Word: pecos
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...wholesale market. Even if they chose to purchase from other generators, they were allowed to lock in reasonable prices with long-term contracts instead of relying on the daily spot market. "As usual, California fired before they aimed," says Tom Hill, chief financial officer of Pennsylvania utility PECO Energy...
...Energy and Avista, respectively. Stodgy, flat-footed utilities aren't going bankrupt, as predicted, but restructuring to tap the competitive markets. Given their background, though, it's not an easy switch. "These companies didn't consider themselves to have customers--they were called ratepayers," says Michael Egan, CFO of Peco Energy, the $5 billion Philadelphia-based giant that just merged with Unicom...
Generators like Calpine and Duke Energy (whose stock is up more than 20% this year) that sell their power to providers outside their home base are favorites. Peco and Louisiana-based Entergy, the nation's third largest power producer, have even embraced the once imploding field of nuclear energy, seizing on it as a lucrative way to produce power for the spot market. "Nuclear was viewed as an albatross--you just tried to survive it," says J. Wayne Leonard, CEO of Entergy. Leonard is spending $4.5 billion buying up nuclear plants at garage-sale prices. So far, his strategy seems...
Peter (Blackheart) Savino, an associate of the Genovese crime family, was a man with a mission and a machine gun. As he drove down Scott Avenue in Brooklyn, N.Y., he was furious with PECO Corp., a window manufacturer. The company, which had ties to the Genovese family, had started to succumb to overtures by the smaller Lucchese clan. This was cutting Savino out of his kickbacks. So with the blessing of family higher-ups, Savino and a fellow gangster stormed the company's storage yard, pulled out their machine guns and blew to bits more than 200 windows that were...