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Dominion Resources

The Institutional Investor: Still Hot on Utility Stocks?

Michael R. Yogg, who manages Putnam's Global Utilities Fund, explains what investors want from the sector.

Is the love affair with utility stocks cooling? A Standard and Poor’s equity research report in late May included a negative outlook for electric utilities: “We think the sector will underperform in 2006, weakened by the rising interest-rate environment,” the report said. But not all investors agree. We talked with veteran portfolio manager Michael R. Yogg of Putnam Investments, who revealed how the modern-day investor views the utilities sector.

Byline: 

Richard Stavros

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People

(June 2006) Mirant Corp. appointed Jose (Joey) P. Leviste Jr. as chairman, president, and CEO of Mirant Philippines, and as a senior vice president of Mirant Corp. Ian C. Connor joined Goldman Sachs in 2006 as a managing director in its Power & Energy Group. Unitil Corp. shareholders elected Robert G. Schoenberger, Charles H. Tenney III, and Dr. Sarah P. Voll to its board of directors. Piedmont Natural Gas announced several changes in the company’s executive management team.

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Exelon's Epic End Game

Electric M&A: The merger with PSE&G may herald a new industry structure, squarely at odds with regional markets.

The marriage between Exelon and PSEG would create the largest electric utility in the United States. The policy implications could loom even larger, however. Standing at risk is nothing less than FERC’s entire regulatory regime for approval of mergers and market-based rates.
Byline: 

Bruce W. Radford

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Business & Money

Sticking to the Knitting:

Business & Money

Sticking to the Knitting:

A review of three years of post-Enron stock performance by electric utilities.

Immediately following the Enron collapse, investors dumped the stock of any electric power company that appeared to be pursuing non-traditional growth strategies. Any company that emphasized unregulated businesses-investments in overseas assets, merchant power plant development, and energy marketing and trading-was suspect.

Byline: 
Dean C. Maschoff, Thomas F. Read, and R. John Dingle
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Business & Money: Bringing Back The Greenbacks

A spate of proposed U.S. tax rule changes soon may open a window of opportunity for certain utilities.

The proposed Homeland Investment Act on Repatriation may soon open a window of opportunity for U.S. companies with unrepatriated foreign earnings. If passed, it potentially would allow U.S. utilities to bring money back into the country without harsh tax penalties, thereby freeing up capital to reinvest in assets here, pay down U.S. debt, or fund other liabilities.
Byline: 

Todd M. Landau, Tadd A. Fowler, and Craig King

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New Nuclear Construction: Still on Hold

A number of factors point to expanded nuclear generation. But when?

Skeptics believe investors will continue to shy away from nuclear in the coming decades, but conditions are changing, with several factors pointing to expanded nuclear generation.
Byline: 

Neil J. Numark and Micheal O. Terry

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Generation Roundtable: Power Flux

Generators struggle to plan for the future as they cope with an unstable present.

In a roundtable discussion, generation experts explain how environmental regulations, industry restructuring, investor confidence, and the bottom line are affecting their decision-making.
Byline: 

Michael T. Burr

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People

People for December 2003.

New opportunities at ScottishPower, Chesapeake Utilities, NRG Energy Inc., and others.
Byline: 

PUF

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