As it moves closer to statewide deregulation, the Virginia State Corporation Commission (SCC) is finalizing permanent rules that will govern retail access to competitive energy services for both the electric and natural gas industries. The SCC is calling for public comment on the proposed rules, which take effect Jan. 1, 2002.
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DTE, MCN Merger Receives FTC’s Approval
DTE Energy and MCN Energy Group got one step closer to their merger after receiving approval from the Federal Trade Commission last week. The merger was first announced in October 1999 (see NGI, Oct. 11, 1999), and when finally completed as expected this summer, it would combine DTE’s Detroit Edison, Michigan’s largest electric utility, with MCN’s Michigan Consolidated Gas Co.
VA SCC Proposes Permanent Retail Access Rules
As it moves closer to statewide deregulation, the Virginia StateCorporation Commission (SCC) is finalizing permanent rules thatwill govern retail access to competitive energy services for boththe electric and natural gas industries. The SCC is calling forpublic comment on the proposed rules, which take effect Jan. 1,2002.
MCN Moves Closer to Appeasing FTC
With regards to the proposed merger between MCN Energy Group andDTE Energy Co., the Michigan Public Service Commission (MPSC)approved a special agreement yesterday targeted at resolvingconcerns raised by the Federal Trade Commission (FTC). Under thespecial agreement, MCN’s natural gas utility, Michigan ConsolidatedGas Co. (MichCon), will be able to sell system capacity to a unitof Exelon.
Commercial Buying Draws Futures Closer to $10.00
Propelled by heavy market-on-close (MOC) buying, natural gasfutures spiked to a new all-time high yesterday, as commercialtraders hedged their financial swap positions. After gapping higheron the open, the January contract rallied to $9.90 on rumors thatthere would be commercial buying at the close. Those rumors turnedout to be true and after sinking lower for much of the session, theprompt month raced back to $9.90 moments before the closing bell.January finished at $9.83, up 50.4 cents on the day.
FPL/Entergy Union Receives Shareholders’ OK
The FPL Group/Entergy Corp. union came another step closer tofinality last week as each company’s shareholders overwhelminglyapproved the merger in separate meetings on Friday. The mergerwould result in one of the largest, strongest and cleanest powercompanies in the nation.
Stagecoach Storage Moves Closer to Launch
FERC issued a favorable environmental assessment on Central NewYork Oil & Gas Co.’s (CNYOG) Stagecoach Natural Gas StorageFacility, which is to be located near Binghamton, NY.
Sierra Pacific Moves Closer to PGE Acquisition
Salem, OR-based Sierra Pacific Resources, the Oregon Public Utility Commission, industrial customers and consumer groups reached a tentative settlement last week that allows Sierra Pacific to acquire Portland General Electric. The agreement calls for a six-year freeze on certain electricity prices and a $95 million credit price for PGE customers over the next seven years.
Electricity Dereg, Rate Cuts Approved in NH
Deregulation of New Hampshire’s electricity market moved a giantstep closer to becoming a reality on Tuesday. The New HampshirePublic Utilities Commission approved the state’s settlementagreement with Public Service Company of New Hampshire (PSNH),allowing the process of electric restructuring to continue on itstrack.