The New York State Public Service Commission (NYPSC) last week unanimously approved the merger of Consolidated Edison of New York and Orange and Rockland Utilities. NYPSC Chairman Maureen O. Helmer said Consumers will benefit from the strength of the companies’ combined management and from merger-related savings over the next five years. “The merger has achieved broad public support, and after thorough review and analysis by staff and interested parties, the commission concludes it serves the public interest.”
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Conference Planned on Northeast Quadrant Gas Demand
The Federal Energy Regulatory Commission yesterday approved aninitiative calling for it to conduct an inquiry into projecteddemand for natural gas in the Northeast quadrant of the UnitedStates and the corresponding need for new pipeline capacity in theregion.
FERC Okays Merger of Western Utilities
FERC yesterday readily approved the $4 billion merger of twowestern utilities-Sierra Pacific Power and Nevada Power. This was”relatively easy” compared to other deals that have come before theCommission, said Commissioner Vicky Bailey.
Industry Briefs
The New York State Public Service Commission (NYPSC) approvedthe merger of Consolidated Edison of New York and Orange andRockland Utilities. NYPSC Chairman Maureen O. Helmer said Consumerswill benefit from the strength of the companies’ combinedmanagement and from merger-related savings over the next fiveyears.
Equitable Files for Cut in Customers’ Bills
Equitable Gas Co. filed a gas cost adjustment with thePennsylvania Public Utility Commission (PUC) Thursday which, ifapproved, will result in a 9% reduction in customers’ monthlybills. The rate cuts would be effective Oct. 1. The PUC did notdisclose when it would review the filing.
Texas Nears Restructuring
Texas moved a step closer to a restructured electricitymarketplace last week when the state Senate approved a bill toderegulate electric utilities. The bill is now bound for the StateAffairs Committee of the House of Representatives. Hearings couldbe held as early as March 29. Gov. George W. Bush has voiced hissupport for electric deregulation.
Texas House Eyes Restructuring
Texas moved a step closer to a restructured electricitymarketplace Wednesday when the state Senate approved a bill toderegulate electric utilities. The bill is now bound for the StateAffairs Committee of the House of Representatives. Hearings couldbe held as early as March 29. Gov. George W. Bush has voiced hissupport for electric deregulation.
Colorado Moving Toward Retail Deregulation
The Colorado Senate last week approved and sent on to the Housea bill to deregulate retail gas distribution in the state. Thebill’s sponsor, Sen. David Owen, R-Greeley, said he expects thelegislation (SB 99-153) to pass this year.
SEC Okays Nipsco-Bay State Merger
Nipsco Industries reached the brink of gaining a valuable eastcoast influence Thursday as the SEC approved a merger betweenNipsco and Massachusetts-based Bay State Gas Co. The $780 millionmerger was originally announced in December of 1997. Both sides arereviewing final documentation and no other regulatory matters arepending. Nipsco expects the deal to close today.
Nymex Gives Swap Traders New Options
After nearly two years of deliberation, the Commodity FuturesTrading Commission conditionally approved a new rule permitting theNew York Mercantile Exchange to hold a three-year pilot duringwhich futures contracts can be exchanged for positions in swaptransactions (EFS transactions). Rule 6.21A is designed to providea closer link between the on-exchange futures market andoff-exchange swaps markets, giving off-exchange participantsgreater ability to manage the risks associated with swap positions.