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Plan

PNM Buying Stock, Rate Cut Rejected

Public Service Co. of New Mexico (PNM) said it embarked on a$17.3 million stock repurchase plan Tuesday after announcing theNew Mexico Supreme Court rejected a $112 million rate cut imposedby the state’s outgoing Public Utility Commission (PUC) late lastyear.

March 18, 1999

Aquila Affiliate Takes $1.7 M Charge, Cuts 60 Employees

Citing a restructuring plan formulated to deal with poor 1998earnings, Aquila Energy’s Aquila Gas Pipeline Corp. (AQP)announced Tuesday it will cut 60 people from its staff of 310. Thecuts will inflict a $1.7 million pre tax charge on the company’searnings.

March 8, 1999

PG&E Files Electric Rate Cutting Plan

Pacific Gas and Electric applied to the California PublicUtilities Commission (CPUC) to reduce electric rates at the end ofthe electric rate freeze, but no later than March 31, 2002. Thestate law that governs the restructuring of California’selectricity market, AB 1890, gave residential and small businesscustomers a 10% rate reduction on Jan. 1, 1998 and froze rates atthat level. The state law also provided investor-owned utilities atransition period to recover stranded costs. That transition periodends March 31, 2002, or when the past investment costs have beenrecovered, whichever comes first. At that time, the rate reductionswill go into effect.

March 8, 1999

Producers to Take Case to Capitol Hill, White House

Independent producers plan to present a resolution later thismonth to congressional lawmakers and others in the federalgovernment seeking their support for measures to lift the oil andgas industry from its currently depressed state.

March 8, 1999

NM Allows Closer Well Spacing in the San Juan

Burlington Resources (BR) announced that its plan for 80-acrein-fill drilling of the Mesaverde Formation in the San Juan Basinof New Mexico has been approved by the New Mexico Oil ConservationDivision. The 80-acre well spacing order could open up anadditional 7,000 drilling locations in the San Juan and be a majorfactor contributing to production growth in the basin over the nextfew years, according to basin analyst George Lippman, who hasstudied the San Juan for the last 30 years. To date, BR has drilled38 Mesaverde 80-acre in-fill wells and plans to drill 50 additionalwells in 1999.

March 5, 1999

Producers Take Case to Capitol Hill, White House

Independent producers plan to present a resolution later thismonth to congressional lawmakers and others in the federalgovernment, asking them to support measures to lift the oil and gasindustry from its currently depressed state.

March 4, 1999

ScottishPower, PacifiCorp Merger Advances

ScottishPower and PacifiCorp jointly announced that their Dec.7, 1998 merger plan gained a large boost Tuesday when the FederalTrade Commission (FTC) waived the 30-day waiting period under theHart-Scott-Rodino antitrust law.

February 17, 1999

Shedding E&P Spares MCN Bigger Loss

MCN Energy Group’s plan to shed exploration and productionoperations drained gallons of red ink from its 1998 bottom line,about $273 million worth. Still the company finished the year witha net loss. MCN reported a net loss of $6.2 million, compared withearnings of $112.2 million in 1997. Including results from theE&P unit – discontinued in anticipation of sale – MCN reporteda net loss for 1998 of $279 million, compared with earnings of$142.3 million in 1997. All figures include special charges.

January 29, 1999

SoCal Purchasing Incentive Plan Extended

California regulators have given the green light to continueindefinitely the three-year-old incentive gas buying program atSouthern California Gas Co., dispensing at year-end 1998 with anannual review of the program, which has even drawn praise from theusually critical Office of Ratepayer Advocates (ORA) at theCalifornia Public Utilities Commission. The program reportedly hassaved millions of dollars for SoCalGas’ smallest customers who relyon the utility to buy their supplies.

January 13, 1999

Briefs

Executing a plan first announced in August, Washington WaterPower will change its corporate name to Avista Corp. Jan. 1 thecompany announced Tuesday. All company operations will be unifiedunder the new name. Washington Water Power along with its WPNatural Gas division will combine to form an operating division ofthe new company called Avista Utilities. On Jan. 4, the firstbusiness day of the new year, all Washington Water Power stock willbe traded for the first time as Avista Corp. common stock under theticker symbol “AVA”. According to a company spokesman, the namechange allows the company more flexibility beyond its utilityidentity and geographic location.

December 9, 1998