Onslaught

Following an onslaught of bad news including the announcement of a fourth quarter net loss, American Electric Power Co. (AEP) shares fell more than 5% Friday $25.65. The company reported a fourth quarter net loss of $837 million, or $2.47 a share, compared to net income of $52 million, or 16 cents a share a year earlier.

Faced with an onslaught of new pipeline projects, FERC this weekis expected to propose a policy statement that seeks to establish a”framework” by which it can pick the winner when two or moreprojects are destined for the same market [PL99-3]. The Commissionhas listed discussion of a policy statement on pipelineconstruction certificates on the docket for its regular openmeeting Wednesday. It will be FERC’s last meeting until September.

Faced with an onslaught of new pipeline projects, FERC this weekis expected to propose a policy statement that some say willestablish a “framework” to help the Commission select a winner whentwo or more projects are destined for the same market [PL99-3]. TheCommission has listed discussion of a policy statement on pipelineconstruction certificates on the agenda for its regular openmeeting Wednesday.

Avista Energy, a Washington Water Power (WWP) affiliate,continued its expansion onslaught Thursday by announcing that itacquired Vitol Gas and Electric LLC, a full service energy marketerserving the eastern U.S. Terms of the agreement were not madepublic. The deal is expected to close in early 1999.