SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) January 28, 2000
Connecticut Energy Corporation
(Exact Name of Registrant as Specified in Charter)
Connecticut 1-8369 06-0869582
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
855 Main Street, Bridgeport, Connecticut 06604
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (800) 760-7776
None
(Former Name or Former Address, if Changed Since Last Report)
Connecticut Energy Corporation and its subsidiaries and their
representatives may, from time to time, make written or oral statements,
including statements contained in the Company's filings with the Securities and
Exchange Commission and in its annual report to shareholders, including its Form
10-K for the fiscal year ended September 30, 1999, which constitute or contain
"forward-looking" information as that term is defined in the Private Securities
Litigation Reform Act of 1995.
All statements other than the financial statements and other statements
of historical facts included in this Form 8-K regarding the Company's financial
position and strategic initiatives and addressing industry developments are
forward-looking statements. Where, in any forward-looking statement, the
Company, or its management, expresses an expectation or belief as to future
results, such expectation or belief is expressed in good faith and believed to
have a reasonable basis, but there can be no assurance that the statement of
expectation or belief will result or be achieved or accomplished. Factors which
could cause actual results to differ materially from those stated in the
forward-looking statements may include, but are not limited to, general and
specific economic, financial and business conditions; federal and state
regulatory, legislative and judicial developments which affect the Company or
significant groups of its customers; the impact of competition on the Company's
revenues; fluctuations in weather from normal levels; changes in development and
operating costs; the availability and cost of natural gas; the availability and
terms of capital; exposure to environmental liabilities; the costs and effects
of unanticipated legal proceedings; the successful implementation and
achievement of internal performance goals; the impact of unusual items resulting
from ongoing evaluations of business strategies and asset valuations; and
changes in business strategy.
Item 5. Other Events
A. On January 31, 2000, Connecticut Energy Corporation issued the following
press release:
DPUC Approves Revenue Increase for Southern
Bridgeport, Connecticut, January 31, 2000---The Connecticut Department of Public
Utility Control (DPUC) on January 28, 2000 issued its final decision, approving
a $502,000 annual revenue increase for The Southern Connecticut Gas Company.
This amounts to approximately a .2% increase over current rates for firm sales
customers.
The rate increase will be effective for sales on and after February 1, 2000.
"We appreciate that the Commission took into account much of the information we
provided in our written Exceptions and oral arguments, and revised its draft
decision. We are disappointed that additional revisions were not made," said
Romilda Anderson., Southern's Director Public Affairs. "We will continue our
review of the decision to determine how best to address these issues. We will be
working to revise our performance based ratemaking plan to meet the Commission's
concerns."
"It is especially important that the Commission treated most of our deferred
expenses, which are a major portion of our rate request, as requested," said
Anderson. "The decision allows the gradual recovery of expenses that the Company
has incurred for state-mandated programs, but for which it has not yet collected
from customers. These state-mandated programs include the Three Way Payment Plan
for hardship assistance, economic development expenses and for state-mandated
conservation expenses."
"We will continue our efforts to optimize efficiencies and continue to provide
excellent service to our customers."
Southern Connecticut Gas Company is the principal subsidiary of
Connecticut Energy Corporation. Southern distributes natural gas to
approximately 160,000 customers in 22 Connecticut communities. Through
Connecticut Energy's subsidiary, CNE Energy Services Group, Inc., the Company
also provides an array of energy commodities and services to commercial and
industrial customers throughout New England and parts of New York. CNE
Development Corporation participates in bulk purchases and storage of natural
gas, and CNE Venture-Tech invests in ventures that offer technologically
advanced energy-related products. Further information on the Company is
available at www.ConnEnergy.com.
In December 1999, Connecticut Energy Corporation received the approval
from the Connecticut DPUC to merge with Energy East Corporation. Connecticut
Energy had announced the merger agreement last April, and shareholders approved
the merger in September.
Energy East Corporation [NYSE: NEG] is a super-regional energy services
and delivery company in the Northeast. Energy East is a leader in promoting
competition and is committed to profitably growing its energy infrastructure.
Upon completion of its mergers with Connecticut Energy Corporation [NYSE: CNE],
CMP Group [NYSE: CTP], CTG Resources [NYSE: CTG] and Berkshire Energy Resources
[NASD: BERK] - and including its current energy delivery subsidiary, NYSEG -
Energy East will serve 2 million customers (1.4 million electricity and 600,000
natural gas) in upstate New York and New England.
This press release contains forward-looking statements about the
projected financial performance of Connecticut Energy Corporation. While the
Company believes such statements to be reasonable at the date of this press
release and makes them in good faith, Connecticut Energy cautions that they may
vary from actual results. Investors should be aware of important factors that
could have a material impact on future results, such as the availability and
terms of capital; competition for energy services; actions by federal and state
regulatory authorities; legislative and judicial developments which affect the
Company or significant groups of its customers; and other uncertainties.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONNECTICUT ENERGY CORPORATION
(Registrant)
Date: February 3, 2000 By: /s/ Carol A. Forest
Carol A. Forest
Vice President, Finance, Chief Financial
Officer, Treasurer and Assistant Secretary
