GLASGOW, Scotland, Sept. 11, 2001 – ScottishPower announced that the Utah Public Service Commission (PSC) on Monday granted its US subsidiary, PacifiCorp, a $40.5 million revenue increase.
This decision sets new revenues about 5.1% higher than previous base levels. The award is $29.5 million lower than the annual $70 million interim revenue award made in February 2001. As a result PacifiCorp is required to refund approximately $22 million of revenue collected from February to October when the PSC will address tariffs for each customer class. Based on the outcome of this order, PacifiCorp is reviewing options for reconsideration and appeal.
In addition to setting the revenue increase above, the order also reaffirmed the allowed return on equity as being 11%.
The ScottishPower group supplies energy to millions of business and domestic customers across the UK, where it serves approximately one in five British households, and in the Western United States, through its merger with PacifiCorp in November 1999. The group is also active in telecommunications and retains a majority interest of its telecom subsidiary Thus (LSE: THUS).
ScottishPower’s ADR, equivalent to four ordinary shares, trades on the New York Stock Exchange under the symbol SPI. ScottishPower’s ordinary shares trade on the London Stock Exchange. Prices may be accessed on Bloomberg under the symbols SPI and SPW LN, on the Reuter Equities 2000 Service under SPI.N and SPW.L and on Quotron under SPWU.EU.