0000057183-01-500022.txt : 20011009
0000057183-01-500022.hdr.sgml : 20011009
ACCESSION NUMBER: 0000057183-01-500022
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20010920
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20010921
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: LACLEDE GAS CO
CENTRAL INDEX KEY: 0000057183
STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924]
IRS NUMBER: 430368139
STATE OF INCORPORATION: MO
FISCAL YEAR END: 0930
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-01822
FILM NUMBER: 1742267
BUSINESS ADDRESS:
STREET 1: 720 OLIVE ST
CITY: ST LOUIS
STATE: MO
ZIP: 63101
BUSINESS PHONE: 3143420500
MAIL ADDRESS:
STREET 1: 720 OLIVE ST
CITY: ST LOUIS
STATE: MO
ZIP: 63101
8-K
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maingsip.txt
FORM 8-K, FILED 9/21/01
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): September 20, 2001
LACLEDE GAS COMPANY
____________________________________________________________________________
(Exact name of registrant as specified in its charter)
Missouri 1-1822 43-0368139
____________________________________________________________________________
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
720 Olive Street St. Louis, Missouri 63101
____________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 342-0500
______________
NONE
____________________________________________________________________________
(Former name or former address, if changed since last report)
Item 5. Other Events
On September 20, 2001 the Company issued the news release attached
as Exhibit 1.
Item 7. Exhibits.
See the Index to Exhibits.
SIGNATURE
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.
LACLEDE GAS COMPANY
(Registrant)
By: /s/ Gerald T. McNeive, Jr.
____________________________
Gerald T. McNeive, Jr.
Senior Vice President -
Finance and General Counsel
September 21, 2001
(Date)
Index to Exhibits
Exhibit No.
___________
1 Laclede Gas Company news release dated September 20, 2001.
EX-1
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exhibitgsip.txt
EXHIBIT 1 - PRESS RELEASE DATED 9/20/01
Exhibit 1
NEWS RELEASE
LACLEDE GAS
____________________________________________________________________________
720 Olive Street, St. Louis, MO 63101
Contact: Richard N. Hargraves
(314) 342-0652
FOR IMMEDIATE RELEASE:
September 20, 2001
Laclede Gas calls MoPSC decision on GSIP "an unnecessary step backward"
ST. LOUIS, MO - Laclede Gas Company (NYSE: LG) today called the
Missouri Public Service Commission's decision to eliminate a highly
successful, innovative program that has significantly reduced the amount
consumers pay for natural gas "an unnecessary step backward" that will have
a negative impact on Laclede and the 633,000 natural gas customers it serves
in the St. Louis area and southeastern Missouri.
The program, known as Laclede's Gas Supply Incentive Program (GSIP),
has generated more than $164 million during the five years it has been in
operation. These savings have come from new, innovative gas supply
arrangements developed by Laclede, many of which involved the company
assuming increased risk. The incentive structure rewarded Laclede for its
cost-savings effectiveness by permitting it to retain for its shareholders a
portion of the total gas cost savings it achieved. However, the lion's share
of the benefits - $129 million, or 78% - went to reduce customer costs.
"We are at a loss to see how eliminating this program is in the
public's best interest," said Douglas H. Yaeger, Laclede's Chairman,
President and Chief Executive Officer. "The benefits generated by this
program overwhelmingly come from out-of-state natural gas producers and
marketers," Yaeger said. "These are used to help lower the bills our
Missouri customers pay."
Yaeger noted that previous Commissioners had approved Laclede's GSIP on
three separate occasions, twice unanimously and, on a third occasion, by a
4-1 vote. He also indicated that the use of incentives in the gas cost area
had recently been endorsed by the task force specifically established by the
Commission to look at gas cost recovery issues in the wake of last winter's
price spikes.
The renewal plan proposed by Laclede, which the Commission rejected
today, included even more benefits for natural gas customers, Yaeger said.
"This year, we attempted something more: to direct a portion of that out-of-
state money to help the poorest of Missouri's poor. This aspect of the
incentive program, which would have used a portion of the savings to provide
about $1 million annually to help low-income, elderly and disabled persons
pay their home-heating bills, will now not be available as a result of the
decision."
In recent years, Missouri's Public Service Commission had recognized
the fast-changing nature of the energy industry and shown a willingness to
accept new, incentive-based regulation methods - most of them proposed by
Laclede - to allow utilities the flexibility to compete in the unregulated
national marketplace while retaining state regulatory control. "This system
has worked well for customers and shareholders," Yaeger said.
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Laclede agrees with comments in the dissenting opinion of Commissioner
Connie Murray, who wrote, "The incentive program has been a win/win
situation" for customers and shareholders alike. Laclede's plan, she stated,
"is a reasonable, workable plan that the evidence shows to be in the public
interest."
Laclede also agrees with Commissioner Murray's concern that no
incentive program will be established in time for application this coming
winter.
"Laclede has an obligation to its customers and shareholders to
consider all options available to it, including seeking expedited rehearing
and judicial review, to retain this important method of holding down gas
costs within the current competitive national supply system," Yaeger said.
Incentive regulation provisions such as Laclede's GSIP have enabled
Missouri utilities to operate in the changing national energy marketplace
without deregulating the traditional utility service provided to Missouri
customers. "We have watched other states deregulate and have participated in
discussions about it here in Missouri," Yaeger said. "So far, no one has
shown how further deregulating natural gas supply benefits our customers -
particularly our residential customers. Some states that have done it wish
they could undo it. Incentive regulation provides the best of both worlds,
incenting utilities to be innovative and save customers money, while
maintaining state regulatory control. Eliminating such a program is not
beneficial to anyone."
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