By Mike Boyer
The Cincinnati Enquirer

COVINGTON - Cinergy Corp. is striving to think BIG, the chairman of the utility holding company told shareholders Tuesday.

BIG is the acronym for a theme sounded in this year's annual report, James Rogers, chairman and CEO, told investors at the 40-minute meeting at the Northern Kentucky Convention Center.

The acronym stands for:

• Balance stakeholder needs.

• Improve everything in the business and its profitablity.

• Grow the business.

The utility, marking the 10th anniversary of its formation by the merger of Cincinnati Gas & Electric Co. and PSI Energy of Indiana, faces a host of issues.

They include resolving a five-year-old federal lawsuit over alleged violations of the Clean Air Act, reconciling the regulated and deregulated markets it serves, and growing its $4.4 billion electric and gas business.

Over the last decade, Rogers told shareholders, Cinergy has been a good investment, with a low-risk approach and strong financial performance.

The company's earnings have averaged 4 percent to 6 percent growth, and it has paid shareholders about $1 billion in dividends since 2002.

As one of the nation's largest coal consumers, burning nearly 30 million tons annually, he said, the company is aware of its impact on the environment and has cut its output of pollutants. Last year, Cinergy was the first U.S. utility to commit to reduce its greenhouse gas emissions.

He didn't address Monday's announcement that the city of Louisville plans to join the five-year-old federal lawsuit against Cinergy seeking more air pollution controls on six of its power plants, including the 560-megawatt Gallagher generating plant across the Ohio River from Louisville.

Louisville Mayor Jerry Abramson said the city was joining New York, Connecticut, New Jersey, Ohio and Indiana environmental groups and federal officials in the lawsuit because the city expects to be designated out of compliance with new federal standards for particulate matter.

Cinergy spokesman Steve Brash said the utility had no comment on Louisville's announcement. He said the utility has spent more than $800 million to limit nitrogen oxide emissions, including controls at its Gibson generating plant in western Indiana, which helps Louisville's air quality.

Over the next decade, Rogers said, the company expects to spend about $1 billion more to cut air emissions.

E-mail mboyer@enquirer.com