Is there hope for Conectiv?

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Conectiv's latest 10Q was posted on May 10th. From the end of last year or in four months they have completed 50 percent of their remediation and testing. Is this possible? Their report is located on page 22 of their report.

-- Anonymous, May 14, 1999

Answers

BB,

Conectiv is my power supplier, so I've certainly got a vested interest in their preparedness. ;-) I'll drop you an email sometime Monday.

-- Anonymous, May 17, 1999


BB, I can't really tell you what's possible and what isn't. I can show you the progression of changes in the data Conectiv has filed with the SEC over the last nine months. For brevity, I'll use "I&A" to indicate Inventory and Assessment, "CA" to indicate Conectiv's category of "Corrective Action and Unit Testing", and "T" to indicate their final category of "Testing and Compliance".

As of the end of September, 1998:

Business Systems -- I&A = 95%.....CA = 70%......T = 60%.

Power Production -- I&A = 90%....CA = 0%........T = 0%.

Elec. Distribution -- I&A = 90%......CA = 5%........T = 5%.

As of the end of December, 1998:

Business Systems -- I&A = 95%......CA = 85%.....T = 65%.

Power Production -- I&A = 95%......CA = 30%.....T = 30%.

Elec. Distribution -- I&A = 95%.......CA = 10%.....T = 5%.

As of the end of March, 1999:

Business Systems -- I&A = 100%....CA = 95%.....T = 75%.

Power Production -- I&A = 100%....CA = 55%.....T = 40%.

Elec. Distribution -- I&A = 100%.....CA = 55%.....T = 15%.

The costs incurred reported in these three filings were, in order, $3 million, $3 million, and $5.7 million. The total estimated cost of Conectiv's Year 2000 project remained at 10 - 15 million dollars for each filing.

Conectiv also initiated their online web site in February of this year. I was surprised I could not find even a mention of the Year 2000 there. There was an online page with all their press releases and I could not see any Y2K mention in those either. The last one was dated May 11, 1999. For whatever reasons, it appears Conectiv has decided not to go the PR route re Y2K (or I missed finding a reference to it).

-- Anonymous, May 17, 1999


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