SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
September 22, 1997
Commission Registrants; State of Incorporation; IRS Employer
File Number Address; and Telephone Company Identification
No.
1-11327 Illinova Corporation 37-1319890
(an Illinois Corporation)
500 S. 27th Street
Decatur, IL 62525
(217) 424-6600
1-3004 Illinois Power Company 37-0344645
(an Illinois Corporation)
500 S. 27th Street
Decatur, IL 62525
(217) 424-6600
Total number of sequentially numbered pages is 3.
Item 5. Other Events
- --------------------------
On September 22, 1997, Illinois Power Company (IP) filed a petition with the
Illinois Commerce Commission (ICC) that stipulates customers will not be charged
for certain additional costs of energy as a result of the Clinton Power Station
(Clinton) being out of service. IP will forego collecting from its customers an
estimated $20 million (net impact $12 million, after tax) for higher-cost
replacement power in 1997. An ICC ruling on the petition is expected
by September 29.
Additionally, IP expects 1997 operating and maintenance expenses to be
approximately $15 million, after tax more than projected due to Clinton's
extended outage. Higher than normal operating and maintenance expenses at
Clinton are expected to continue in 1998. IP's parent company, Illinova
Corporation, expects its 1997 annual earnings to be less than in 1996 by
at least 35 cents per share. The extended outage, along with diagnostic and
corrective measures at Clinton, are the major reasons for the expected
shortfall in earnings.
An independent team of about 25 nuclear industry professionals is currently
performing a rigorous four-week evaluation of the plant that will compare
Clinton's performance and its long-term improvement plan against the nuclear
industry's best practices. IP will not establish a target date for restarting
the plant until after it has reviewed the team's report.
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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.
ILLINOVA CORPORATION
(Registrant)
---------------------------
Larry F. Altenbaumer
Chief Financial Officer,
Treasurer and Controller
on behalf of
Illinova Corporation
Date: September 23, 1997
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.
ILLINOIS POWER COMPANY
(Registrant)
---------------------------
Larry F. Altenbaumer
Senior Vice President,
Chief Financial Officer and
Treasurer on behalf of
Illinois Power Company
Date: September 23, 1997
