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Allegheny Energy files SEC request

December 23, 2002|by JULIE E. GREENE

Trying to improve its financial flexibility, Allegheny Energy asked the Securities and Exchange Commission on Friday for authority to access up to $500 million, a company spokeswoman said.

Allegheny Energy's energy trading subsidiary, Allegheny Energy Supply, received SEC authority in October to borrow up to $2 billion in secured financing.

The SEC request filed on Friday asks the commission to allow Allegheny Energy Supply to transfer authority for up to $500 million of that $2 billion to its parent company, Allegheny Energy spokeswoman Debbie Beck said.

Allegheny officials still are negotiating with bank officials for loans.

The request came one day after Allegheny Energy officials announced $334.4 million in losses for the first three quarters of this year.

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