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Fortnightly Magazine - November 15 1997

that expertise."

Imagine that. Did I just hear a utility say that it might try to "game" the generation market?

On the other hand, you can surrender and become a T&D-only utility, sticking to your so-called core competency. It's a game plan, I guess, but is T&D the right game?

Putting on a Spin?

WAS EEI trying to spin its financial conference to convince its utility members to give up their merger dreams?

It sure looked that way, especially when one of EEI's invited speakers, Mitch Diamond (vice president, energy practice, Booz-Allen) stepped up to the microphone. Here are some tidbits from Diamond's sermon against mergers and acquisitions:

"Most diversified businesses actually destroy shareholder value. They do poorly compared to less-diversified businesses."

"Spinoffs of small companies from diversified businesses begin within 18 months to generate 30 percent more value than before, when they were part of a diversified conglomerate."

"Executives often tend to talk about synergy and leverage because they have to do that to justify the corporate center as essential."


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