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Richard Priory

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BUSINESS
November 19, 1997 | Reuters
Duke Energy Corp. said it will purchase for $501 million three Northern and Central California power plants from Pacific Gas & Electric Co., a unit of PG&E Corp. Eager to delve into the state's power market, North Carolina-based Duke, a utility holding company, agreed to pay about 30% more than book value for the plants with a combined capacity of 2,645 megawatts.
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BUSINESS
October 25, 2002 | From Associated Press
Duke Energy Corp. said Thursday that its third-quarter profit plunged 71% because of weakness in the U.S. economy, forcing it to cut 1,500 regular positions and 400 contract workers. Duke Chairman and Chief Executive Richard Priory said the move will save Duke Energy about $100 million a year. "One of Duke Energy's strengths is our operating efficiency and ability to adapt to rapidly changing market conditions," Priory said. Duke Energy shares Thursday fell 5.3%, or $1.06, to $19.
BUSINESS
September 21, 2001 | From Times Wire Services
Duke Energy Corp., the largest U.S. utility owner, agreed Thursday to acquire Westcoast Energy Inc. for about $3.5 billion to add natural gas pipelines in the U.S. and Canada. Shareholders of Vancouver, Canada-based Westcoast would get about $27.90 a share in cash and stock, 15% more than the stock's closing price Thursday. Duke also would assume about $5 billion in debt, executives of the companies said after the close of markets.
BUSINESS
January 14, 2003 | From Times Staff and Wire Reports
Wall Street meandered through a listless session Monday, closing narrowly mixed while investors awaited the start of fourth-quarter corporate earnings reports. In commodities trading, oil prices rebounded on doubts that higher crude production by key nations will help bolster the supply picture soon. On Wall Street the market began the day with a rally, but it quickly faded. The Dow Jones industrial average, up as much as 85 points early on, closed with a gain of 1.09 points to 8,785.98.
BUSINESS
March 17, 2003 | From Associated Press and Bloomberg News
Summoned by retired Bank of America Corp. Chairman Hugh McColl, about 120 executives spent the weekend brainstorming on how to restore public confidence in corporate America. "It's the right topic at the right time and the right audience," said keynote speaker Warren Buffett at the Forum for Corporate Conscience. "This subject should be discussed by a group like this."
NEWS
April 4, 2001 | ROBERT J. LOPEZ and RICH CONNELL, TIMES STAFF WRITERS
In the summer of 1999, a top official with a major player in California's power market testified during a congressional committee hearing in support of speeding up deregulation. Unleashing market forces, said the Dynegy Inc. executive, would ensure "maximum customer savings" and "low-cost power." That same month, the Houston-based firm made a far different pitch to Wall Street: Deregulation and major swings in electricity prices would boost revenue and stock value.
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