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Allegheny Energy returns to Fortune 500

April 11, 2001

Allegheny Energy returns to Fortune 500



By JULIE E. GREENE

julieg@herald-mail.com

Allegheny Energy Inc. has returned to the Fortune 500 after a four-year absence, according to the financial magazine.

The electric and gas utility company was ranked 417th for the year 2000 in the April 2 issue of Fortune magazine.

Allegheny ranked 529th in 1999. The company last made the Top 500 in 1995, when it ranked 467th as Allegheny Power, according to Fortune's research department in New York City.

"We are pleased to be named to the Fortune 500 list because it clearly recognizes Allegheny Energy as an industry leader," said Allegheny President Alan J. Noia in a prepared statement.

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"But, more importantly, our selection is another example that our growth strategy is succeeding and enhancing value for our shareholders," Noia said.

Last year Allegheny announced plans to build a power plant in Arizona and took over two natural gas companies, said spokesman Guy Fletcher. The purchases included Mountaineer Gas, the largest natural gas supplier in West Virginia.

The deals leave Allegheny with 1.7 million gas and electric customers in Maryland, West Virginia, Pennsylvania, Northern Virginia and Ohio, he said.

"We're facing a lot of challenges in a rapidly changing industry and facing them with our strength," Fletcher said.

Those strengths are the company's power generation and its ability to provide low-cost energy, he said.

The Fortune list is based on revenue. Exxon Mobil is at the top of the list with $210 billion in revenue, according to www.fortune500.com.

The magazine lists Allegheny's 2000 revenue at $4 billion. That's an increase of almost 43 percent from 1999. Allegheny's profits were almost $237 million, down 8.4 percent since 1999.

Allegheny slipped out of the Top 500, dropping to 541st in 1996, after federal law changed the procedure for reporting revenue in 1996, Fletcher said.

Its revenues that year were listed at $2.3 billion, according to Fortune Magazine.

Allegheny ranked 28th among gas and electric companies in 2000, according to Fortune Magazine.

The local corporation also was included on Forbes magazine's "Platinum 400" list and in Standard & Poor's 500 Index, Fletcher said.

Allegheny employs 5,550 people, including 160 people at its headquarters south of Hagerstown, Fletcher said.

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