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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report: May 22, 1998
Providence Energy Corporation
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(Exact name of registrant as specified in its charter)
Rhode Island 0-9380 05-0389170
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(State of incorporation (Commission (IRS Employer
or organization) File Number) Identification No.)
100 Weybosset Street, Providence, Rhode Island 02903
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (401) 272-5040
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other events.
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Attached to this report as Exhibit A is a copy of a release issued
May 22, 1998 by the Registrant with respect to the matters referred to therein.
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.
PROVIDENCE ENERGY CORPORATION
By: /s/ Gary S. Gillheeney
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Senior Vice President, Chief Financial Officer
Treasurer and Assistant Secretary
Date: May 22, 1998
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Exhibit A
CONTACT:
James A. Grasso
Vice President, Public & Government Affairs
401-272-5040, Ext. 2340
FOR IMMEDIATE RELEASE
PROVIDENCE ENERGY ANNOUNCES CHANGES
IN ITS NEW ENGLAND ENERGY MARKETING BUSINESS
PROVIDENCE, R.I., MAY 22, 1998: Providence Energy Corporation (NYSE-PVY) today
announced changes to better position the company for growth in the evolving New
England energy marketplace.
ProvEnergy and Southern Energy, Inc. have mutually agreed to end their
joint efforts to develop a New England retail business. Under these joint
efforts, ProvEnergy Services was doing business as Providence-Southern.
ProvEnergy will continue to use its wholly-owned retail energy marketing
company, ProvEnergy Services, as the vehicle to grow its natural gas and
electricity business to retail accounts in New England.
To strengthen its position in the evolving energy market, ProvEnergy is
negotiating with Duke Energy Trading and Marketing, L.L.C. for Duke Energy to
provide wholesale natural gas and electricity to support ProvEnergy Services'
retail marketing efforts. ProvEnergy has already begun buying natural gas from
Duke Energy for new retail business.
Today's announcement represents the continuing implementation of
ProvEnergy's corporate strategy. By integrating wholly-owned ProvEnergy
Services with its oil companies, ProvEnergy will be better able to provide
natural gas, oil, electricity, and equipment service to New England business and
residential customers. ProvEnergy has recently acquired two retail heating oil
companies and is actively pursuing additional retail heating oil company
acquisitions in New England.
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"Our strategy will combine the regional presence of ProvEnergy with
wholesale expertise to deliver cost savings, solid reliability, and great
customer service to New England customers," said James H. Dodge, Chairman,
President & CEO. "ProvEnergy can now provide diversified energy services as one
company with a breadth of retail energy skills," said Dodge.
Providence Energy is a distributor and marketer of natural gas, heating
oil, and petroleum products as well as a marketer of electricity and energy
services. Providence Energy's goal is to provide complete and competitive
energy, home, and business services to customers throughout New England. Its
principal subsidiaries include ProvGas, ProvEnergy Services, Super Service Oil,
North Attleboro Gas, and Mohawk Oil.
