DQE

For other uses, see DQE (disambiguation).
Duquesne Light Holdings, Inc.
Private company
Industry Utility
Founded 1912
Headquarters Pittsburgh, Pennsylvania
Key people
 Richard Riazzi, CEO
Products Electric Power and Related Services
Owner GIC Private Limited (31%)
IFM Investors (25%)
Macquarie Group (24%)
Macquarie/First State Super (13%)
State Super (7%)[1]
Number of employees
 1,200
Website www.duquesnelight.com

Duquesne Light Holdings, Inc. (“DLH”) is an energy services holding company formed in 1989 to serve as the holding company for Duquesne Light Company and to engage in certain unregulated energy and related businesses. After a 2007 acquisition, DLH is a wholly owned subsidiary of parent company DQE Holdings LLC, with principal executive offices located in Pittsburgh, Pennsylvania.

Through its chief subsidiary, Duquesne Light Company, the corporation provides energy to over 588,000 homes and businesses.

Historic incorporation

Duquesne Light manhole cover.

Duquesne Light was one of the dozens of companies founded by inventor George Westinghouse and for its first 75 years of operation (1870s-1940s) was a subsidiary of the holding company known as the "Philadelphia Company".[2] Other such companies also founded by Westinghouse such as the Equitable Gas company and other "Equitable" energy/electronic companies were equal subsidiaries with DQE when it was a subsidiary of the 'Philadelphia Company'.[3]

In 1997, Duquesne and Allegheny Energy agreed to a $4.3 billion merger with headquarters remaining in Hagerstown, Maryland.[4] However DQE backed out of the deal by 1998.[5]

In May 2007, Duquesne was acquired by a consortium led by affiliates of the Australian-based Macquarie Group Limited. The consortium consists of several institutional investors which own all of the common equity of parent company, DQE Holdings, LLC. This classifies it as an investor-owned utility. In 2010, GIC Private Limited acquired a 29% stake from original investor DUET Group.[6]

References

  1. ↑ Ownership Information
  2. ↑ http://www.library.hbs.edu/hc/lehman/chrono.html?company=philadelphia_company
  3. ↑ http://www.library.hbs.edu/hc/lehman/chrono.html?company=philadelphia_company
  4. ↑ http://articles.baltimoresun.com/1997-04-08/business/1997098006_1_allegheny-energy-allegheny-power-electric-utility
  5. ↑ http://old.post-gazette.com/businessnews/19980729bdqe1.asp
  6. ↑ North American power deals — Q4 2010 (PDF), retrieved 2015-02-11
This article is issued from Wikipedia - version of the 3/17/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.