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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 7, 2000
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Commission Registrant, State of Incorporation, IRS Employer
File Number Address, and Telephone Number Identification No.
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1-10568 LG&E ENERGY CORP. 61-1174555
(A Kentucky Corporation)
220 West Main Street
P.O. Box 32030
Louisville, Ky. 40232
(502) 627-2000
2-26720 LOUISVILLE GAS AND ELECTRIC COMPANY 61-0264150
(A Kentucky Corporation)
220 West Main Street
P.O. Box 32010
Louisville, Ky. 40232
(502) 627-2000
1-3464 KENTUCKY UTILITIES COMPANY 61-0247570
(A Kentucky and Virginia Corporation)
One Quality Street
Lexington, Kentucky 40507-1428
(606) 255-2100
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This combined Form 8-K is separately filed by LG&E Energy Corp., Louisville Gas
and Electric Company and Kentucky Utilities Company. Information contained
herein relating to any individual registrant is filed by such registrant on its
own behalf. Except for LG&E Energy Corp., each registrant makes no
representation as to information relating to the other registrants. In
particular, information contained herein related to LG&E Energy Corp. is
provided solely by LG&E Energy Corp. and shall not be deemed included in the
Form 8-K of Louisville Gas and Electric Company and Kentucky Utilities Company.
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ITEM 5. OTHER EVENTS
On January 7, 2000 LG&E Energy Corp. ("LG&E Energy") issued a statement
regarding the Kentucky Public Service Commission's decision in the
performance-based ratemaking case involving its two utility subsidiaries,
Louisville Gas and Electric Company and Kentucky Utilities Company.
News release material of LG&E Energy describing the above matter is filed with
this report as Exhibits 99.01 and is incorporated herein by reference.
ITEM 7(c). EXHIBITS FILED
99.01 News Release dated January 7, 2000
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.
LG&E ENERGY CORP.
Dated: January 24, 2000 BY: /s/ John R. McCall
---------------------------------
Executive Vice President,
General Counsel and
Corporate Secretary
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.
LOUISVILLE GAS AND ELECTRIC COMPANY
Dated: January 24, 2000 BY: /s/ John R. McCall
--------------------------------
Executive Vice President,
General Counsel and
Corporate Secretary
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.
KENTUCKY UTILITIES COMPANY
Dated: January 24, 2000 BY: /s/ John R. McCall
----------------------------------
Executive Vice President,
General Counsel and
Corporate Secretary
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EXHIBIT INDEX
LG&E ENERGY CORP.
LOUISVILLE GAS AND ELECTRIC COMPANY
KENTUCKY UTILITIES COMPANY
Current Report on Form 8-K
Dated January 7, 2000
EXHIBITS
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EXHIBIT NO. DESCRIPTION
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99.01 News Release dated January 7, 2000
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Media Contacts: Grant Ringel Chip Keeling
502.627.2877 502.627.2502
24 Hour Media Line 502.627.4999 Toll free: 888-627-4999
LG&E ENERGY'S CEO, ROGER W. HALE, RESPONDS TO
KENTUCKY PUBLIC SERVICE COMMISSION RATE CASE DECISION
(LOUISVILLE, KY - January 7, 2000) The following attachment is LG&E Energy
Corp.'s (NYSE: LGE) formal, and only, statement concerning today's Kentucky
Public Service Commission (KPSC) decision in the companies' (LG&E/KU)
performance-based ratemaking case.
The statement was written by Roger W. Hale, Chairman of the Board and
Chief Executive Officer, LG&E Energy Corp.
###
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STATEMENT OF ROGER W. HALE
CHAIRMAN AND CHIEF EXECUTIVE OFFICER, LG&E ENERGY CORP.
The Commonwealth of Kentucky is, today, the ONLY state in the U.S. that can
proudly boast it has the nation's #1 utility customer service and rates 38
percent below the national average.
Yet on January 7, 2000, the Kentucky PSC ordered that LG&E and KU reduce their
pretax earnings effective March 1, by a combined $63 million per year,
representing more than 20 percent of the utilities' income. This order soundly
rejected the recommendations of Kentucky's Attorney General and the cities of
Louisville and Lexington.
To issue such an order is unnecessary and irresponsible. The order punishes
success and is an affront to all LG&E Energy employees who have worked
tirelessly and creatively these past ten years to improve the operating
efficiency and the quality of customer service of Kentucky's two largest utility
companies, making them a model for the industry.
This order is also a direct assault on LG&E Energy shareholders, nearly 35,000
of whom reside in Kentucky. The loss of shareholder value directly attributable
to the year-long rate uncertainty caused by the Kentucky PSC is outrageous in
and of itself ... but to have this overly long process result in such a
confiscatory order is mindboggling. The Commonwealth of Kentucky must bear the
ultimate responsibility for this punitive regulatory order and the negative
message it sends about the business climate in our state.
/s/ Roger W. Hale
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Roger W. Hale
Chairman of the Board & CEO
LG&E Energy Corp.
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[LOGO]
LG&E/KU RATE CASE BACKGROUND:
- - In a 1997 order approving the merger of the parent companies of Louisville
Gas & Electric (LG&E) and Kentucky Utilities (KU), the Kentucky Public
Service Commission (KPSC) recognized that the utilities needed to develop a
utility regulation plan that continued the mutually beneficial balance
between low rates, high quality service and solid utility financial
performance. The KPSC instructed the companies to return within a year
after completion of the merger with a proposal for either a traditional or
alternative form of regulation.
- - In October 1998, the companies filed applications with the KPSC for
approval of a new method of determining electric rates, Performance-Based
Ratemaking (PBR) that would provide financial incentives for the companies
to reduce costs and share the benefits with customers.
- - The companies reached an agreement on April 5, 1999 with the Kentucky
Attorney General's Office to amend the plan. The amended plan received the
support of the City of Louisville, Lexington/Fayette Urban County
Government, International Brotherhood of Electrical Workers and MSD. On
April 13, 1999, the KPSC issued an order putting the amended PBR proposal
of the utilities into effect, subject to future review.
- - The amended plan and a full review of the companies' revenue levels were
the subject of KPSC hearings beginning in August 1999. The final Commission
order was issued today.
