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Business & Money

Wall Street bankers say utilities are not effectively telling their story.
Fortnightly Magazine - November 1 2003

areas. Although the growth question is not one that the markets are answering now, the investment community feels that they will be answered shortly. That is when it will get interesting."

Business News Bytes

Entergy Gives Third-Quarter Operational Earnings Guidance

Entergy Corp. said Oct. 9 that it expects to report 2003 third-quarter operational earnings of $1.55 per share. The Thomson First Call consensus estimate for the quarter is $1.56 per share. The company affirmed its 2003 operational earnings guidance of $4.05 per share to $4.25 per share. Due to Entergy's voluntary severance program, its previously as-reported range of $4.37 per share to $4.57 per share will be revised when fourth-quarter results are reported. Entergy-Koch LP, the marketing and trading unit of the company, continued to perform well and is expected to offset the company's nuclear unit performance. Lower results at Entergy Nuclear are expected due mostly to lost revenues that occurred during the August blackout. In addition, higher refueling outage amortization from late 2002 will likely impact third-quarter results.

Calpine, San Diego Gas & Electric Sign 10-Year Power Sales Agreement

Calpine Corp. said Oct. 8 that it signed a preliminary 10-year, 570-MW power sales agreement with San Diego Gas & Electric, a subsidiary of Sempra Energy. Under the agreement, Calpine will supply electricity to SDG&E from its Otay Mesa Energy Center, a baseload generation plant currently under construction near San Diego. Power deliveries to SDG&E are scheduled to begin in 2007. The agreement, when finalized, is subject to approval by the California Public Utilities Commission. Final approval is expected by the end of the first quarter of 2004.

Creditors Approve PG&E Reorganization Plan

PG&E Corp. subsidiary Pacific Gas & Electric said Oct. 8 that more than 97 percent of its creditors voted to support the reorganization plan between PG&E and the staff of the California Public Utilities Commission. The company provided the preliminary results of the vote to the U.S. Bankruptcy Court at a status conference held Oct. 8 and anticipated submitting the final results the following week. The court confirmation hearings are scheduled to begin Nov. 10. CPUC hearings to consider the proposed settlement were completed on Sept. 26, and the full commission is scheduled to issue its final decision in late December. Pending approval by all parties, PG&E expects to emerge from Chapter 11 in the first quarter of 2004.


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