Ex 99.1
Allegheny Energy, Inc. Expects 2000 Earnings of $2.80 to $2.90-
Projects Substantial Earnings Growth in 2001
Hagerstown, Md., December 19, 2000 -As a year of strong
growth draws to a close, Allegheny Energy, Inc. (NYSE: AYE)
today reported that it expects earnings per share for 2000,
before extraordinary and other charges, to be in line with its
previously estimated target of $2.80 to $2.90 per share, compared
to $2.64 in 1999.
Company officials today also reported that they are
optimistic that 2001 earnings per share will be more than 10
percent higher than similar 2000 earnings, a result of the
ongoing execution of an emerging growth strategy focused on
increasing shareholder value.
Michael P. Morrell, Senior Vice President and Chief
Financial Officer of Allegheny Energy, announced that Allegheny
Energy's positive earnings growth continues, which is very good
news for shareholders.
"We continue to make significant progress in growing
earnings," said Morrell. "All of our primary businesses are
doing very well, and our unregulated businesses continue to play
a key role in achieving earnings that are notably higher than in
the traditional, regulated utility environment. We remain on
track to deliver 2000 earnings per share well in the range of
$2.80 to $2.90 per share."
Added Morrell, "For 2001, we will be advancing a very
positive earnings growth story as we begin to realize the
benefits of recent generation additions and capitalize on our
strategy of becoming a national energy provider. We expect 2001
earnings to fall within the range of $3.10 to $3.30, and, if our
recent acquisition of 1,710 megawatts of generating assets in the
Midwest is successfully completed before the end of the second
quarter, our earnings could be lifted to a range of $3.50 to
$3.70 per share, a 25 percent increase over our expected 2000
earnings per share."
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More information on the earnings estimates will be available
as part of an analyst conference call December 19 at 1:30 p.m.
Investors, the news media, and others may listen to a live
broadcast of this call by visiting www.alleghenyenergy.com or
www.streetevents.com and clicking on an available audio link. The
call will also be archived on the Company's web site for 10
working days after the broadcast.
An S&P 500 company, Allegheny Energy, Inc. is a diversified
energy provider headquartered in Hagerstown, Md. The Allegheny
Energy family includes Allegheny Power, which delivers electric
energy and natural gas to about three million people in parts of
Maryland, Ohio, Pennsylvania, Virginia, and West Virginia;
Allegheny Energy Supply Company, LLC, which operates and markets
competitive retail and wholesale electric generation and operates
regulated electric generation for its affiliates; and Allegheny
Ventures, which actively invests in and develops
telecommunications and energy-related projects. For more
information, visit our web site at www.alleghenyenergy.com.
Certain statements above constitute forward-looking
statements with respect to Allegheny Energy, Inc. Such forward-
looking statements involve known and unknown risks,
uncertainties, and other factors that may cause the actual
results, performance, or achievements of Allegheny Energy to be
materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. Such factors may affect Allegheny Energy's
operations, markets, products, services, and prices. Such
factors include, among others, the following: general and
economic and business conditions; industry capacity; changes in
technology; changes in political, social, and economic
conditions; regulatory matters; integration of the operations of
Allegheny Energy; regulatory conditions applicable to the
transaction; the loss of any significant customers; and changes
in business strategy or business plans.
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