MINNEAPOLIS, Minn., Nov. 12, 2002 — Xcel Energy has announced that Vice President and Treasurer Paul Pender has left that position and will serve full-time as Chief Financial Officer for TRANSLink Development Co. LLC, a partnership working toward completing the formation of TRANSLink Transmission Co. LLC, a new independent transmission company (ITC) to be owned by Xcel Energy and five other utility companies.
Pender, who has served as interim CFO since June, will pursue activities required to complete the formation of TRANSLink Transmission Co. LLC, according to Audrey Zibelman, Xcel Energy Transmission vice president and chief executive officer of TRANSLink Development Co.
“We’re delighted to have an individual of Paul’s experience and caliber on our team,” Zibelman said. “The formation of TRANSLink reflects the importance that all of the TRANSLink participants place on having a strong regional grid to support reliability in the region and to provide the infrastructure required for competitive wholesale electricity markets. Paul’s leadership within the Development Company will play a critical role in the pursuit of a financial and investment plan that is central to our business objectives.”
Pender has served as Vice President and Treasurer for Xcel Energy since the merger forming the company in August 2000. Previously he held a variety of positions with Northern States Power Co., including vice president and treasurer. He earned his MBA in Finance and his BA in economics from the University of Wisconsin-Madison. His position as Xcel Energy treasurer will be filled by Ben Fowke, currently vice president and chief financial officer for Xcel Energy’s Energy Markets business unit.
“We’re pleased that Paul has agreed to take on this new challenge to launch TRANSLink and help ensure its success,” said Dick Kelly, vice president and chief financial officer for Xcel Energy.
“The formation of TRANSLink is central to Xcel Energy’s compliance with the requirements of the Federal Energy Regulatory Commission that our company join a regional transmission organization,” said Wayne Brunetti, president, chairman and chief executive officer of Xcel Energy. “We believe development of an independent transmission company – like TRANSLink – that will both own and operate transmission on a regional basis is the best structure for ensuring that the grid is developed and maintained to secure reliability and cost effective wholesale electricity markets.”
TRANSLink Transmission Co. recently received conditional approval from the Federal Energy Regulatory Commission to operate as an ITC in the Regions it serves. TRANSLink will oversee approximately 30,000 miles of transmission lines linking generators producing 35,000 megawatts of electricity. The company will be the transmission network provider to entities with about 6.9 million customers in 14 states, making it one of the largest transmission companies in the nation. Visit TRANSLink at www.translinktc.com.