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: March 1, 1999
Providence Energy Corporation
_______________________________________________________________________________
(Exact name of registrant as specified in its charter)
Rhode Island 001-10032 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
_______________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (401) 272-5040
_______________________________________________________________________________
N/A
_______________________________________________________________________________
(Former name or former address, if changed since last report)
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Item 5. Other events.
Attached to this report as Exhibit A is a copy of a release dated March 1,
1999 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
JAMES H. DODGE
By: /s/ James H. Dodge
Chairman of the Board, President and
Chief Executive Officer
Date: March 1, 1999
<PAGE>
Exhibit A
For Immediate Release CONTACT:
James A. Grasso
Vice President,
Public & Government Affairs
401-272-5040, X2340
PROVIDENCE ENERGY ANNOUNCES SENIOR MANAGEMENT CHANGES
PROVIDENCE, RI (March 1, 1999) -- Providence Energy Corporation (NYSE:PVY) today
announced several senior management changes, effective immediately.
Changes include:
JamesDeMetro, senior vice president, has been appointed executive vice
president of the corporation's principal subsidiary, Providence Gas Company
(ProvGas.) He will continue to report directly to James H. Dodge, chairman,
president and chief executive officer. DeMetro also has been named
executive vice president of ProvEnergy.
"Clearly, Jim DeMetro has been a key player in the development and
implementation of our corporate strategy," Dodge said. "In his new
position, Jim will have an even greater role as the principal executive
responsible for ProvGas and North Attleboro Gas." DeMetro, 51, has been
with ProvEnergy since 1992.
Gerald A. Yurkevicz, vice president for corporate marketing, has been named
vice president of business development and marketing for ProvEnergy's
unregulated businesses, principally Providence Energy Services Inc. and
Super Service Oil. He will report directly to Dodge. Yurkevicz, 41, has
been with the company since 1996.
James A. Grasso, vice president of public and government affairs, will
assume the additional responsibility for ProvEnergy's advertising and
corporate communications. Grasso, 45, who reports directly to Dodge, has
been with the company since 1997.
In addition, Dodge announced that Gary S. Gillheeney, senior vice president and
chief financial officer, has resigned to pursue other opportunities. Gillheeney,
43, had been with the company since 1980. Dodge praised his "many contributions
over 19 years." Dodge will assume Gillheeney's duties on an interim basis.
(more)
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"These changes culminate a restructuring we began last year," said Dodge. "First
and most importantly, they allow us to bring together all facets of our utility
operation with close coordination between operations, marketing and regulation.
This will be vital as we expand unbundling and as the regulatory process adapts
to the changes in the utility industry. Success in these matters will be key to
ProvEnergy's financial performance in the years ahead.
Dodge added: "A second objective has been to achieve separation between the
regulated and nonregulated operations in recognition of regulatory guidelines
and the increasing demands on executive time of our new marketing business with
current revenues of $32 million per year and substantial growth opportunities."
ProvEnergy is a diversified energy service company with operations in Rhode
Island, Massachusetts and Connecticut. The company's two regulated natural
gas-distribution companies, ProvGas, the largest gas-distribution company in
Rhode Island, and North Attleboro Gas Company in nearby Massachusetts, have a
total of 170,000 customers. ProvEnergy also owns ProvEnergy Services Inc., a
nonregulated marketer of natural gas, electricity, oil and energy services with
customers in three states, as well as Super Service Oil, with more than 4,000
residential oil customers and a large commercial customer base, largely in Rhode
Island.
ProvEnergy has paid cash dividends for 149 consecutive years, an achievement
unmatched by any other natural gas-distribution company in the United States.
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