Moves

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.

A settlement was reached yesterday by Salem, OR-based SierraPacific Resources, the Oregon Public Utility Commission, industrialcustomers and consumer groups to allow Sierra Pacific to acquirePortland General Electric. The agreement calls for a six-yearfreeze on certain electricity prices and a $95 million credit pricefor PGE customers over the next seven years.

Central Hudson Energy Services, with a long-term strategy tooffer a full range of energy supply alternatives, moved toward thatgoal with the purchase this week of Griffith Consumers Co., aheating oil provider with 43,000 retail customers and a significantmarket share in the Washington, D.C. area.

The New York Public Service Commission yesterday directednatural gas utilities to take several measures to improve supplyreliability this winter for interruptible customers, and setrequirements for marketers to have firm transmission pipelinecapacity from November through March.

A new merchant natural gas storage project in a depleted gasfield about 35 miles northeast of Denver has obtained all of itsstate approvals, and its backers anticipate construction startingearly next year with initial start-up to begin in the fourthquarter of next year.

The board of directors of the New York Mercantile Exchange hasamended plans to move up the start-up time for natural gas futurestrading because of the overlap with crude oil markets, which sharean options ring with natural gas. Daily gas futures trading nowwill commence at 9:30 a.m. rather than 9:45. The board hasscheduled expanded energy trading hours to begin with the Sept. 8trading session.

The decibel level of the cries to rollback California’s electricindustry deregulation was raised considerably last week withconsumer advocates, local and state elected officials, andregulators joining the growing chorus. There is the prospect forstate legislative hearings before the summer session ends inSeptember to look at possible changes in the state’s 1996electricity law.

Taking the first step to move across the Canadian border, NSPower Holdings Inc. announced plans to merge with its U.S.neighbor, Maine’s Bangor Hydro-Electric Co.

Taking the first step to move across the Canadian border, NSPower Holdings Inc. said Friday it will merge with its U.S.neighbor, Maine’s Bangor Hydro-Electric Co.