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For More Information Contact:
Kathi VanderZanden, PNGC Power, 503-288-5561
PNGC Power Names John Prescott New CEO
Seasoned 25-year power executive to lead company at pivotal time in NW energy industry
Portland, OR - 10/12/2006 - John Prescott has been named President and Chief Executive Officer for PNGC Power, following a search. The company is a generation and transmission cooperative owned by 15 member utilities with service territory in seven western states. Prescott has been with the company since December 2005 as Senior Vice President of Power Supply and assumes his new responsibilities immediately.
The announcement was made by Chairman of the Board, Dee Reynolds. "The quality of the candidates was excellent; John was chosen because of his outstanding leadership qualities," said Reynolds. "He is a seasoned professional with significant industry expertise and a strong business, policy and engineering background. We have a lot of important work underway with respect to our current operations and future planning and we expect John’s leadership to help usher us into the future, well-positioned to continue to provide innovative and dependable power supply solutions."
Prescott replaces CEO Patrick Reiten who left the company in mid-September to accept the position of President for Pacific Power.
As head of PNGC Power, Prescott, 50, will lead the Portland-based electric power services cooperative owned by 15 Northwest electric distribution utility cooperatives with approximately 341,000 customers.
"I am truly excited by the opportunity and eager to lead this professional team," said John
Prescott. "PNGC Power is a recognized industry leader with an extraordinary history of innovation and success. I am proud to be part of an organization that truly values its members and has made strategic investments for a secure energy future. I am looking forward to building on that foundation to meet the future challenges of this industry."
Prior to joining PNGC Power, Prescott served as Power Supply and Environmental Affairs Officer at Seattle City Light, Seattle, Washington and before that, spent 23 years with Idaho Power Company in various positions, the most recent as Vice President of Power Supply. He holds a masters of science degree in electrical engineering from the University of Idaho, Moscow, Idaho and recently completed the executive MBA program at Harvard, Boston, Massachusetts. Prescott is a registered engineer in all western states.
Tom Haymaker has been named Acting Vice President of Power Supply for PNGC Power. In this role, he oversees decisions relating to power supply in serving electricity loads of PNGC Power’s member-owners. Haymaker manages the overall price and supply risk for PNGC's members on a forward looking basis.
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About PNGC Power
PNGC Power is a Portland-based electric power services cooperative owned by 15 Northwest electric distribution cooperative utilities with service territory in seven western states (Oregon, Washington, Idaho, Montana, Utah, Nevada and Wyoming). The company creates value for its member systems by providing sophisticated power management, technical innovation and cutting edge customer services and products. It employs state-of-the-art risk and portfolio management techniques, real-time scheduling capabilities and market access, a substantial meter data management system, and a variety of technical services focused on maintaining low-cost and reliable power service. PNGC Power is a top aggregator of geographically diverse loads in the region and became the first electric cooperative in the country to receive a power marketing license from the Federal Energy Regulatory Commission. As a major preference customer of the Bonneville Power Administration, PNGC Power also devotes considerable efforts and expertise on northwest policy development and implementation. More information about PNGC Power can be found at www.pngcpower.com.
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