PowerGen

PowerGen's results for its financial year to March 1998 mark the end of an era for the UK generator. It faces change on all fronts at home and growing competition abroad. It has already fashioned a bold strategy to deal with these twin challenges, finally put in action this summer with the purchase of East Midlands Electricity, a UK regional distribution and supply business, from US utility Dominion Resources. That deal will transform PowerGen's operations, finances, and outlook. But it will be a minor affair compared to the gigantic transatlantic merger PowerGen is still contemplating. The old days are definitely just that, and the great UK electricity industry caravan will have to move on.