In response to last year’s repeal of the Public Utilities Holding Company Act (PUHCA), the California Public Utilities Commission (CPUC) unanimously approved new rules governing private sector utilities and their holding companies. Action by the CPUC had been delayed or postponed for several months, but none of the affected companies objected to the action.
Repeal
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House Lawmaker Proposes Repeal of Ban on Drilling in Eastern Gulf of Mexico
Rep. Ernest Istook (R-OK) late Monday planned to offer an amendment to the House Rules Committee to repeal the moratorium on drilling in the eastern Gulf of Mexico when oil imports reach two-thirds of U.S. consumption, a spokeswoman said.
Bears Exert Their Influence; Repeal Early Advance
After failing to sustain a fresh 10-day high notched yesterday morning, natural gas futures tumbled lower Monday as traders once again eschewed the long side of the market for more than a couple hours. The prompt August contract finished at $3.153, 6.5 cents lower for the day and 18.2 cents off its high water mark for the session. The losses were also seen in the out months, which, for the most part, experienced more severe losses. The winter strip declined 8.1 cents to $3.867 and the 12-month strip dropped a cool 8 cents to $3.619.
Indiana Governor May Repeal NG Tax This Fall
Natural gas customers in Indiana may be seeing a 5% reduction intheir heating bills this winter, courtesy of a proposed taxexemption by Gov. Frank O’Bannon. O’Bannon said last week that hemay suspend the state sales tax of o5% on natural gas, similar to aban he enacted on gasoline sales in June.
Indiana Governor May Repeal Natural Gas Tax This Fall
Natural gas customers in Indiana may be seeing a 5% reduction intheir heating bills this winter, courtesy of a proposed taxexemption by Gov. Frank O’Bannon. O’Bannon said last week that hemay suspend the state sales tax similar to a ban he enacted ongasoline sales in June.
SEC Blows a Large Hole in PUHCA Rules
While Congress continues its unending debate over repeal of thePublic Utility Holding Company Act (PUHCA), the Securities andExchange Commission (SEC) just about did the deed last week with anorder allowing a subsidiary of the California-based Sempra Energyto have controlling interest in a North Carolina partnership thatwill construct, own and operate a gas utility distribution systemin North Carolina. (Rel. 35-26971)