HAGERSTOWN, Md., Aug. 19, 2003 — Allegheny Energy Inc. announced that Joseph H. Richardson, formerly President and Chief Executive Officer of Florida Power Corporation, has been named President of Allegheny Power, the company’s energy delivery business, effective August 25, 2003. Richardson will report to Jay S. Pifer, Chief Operating Officer of Allegheny Energy.
Paul J. Evanson, Allegheny Energy’s Chairman, President, and Chief Executive Officer, said, “We welcome Joe to the senior management team of Allegheny Energy. He brings a wealth of knowledge, expertise in operational excellence, and strong management skills to the company. I am confident that Joe, working closely with Jay Pifer, will be able to build on Allegheny Power’s solid foundation and strong tradition of exceptional quality service that our customers have come to expect from us.”
Richardson joins Allegheny with extensive leadership experience in the energy industry. Since 2002, Richardson has served as President and Chief Executive Officer of Global Energy Group, a company that specializes in developing and patenting technology to improve energy efficiency. Prior to that, he spent most of his career with Florida Power Corporation, having held the positions of President, Chief Executive Officer, and Chief Operating Officer for the last five years of his tenure.
He received his Juris Doctorate degree, with high honors, from Florida State University’s College of Law and earned a Bachelor of Arts degree in economics from Cornell University. Richardson has served as a director for the Edison Electric Institute, the Florida Chamber of Commerce, the Pinellas County Education Foundation, and the Tampa Bay Partnership and was also a trustee for the North American Electric Reliability Council.
Consistent with the revised New York Stock Exchange listing standards recently approved by the U.S. Securities and Exchange Commission (SEC), Allegheny Energy stated that Richardson will receive an inducement award of 50,000 stock units on January 2, 2004. The number of units is subject to upward adjustment, based on Allegheny Energy’s stock price, pursuant to a formula summarized in a report on Form 8-K, which Allegheny Energy is filing with the SEC. One-fifth of the units vest on each of August 25, 2004, August 25, 2005, August 25, 2006, August 25, 2007, and August 25, 2008. Payment of the units will be made in either shares of Allegheny Energy stock or in cash, as will be determined by the company.
With headquarters in Hagerstown, Md., Allegheny Energy is an integrated energy company with a balanced portfolio of businesses, including Allegheny Energy Supply, which owns and operates electric generating facilities and supplies energy and energy-related commodities; and Allegheny Power, which delivers low-cost, reliable electric and natural gas service to about three million people in Maryland, Ohio, Pennsylvania, Virginia, and West Virginia. More information about the company is available at www.alleghenyenergy.com.