Duquesne Light Company
 | |
| Company type | Private company |
|---|---|
| Industry | Utility |
| Founded | 1912 |
| Headquarters | Pittsburgh, Pennsylvania |
Key people | Kevin Walker, 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 anenergy servicesholding companyformed 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 inPittsburgh,Pennsylvania.
Through its chief subsidiary, Duquesne Light Company, the corporation provides energy to over 588,000 homes and businesses.
Historic incorporation[edit]
Duquesne Light was one of the dozens of companies founded by inventorGeorge Westinghouseand 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 theEquitable Gascompany and other "Equitable" energy/electronic companies were equal subsidiaries with DQE when it was a subsidiary of the 'Philadelphia Company'.[2]
In 1997, Duquesne andAllegheny Energyagreed to a $4.3 billion merger with headquarters remaining inHagerstown, Maryland.[3]However DQE backed out of the deal by 1998.[4]
In May 2007, Duquesne was acquired by a consortium led by affiliates of theAustralian-basedMacquarie GroupLimited. The consortium consists of several institutional investors which own all of the common equity of parent company, DQE Holdings, LLC. This classifies it as aninvestor-owned utility.In 2010,GIC Private Limitedacquired a 29% stake from original investor DUET Group.[5]
In 2018, Duquesne Light began offering $3,000 rebates for the purchase ofelectric vehiclesin an effort to promote adoption of electric vehicles and increase the number on the road. The company partnered withNissan North Americato execute the program. People in Pennsylvania who purchase electric vehicles, in addition to the rebate, get up to $7,500 in federaltax creditsand a $1,750 rebate from the state. In 2019, the company named Steve Malnight as CEO, replacing Rich Riazzi, who had held the post since 2010.[6]
References[edit]
- ^Ownership InformationArchived2015-02-11 at theWayback Machine
- ^ab"Philadelphia Company - Lehman Brothers Collection".www.library.hbs.edu.Archivedfrom the original on 7 May 2018.Retrieved7 May2018.
- ^"Allegheny, Duquesne set to merge Resulting giant would serve 2 million in 5-state area".baltimoresun.com.Archivedfrom the original on 4 September 2016.Retrieved7 May2018.
- ^"DQE ends Allegheny Energy merger".old.post-gazette.com.Archivedfrom the original on 4 March 2016.Retrieved7 May2018.
- ^North American power deals — Q4 2010(PDF),archived(PDF)from the original on 2015-02-11,retrieved2015-02-11
- ^Litvak, Anya (2019-04-18)."New CEO to take the helm at Duquesne Light".Pittsburgh Post-Gazette.Retrieved2019-05-15.
