Revealed

New York state’s senate majority revealed a proposal recently toeliminate the gross receipts tax (GRT) on gas and electricity. Theproposal will be included in the senate majority’s tax reductionplan for the 2000 session, which will convene in January. JosephBruno, the senate majority leader, announced the proposal in aspeech before the New York State Economic Development Council lastweek.

New York state’s senate majority revealed a proposal recently toeliminate the gross receipts tax (GRT) on gas and electricity. Theproposal will be included in the senate majority’s tax reductionplan for the 2000 session, which will convene in January. JosephBruno, the senate majority leader, announced the proposal in aspeech before the New York State Economic Development Council lastweek.

Columbia Energy Group revealed last week that its defense against a hostile takeover by NiSource has become quite costly, reaching $9 million in pre-tax expenses during the third quarter. The company also took a $4 million pre-tax charge during the third quarter for restructuring its retail marketing operation. The two setbacks combined led to a net loss of $9.7 million (12 cents per share) during the quarter compared to net income of $11.2 million (13 cents per share) during the same period last year. The company reported income from continuing operations of $800,000, or 1 cent per share, compared to $12.2 million, or 14 cents/share in 3Q98.

Columbia Energy Group revealed yesterday that its defenseagainst a hostile takeover by NiSource has become quite costly,reaching $9 million in pre-tax expenses during the third quarter.The company also took a $4 million pre-tax charge during the thirdquarter for restructuring its retail marketing operation. The twosetbacks combined led to a net loss of $9.7 million (12 cents pershare) during the quarter compared to net income of $11.2 million(13 cents per share) during the same period last year. The companyreported income from continuing operations of $800,000, or 1 centper share, compared to $12.2 million, or 14 cents/share in 3Q98.

Anadarko Petroleum, reporting a strong second quarter andincreased capital spending, also revealed last week it is gainingGulf of Mexico sub-salt exploration rights through an agreementwith Texaco Exploration and Production.

A House Commerce subcommittee hearing last week revealed thatlawmakers aren’t much closer to agreement on the tough,controversial issues associated with restructuring of the powerindustry than they were a year ago.

A House Commerce subcommittee hearing yesterday revealed thatlawmakers aren’t much closer to agreement on the tough,controversial issues associated with restructuring of the powerindustry than they were a year ago.

An attorney for the Natural Gas Supply Association (NGSA)revealed Friday that the civil investigation into the allegedembezzlement activities of the group’s ousted president, NicholasJ. Bush, has spread to Canada.

An attorney for the Natural Gas Supply Association (NGSA)revealed Friday that the civil investigation into the allegedembezzlement activities of the group’s ousted president, NicholasJ. Bush, has spread to Canada.