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UNITED STATES
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) March 16, 1998 (March 6, 1998)
UTILICORP UNITED INC.
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(Exact name of registrant as specified in charter)
Delaware 1-3562 44-0541877
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
20 West Ninth Street, Kansas City, Missouri 64105
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (816) 421-6600
(Former name or former address, if changed since last report) Not applicable
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ITEM 5. OTHER EVENTS.
On March 6, 1998, UtiliCorp United Inc., (UCU) announced in a press
release that the Public Service Commission of Missouri made a decision to
reduce the annual electric rates of Missouri Public Service (a division of
UtiliCorp) by $16.9 million, excluding certain depreciation adjustments.
Although the Company is still reviewing the EBIT impact of the order, the
current estimates are approximately $18 million in 1998 and $23 million in
1999 and beyond.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99. UtiliCorp United Inc., Press Release dated March 6, 1998.
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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, thereunto duly authorized.
UtiliCorp United Inc.
By: /s/ James S. Brook
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James S. Brook
Vice President & Controller
Date: March 16, 1998
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EXHIBIT 99
MEDIA CONTACTS:
Jerry Cosley - (816) 467-3677
George Minter - (816) 467-3772
Media Relations - (816) 467-3000
INVESTOR CONTACTS:
Dale Wolf - (816) 467-3536
Ellen Fairchild - (816) 467-3506
UTILICORP DISAPPOINTED WITH COMMISSION
RULING IN MISSOURI ELECTRIC RATE CASE
KANSAS CITY, MO, March 6, 1998 -- UtiliCorp United (NYSE:UCU) responded
to a decision today by the Public Service Commission of Missouri to reduce
the annual electric rates of Missouri Public Service (MPS), a division of
UtiliCorp.
In an earlier filing with the commission, MPS had requested an annual
rate increase of $24.6 million to recover inflationary and other cost
increases, including an investment of some $20 million in MPS plant and
facility improvements. In its ruling today, the commission instead called for
a $16.9 million annual rate reduction for MPS.
"UtiliCorp is very disappointed with the commission's ruling because it
fails to address many of the competitive issues presented in our case, and
departs from commission precedent on some critical issues," said Jon Empson,
senior vice president, regulatory, legislative and environmental services.
"Since we just received a copy of the decision today, we are going to
review the ruling further before responding in more detail. However, we
believe the commission has missed an important opportunity to help position
our company and our Missouri customers for the competitive changes that
deregulation of the utility industry is introducing across the U.S."
The rate increase that MPS sought from the commission was the company's
first request since 1993. Due to rate adjustments during the last 15 years,
MPS customers currently pay less for electricity than they did in 1983.
In its earlier filing, MPS also requested implementation of a temporary
surcharge to cover costs related to transitioning to the competitive
customer-choice marketplace.
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Missouri Rate Decision
The filing also included a mechanism to establish a $1 million fund to
assist low-income customers. It is UtiliCorp's understanding that both of
these items were not approved by the commission.
Missouri Public Service serves 190,000 electric and 45,000 natural gas
customers in western Missouri. UtiliCorp United is a Kansas city-based
international electric and natural gas company with energy customers and
operations across the United States and in Canada, Great Britain, New Zealand
and Australia.
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