Montreal-Confidence in competition and excellence in embracing and succeeding in new markets are the respective hallmarks of PECO Energy Co., Philadelphia, and Union Fenosa, Madrid, Spain, named as winners of the Edison Award.
The Edison Award is given annually by the Edison Electric Institute (EEI) to the U.S. shareholder-owned member and international member making the most outstanding contributions to the advancement of the industry. EEI announced the awards last month at its annual conference in Montreal.
PECO Energy won the award in recognition of its commitment to growth, transforming itself into an aggressive competitor and strengthening itself across the board.
While dealing with massive hurricane-related outages in September, it announced plans to merge with Unicom Corp. Its AmerGen nuclear generating company acquired two nuclear plants and announced plans to buy others. PECO’s Power Team became a leader in power marketing with sales volume of 43 million MWh in 1999. Its Exelon Infrastructure Services and Exelon Energy subsidiaries grew and became market leaders in creative ventures, from managing transmission and distribution systems to expanding its telecommunications network capacity and services.
Union Fenosa was a winner for capitalizing on loosened restrictions in Spain’s electricity market, and parlaying its strengths to grow the company’s global business and increase shareholder value. The company moved forward in its mission to sell its expertise around the world, consulting, operating power systems and investing in 37 countries.
It became the number one ranked Spanish electric utility in delivering shareholder value, averaging 44.82 percent annually in the past five years.
The winners are chosen by a review committee of national trade journal editors. Nominees were reviewed by a panel of judges consisting of current and past EEI chairmen and academicians.