-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MHlUl/xJBqiFOGM9662vNl7GDoLs8ocdn5ZIzDjvKizmges9+Q1sBXp7VRVhRMet p5JM+6s2/Hc1GGF6z5Qj3A== 0001096385-02-000051.txt : 20020725 0001096385-02-000051.hdr.sgml : 20020725 20020725155043 ACCESSION NUMBER: 0001096385-02-000051 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020630 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VECTREN UTILITY HOLDINGS INC CENTRAL INDEX KEY: 0001129542 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172] IRS NUMBER: 352104850 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-16739 FILM NUMBER: 02710951 BUSINESS ADDRESS: STREET 1: 20 NW 4TH ST CITY: EVANSVILLE STATE: IN ZIP: 47708 BUSINESS PHONE: 8124914000 8-K/A 1 vuhipro-earnings_8kajun02.txt VUHI QTR2 PRESS RELEASE SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 of 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 23, 2002 VECTREN UTILITY HOLDINGS, INC. (Exact name of registrant as specified in its charter) Indiana 1-16739 35-2104850 ------- ------- ---------- (State of Incorporation)(Commission File Number)(I.R.S. Employer Identification) 20 N.W. Fourth Street, Evansville, Indiana 47708 - ------------------------------------------ ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (812)491-4000 N/A (Former name or address, if changed since last report.) Item 5. Other Events On April 23, 2002, Vectren Corporation (Vectren), the parent company of Vectren Utility Holdings, Inc, along with Citizens Gas & Coke Utility (Citizens), the Indiana Office of Utility Consumer Counselor (OUCC), the Citizens Action Coalition (CAC), and a group of industrial customers filed an agreement in principle at the Indiana Utility Regulatory Commission (Commission). The agreement set forth the basic framework for settlement of numerous pending issues related to ProLiance Energy, LLC (ProLiance). The parties' final agreement was approved by the Commission on July 24, 2002. This agreement brings closure to over six years of litigation related to Citizens' and Vectren's receipt of gas supply services from ProLiance. The final settlement is outlined in the press release attached as Exhibit 99-1 to this filing. Proliance is a jointly-owned unconsolidated energy marketing affiliate of Vectren and Citizens. Item 7. Exhibits 99-1 Press Release - ProLiance Settlement Approved, Customers Save Millions, Utilities Receive Certainty 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. VECTREN UTILITY HOLDINGS, INC. July 24, 2002 By: /s/ M. Susan Hardwick ------------------------------------ M. Susan Hardwick Vice President and Controller EX-99.1 3 prosettlement-8ka_jun02.txt VUHI QTR2 PRESS RELEASE EX-99.1 Joint News Release Media Contacts: Laura Musall, Citizens Gas & Coke Utility - (317) 927-4718 Anthony Swinger, Indiana Office of Utility Consumer Counselor - (317) 233-2747 Briane House, ProLiance Energy - (317) 231-6824 Mike Roeder, Vectren - (812) 491-4143 ProLiance Settlement Approved, Customers Save Millions, Utilities Receive Certainty July 24, 2002 (Indianapolis, Ind.) -- Today the Indiana Utility Regulatory Commission (IURC) approved a settlement resolving gas cost issues that have been pending before the IURC relating to ProLiance Energy, LLC. This order brings to closure more than six years of litigation related to Citizens Gas & Coke Utility's (Citizens) and Vectren Energy Delivery of Indiana, Inc.'s (Vectren) receipt of gas supply services from ProLiance. In April, Citizens, Vectren, the Indiana Office of Utility Consumer Counselor (OUCC), the Citizens Action Coalition of Indiana, Inc.(CAC), and an ad-hoc group of large volume gas customers filed an agreement in principle with the IURC setting forth the basic framework for an overall settlement. The parties then submitted a final detailed settlement in early June which has now been approved by the IURC. Created as a joint venture of Citizens and Vectren in 1996, ProLiance is a gas supply alliance designed to reduce the utilities' gas costs, as well as operate as a competitive natural gas marketer to larger commercial and industrial customers throughout Indiana and the Midwest. The order settles a number of issues that had been pending for several years, including how customer benefits should be shared. "Today's decision is great news for Citizens and Vectren utility customers," said Anne E. Becker, Indiana's Utility Consumer Counselor, the statutory representative of Indiana utility customers. "This detailed settlement represents the hard work of all parties involved and provides a framework for future additional shared savings." In addition to the $50-plus million customers have already realized in savings to date in the form of reduced gas costs, Citizens and Vectren customers will receive later this year an additional gas cost refund of $12.7 million. Customers will also receive additional annual benefits of $2.2 million in reduced fees and costs under the proposal. Further, the agreement provides that beginning in 2004 consumers will share in certain additional cost savings related to gas purchases. "The ProLiance savings have provided significant benefits for several years. This additional sharing arrangement will bring even greater value to our customers in the future," said Vectren President and Chief Operating Officer Andrew E. Goebel. "By bringing closure to these issues, this also brings certainty to our investors. Vectren now has a 61 percent ownership stake in ProLiance which represents an important part of our business strategy and the decision helps investors understand how customers and the company will share benefits and risks." "We're pleased to have a decision that further benefits our customers," said David N. Griffiths, President and Chief Executive Officer of Citizens Gas, which has a 39-percent ownership in ProLiance. "ProLiance not only helps Citizens Gas hold down its gas costs, but it has become a successful company that is engaged in the Indianapolis community." Apart from the immediate refund and cost reductions, the settlement also provides for a more transparent operating arrangement as well as ProLiance's continued role as the provider of gas supply services to the utilities through 2007. ProLiance also will commence supplying gas to Southern Indiana Gas and Electric Company. Significant terms of the IURC order include: 1. The utilities' natural gas will be purchased through a gas cost incentive mechanism that shares price risk and reward between the utilities and customers; 2. Beginning in 2004, ProLiance will provide the utilities with an interstate pipeline transport and storage service price discount, thus providing additional savings to customers; 3. As ProLiance continues to provide the utilities with its supply services, Citizens and Vectren will together annually provide an additional $2,million per year in customer benefits in 2003, 2004 and 2005; and 4. In 2006, the utilities will conduct a competitive bidding process for provision of gas supply services commencing in 2007. -----END PRIVACY-ENHANCED MESSAGE-----