During the past several years, Allegheny Energy, Inc. has risen from its traditional position as a regional electric utility into a new class among the nation's energy elite.
The Company has advanced its standing as a national energy merchant through a high-level growth strategy that has made Allegheny Energy one of the most respected energy companies in America, with expanding energy delivery, generation, and business development initiatives that are profitable contributors to a growing bottom line.
In recognition of its financial performance and value provided to its shareholders, the Hagerstown, Md.,-based Allegheny Energy is now included on the Fortune 500, Standard & Poor's 500, Barron's 500, and Forbes' Platinum 400 lists of America's best companies.
Alan J. Noia, Chairman of the Board, President, and Chief Executive Officer of Allegheny Energy, Inc., was also recognized when he was named "CEO of the Year" as part of Platts' 2001 Financial Times Global Energy Awards. In accepting the honor, Mr. Noia called it "a tribute to our ability to grow earnings and increase value for our shareholders, while successfully meeting the challenges of a changing energy marketplace."
Before many other energy companies began thinking about deregulation, Allegheny Energy reorganized into separate businesses to effectively operate in the new energy industry. When many power companies were selling generation to buy-down stranded costs, Allegheny Energy recognized the value of its highly regarded, very profitable, and well-run generating assets.
The Company has carefully crafted and executed its plan to expand its electricity generating business by both geography and capacity, building and buying new generating plants in strategic locations, and profitably trading energy and energy-related commodities in selected domestic retail and wholesale markets. Allegheny Energy has increased its generating capacity from approximately 8,600 megawatts (MW) in 1999 to more than 12,000 MW today, and plans to add another 2,600 MW by 2005.
A key to this expansion was the acquisition and successful integration of Allegheny Energy Global Markets - the Company's energy marketing and trading arm - which is helping to maximize the value of the Company's generating assets. Analysts have described the acquisition as "the piece that was missing to become a national energy supplier," allowing Allegheny Energy to "become a price maker instead of a price taker."
In its energy delivery business, Allegheny Energy continues to expand its electric and natural gas customer base, as well as its portfolio of regulated products and services, while remaining firmly committed to topnotch customer service. The Company is nationally ranked for excellent service in widely recognized customer satisfaction surveys and is gaining a reputation for technical expertise with its integrated work management, outage management, and customer information systems, which have been featured in national publications and are regarded as an example of best practices in the industry.
Over his years as CEO, Mr. Noia has guided Allegheny Energy with the highest standards of ethical behavior, balancing his commitment to customers and shareholders and consistently valuing and rewarding the contributions of his leadership team and more than 5,800 employees.
"I have always believed that our people are a key to our success," Mr. Noia said. "Our leadership team, Board of Directors, and of all the men and women of Allegheny Energy are responsible for every success. These employees and leaders are dedicated to our strategy of transforming Allegheny Energy from a regional electric utility into a national energy merchant."
Noia is a member of the Board of Directors of the Edison Electric Institute, the Electric Power Research Institute, the Southeastern Electric Exchange, and the Ohio Valley Electric Corporation.
