Southern Co. chose Francis S. Blake to stand for election to its board of directors. Blake is an executive vice president at The Home Depot. Blake's election would bring the board to 11 members.
Mirant announced that M. Michele Burns is the company's new CFO and executive vice president, charged with leading the company's financial restructuring. Burns previously has been executive vice president for Delta Air Lines Inc. and a partner with Arthur Anderson LLP.
The Pennsylvania Public Utility Commission (PUC) appointed Thomas A. Leach to a two-year term on its Consumers Advisory Council. Leach is the business manager and financial secretary of Local Union 126, International Brotherhood of Electrical Workers.
Business & Money
Sizable gains return to the market.
With an average appreciation of 18.9 percent since we last ran SNL Financial's dividend data , SNL's safe dividend picks appeared to do well for any market. However, like the fine golden years of the late '90s for all things technology, recent months have returned sizable gains to investors of energy stocks-not what one would expect from slow growth, dividend-paying electric and gas utilities that make up the majority of the SNL Energy universe.
Allegheny Energy named David C. Benson its interim executive vice president, assuming the responsibilities of Allegheny Energy Supply President Michael P. Morrell, who will make use of the company's early retirement option program. Benson has been with Allegheny Energy for 25 years.
Cleco Corp. appointed Stephen M. Carter vice president of regulated generation. Carter earlier served as superintendent of Dolet Hills power station.
Power Pools & Reliability
SUMMER IN WISCONSIN. Responding to concerns about the electric shortages of the summer of 1997 and fears that they could happen again, Wisconsin PSC Commissioner Joseph P. Mettner has indicated that the state's energy supply outlook for the summer of 1998 appears much better in eastern Wisconsin than it did one year ago.
Mettner noted that Wisconsin's electric supply system is operating with expected reserve margins of 19.2 percent. But he cautioned that electric power flows do not respect borders.