20 June 2006 -- Allegheny Energy, Inc. today announced the appointment of Philip Goulding as CFO. The former CFO, Jeffrey Serkes, is leaving the company.

The following appointments were announced today:

• Philip L. Goulding, currently vice president, strategic planning and chief commercial officer, will succeed Jeffrey D. Serkes as senior vice president and chief financial officer upon Mr. Serkes' departure on July 7. Mr. Goulding will lead Allegheny's financial, accounting, strategic planning, information technology and supply chain functions.


• Joseph H. Richardson, currently president of the company's electric delivery business, Allegheny Power, will become chief operating officer of Allegheny Energy's generation business. His responsibilities will include power station operations, engineering, construction, power marketing and fuel logistics.


• David E. Flitman, currently vice president, distribution in the electric delivery business, will become president of the electric delivery business.

"Since joining us three years ago, Jeff Serkes has done a superb job of dealing with the many issues we faced on the road to financial recovery," said Paul J. Evanson, chairman, president and CEO of Allegheny Energy. "His expertise and leadership have been invaluable. We regret his decision to leave the company, but understand his desire to return to his family and home in Connecticut. All of us wish Jeff the very best in his future endeavors.

"With his comprehensive understanding of our business, combined with extensive financial and energy industry experience, Phil Goulding is well-qualified to be our next chief financial officer," Evanson said. "Joe Richardson and Dave Flitman have demonstrated strong leadership skills, and that will be a great asset in their new responsibilities. I am delighted to have all of them on our team."