Unitil Annual Shareholder Meeting Highlights E-commerce Progress and Strong Distribution Growth
Hampton, NH; April 20, 2000 –Unitil Corporation (AMEX:UTL) held its Annual Shareholder Meeting today at Unitil corporate headquarters in Hampton, New Hampshire.
Shareholders elected William E. Aubuchon III, Robert G. Schoenberger and Charles H. Tenney III to Unitil’s Board of Directors. Of the company’s total shares outstanding, an overwhelming majority of 81% voted to elect each director to new three year terms.
Following the election of the directors, Robert G. Schoenberger, CEO and Chairman of Unitil Corporation, and Michael J. Dalton, President of Unitil Corporation, made brief presentations to the guests and shareholders in attendance.
Unitil CEO Bob Schoenberger discussed the Company’s progress in developing Usource as an Internet-based customer energy acquisition service. Usource is proving to be one of the most successful Internet platforms for energy acquisitions by large energy consumers.
He attributes this success to a value proposition that calls for "Putting the customer in charge of their energy decisions, saving the customer time and money, and giving the customer great service."
He also discussed the upcoming market initiative in Pennsylvania. He demonstrated the web solution Usource has developed to offer an easy way for mid-market business customers to automatically enroll in the Usource service.
"It’s been a good year for Unitil’s distribution business," said Unitil President Mike Dalton.
He explained that several factors contributed to this positive report. The good economy contributed to a strong growth, with electric usage increasing 4.6%. In a report issued in October by trade publication Electric Light and Power, Unitil was recognized as a national leader in distribution cost control. The Company was and continues to be a low-cost leader among its peers, reflected in the relatively low rates it charges for electric and gas service. Most importantly, customer satisfaction continues to be strong and growing.
Unitil is a public utility holding company with subsidiaries providing electric service in New Hampshire, electric and gas service in Massachusetts, and energy services throughout the Northeast. Unitil’s other subsidiaries include Concord Electric Company, Exeter & Hampton Electric Company, Fitchburg Gas and Electric Light Company, Unitil Power Corp., Unitil Resources, Inc., Unitil Realty Corp. and Unitil Service Corp.
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