EXHIBIT 99
Public Service Co. of Colorado Contact: Media Relations
1225 17th Street, Suite 2000 (303) 294-8900
Denver, Colo. 80202
For Immediate Release
Reference: Hock to Relinquish CEO Role, Remain As Chairman
December 19, 1995
DENVER -- D. D. "Del" Hock, 60, chairman and chief executive officer
of Public Service Co. of Colorado, announced Tuesday he will step down
from the CEO position effective Jan. 1, 1996, but will remain as
chairman of the board until the completion of a previously announced
merger with Southwestern Public Service Co.
The company's board of directors elected Wayne H. Brunetti, 53,
president and chief operating officer of the company since July 1994, to
succeed Hock as CEO effective Jan. 1, 1996.
"There are tremendous changes taking place in the utility industry
that are affecting not only the electric and natural gas business, but
our company as well. My involvement in policy issues surrounding these
changes and in further developing our energy businesses for a more
competitive future will consume much of my time as chairman," Hock said.
"Promoting Wayne Brunetti to chief executive officer has been part of
our succession plan. He's already had a very positive impact on the
operations of our company," added Hock, who assisted the board in its
selection of Brunetti to his position.
"I will be relying heavily upon Del Hock as an advisor, and I will
be looking to his experience and leadership in our continuing effort to
develop corporate strategy that will enable Public Service Company to
hold a competitive position in our changing industry," Brunetti said.
In addition to his responsibilities at the helm of the company's
board of directors, Hock will provide oversight in the day-to-day
operations and strategy of the company's non-regulated business sectors,
e prime and Natural Fuels, as well as help develop new businesses
opportunities.
In August, Public Service Co. and Southwestern Public Service Company
(SPS), based in Amarillo, Texas, announced they had entered into a
definitive merger agreement to combine the utilities and form a new
energy services holding company that will be called New Century
Energies, Inc.
Hock announced at that time he would retire upon the completion of
the merger and SPS chairman and chief executive officer, Bill D. Helton,
will become the holding company's chairman and CEO. Brunetti will
become vice chairman, president and chief operating officer of the new
company.
The merger is subject to approval by the shareholders of both
companies, and approval or regulatory review by the Federal Energy
Regulatory Commission, the Securities and Exchange Commission, and state
regulators in Texas, Colorado, New Mexico, Wyoming, Oklahoma and Kansas.
A native Coloradan, Hock was elected president and chief executive
officer in October 1988, and became chairman of the board in February
1989. He began his career with Public Service Co. in 1962 as director of
auditing.
Following various management assignments in the accounting and
operating areas of the company, he was elected to the board of directors
in 1985 and became president and chief operating officer in 1986.
Hock earned a bachelor's of science degree in accounting from the
University of Colorado, Boulder, and is a graduate of the University of
Idaho Public Utilities Executive Course, the University of Colorado
Executive Education Program for the Gas Industry and the Edison
Electric Institute Graduate Management Program.
Hock has taken a leadership role in the community and is presently
serving on the boards of the State Board of Agriculture; Mile High
United Way; Boy Scouts, Committee for Economic Development; University
of Colorado Foundation; Economic Club of Colorado; Colorado Symphony;
Greater Denver Corp.; Mountain States Employers Council and the Western
Stock Show Association. He is a member of the Rotary Club of Denver.
Hock is also a director of the Edison Electric Institute, Electric
Power Research Institute, Western Energy Supply and Transmission
Association, Western Regional Council and the Colorado Forum.
Before joining Public Service Co., Brunetti was president and chief
executive officer of Management Systems International, a Florida
management consulting firm that he founded in 1991. Prior to that, he
was executive vice president of Florida Power & Light Co., where he had
responsibility for more than half of that company's operations.
Brunetti holds a bachelor's of science degree in business
administration from the University of Florida and is a graduate of the
Harvard Business School's Program for Management Development.