Pacific Gas & Electric Co. (PG&E) is moving forward with a proposal to transfer jurisdiction over its mainline natural gas transmission facilities and storage system from the California Public Utilities Commission (CPUC) to the Federal Energy Regulatory Commission (FERC).
The natural gas pipelines at issue cross into the southwestern United States as well as Canada.
At a November 11 conference, "Canadian-Northeast Energy Trade: New Issues and Challenges," sponsored by the New England-Canada Business Council, Commissioner Donald F. Santa, Jr.
TransCanada PipeLines Ltd. has adopted a plan to encourage fair treatment of shareholders in event of a takeover offer. The plan addresses concerns that existing Canadian law does not allow enough time for the board or shareholders to properly consider a takeover bid. Under the plan, shareholder rights can only be exercised when a person announces the intention to acquire 20 percent or more of TransCanada's common shares without complying with the "permitted bid" provisions of the rights plan.
On December 6, the jury in a three-month-old trial found that Westinghouse Electric did not engage in fraud by supplying two nuclear reactors with allegedly faulty steam generators to Duquesne Light Co. and four co-owners of the Beaver Valley I and II nuclear plants. The utilities had sought $350 million in compensatory damages, and originally charged Westinghouse with RICO violations, breach of contract and warranty, as well as fraud. But in October, U.S.
Commercial and industrial customers of Consumers Power Co. paid almost $500 million above their actual cost of service to subsidize residential customers over the past five years, claims John W. Clark, Consumers Power senior vice president. "The current subsidy of residential electric rates by Michigan industry is shortsighted and costs Michigan jobs," he told a business roundtable in Detroit.
In a final decision issued December 6, Commissioner Kris Sanda of the Minnesota Department of Public Service (DPS) found that Northern States Power Co. (NSP) threatened the St. Paul Neighborhood Energy Consortium (Docket No. G,E002/CC-94-426). The consortium claimed NSP said it would withhold a contract to perform home energy audits if its Conservation Improvement Program (CIP) did not support dry-cask nuclear waste storage at NSP's Prairie Island nuclear plant.
While acknowledging the threat, Sanda found no evidence that the newly implemented bid process was tainted.
Citizens Utilities Co. is continuing its aggressive expansion into the telecommunications business with an agreement to buy $292 million of telephone and cable television assets from Alltel Corp. However, the deal places the company's credit rating under increasing pressure.
Citizens will buy 109,000 telephone access lines in eight states, and acquire operations serving 7,000 cable television customers in four states. Alltel is a telecommunications and information services company based in Little Rock, AK.
stockholders $39 a share, or about $950 million in aggregate value. The agreement has been approved by both boards of directors. California Energy's tender offer included shares representing a majority of the voting power of Magma as well as funding of financing. The merger is also conditioned on the approval of California Energy's shareholders.
The New Jersey Board of Public Utilities (BPU) has approved a plan that will allow Public Service Electric and Gas Co. (PSE&G) to offer new transportation services to its commercial and industrial (C/I) natural gas customers. As a result of the BPU action, PSE&G will begin offering third-party gas transportation and other services to C/I customers regardless of size, amount of gas used, or alternate fuel capabilities. These customers may purchase gas directly from producers and marketers and arrange for PSE&G to transport and deliver the gas.
Pacific Gas and Electric Co. (PG&E) and Destec Energy Inc. have entered into the nation's first comprehensive transmission and services agreement between a utility and a power marketer. The deal will allow Destec's power marketing subsidiary, Destec Power Services Inc. (DPS), to pool electricity and wholesale it directly using PG&E's transmission lines. A request for plan approval was filed at the Federal Energy Regulatory Commission on December 6.