SECURITIES AND EXCHANGE COMMISSIONS
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15a-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2002
SCOTTISH POWER PLC
(Translation of Registrant's Name Into English)
CORPORATE OFFICE, 1 ATLANTIC QUAY, GLASGOW, G2 8SP
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F ___
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(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes ___ No X
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(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-____.)
FORM 6-K: TABLE OF CONTENTS
1. Press Release of Scottish Power plc, dated May 2, 2002, announcement
regarding $147 million recovery granted to PacifiCorp in Utah.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
/s/ Scottish Power plc
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(Registrant)
Date May 2, 2002 By: /s/ Alan McCulloch
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Alan McCulloch
Assistant Company Secretary
PACIFICORP GRANTED RECOVERY OF $147 MILLION IN UTAH
ScottishPower announces that on 1 May 2002 the Utah Public Service Commission
(UPSC) granted its subsidiary PacifiCorp approximately $147 million for the
recovery of its net excess power costs in Utah, related to the western power
crisis in 2000 and 2001. PacifiCorp originally requested $205 million so this
represents a recovery rate of 72%.
Recovery is effective from 1 April 2002 when the stipulation was agreed with the
UPSC. The amount of the award comprises four main elements:
. Approximately $65 million further to be collected through the
continuation of a temporary surcharge from 1 April to its expiry on 31
March 2004. The temporary surcharge was originally awarded on 2
February 2001.
. The company will retain amounts collected by the surcharge thus far,
about $35 million.
. The company will also retire the merger credit in Utah and apply it to
power costs, at a net present value of about $20 million. The effect
on customer bills of the credit will be about 1% or $1 million per
month in total revenue impact and applies for 20 months following 1
May 2002.
. The company will apply the remaining Utah proceeds from the sale of
its Centralia Plant to its deferred excess net power costs, at a net
present value of about $27 million. This amount will be collected
through an adjustment of rates at the next general rate case.
PacifiCorp Chief Executive Officer Judi Johansen said: "We believe the order
provides a strong level of recovery of allowable costs incurred in Utah over the
period."
Within the order, PacifiCorp agreed not to file any rate increase until May 2003
and withhold the effective date of any possible future rate increases until
after 1 January 2004. Exceptions for unforeseen financial or legislative
developments were written into the order.
Under UK GAAP, all of PacifiCorp's net excess power costs are charged to the
profit and loss account when incurred. The regulatory recovery of net excess
power costs previously charged to the profit and loss account will be recognised
under UK GAAP when billed to customers.
Further information:
Andrew Jamieson Head of Investor Relations 0141 636 4527
Colin McSeveny Group Media Relations Manager 0141 636 4515