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Fortnightly Magazine - December 1996

Utilities Shut Out of Third-quarter Stock Upswing

Utilities Shut Out of Third-quarter Stock Upswing

Utility stocks treaded water during the third quarter, while most stocks nationally took flight. This lackluster quarterly performance in the utilities sector proved most prevalent in the Public Utilities Stock Index. The box score: Our index fell 43.96 points, or 1.11 percent, to conclude the three-month period at 3908.43.

In stark contrast, the Dow Jones Industrial Average powered itself 227.54 points higher, or 4.02 percent, en route to a record high of 5882.17.

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Frontlines

It was the week before Thanksgiving. On the train ride home (I live in downtown Washington, DC, in an old, sprawling apartment building that once claimed Huey Long and Richard Nixon as tenants), my attention was drawn to a frazzled female lawyer sitting in the seat next to me, who was feverishly making notes in the margins of a thick, serious-looking, legal-sized document.

I confess. I like to read over people's shoulders, but often lose interest after the first few words. This case was different, though.

Byline: 
Bruce W. Radford
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Utility NGV Programs Lose Anti-trust Exemption

The U.S. Court of Appeals for the Ninth Circuit has ruled that natural gas local distribution companies (LDCs) in California are no longer immune from antitrust actions caused by their activities in the natural gas vehicle (NGV) industry. The decision clears the way for a federal district court to hear a complaint lodged against Southern California Gas, a local distribution company (LDC), by two California corporations engaged in the NGV refueling business.

Byline: 
Phillip S. Cross
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