Maryland Governor Parris N. Glendening signed into law electricderegulation legislation and related tax bills. The legislationenables the Maryland Public Service Commission (PSC) to moveforward on the details of how the state’s power industry will bederegulated. “I am pleased that the legislature responded to myproposal to include a mandated rate reduction for Marylandresidential homeowners in the bill to protect consumers fromunintended rate increases,” Glendening said in an earlier statementregarding the bill. “Frankly, I wish the reduction was more than3%. I also wish that stronger environmental provisions had beenincluded. The General Assembly has strongly indicated, however,that they believe this proposal is the best that can beaccomplished, and this bill is too important for Maryland’s futureto hold up further.” The law will phase in residential customerchoice over a three-year period beginning with one-third ofresidential customers July 1, 2000. Residential customers choosingto keep their utility as supplier would get rate cuts between 3%and 7.5% to be determined by the PSC. The rate cuts would last fouryears and then rates would be deregulated. Six utilities serveMaryland, including Allegheny Power, Baltimore Gas and Electric,Conectiv, Potomac Electric Power, Choptank Electric Cooperative,and Southern Maryland Electric Cooperative.
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Western Buys Into Direct Marketing Firm
Western Resources of Topeka, KS, acquired a 40% interest innational direct marketer Paradigm Direct for $31.2 million. “Thisstrategic transaction provides an excellent opportunity to bridgeour customer bases. Over the past few years we set a course todramatically expand Western Resources’ national footprint. WithParadigm’s marketing expertise, we are positioned to increase theservices we provide these customers and do so efficiently,” saidDavid C. Wittig, Western Resources CEO.
CA Electric Deregulation A Bust for Consumers
One year into electric deregulation, the benefits promisedconsumers by the California legislature have failed to materialize,making monopoly utilities the primary winners in the state’sderegulation game, according to San Francisco-based The UtilityReform Network (TURN), the state’s major utility consumer group.
Unitil Buys Into Internet Transactions
Unitil Corp. of Hampton, NH, acquired a minority interest inNorth American Power Brokers Inc. for $3 million in cash, and haslicensed and will deploy North American Power’s Internet-basedtechnology for electricity and gas sales to retail consumers.
Unitil Buys Into Internet Transactions
Unitil Corp. of Hampton, NH, acquired a minority interest inNorth American Power Brokers Inc. for $3 M in cash, and haslicensed and will deploy North American Power’s Internet-basedtechnology for electricity and gas energy sales to retailconsumers.
CA Group Blasts Competition’s Progress
One year into electric deregulation, the benefits promisedconsumers by the California legislature have failed to materialize,making monopoly utilities the primary winners in the state’sderegulation game, according to San Francisco-based TURN, TheUtility Reform Network.
Wisconsin Gas Anchors New Midwest Pipeline
Despite the recent failure of multiple pipeline expansions intonorthern Illinois and Wisconsin, CMS Energy, WICOR and Viking Gashave come up with another project they hope will finally wrest someof the marketplace from ANR Pipeline’s monopoly grip. The projectappears to have what its predecessors did not: a confirmed market.
Market Softening Continues into Weekend
Prices continued to slump Friday by approximately the samedegree as they had Thursday. Declines for weekend flow ranged fromas little as a couple of cents to almost a dime, with most in theneighborhood of a nickel. Another screen drop was the maininfluence on cash, sources said, and even the forecasts of a newwinter storm developing over the weekend weren’t enough to avertmore softening.
Gulf Growth to be Tempered by Prices, Depletions
Despite advances in drilling technology that tripled the waterdepth record for gas and oil production to 5,376 feet in 1997,near-term gas production may suffer because of low 1998 gas pricesdue in part to the crude oil price collapse.
Softness Prevails as Futures Founder into the Weekend
For ninth time in the last 10 trading sessions, natural gasfutures were lower last Friday as sellers pressured theprompt-April contract to its life-of-contract low. No freshfundamental news was seen to lift the market, and as a result itfollowed the long-standing trend 3.1 cents lower to $1.628.
