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ELP Volume 78 Issue 5
Electronic business (e-business) is transforming all aspects of the energy industry. Between now and 2004, e-business will accelerate market restructuring, redefine business processes, drive down supply chain costs, and provide the catalyst for a new customer-centric focus. However, during this time, adoption rates will continue to lag leading competitive markets, such as high tech, financial services and retail.
Things were bleak in the Big Easy. Entergy's customer service ratings were plummeting. Regulators from four states were breathing down the utility's neck for poor reliability and shoddy customer service. Shareholders were furious because debt service was high, yet the company's global investments were not paying off. While the company expanded into numerous ventures on four continents, it was stumbling at home.
Joe Richardson, currently the president and CEO of Florida Power Corp. and group vice president of Florida Progress Corp., will head the Florida operations of the new combined company once CP&L's acquisition of Florida Progress is completed this fall. Richardson's title will remain president and CEO of Florida Power Corp. in the combined company, and he will report directly to William Cavanaugh, CP&L chairman, president and CEO.
TNP acquisition complete: TNP Enterprises Inc., the parent of Texas-New Mexico Power Co., completed its transition to a new ownership group, led by William J. Catacosinos, managing partner of Laurel Hill Capital Partners LLC. The new owners also include CIBC World Markets and other financial institutions. The transaction was valued at $1 billion, including assumed debt.
High-speed Internet access over power lines may be tested by some U.S. utilities later this year.
How you view yourself, your colleagues and your company can help or hinder your career.