site at www.alleghenyenergy.com.
Forward-Looking Statements
In addition to historical information, this release contains a number
of “forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995. Words such as anticipate, expect,
project, intend, plan, believe, and words and terms of similar substance
used in connection with any discussion of future plans, actions, or
events identify forward-looking statements. These include statements
with respect to: rate regulation and the status of retail generation
service supply competition in states served by Allegheny Energy’s
distribution business, Allegheny Power; financing plans; demand for
energy and the cost and availability of raw materials, including coal;
provider-of-last-resort and power supply contracts; results of
litigation; results of operations; internal controls and procedures;
capital expenditures; status and condition of plants and equipment;
capacity purchase commitments; regulatory matters; and accounting
issues. Forward-looking statements involve estimates, expectations and
projections and, as a result, are subject to risks and uncertainties.
There can be no assurance that actual results will not materially differ
from expectations. Actual results have varied materially and
unpredictably from past expectations. Factors that could cause actual
results to differ materially include, among others, the following: plant
performance and unplanned outages; changes in the price of power and
fuel for electric generation; general economic and business conditions;
changes in access to capital markets; complications or other factors
that render it difficult or impossible to obtain necessary lender
consents or regulatory authorizations on a timely basis; environmental
regulations; the results of regulatory proceedings, including
proceedings related to rates; changes in industry capacity, development
and other activities by Allegheny Energy’s
competitors; changes in the weather and other natural phenomena; changes
in customer switching behavior and their resulting effects on existing
and future load requirements; changes in the underlying inputs and
assumptions, including market conditions used to estimate the fair
values of commodity contracts; changes in laws and regulations
applicable to Allegheny Energy, its markets or its activities; the loss
of any significant customers or suppliers; dependence on other electric
transmission and gas transportation systems and their constraints or
availability; changes in PJM, including changes to participant rules and
tariffs; the effect of accounting policies issued periodically by
accounting standard-setting bodies; and the continuing effects of global
instability, terrorism and war. Additional risks and uncertainties are
identified and discussed in Allegheny Energy’s
reports filed with the Securities and Exchange Commission.
Allegheny Energy, Inc. Staggers, 724-830-5433 Hotline: 888-233-3583 contact: Investor Relations |
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