Fitch Ratings has assigned an initial rating of 'A' to the City of Winter Park, FL $49.8 million of electric revenue bonds, series 2005A (AMT) and series 2005B (non-AMT). Proceeds from the debt will provide funds to acquire the city's electric distribution franchise and to finance related system upgrades, including the construction of two electric substations. The city is purchasing the franchise from Progress Energy (Florida Power Corporation), terminating a franchise agreement between the two parties that originated in 1921. The bonds are to be issued at auction rate for 30 years, with 90% of the variable-rate exposure swapped to fixed-rate bonds. The bonds are expected to price the week of May 23 with JP Morgan as lead underwriter.

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By unanimous vote at last night’s meeting, city commissioners approved a long-term agreement with ENCO Utility Services (ENCO) that will provide Winter Park with turnkey electric distribution services. The commission’s approval brings the city one step closer to purchasing its electric distribution system, on target to happen later this year. In September 2003, in the highest turnout in 15 years, voters approved issuing $50 million in bonds to purchase the city's electric system from Progress Energy.

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The city of Winter Park, Fla., has chosen a California company, ENCO Utility Services, to operate the new municipal electric utility the city is forming. The Winter Park City Commission on July 26 gave the go-ahead for the city to begin contract negotiations with ENCO, which is based in Anaheim, Calif. ENCO Utility Services, formerly Edison Utility Services, has a 17-year contract to operate the recently formed municipal electric utility in Moreno Valley, Calif.

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Dennis Eastman, President of ENCO Utility Services (ENCO), announced today the signing of a Global Strategic Alliance with The Council of Energy Resource Tribes (CERT) www.certredearth.com. Mr. Eastman further commented that the Alliance creates a more comprehensive “team” approach to the development of Tribal Energy Utilities as well as leveraging the unique expertise ENCO offers with the unique opportunity available to Indian Nations.

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Moreno Valley, California, October 20, 2003 — The Mayor of Moreno Valley, Bill Baley, today executed a long-term agreement with ENCO Utility Services of Anaheim for the provision of complete turnkey electric utility services.   The City will soon begin providing electric utility services to future growth areas in the City that will ultimately serve as many as 150,000 new residents and businesses.  Southern California Edison will continue to provide service to the customers in Moreno Valley that it currently serves.

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