The New York State Public Service Commission approved a rateplan yesterday for National Fuel Gas Distribution that will cut itsresidential and commercial rates by $20.4 million in two phasesover the next two years. Not only will customers enjoy lower rates,but the company will have to attain specific service qualitytargets for its customers or face penalties, said PSC ChairmanMaureen O. Helmer.
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Congress Okays Funds to Coordinate Permitting
An appropriations measure approved by Congress last weekcontains a key provision that would set aside funding for the WhiteHouse Council on Environmental Quality (CEQ) to coordinateinteragency permitting of pipeline projects, paving the way forquicker certification in the end.
CFTC approves KCBT Expiration Day Change
The Commodity Futures Trading Commission approved a change inthe Kansas City Board of Trade’s last trading day for its westernnatural gas futures contract that will place KCBT contractexpiration on the same day as Henry Hub futures go off the board atthe New York Mercantile Exchange. The last trading day will now bethe third business day prior to the first day of the deliverymonth. Formerly, it was the second business day prior to the firstday of the delivery month.
Sierra Pacific Shareholders Approve Merger
Shareholders of Sierra Pacific Resources and Nevada Power Co.Friday approved a merger of the two companies.
DuPont to Spin Off Conoco by Year-End
DuPont’s board of directors approved the previously announcedinitial public offering (IPO) of Conoco common stock before the endof 1998. Following completion of the IPO, DuPont intends to offerits remaining Conoco shares to DuPont shareholders in exchange forDuPont shares in a tax-free split-off expected to be completedwithin 12 months.
Midwest ISO Gets Nod; More Members Needed
FERC last week conditionally approved the formation of the12-member Midwest independent system operator (ISO), but somecommissioners expressed disappointment that moretransmission-owning utilities from the region hadn’t joined yet.
Tarragon Shareholders OK Acquisition
Shareholders of Canada’s Tarragon Oil and Gas Ltd. yesterdayapproved the indirect acquisition of their company by Marathon Oilfor an estimated $1.1 billion. Still, the final fate of the mergerwas up to the Ontario Court (General Division), which was expectedto issue a favorable decision either late Tuesday or today.
Three Michigan Power Co-Ops to Merge
Customer-owners of three Michigan power co-ops – Great LakesEnergy Cooperative, Top O’Michigan Electric Co., and WesternMichigan Electric Cooperative – have approved a three-way merger totake effect next Jan. 1, creating the third largest Michigan-basedutility and the eight largest customer-owned power company in thenation.
NEB Boosts Canadian Pipeline Competition
The promised new era of competition is officially off andrunning in Canadian gas transportation after the National EnergyBoard approved a small project with large implications, AECSuffield Gas Pipeline Inc.
Committee Votes Out Richardson Nomination
The Senate Energy and Natural Resources Committee has approvedthe nomination of Bill Richardson, currently U.S. ambassador to theUnited Nations, to become the next secretary to the Department ofEnergy (DOE).