Consolidated

Absorbing the impact of a cooler than normal spring, Consolidated Edison Inc. reported net income for the second quarter of 2003 of $66 million or 29 cents a share, compared with earnings of $98 million or 46 cents a share, for the second quarter of 2002. The company added that the weather’s impact in 2Q2003 accounted for an estimated 6 cent reduction per share when compared to 2Q2002.

The Michigan Public Service Commission (MPSC) has approved an amended gas cost recovery (GCR) plan for Michigan Consolidated Gas Co. (Mich Con), reducing the recoverable amount for 2002 by more than $26 million, and criticizing the company’s policy of decreasing low cost storage reserves to serve customers in 2001 and signing higher fixed priced contracts for 2002.

The Michigan Public Service Commission (MPSC) has approved an amended gas cost recovery (GCR) plan for Michigan Consolidated Gas Co. (Mich Con), reducing the recoverable amount for 2002 by more than $26 million, and criticizing the company’s policy of decreasing low cost storage reserves to serve customers in 2001 and signing higher fixed priced contracts for 2002.

IntercontinentalExchange, Inc. announced a 42% pre-tax profit of $52.3 million on revenues of $125.5 million for 2002, its second full year of operations.

IntercontinentalExchange, Inc. announced a 42% pre-tax profit of $52.3 million on revenues of $125.5 million for 2002, its second full year of operations.

Consolidated Edison Co. of New York’s (ConEd) push to recoup about $250 million in replacement power costs the utility incurred after shutting down its Indian Point nuclear power plant a couple of years ago vaulted a key legal hurdle last Monday after the U.S. Supreme Court declined to hear a lower court’s ruling finding that the company had a right to recover such costs.

Consolidated Edison (Con Edison), which was awarded a $439,999 pipeline safety research contract by the U.S. Department of Transportation (DOT), will work together with Witten Technologies and Electromagnetic Instruments to develop a 3-D digital mapping system for identifying steel and plastic underground equipment, and detecting leaks. Commissioned by Con Edison, Boston-based Witten produced underground images of lower Manhattan in August 2001 and January 2002 through a ground-penetrating technique called radar tomography. A piece of equipment similar to satellite radar is placed on the back of a truck, which drives directly over the site taking 3-D pictures of utility infrastructure six feet below the surface. Con Edison’s research contract is one of seven awarded by DOT, totaling $1.6 million. Additional DOT awards for a second phase of the program are pending.

Consolidated Edison (Con Edison), which was awarded a $439,999 pipeline safety research contract by the U.S. Department of Transportation (DOT), will work together with Witten Technologies and Electromagnetic Instruments to develop a 3-D digital mapping system for identifying steel and plastic underground equipment, and detecting leaks.

Dynegy Inc. apparently is attempting to negotiate a settlement of an investigation of its accounting practices by the Securities and Exchange Commission (SEC), according to a report in the Wall Street Journal. Sources told the Journal that lawyers for Dynegy have been discussing a resolution with the SEC, but it was not clear how much progress had been made, or whether Dynegy also was attempting to resolve a criminal inquiry by the Department of Justice.