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Non-Tech : American Pacific (APFC)-Specialty Chemicals
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To: leigh aulper who wrote (307)2/23/2001 9:23:31 AM
From: leigh aulper   of 326
 
American Pacific Partially Settles Disputed Power Bills


LAS VEGAS, Feb. 23 /PRNewswire/ -- American Pacific Corporation (Nasdaq: APFC) (the "Company") announced today that it had reached a partial settlement with PacifiCorp (formerly Utah Power or "UP") regarding the application of an Electric Supply Agreement dated December 13, 1998. As previously reported, the Company believes that UP has improperly calculated replacement energy costs and has also breached the agreement by failing to comply with the advance notice provisions of the agreement. The Company has disputed all power bills received from UP since January 1999, and believes it has been overcharged approximately $2.9 million through January 2001.

As partial settlement of this dispute, the Company and UP have entered into an amendment of the Electric Supply Agreement dated February 21, 2001. Under the terms of the amendment, the Company has been placed on the equivalent of Utah's Electric Service Schedule No. 9. Under this rate schedule, the Company's estimated monthly power bills will be approximately 20% to 30% higher than historical monthly amounts prior to the dispute. As a result, the Company will experience an estimated annual increase in power costs that could be as much as $600,000. The amendment is subject to the approval of the Utah Public Service Commission.

The Company and UP have agreed to negotiate in good faith to resolve the disputed power bills from January 1999 through January 2001.
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