ML20108C856
ML20108C856 | |
Person / Time | |
---|---|
Site: | Clinton ![]() |
Issue date: | 12/31/1995 |
From: | Haab L ILLINOIS POWER CO. |
To: | |
Shared Package | |
ML20108C780 | List: |
References | |
NUDOCS 9605070188 | |
Download: ML20108C856 (61) | |
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ILLINOVA 199S ANNUAL REPnmT fif g$ l',',e', MEASURES OF OUR SUCCESS IN 1995, BY NEAMLY EVERY CO N C EIV A B LE MEASURE, WE WERE BETTER THAN WE WERE 8N 1994 TD BE THE BEST BY THE YEAR 2000, WE MusT BE BETTER THAN DUR C O M P E TIT O R S. THAT'S THE DNE MEABURE ALL DTHER MEABUREE MUST LEAD US TD. , l en x.g. a k i
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1995 ANNUAL REpont l a l ILUNO V A l ,
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( i o much for sophomore jinx. in our second year as an energy ser-an annualized basis beginning with the February 1,1996, payment.
. , vices holding company, the employees of Yet not withstanding our many suc-m - Illinova turned in another outstanding cesses in 1995,I'm certain that we have t g' K performance. In fact. our successes in 1995 potential for even greater results. We are wire so coinprehensive that the market, still reshaping ourselves, re-engineering , ,- which had been skeptical of our prospects, our processes, and redefining our markets.
[f y rewarded Ildnova stockholders with a 37- We're moving forward quickly, to be sure, ; b percent inc'rease in their investment. but I don't think we've hit our stride yet.
\ N , _.s I ~'" MEASURING PROGRESS
- t. A Y I N G GROUNDWORK ig TOWARD 200t" FOR FUTURE SUCCESS Annual reports have a reputation for Over the past few years, we've proven putting the best possible face on things our ability to reduce costs and we have
- emphasizing good points; down. completed many of our efforts to do so.
playing or ignoring bad ones. But this Now, we has e a solid foundation in place , year,I believe we can Ims at virtu- to build the human skills necessary to ally any measure from almost any excel in a competitive marketplace, and perspective and be pleased with our plans to grow our business through , the results. new subsidiaries and new energy services From the financialcommunity's in our utility business are well underway. j perspective,we made the key num. rm particularly optimistic about our bers: we showed revenue growth potential because so much of what we without a rateincrease,we reduced accomplished in 1995 will have its biggest operatingandmaintenaxeexpemes impact in subsequent years. enough to absorb most of the cost perhaps the most prominent are our enhanced retirement and severance pro-of a refueling outage at our nuclear grams.The $38-million price tag of these plant, and our earnings per share were pr grams in 1995 obscures their true up by a double-digit margin before reflect, value, which is $36 million in ongoing - ing our fourth-quarter enhanced reare-annualized savings beginning in 1996. i ment and severance programs and the Investors who have followed us for awhile charge for the premium for redeeming will recall that in 1989 we also offered Ilhnm.s power preferred stock. an early retirement program. That pro-I. rom our customers, perspective, we gram was unsuccessful because we were revamped our approach to serving them, we earned improved overall scores on our 6M d M Wie ing employees. Thir time, however, we customer satisfaction surveys, and we re-engineered our processes to substan-proposed legislation that would revolu- tially reduce - and in some cases com-tionize electric service in Illinois. pletely eliminate-the work proportional And from our stockholders' perspec- to the numirr of retiring or severed employ-tive, our share price appreciation and div- ces. This time we are prepared, and we idend provided a total return in 1995 of will reap significant benefits. j 42 percent, and in December our Board Also, to help sharpen our focus on cre-j of Directors voted to raise the common ating value for our shareholders,in 1995 j j stock dividend 12 percent to $1.12 on we began implementing a financial per- )
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! Measuars or aus success ls CH AIR M AN'S LETTER TO STOCKHOLDERS er formance measurement called shareholder = Working together as a team vah&ded, and we should v:e increas- a Finding new ways to do things ing benefit s in 1996 and beyud. e Buildmgtrustbasedonintegrity (
I.ast se mmer, we negotiated new con- and honesty C ~~ tracts wir'aour unions. Aking with a good e Beingcourageous wagn and bene 6ts package, these new Adopting hse beliefs won't transform contracts include provisions that will allow our compa vr our corporate culture our union employees to be more flexible overnight. But adop*ing them will help us and more responsive in meeting our cus- make the transition to a company that tomers' needs. lhese agreements are good longs to compete -and expects to wm. for Illinova, good for our employees, and, especially, gcxid for our customers. ' "'"" " "**" In 1995, we also reorganized the As I said at the beginning of this letter, way we interact with our customers. 1995 was a great year for Illinova: by g Instead of maintaining high-cost offices, almost every conceivable measure, we we arranged with scores of kical retail, met or exceeded our own very high expec-ers to accept customers' bill payments. tations. And we are poised to repeat that j; . We discuss these and our other efforts performance in 1996 with a third straight ye r of double-digit growth in earnings { j to improve opera tions la ter in the report, x
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but you can see even from these few and common stock dividends. py briefexamples that we have much to look Still, in spite of the good results in e forward to in 1996 and beyond. 1995,there is work ahead of us. We remain committed to being the best by the year f, g r" y L" ,]8] 7; 2000. To do that, we must stick to our Implementing new systems and re-engi. course, developing human resources with j , neering old ones, searching out new busi- the necessary skills and abilities, becom-ness opportunities and servicing old ones will be exciting and challenging work. ing a low-cost and low-price provider, and identifying and explomng new mar-
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But I think our greatest challenge will kets, new opportunities. come within Ilhnova, within ourselves. Ikcause we have set a high standard That challenge is focusing on our s ision for ourselves - that of being the best - to be the best and maintaining our com. I think we can look back at 1995 with .f mitment to achieve that vision - keep enormous pride and a well earned sense .) ing our eye on the prize. That challenge of achievement, but perhaps not with $ is for every individual employee to accept complete satisfaction. I think we can look i and ta meer. back with complete satisfaction only when To help guide each of us toward our we can also kiok back and see the rest of vision and to help us maintain our focus, the industry - following us to be the best. we developed eight corporate behefs: Sincerely, K a Doing better today than we did yesterJay e Serrmg customers better than any other l&) Larr> D. Ilaab
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e Alaking the company ours Chairman, President, and e Knowmg that our employees make ChiefExecutive Officer the difference February 15,1996
l c l e t o.~ o va iees a-~uat ac oor j 1995: ANOTHER STEP TOWARD i B EI N G THE BEST BY THE YEAR 2000 l l 4 i or Illinova,1995 was an exceptional year. In our industry,Illinova is unique for f s Earnings per share for the year were its ability in recent years to grow earn-
$1.96. However, that figure includes ings at a double-digit rate and to make " a one time expense of $.30 per share, simila r increases to its dividend while still recorded in the fourth quarter, for our maintaining a strong financial position.
enhanced retirement and severance pro-ELECTRIC SALES MOVE y . grams, as well as a 5.05 per share charge roawAeo M ooEayLv for the premium for redeeming IP pre- Illinois Power, Illinova's electric and Lr u o v c u.c., v-e ferred stock in December. Without natural gas utility, had higher electric waoo s,aec1 aouau o ' ase expenses, earnings per share for sales in 1995. The 2-percent increase, ouoyeo . .ouo 1995 would have been $2.31, a nearly though, was modest compared to the 6-
@ .~oy.v ..,,uo, 15-percent increase over the earnings per percent rise a year earlier. The increase share from operations in 1994. in 1995 sales was led by strong growth in 1995, we also maintained our pol. in the commercial segment, where kilo-of aestaties: Those having icy of raising common stock dividends in wart-hour sales were up more than 8 per-no upside. and ihose step with our earnings growth. In Decem- cent, and the residential segment, where haeing only domnside..
ber, the Illinova Ikiard of Directors voted sales climbed almost 5 percent. These
" " " ' ' ""' " results received a boost from unusually to increase dividends 12 percent to $ 1.12 "'"*" "^** '""' warm weather during the third quarter.
on an annualized basis beginning with the February 1,1996, payment. Electric sales to the industrial segment, Even after raising the dividend, our meanwhile, remained virtually flat as dividend payout level remains at approx. growth in the regional economy leveled imately 50 percent of earnings. We esti- off after two years of solid expansion. mate this is the level at which we can Natural gas sales to commercial and sustain payments and still allow maxi- residential customers decimed nominally mum flexibility to meet the challenges in 1995,0.5 percent and 0.8 percent, presented by the rapidly changing elec- respectively. But these results were off-tric and natural gas utility industry. set by a better than 9-percent increase in therms sold to industrial customers (excluding gas transported for others). L____________
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1995 ANNUAL R.PDNT
- f es lfLLsNOVA l
1 oo.~~ o ~.ow, coeT MANAoEuENT the NRC boosted Clinton's rating for sh,/t khuun. n.wmu Pow star'"" coNTONUES To E x c E L. maintenance from good to excellent.
, , , ,,,, y,, Several years ago we mapped out a strat-egy to maintain solid earnings growth, Ch,num's outage pufonnance was a OPPORTuN.TY 70 des ire the twin pressures of relativel . c mp ny record, but our liavana plant BNDADEN MY BKILLE.
slow growth in our utility territory and did Clinton one better by setting a world IT OPENS LOTS increasing hostility to rate increases from reenrd.The production team at the Havana Or oODNS." regularors and, of course, customers. Our Pow er Station started Unit 6 for the 2,500th
,, . , , c o u . . . , strategy is three-fold, emphasizing human time, a world record for coal-fired boil- , Reh.chus rnwa Meuger. resources, aggressive cost management, ers of its size and type.
y ch,on emYr si."'"" and market expansion. As the benefits in all, the efforts to cut costs while
" * * ' " ' ""'"" " "5 from cost management begin to diminish maintaining high efficiency and excellent r ou= aw~ Pca"'" from natural limitations, the benefits from customer service reduced year-to-year vo eououot a u ra n r 5, our market expansion efforts will grow O&M expenses by 3 percent excluding ,
awo we'ar o c re wit c Lv to take their place. 1995's refueling ourage ar Clinton. In 1995,Illinova saw substantial w *~o wavivarco.- benefits from its early efforts to rrim WHERE WE BTANo ON JANUARY 1, 1996 costs. Perhaps the best example of this is After watching Illinova turn in tw o con-A last spring's refueling outage at Clinton .
. secunve years of exceptional performances, Power Stanon.
investors who are familiar with our indus-Clinton replaced one-third of the fuel try's history of conservative growth may bundles in its reactor and completed an be tempted to think that the best is now aggressive maintenance schedule in just behind us. We couldn't disagree more. 49 days,35 percent fewer than were nec-We began 1995 with strong momen-essary for its previous outage. Thanks to the shorter outage duration, the plant cut tum, excellent cash flows, superior cost its outage expenditures by nearly a fifth. management, improving customer ser-The Clinton Power Station's extraor-
'#" E '#~#"N""#""E' '#""
site marketing, and growing independent dinary - and successful- efforts to trirn subsidiaries. We finished 1995 exactly as costs did not come at the expense of effi-we started - only better. ciency or safety. In August, the Nuclear Regulatory Commission issued its latest We begin 1996 poised to match and Systematic Assessment of Licensee Per- then surpass our 1995 performance, and formance in which it gave Clinton all we explain how we will do that in the
' excellent' and ' good' mar ks. In its report, following pages.
, . . ~ .
MEAsunga or Dum Buccres 7
' 4C M AKIN G 3U R TRADITIO N AL BUSINESS BETTER f ,
1 l CavsTAL RDas* SMITH Custumn Relatmm Managn. I.ut St. Loun Several years ago, we recognized that the increase shareholder value, but Illinova ground was shifting under our industry is taking cost reduction a step further. and that before it was finished shifting Shareholder value-added, or SVA, is -if ever - the nature of our business a financial performance measure that I would be dramatically different. helps crisure that every dollar we spend in this new industry, familiar ways achieves the maximum return for our of doing things will be replaced by new shareholders by focusing our resources and diffictdt challenges. Regulated monop- squarely on greater growth and more olies? Gone. Rate base, rate-of-return efficient asser management. We've devel- . ratemaking? Gone. Friendly exchanges oped three principal strategies for increas-
~
of technical and marketing ideas and ing our SVA. l tirst, we will ma ke decisions data? Gone. that grow economically profitable busi- " "" ""' """" In their place: competition. ness. Second, we will invest more in exist- " ' ' " ' ^"""' ' ' We're not there yet, not completely, ing husinesses with higher rates of return. but the movement in that direction is And third, we will reduce investments in projects that return less than our cost ' " ' " '" * *'"' inexorable and it is picking up speed. ' AND IT'E A GREAT To prepare ourselves fortheday when f capital. u p p u _ , u n ,, y ,u. we must sink or swim in the free mar. SVA eventually will guide the dispo-ketplace, we developed a model of the sition of every dollar at Illinova. This ,,,, ,,m,,,,, energy services company of the future- focus on shareholder value-added has low-cost and low-price, opportunistic, been the sprir.,, board for outstanding entrepreneurial, customer-focused, fast, financial performanees at other large itoeuoie and flexible. We also created a vision: companies, and we expect nothing less N ,*y',"c , than that at Illinova. TERR 1 TORY To meet customers' energy and related sertice needs better than , CUSTOMER S E RVIC E GETS any other. To be the best by ti c . nso,Cau n e.e u a,n e e R s u o year 2000. In 1995, Illinois Power rolled out major We are making outstanding progress portions of its ambitious project to toward making ourselves into that model re-engineer its business. The benefits - a company and achieving that vision. and challenges - of this project will emerge clearly in 1996. , M A tt l N G EVERY DOLLAR CDUNT Among the many steps we're taking Reducingtheamountof money wespend to improve our customer service is the to conduct our business is one way to com!' te overhaul of our area offices. I
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l l These offices,32 in all, were scattered At the other end of the spectrum, we patch Center to help respond to our cus- 1
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throughout our service territory and have customers who not only do not wish tomers' nceds more efficiently and quickly. served mainly as bill collection centers. to pay their bills in person, but also find regular mail unsatisfactory. For them, ^ ^ " " C"^"""'
- Ilut because they served only a small per-we're PurCn8 electronic funds transfer, Our vision to be the best, as well as centage of our customers, we closed the or EIT, through its paces. If tbe pilot competitive pressures from neighbor-offices and made arrangements for EIT programs run smoothly, lilinois ing utilities with low generation costs local merchants to collect bill payments Power will offer EIT to all custoniers. and from .mdependent power produc-for us. Now,instead of having to go to ers with newer technology and lower We're also implementing some it.no-an Ilk.nms Power office during daytime vative work practices. For example, seme #*P""* '*'IV#'"d """ ""d"'8" business hours, customers can go to any significant re-engineering of our own maintenance and construction crews will one of approximately 100 designated .
generating system. be driving directly to lob sites, rather than local retailers with extended hours. i first reporting to an Illinois Pow er facil. The first major changes were made This new arrangement should be good ity and then driving to the site, in some as a result of the effect our Clean Air for customers as well as for Illinois Powet Act compliance strategy had on plant cases saving more than an hour each day. An additional benefit is that the man- . operations. We closed down or sharp l v i, V,e,re experimenting electromcally, as agers and other staff from many of those cut back operations at smaller units with well. In 1996, some of our trucks will be ck> sed offices are now serving as ombuds- high costs and emissions levels or plants equipped with terminals that employees l men and key parts of our sales force, vis- can use to record the work as soon as it's with low production levels. iting customers and h> cal efficials and done, giving dispatchers real-time infor- Next we tackled the structure of our l acting generally as representatives at large marion to help send the crews to other fossil system, realigning major functions l 1 for Illinois Power. jobs. We've also created a Central Dis- into three groups: plants, plant services, , i
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E"E"ay cwQecE 2ooo and business center. These latter changes were made possible by a labor agreement LEADS REDULATORY REFQRM CFFDRT
/
whose centerpiece is efficiency, flexibil- Illinois Power has been particularly aggres-ity, teamwork, and customer service. sive in its efforts to reform the regulations and la ws governing Illinois utilities. In the Now,using 20-percent fewer employ-first half of the year, we proposed form-ees, the plants are leading the way by ing a generating division or company that operating with empowered employees on multi-disciplinary teams, competitive would own all of Illinois Power's gener-ating assets. We've also proposed aban-maintenance forces freed from traditional (kiningthe Uniform Fuel Adjustment Clause, craft and department boundaries, work, which would provide incentives for utili-ing supervisors, and engineering that is in the field, closer to the work. ties to better manage their fuel costs. At Chnton, our re-engineering efforts Thm efforts were ad hoc proposals, over the past 18 months have led to ffering incrementalimprovements to a improved operations, including lower regulatory system decades old and ill-costs and an approximately 10-percent suited t accommodate anindustry run-reduction in staff. ning headlong into competition. i 1995 In the last two months of 1995, we last spring, however, Illinois Power oiaeOamOw OF REVENUE conducted a diagnostic review of the plant. intr duced legislation to make sweep-P Based on the results of that diagnostic,in ing and comprehensive changes to the gp% 1996 and beyond we expect to make sig. way Mmus electric utihnes are regu-pp gg;jj nificant improvements in our mainte- lated. The plan, called Energy Choice y f] nance, modification, and commitment 2000,is unique among competing pro- 4 0y{g.h systems. In maintenance, we will continue posals within the state- and even nation- ",gge to identify ways to make our activities wide - because it is comprehensive, it more efficient and more cost-effective, balances the interests of energy suppli- mamtenance - 22% ers and their customers, and it was crafted We will also streamline the analysis and { 3]a"]d """"'c"r - 2% simplify the administrative procedures in cooperation with representatives from purchasca power - 20% ! that go into our modification program, which involves the design of new or replace-large industrial customers throughout the state and supported by an aliiance of
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- r. twranon and {
more than 4,000 medium and large man- am""""" - " % , ment equipment for the plant. G. Intunt and other - 11,. ' The third major area we'll seek to
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common stotk 9"' ) improve is our aimmitment systems. Clin- Energy Cho. ice 2000 offers alterna- j ton and all other nuclear facilities work rive regulation. competitive services, direct with the Nuclear Regulatory Commis. access to suppliers, the formation of elec-sion and other agencies to develop com. tric generating companies, recovery of mitments-awnmitments for performance, transition costs, and a streamlined reg-maintenance, etc. Now, working with ulatory process. With Energy Choice these agencies, Clinton is reviewing the 2000, Illinois Power hopes to clear the administrationof thesecommitments,as way for competing effatively in the emerg-well as the commitments themselves, ing energy services marketplace. retaining those that add value to our oper- , ation of the plant and eliminating those l oflesser value. l
f 10 l s o t e w o v a1995 Awwuat RaronT l l
- l
~A i l
l E X PA N DIN G OUR UNIVERSE U TI LIT Y M A R K E TIN GI l LLIN O V A ENERGY DXYMORON NO MDRE B E R ViC E s RESPONDS TO CUSTOMER NEEDs With the exception of a handful of large
. . in a further effort to expand its markets, iadustrial companies, Ilh.nois Power,s (
Illinova launched the Energy Services divi- 1 customers aren't free tochoose the.ir energy sion to seek opportunities inside as well senices supplier. Howet er, that will change .. as outside our traditional service territory. sometime in the next decade, perhaps sometime in the next several years. Illinova Energy Senices is going beyond the delivery of kilowatt-hours and therms We have been anticipating the advent to provide customers with custom, turn-l Last November of choice in our industry for several vears key solutions to their energv-related needs. I in a page 1 article tstled and recently we accelerated our efforts to * '
. Concentrating on the commercial and "Neu Blood Ncededt adapt ro the change. Our marketing orga- .
industrial customer markets, Illinova Pou er Companics nization is surveying customers to iden-
. Energy Services is offering engineering, )
Look outside for rify needs and discover opportunities, ' construction, operations and maintenance, Executives,' the Wall putting employees chrough rigorous sales
. . . . . and financing services related to light-street Journal noted traimng, assigning account executives to .
ing, motors, energy management systems, specific customer segments - all fairly
" RALPH F. TsCHANTZ . . .. .' and heating and cooling systems at cus-ordinary marketmg activities, except in a o oo Tioc, er asi A=o . tomers' facilities.
the utihty industry. Tsew xcceoea Coox-
. Commercial and ind ustrial customers ie.. Now we i. .eot- Oneillustration of our new approach faced with increasingly constrained cap-I N EB EILoWATT*HoURe is our research into a concept called .
ital and human resource budgets are hxik. AT iooinov A eo., ,, premise management.,, i, ears ago we . ing for alternate ways to manage their o , c , u ,, , , , , , , conceived a time when, instead of pur-energy-related needs. This presents Ilk.- chasing kilowatt-hours and therms, cus-nova Energy Services with a significant romers would purchase something hiosely opportunity for growth. defined as , energy comfort,, - perhaps a package offering a consistent indoor
]
remperature, appliances that are moni-tored and serviced, and other energy- ' I related sen ices. Whatever shape the future of energy sen ices takes, Illinois Power is preparing to be the provider of choice.
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12 lLLINOVA 199S ANNUAL R E P D ft ? i 1
-comeA~E. ARE Menacas comuourcace, ings from etiminating duplicate functions. ,
i BUT NOT CoMPULBORY [ GOING TO MAVE TO D,s! ,si a Va!id Consideration. NoWeVer, Years ago when we first began talking co-eiuE To .uRvivE. our re<ngineering efforts over the past about competition in the electric utility THERE ANE 15o few years Will produce Cumulative saV-3 industry, we pointed to the airline, . , cow A~iE= i~ TwE mgs over the next 10 years of more than l trucking, telecommunications, natural . i~ou=Tav. A~o TwERE $600 million.This relative level of 0 %M gas, and banking industries as examples l suouLo eE 5o." savin = ev~*Ms tb , 4ued for rirtually of what to k>ok forward to. In each 4 I dwa r d 7,,,Ilo. a ,, .s m a l t , t o ' ersy one of the more than 20 utility x , u o , s,. .,,m, a e ,,d,. those industries we saw an explosion of
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product offerings and a decline in prices, mergers that have already been announced , r,,,.- a. ,...,,.i o, a.,4,,,,a
. o or completed in our industry. ;
e,unomreuo.,reh as well as a spare of mergers and acqui-sitions. For instance, of the 50 less-than. We believe that the real benefit of a , truckload trucking companies operating merger is its adding significant value to in 1967, fewer than 10 remained in 1990. our primary strategy of becoming a pre- l In 1995, consolidation in the electric *i *"EY Vi ' *P'"I' utility industry began in earnest. Some , , ,, mergers were far flung, as when Texas aoea otoea' l ! Ut<4ies Co. purchased Eastern Energy, Two years ago, Illinova announced the , l a state-owned Australian electricity formation of a subsidiary to operate in l distributor. Others were closer to home: the independent power industry. Today, Union Ek ctric, headquartered in St. Louis, Illinova Generating Company has invest-announced it would merge with Spring- ments totaling more than 300 megawatts field,Ill.-based CIPSCO, two utilities of electric generating capacity stationed l whose service territories adjoin our own. in seven countries on four continents. In
- One of the traditional reasons for merg- the last half of l 995 alone, the company f ing with or acquiring another company closed deals ij the -U.S., China, Jamaica,
-s 1
is the prospect of creating substantial sav- an'd Peru. l l qfghd
*WE'RE TRYtNG TO REFORM ETA *fUTEB AND REDULATORY 8 m Fling e Erg 8,I.lfury Erher.pt l'ropect AI.itWger, LAWS, AND TO DD THAT, ALL OF THE B T A K E. H D L D E R S l'i,U7s(MI flmstertsi C7tm,ft MUBT ALBO 8E ARTNENB 1N THE REF0RM."
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, l ** T H 4 9 (B EMCITING AND CHALLENDING WORK WECAuBE WE'RE DD8ND BOMETHING DIFFERENT EVERY D A Y .
Y' Despite its relatively short existence, tion in Omaha-based Tenaska Marker-the independent power producer indus- ing Ventures, a firm whose natural gas try is crowded with players. Illinova Gen- sales in 1995 exceeded $360 million. In erating is keeping its principal focus on short, IPMI has already positioned itself three regions - Latin America, the Far to be a strong energy and energy services East, and the U.S. - and it is distin- marketer in the Western United States. guishing itself from competitors by its in 1996 and beyond, IPMI will sig-small but broadly experienced staff. Illi- nificantly expand its wholesale electric nova Generating's employees have si8- business and will begin marketing energy nificant technokigical experience in natural and energy-related senices to retail cus-gas and coal generation and extensive " tomers throughout the United States. expertise in orchestrating difficult and in January 1996, IPMI announced .us woCo,.o complex transacnons. the formation of a consortium with North hadaddaax"- The subsidiary's staff has set a goal American Energy Senices and Utility Net-to be among the top 25 independent work Services that will bring a utility power producers in the world by the year resource management senice-covering 2000, and they are well on their way to electric, gas, water, and waste - to indus-achieving that goal. trial and commercial customers under the By limiting its ir. vestments to projects senice mark SourceCom.This senice will in which the risk-adjusted return is greater include real-time measurement and mon-than that offered by similar investments itoring of utility usage and two-way inter-in Illinois Power's business,Illinova Gen- '" " ^*" active communications systems to help the erating expects to begin making contri- customer become a more sophistiated util-butions to Illinova's bottom line as soon ity resource consumer. SourceCom* will as 1997, also provide billing consolidation, two-g , way paging, real-time wireless messaging
MAS"c c Nu o , Iw"c", or dispatching, and security monitoring. ,
Last summer,Illinova Power Marketing, The first SourceCom* customers are the our energy marketing subsidiary, began liospital Association of Northern and Cen-executing wholesale electric transactions. tral California's 200 member hospitals. ta n.n fn.af Later, IPMI established a presence in the IPMI will continue to promote dereg- xi~Cs4~o, c~i~a natural gas market by taking a 50-per- ulation of the electric utility markets and ta~oiruoE i a i c, cent ownership and management posi- will work ck>sely with other Illinova sub- taviruoE 2o N, sidiaries to expand the portfolio of value- o- = a u u a ov w tr added energy senices offered to customers. a waaoo aw*v.
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[ -....... o, oo. BoEc...lml POWER TO THE PEOPLE It's a delightfulirony that one of the catch- decisions are freed to do other things. The phrases of the '60s counter-culture - result is a structure that requires far fewer Power to the people- should find itself traditional managers and that consequently embraced, a generation later, by an elec- has far fewer " career tracks" - which is tric and gas utility, the epitome of cor-another way of saying there are fewer car. porate conservatism. It's not quite so ironic rots to motivate employees. as it appears, though, because Illinova, while not exactly counter <ulture,is increas_ We're replacing those old carrors with ingly something very different from the such new ones as broader salary bands. traditional utility. By reducing the number of salary bands No one at Illinova - no one we're from 16 to just four, we've created plenty awarc of, anyway- uses the sk van " Power of room within each band for employees to the people." But regardless of how we to continue increasing their financial describe it, thar is exactly what we're doing: rewards without necessarily changing ii giving power to the people, to our empk>y-jobs. The new salary bands also allow ees. We're doing it through empowerment employees to move withm. the company and through dozens of other sma; ; un-to explore different interests or to broaden named, unheralded, inconspicuous ways, all with the goal of putting more respon- their base of experience. This system obvi-sibility and authority in the hands of the ously is good for employees, and it's also people closest to the work. good for the company because it encour-Gettingempowermentto work rquires ages employees to gain bmad experience gT~ flattening the organization. When deci. and it also rewards specialists who oth-sions are being made at the front line, erwise might have felt forced to go into {54 U '! - managers who traditionally made those management to advance their fortunes. T.nav r e n w n . 5, 5mse hner ScIlmIle "COMMUNiCATIONE AND C D O PE R AT t D N ARE THE KEYS TD DUR S U C C E 5 5. " DDr T O L p y . R . I2nerrun, GMHtfulgn "WE*Rr ALL w r, R K I N G HARD TO MAKE THIS N E 'N SYSTEM wuRK."
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f .) usu PREFERRED {g'7g 3]so placing a strong emphasis lic Affairs to publicize an increase in stock D4ViDEND REQUtREMENT on teamwork, and we're trying to facil- dividends, we're breaking down the walls (malmns of dollarsi itate it n a number of ways. One way is between employees who need to work 31 by establishing teamwork as a basis for with each other to get the job done fast, 29 part of our employee incentive compen- cost-effectively, and right. 26
- 25 24 sation program. Another is that we're These new ways of doing things rede-using Full Circle Feedback , a tool that, fine the traditional relationship between unhke the traditional top-down review, companies in our industry and their allows team members to receive input on employees. Utilities customarily provided
l their work from each other, from the bot-relatively steady, predictable work. But tom up, and from the top down- Illinova has ambitions h:gher than being We're dissolving the barriers betw een steady and predictable. We expect great I managers and line employees, and things from our employees. In return, _ _ _ [ _
,, ,, ,3 4 ,, we're also dissolving the barriers between we offer employees the chance to grow departments. through training and cross-functional Many tasks at Illinova require input experience, to become owners of the I from more than one department or even company through 401(k) matches, and TDTAL iNTEREeT more than one business group. Whether to receive healthy incentive compensa- " tion payouts.
it's linemen working with gas crews to (malEnsY/ IUI rs install utility service in a new subdivision in short, we recognize that for Illi-181 16 9 g or Financial Services working with pub- nova to meet its commitment to be the 94 148 best, our employees must also be the best. To us, the best employees are the ones who are multi-skilled, flexible, com-petitive-spirited, and tea m-oriented, and we certainly are trying to attract and retain employees who are all of those things. We will do whatever it takes to build and retain a w ork force that is com-mitted and prepared to be the best by the
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