Vectren

Vectren Corporation was an American energy holding company headquartered in Evansville, Indiana. Its principal business was regulated utility service, with natural-gas distribution operations in Indiana and Ohio and electric utility operations in southwestern Indiana. The company also maintained non-utility businesses focused on energy services, infrastructure services, and coal mining. Vectren was created through the combination of two Indiana utility holding companies: Indiana Energy, the parent of Indiana Gas Company, and SIGCORP, the parent of Southern Indiana Gas and Electric Company, commonly known as SIGECO. The companies announced their merger plans in June 1999, received final regulatory approval on March 9, 2000, and operated under the Vectren name thereafter. The merger brought together gas distribution operations and an electric-and-gas utility serving southern Indiana. The company expanded its regulated utility footprint soon after formation. In the fall of 2000, it acquired natural-gas distribution assets in western Ohio from Dayton Power and Light. This transaction established an important Ohio operating presence, later represented by Vectren Energy Delivery of Ohio. Vectren subsequently broadened its energy-related activities beyond traditional utility distribution. In 2006, it purchased Duke Energy's interest in Miller Pipeline, strengthening its position in pipeline and energy infrastructure services. Vectren's utility subsidiaries served a large residential and commercial customer base. Its Indiana gas operations supplied customers in central and southwestern Indiana, while its Ohio gas business served customers across western Ohio. Its electric utility served southwestern Indiana and operated approximately 1,425 megawatts of primarily coal-fired generating capacity in Indiana. The company also reported approximately 141,000 electric customers and roughly one million natural-gas customers across its service territories, with exact customer counts varying by business and reporting period. A 2010 internal reorganization renamed Indiana Gas as Vectren North and SIGECO as Vectren South. These names made the operating companies more visibly consistent with the corporate brand while preserving their distinct service territories. Vectren's non-utility group included Infrastructure Services, Energy Services, and Coal Mining divisions. Its energy-services activities included energy-performance offerings, while its infrastructure operations provided services connected with energy networks and related construction. The Vectren Foundation supported community-development and energy-efficiency initiatives. Vectren became publicly traded on the New York Stock Exchange under the symbol VVC in 2000. In January 2003, it restated its 2001 earnings after adjustments involving gas costs and employee-benefit costs reduced previously reported 2001 earnings by 18 cents per share. The company also pursued measures intended to manage employee healthcare-cost inflation, including the use of Healthcare Bluebook and Grand Rounds. Vectren's independent corporate existence ended after CenterPoint Energy and Vectren announced a definitive merger agreement on April 23, 2018. The transaction closed on February 1, 2019, with CenterPoint Energy as the surviving public company, and Vectren was delisted from the NYSE. CenterPoint continued using the Vectren name in the former Vectren service territory for a transitional period; that usage was retired on May 3, 2021. Vectren therefore remains a significant historical utility brand in Indiana and Ohio, but it is no longer an independent company.

Vectren's history derives from two Indiana utility companies. Indiana Gas Company was formed in 1941, while Southern Indiana Gas and Electric Company, or SIGECO, was established in 1912. Their respective holding companies, Indiana Energy and SIGCORP, announced plans to merge in June 1999. Final approval was received on March 9, 2000, creating Vectren Corporation as a combined energy holding company. The new company began with a substantial regulated-utility base. Indiana Gas supplied natural gas in Indiana, and SIGECO operated electric and gas businesses in southwestern Indiana. Vectren expanded outside the state in the fall of 2000 by acquiring Dayton Power and Light's natural-gas distribution assets in western Ohio. The Ohio operation became part of Vectren's regulated gas network and was subsequently identified as Vectren Energy Delivery of Ohio. Vectren became publicly traded on the New York Stock Exchange in 2000 under the ticker VVC. Its early corporate development combined regulated utility operations with a broader portfolio of energy-related businesses. In the fall of 2006, Vectren acquired Duke Energy's interest in Miller Pipeline, adding to its infrastructure-services capabilities. The company also developed energy-performance services and other energy infrastructure activities serving customers in the Midwest and Southeast. Its non-utility group included Infrastructure Services, Energy Services, and Coal Mining divisions. A 2010 reorganization changed the names of the principal Indiana operating companies. Indiana Gas became Vectren North, while SIGECO became Vectren South. The reorganization aligned the operating-company brands with the Vectren corporate identity while retaining separate regulated businesses and territories. At its mature scale, Vectren distributed natural gas to approximately one million residential and business customers in Indiana and Ohio. Its reported gas customer base included approximately 680,000 customers in Indiana and 314,000 in Ohio. Vectren also supplied electricity to approximately 142,000 customers in southwestern Indiana and operated about 1,425 megawatts of primarily coal-fired generating capacity in Indiana. Through the Vectren Foundation, the company supported community-development and energy-efficiency projects. The company disclosed a 2001 earnings restatement in January 2003. Adjustments involving gas costs and employee-benefit costs reduced previously reported 2001 earnings by 18 cents per share. Vectren also implemented employee healthcare-cost management tools, including Healthcare Bluebook and Grand Rounds, to address healthcare-cost inflation. Vectren's independent corporate history ended through its combination with CenterPoint Energy. The companies announced a definitive merger agreement on April 23, 2018. The transaction closed on February 1, 2019, with CenterPoint as the surviving head company, and Vectren was delisted from the NYSE. CenterPoint retained the Vectren name for the former company's service territory for a transition period, but retired the brand on May 3, 2021.

• 2021

  Vectren brand retired

  [1]Vectrenen.wikipedia.org

  CenterPoint retired the Vectren name in the former Vectren service territory on May 3.

• 2019

  Merger completed and Vectren delisted

  [1]Vectrenen.wikipedia.org

  The CenterPoint transaction closed on February 1, ending Vectren's independent public-company status.

• 2018

  Merger agreement with CenterPoint announced

  [1]Vectrenen.wikipedia.org

  CenterPoint Energy and Vectren announced a definitive agreement for CenterPoint to acquire Vectren.

• 2010

  Indiana operating companies renamed

  [1]Vectrenen.wikipedia.org

  Indiana Gas became Vectren North and SIGECO became Vectren South in a corporate reorganization.

• 2006

  Miller Pipeline interest acquired

  [1]Vectrenen.wikipedia.org

  Vectren purchased Duke Energy's interest in Miller Pipeline.

• 2003

  2001 earnings restated

  [1]Vectrenen.wikipedia.org

  Vectren restated its 2001 earnings after adjustments related to gas and employee-benefit costs.

• 2000

  Vectren formed and listed on the NYSE

  [1]Vectrenen.wikipedia.org

  The merger received final approval, Vectren was formed, and the company began trading on the New York Stock Exchange under VVC.

• 2000

  Western Ohio gas assets acquired

  [1]Vectrenen.wikipedia.org

  Vectren acquired natural-gas distribution assets from Dayton Power and Light in western Ohio.

• 1999

  Holding-company merger announced

  [1]Vectrenen.wikipedia.org

  Indiana Energy and SIGCORP announced plans to combine their utility businesses.

• 1941

  Indiana Gas Company established

  [1]Vectrenen.wikipedia.org

  Indiana Gas Company, later renamed Vectren North, was formed.

• 1912

  Southern Indiana Gas and Electric Company established

  [1]Vectrenen.wikipedia.org

  Southern Indiana Gas and Electric Company, later known as SIGECO and eventually Vectren South, was established.

A regional, regulated energy utility and diversified energy-services company serving residential, commercial, and industrial customers in Indiana and Ohio.

• Natural-gas utility · 2010

  Vectren North

  Vectren North was the post-2010 brand for Indiana Gas Company's natural-gas distribution business. It served customers in central Indiana and formed a major part of Vectren's regulated utility operations before the company was absorbed into CenterPoint Energy.

• Electric and natural-gas utility · 2010

  Vectren South

  Vectren South was the post-2010 name for Southern Indiana Gas and Electric Company's utility business. It supplied natural gas and electricity in southwestern Indiana and operated Vectren's Indiana generation fleet, which was primarily coal-fired.

• Natural-gas utility · 2000

  Vectren Energy Delivery of Ohio

  This operating business distributed natural gas in western Ohio. It originated from Vectren's acquisition of Dayton Power and Light gas-distribution assets in 2000 and served residential and business customers in the company's Ohio territory.

• Energy-performance services

  Energy Services

  Vectren's Energy Services division provided energy-related offerings beyond regulated distribution, including energy-performance services. The division formed part of the company's non-utility portfolio serving customers in the Midwest and Southeast.

• Energy infrastructure services · 2006

  Infrastructure Services

  Vectren's Infrastructure Services division operated in energy-related infrastructure, including activities associated with pipeline and utility-network services. The company's 2006 acquisition of Duke Energy's interest in Miller Pipeline supported this part of its business.

• 2018

  Agree to combination with CenterPoint EnergyM&A

  Background

  Vectren and CenterPoint Energy announced a transaction that would combine the two energy companies.

  Action taken

  The companies entered into a definitive merger agreement on April 23, 2018, with CenterPoint Energy as the emerging head company.

  Aftermath

  The merger closed in February 2019, Vectren was delisted, and its independent corporate identity ended.

  Source

• 2010

  Reorganize and rename Indiana utility subsidiariesStrategy

  Background

  Vectren reorganized its operating structure to align its Indiana utility businesses more closely with the corporate brand.

  Action taken

  Indiana Gas was renamed Vectren North and SIGECO was renamed Vectren South.

  Aftermath

  The two operating businesses retained their distinct utility territories while using names derived from the Vectren brand.

  Source

• 2006

  Purchase Duke Energy's interest in Miller PipelineM&A

  Background

  Vectren was expanding its non-utility energy infrastructure activities.

  Action taken

  Vectren purchased Duke Energy's interest in Miller Pipeline.

  Aftermath

  The transaction strengthened Vectren's infrastructure-services portfolio.

  Source

• 2000

  Combine Indiana Energy and SIGCORPM&A

  Background

  Indiana Energy and SIGCORP sought to combine their respective Indiana utility holdings, Indiana Gas and SIGECO.

  Action taken

  Following final approval on March 9, 2000, the companies formed Vectren Corporation.

  Aftermath

  Vectren became a publicly traded regional energy holding company and expanded into western Ohio later the same year.

  Source

• 2000

  Acquire western Ohio gas-distribution assetsM&A

  Background

  Vectren sought to expand its regulated natural-gas distribution footprint beyond Indiana.

  Action taken

  The company acquired natural-gas distribution assets from Dayton Power and Light in western Ohio.

  Aftermath

  The acquisition created Vectren's Ohio gas-distribution presence and later operated under the Vectren Energy Delivery of Ohio name.

  Source

1. 1Vectrenen.wikipedia.org