Overwhelmingly

The Senate Banking Committee yesterday overwhelmingly voted to repeal the 65-year-old Public Utility Holding Company Act (PUHCA), which places restrictions on investment and ownership in energy companies in an effort to prevent industry abuses.

Corporate energy managers in New York, New England and theMid-Atlantic overwhelmingly think that rising energy prices willadversely affect the U.S. economy this year and more than halfexpect the rising costs to hurt their businesses, according to asurvey conducted in late January for PSEG Energy Technologies ofEdison, NJ.

Corporate energy managers in New York, New England and theMid-Atlantic overwhelmingly think that rising energy prices willadversely affect the U.S. economy this year and more than halfexpect the rising costs to hurt their businesses, according to asurvey conducted in late January for PSEG Energy Technologies ofEdison, NJ.

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.

CP&L Energy’s shareholders yesterday overwhelmingly approvedthe company’s pending acquisition of Florida Progress Corp., which,when completed, will create one of the 10 largest U.S. energycompanies with a generating capacity of more than 19,000 MW andmore than 2.8 million electric and natural gas customers in theSoutheast.

Shareholders of NiSource Inc. and Columbia Energy Groupoverwhelmingly approved the merger of the two companies, whichwould create a mega energy powerhouse serving nine states and morethan 4 million customers, stretching from Chicago in the west toNew England in the east and south to the Gulf of Mexico.

Shareholders of Columbia Energy Group Friday duplicated theperformance of NiSource Inc. shareholders a day earlier,overwhelmingly approving the merger of the two companies, and bringingit a step closer to reality. (See Daily GPI, June 2)

Rhode Island’s Providence Energy Corp. shareholders votedoverwhelmingly last week to approve a proposed merger with Austin’sSouthern Union Co. First announced last November, the proposedmerger is on track for regulatory approval by late this summer.ProvEnergy shareholders would be paid $42.50 per share with themerger.

Rhode Island’s Providence Energy Corp.’s shareholders votedoverwhelmingly to approve a proposed merger with Austin’s SouthernUnion Co. this week. At the special shareholders’ meeting inProvidence on Monday, nearly 95% of those voting were in favor ofthe move.