UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report - April 28, 2004
CH ENERGY GROUP, INC.
(Exact name of registrant as specified in its charter)
NEW YORK 0-30512 14-1804460
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State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
284 South Avenue, Poughkeepsie, New York 12601-4879
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (845) 452-2000
Item 5 Other Events.
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On April 27, 2004, the Board of Directors of CH Energy Group, Inc.
elected Steven V. Lant as its new Chairman of the Board. Mr.
Lant, who will also continue as President and Chief Executive
Officer of CH Energy Group, Inc., joined Central Hudson Gas &
Electric Corporation in 1980 as a financial analyst and was
elected to its Board of Directors in 2002. The former Executive
Chairman of the Board, Paul J. Ganci, will retire as an employee
of CH Energy Group, Inc. on April 30, 2004. Mr. Ganci will remain
on the firm's Board of Directors, serving a term that expires in
2006.
A copy of the press release is being filed with this report as Exhibit 99.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CH ENERGY GROUP, INC.
(Registrant)
By: /s/ Donna S. Doyle
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DONNA S. DOYLE
Vice President - Accounting and Controller
Dated: April 28, 2004
Exhibit Index
Exhibit No.
Regulation S-K
Item 601
Designation Exhibit Description
99 Press Release of CH Energy Group, Inc., issued April 27, 2004.*
* filed herewith
April 27, 2004
For Release: Immediately
Contact: Denise D. VanBuren, (845) 471-8323
CH Energy Group Conducts Annual Meeting of Shareholders
Paul J. Ganci Retires; Board Elects Steven V. Lant its Chairman
(Poughkeepsie, NY) CH Energy Group, Inc. (NYSE: CHG) is financially sound,
customer-focused, led by a strong management team, and prepared to take full
advantage of investment opportunities to grow shareholder value. That's the
message Company leaders delivered to their shareholders, who gathered today to
conduct their 76th Annual Meeting of the Poughkeepsie-based energy firm that
serves more than 440,000 customers in nine states.
Shareholders re-elected three members to the Board: Edward F.X. Gallagher
of Newburgh; Steven V. Lant of Poughkeepsie; and Jeffrey D. Tranen of New York
City.
Executive Chairman of the Board Paul J. Ganci, who will retire April 30
following nearly 50 years of service, noted that during his five-year
chairmanship - a time when the electric industry experienced severe financial
stress - total return to his Company's shareholders was 80 percent, and that
service reliability, productivity, and customer satisfaction also increased.
"We have met and, in most instances, exceeded the commitments we made to
you, our shareholders, and to our customers. We have created substantial
financial resources to invest in the future. Our cultural transformation from a
staid, regulated utility to an energetic, high-performance management team gives
me great confidence in the future," Ganci said. "We are well positioned and
prepared to engage any challenge and seize any opportunity."
Ganci, who joined the utility in 1956 as the recipient of its Engineering
Scholarship, will remain on the firm's Board of Directors, serving a term that
expires in 2006. Following the meeting, the Board elected Lant as its new
Chairman. Lant, who will also continue as President and Chief Executive Officer
of CH Energy Group, Inc., joined Central Hudson Gas & Electric Corporation in
1980 as a financial analyst and was elected to its Board of Directors in 2002.
Lant provided shareholders with a comprehensive update on 2003 operational
issues for all business units, and then discussed the Company's plans to further
improve service, sales and productivity. He told shareholders that redeploying
the $100 million resulting from the sale of the utility's power plants as part
of deregulation remains the greatest challenge.
"However, we're confident that more assets may become available for
purchase in 2004. In addition, we see opportunities to invest in the electric
and natural gas transmission systems in our Central Hudson franchise area, and
fully expect that such investments will benefit customers and shareholders
alike," Lant said.
"In summary, we're pleased with both our progress and our position. We are
financially strong and we serve growing markets. We have access to low-cost
capital and we have proven that we can act quickly to seize opportunities," he
said, adding that, "We have a strong management team in place, and we're excited
about our 2004 initiatives to increase productivity and make investments in
order to grow earnings."
# # #
About CH Energy Group
With more than 440,000 customers, CH Energy Group, Inc. is a family of
companies seizing new opportunities in the energy marketplace through two
primary subsidiaries: Central Hudson Gas & Electric is a regulated transmission
and distribution utility serving approximately 355,000 customers in eight
counties of New York state's Mid-Hudson River Valley, and delivering natural gas
and electricity in a 2,600-square-mile service territory that extends from the
suburbs of metropolitan New York City north to the Capital District at Albany.
Central Hudson Enterprises Corporation (CHEC) includes business units delivering
energy and related services to nearly 85,000 customers in eight states and the
District of Columbia. Its regional footprint stretches from Connecticut to the
Washington, D.C. area.
Forward-Looking Statements
Statements included in this news release, including its Appendix and the
documents incorporated by reference which are not historical in nature, are
intended to be, and are hereby identified as, "forward-looking statements" for
purposes of the safe harbor provided by Section 21E of the Securities Exchange
Act of 1934, as amended. Forward-looking statements may be identified by words
including "anticipates," "believes," "projects," "intends," "estimates,"
"expects," "plans," "assumes," "seeks," and similar expressions. Forward-looking
statements including, without limitation, those relating to Registrants' future
business prospects, revenues, proceeds, working capital, liquidity, income and
margins, are subject to certain risks and uncertainties that could cause actual
results to differ materially from those indicated in the forward-looking
statements, due to several important factors including those identified from
time to time in the forward-looking statements. Those factors include, but are
not limited to: weather; energy supply and demand; fuel prices; interest rates;
potential future acquisitions; developments in the legislative, regulatory and
competitive environment; market risks; electric and gas industry restructuring
and cost recovery; the ability to obtain adequate and timely rate relief;
changes in fuel supply or costs; the success of strategies to satisfy
electricity requirements now that Central Hudson's major electric generation
assets have been sold; future market prices for energy, capacity, and ancillary
services; the outcome of pending litigation and certain environmental matters,
particularly the status of inactive hazardous waste disposal sites and waste
site remediation requirements; and certain presently unknown or unforeseen
factors, including, but not limited to, acts of terrorism. Registrants undertake
no obligation to update publicly any forward-looking statements, whether as a
result of new information, future events or otherwise. Given these
uncertainties, undue reliance should not be placed on the forward-looking
statements.