Mike Boyer
The Cincinnati Enquirer

Cinergy Corp. has agreed to work with the Presbyterian Church (USA) to develop a report outlining how the utility will address environmental issues it faces.

The agreement, which will be outlined further in the utility's annual report, is the first time the Louisville-based church has gotten a utility to collaborate on such an environmental evaluation, said the Rev. William Somplatsky-Jarman, associate of the church's Mission Responsibility Through Investment Committee.

The agreement grew out of talks between Cinergy and the committee, which began last year after the committee was unable to get the environmental proposal on the company's 2003 proxy statement.

The church holds about 146,000 Cinergy shares, Somplatsky-Jarman said. The stock closed Wednesday at $38.95 a share.

Cinergy has for several years prepared an annual report on its environmental activities, but a utility spokesman said the collaboration will be more forward-looking on estimating the potential impact and costs of future regulations.

"We hope this will provide a look at how Cinergy is positioning itself for the regulatory and competitive risks," Somplatsky-Jarman said.