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NEWS RELEASE
Contact:
Media: Teresa Souza, 915-543-5823
Analysts: Rachelle Williams, 915-543-2257
Date: November 13, 2008
El Paso Electric announced today the selection of David W. Stevens as chief executive officer, effective November 17, 2008. Stevens succeeds J. Frank Bates, who has served as interim president and CEO since February, 2008.
“I am very pleased to join El Paso Electric’s dedicated team,” said Stevens, who will also serve on the company’s board of directors. “EPE has an exceptional reputation for quality customer service, and I look forward to continuing that tradition. As our nation enters a new energy era, focused on conservation and environmental protection, El Paso Electric will work to support these emerging priorities. I am confident that we can continue to improve operations, develop vital new energy resources, and increase consumer awareness about energy conservation.”
“David comes to El Paso Electric with a strong record of leadership and deep energy industry knowledge. His regulatory experience will be invaluable to our company as we work to meet our community’s growing energy demands,” said Kenneth R. Heitz, chairman of EPE’s Board of Directors. “The board would like to thank Frank Bates for his excellent leadership throughout this selection process. Frank will continue to play a central role at the company as president and chief operating officer.”
Stevens has extensive executive experience in the energy industry and has consistently helped organizations improve their financial performance. Previously, he served as president and chief executive officer of Cascade Natural Gas Corporation in Seattle, Washington, which distributes natural gas to 235,000 residential and commercial customers. Prior to that, he was president and chief operating officer for Houston-based Panhandle Energy, a subsidiary of Southern Union Company.
Stevens holds a Bachelor of Science in Chemical Engineering from the University of Texas at Austin. Throughout his career he has served in many business and community organizations, including the Southern Gas Association, the Intrastate Natural Gas Association, Rotary International and the American Lung Association.
About El Paso Electric
El Paso Electric is a regional electric utility providing generation, transmission and distribution service to approximately 361,000 retail and wholesale customers in a 10,000 square mile area of the Rio Grande valley in west Texas and southern New Mexico. EPE has a net dependable generating capability of 1,492 MW. EPE’s common stock trades on the New York Stock Exchange under the symbol EE.
Safe Harbor
This news release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: (i) increased prices for fuel and purchased power and the possibility that regulators may not permit EE to pass through all such increased costs to customers or to recover previously incurred fuel costs in rates; (ii) fluctuations in off-system sales margins due to uncertainty in the economy power market and the availability of generating units; (iii) unanticipated increased costs associated with scheduled and unscheduled outages; (iv) costs at Palo Verde, including additional costs relating to an enhanced NRC oversight and inspection regimen; (v) deregulation of the electric utility industry; (vi) possible increased costs of compliance with environmental or other laws, regulations and policies; (vii) possible income tax and interest payments as a result of audit adjustments proposed by the IRS; and (viii) other factors detailed by EE in its public filings with the Securities and Exchange Commission. EE’s filings are available from the Securities and Exchange Commission or may be obtained through EE’s website, http://www.epelectric.com. Any such forward-looking statement is qualified by reference to these risks and factors. EE cautions that these risks and factors are not exclusive. EE does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of EE except as required by law. |
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