Exelon Corp., a big new kid on the electricity block, is expected to begin trading today on the New York Stock Exchange under the symbol “EXC.” The new company is the product of the $8 billion merger of Unicom Corp. and PECO Energy Co. which was completed on Friday, following approval by the Securities and Exchange Commission.
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Senators Seek Review of Chevron, Texaco Deal
The chairman and ranking Democrat on the Senate Judiciary’santitrust subcommittee said they plan to carefully review theproposed $35 billion merger of Chevron Corp. and Texaco Inc.because of the industry consolidation issues raised.
Ohio Gearing Up for Electric Restructuring
Electric restructuring is almost a reality for Ohio consumersstatewide as American Electric Power’s (AEP) transition plan wasthe latest to be approved by the Public Utilities Commission ofOhio. AEP’s Ohio customers will now have the freedom of choosingtheir electricity supplier, with service starting as early as Jan.1.
GISB Explores Gas, Electric Standards
The Gas Industry Standards board (GISB) has offered up a plan for a combined natural gas and electric industry standards board for discussion among GISB’s own members and electric industry representatives.
GISB Explores Gas/Electric Standards
The Gas Industry Standards board (GISB) has offered up a planfor a combined natural gas and electric industry standards boardfor discussion among GISB’s own members and electric industryrepresentatives.
Illinois Power Switches to Alliance RTO
Illinois Power, now a subsidiary of leading marketer DynegyCorp., is changing its game plan, telling regulators it wants todrop out of the more conservative Midwest Independent SystemOperator (MISO) to join the Alliance Regional Transmission Operator(Alliance RTO).
IOGCC Blasts Senators’ Call for Energy Commission
Blasting two U.S. senators’ plan to set up an energy commissionto investigate recent high natural gas and oil prices, North DakotaGov. Ed Schafer said last week the proposal would result in nothingbut finger pointing, and he asserted that there is no “quick fix”to the nation’s energy problems.
Baker Hughes, Schlumberger Join Seismic Assets
Baker Hughes and Schlumberger plan to create a new seismic venture called Western GECO that would combine and own the seismic acquisition assets, data processing assets, and multi-client seismic libraries and other assets of their existing subsidiaries Western Geophysical and GECO-Prakla. The transaction is expected to be completed before the end of the year and is subject to regulatory approvals.
Transportation Notes
Sonat said Wednesday it had gotten regulatory approval for a planto repair the July 5 rupture in its 14-inch Romere Pass Line offshoresoutheastern Louisiana (see Daily GPI, July24). Barring unforeseen problems, the pipeline hopes to begin thework today.
CA-ISO Rejects Further Cap Cuts, Launches New Power Market Plan
With growing concerns about the fragility of California’selectricity market under summer peak demand stresses, theCalifornia Independent System Operator (Cal-ISO) Board of GovernorsThursday laid out an aggressive agenda to transform the state’spower market into a “workably competitive” model while narrowlyrejecting further reduction in price caps. It was the second timein a week the Cal-ISO board wrestled with the price cap issue.