Southern Energy Inc., a wholly-owned subsidiary of Southern Company, announced today that Raymond D. Hill has been elected chief executive of its Consolidated Electric Power Asia (CEPA) subsidiary.
Hill replaces Stewart Elliott who has resigned to accept a senior management position with Hopewell Holdings Ltd. -- Southerns partner in CEPA -- where he is currently a director.
Ray Hills business and management skills -- as well as his knowledge of the Asian markets -- will complement the strong team we already have in place at CEPA, said Southern Energy president Tom Boren. I am confident that CEPA will continue to move forward under Rays leadership.
Southern Energy acquired majority ownership of CEPA in January of this year from Hopewell Holdings Ltd. for $2.7 billion. With headquarters in Hong Kong, CEPA builds, owns and operates electric power generating plants in China and the Philippines with projects under development in Pakistan and Indonesia. CEPA owns 3,995 megawatts of power generation with another 1,200 megawatts under construction and power purchase contracts covering an additional 2,640 megawatts.
Hill, 50, joined Southern Energy in Jan. 1993 and, later that year, was made chief financial officer. He played a major strategic role in the companys successful acquisition of South Western Electricity plc. (Bristol, England), CEPA and Southern Energys current bid for 25 percent ownership of Bewag (Berlin, Germany). The bid is currently awaiting regulatory approval in Germany.
Hill worked in Hong Kong for seven years and, prior to joining Southern Energy, was managing director of the Hong Kong office of the investment bankings of Lehman Bros.
Southern Energy develops, builds, owns and operates power production and delivery facilities and provides a broad range of technical services to utilities and industrial companies in the U.S. and international markets. The company operates electric power facilities and serves customers on four continents and in eight countries.
Southern Energy is a subsidiary of Southern Company (NYSE: SO), the largest producer of electricity in the United States. Southern Companys common stock is one of the 20 most widely held corporate stocks in America.