News Digest

Fortnightly Magazine - June 1 2001
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News Digest


 

Business Wire

American Electric Power completed a $1.25 billion two-part global note issuance, the first long-term debt issue of the holding company. (Previous issuances have been through AEP subsidiaries.) Proceeds from the notes will be used to pay down commercial paper reflecting the company's financing strategy of reducing short-term debt to a target 10 percent of total capitalization. The company had originally planned a $1 billion offering, but increased the offering because of strong investor demand in the United States and Europe.

Some 500 Houston-area households will soon be part of an energy-saving pilot program that enables consumers to control their thermostats via the Internet. The program will be launched this summer by New Power Co. and its partners in Internet Home Appliance. NewPower Holdings Inc. has signed separate agreements with Shadowpack, a wireless application design/build firm, and Internet Home Appliance members Coactive Networks and Sears, Roebuck and Co.

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