The first of a two-part rate decrease kicked in Monday in Idaho for Intermountain Gas Co., its sixth consecutive natural gas utility retail rate decrease, according to the Idaho Public Utilities Commission (PUC). The second part of the rate reduction comes in December in the form of a one-time bill credit, the PUC said. Combined, the adjustments result in a decrease of 7.1% for the average Intermountain residential customer. The reductions represent nearly $18 million in lower costs for the Boise, ID-based gas utility: $6 million in wholesale gas cost reductions and $11.9 million in the one-time credit from differences in the annual purchased cost projections and the weighted average cost of gas (WACOG). With the latest adjustments, the WACOG drops from 41.8 cents/therm to 33.5 cents/therm, the PUC said, the lowest it has been in 10 years.

Energy Transfer Partners LP (ETP) and Sunoco Inc. announced elections made by Sunoco shareholders for consideration to be received in connection with ETP’s pending acquisition of Sunoco, which is expected to close Oct. 5 (see Daily GPI, May 1). Holders of 2.61% of Sunoco shares elected to receive the standard mix of consideration; holders of 73.92% of shares elected to receive the cash consideration; holders of 4.25% of shares elected to receive the unit consideration; and holders of 19.22% of shares did not make a valid election or did not deliver a valid form and are deemed to have chosen the standard mix. Because the cash consideration is oversubscribed, holders of Sunoco shares electing to receive the cash consideration will receive a combination of cash and ETP common units as set forth in the merger agreement.

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