A Contentious Bill Passes Senate (em Two Votes Shy of Blocking a Veto
Recently passed by the U.S. Senate, nuclear waste bill S. 104 lies mired in quicksand, facing a promised presidential veto, not to mention attacks from senators representing those states targeted for possible waste storage sites. Disposal of waste from the nation's nuclear generating plants has turned into possibly the most contentious issue on Capitol Hill.
Sen. Frank H.
The Blue Ridge Power Agency has chosen Cinergy Corp. as the recommended supplier of wholesale electric power to five of its members during a seven-year period starting July 1, 1998.
Blue Ridge is a "joint action agency" that assists in making wholesale supply arrangements for eight municipal electric systems in the western part of Virginia. Cinergy replaces American Electric Power-Virginia as the power supplier, and beat out the other finalists (em AEP, Commonwealth Edison, Enron, and LG&E Power Marketing.
Strategic Energy Ltd. has premiered a "Virtual Utility," allowing electric consumers to shop nationwide for the best-priced power. Strategic Energy's control center will allow it to access real-time energy information and travel the grid to find available electricity.
"This is the beginning of the end of increasing electric rates for consumers nationwide," said Rick Zomnir, president of Strategic Energy Ltd.
The National Coal Council has released the findings of a major new study on coal prepared at the request of former DOE Secretary Hazel O'Leary, which found that while the generation of electricity from coal has increased, emission of pollutants from coal has decreased.
A similar report was released in April, conducted by Mills-McCarthy & Associates, and sponsored by the Western Fuels Association, Inc., the National Mining Association, and the Center for Energy and Economic Development.
The Illinois Supreme Court has agreed to hear an appeal filed by Ogle County tax authorities regarding the valuation of Commonwealth Edison's Byron nuclear plant for the tax years 1989-1992, and whether certain plant assets were taxable as real property or exempt as personal property.
The appeal concerns a December 1996 ruling by an Illinois appeals court that effectively changed an assessment from real to personal property.
The Minnesota Public Utilities Commission has said it will postpone a decision for two months on whether to approve the proposed merger of Northern States Power Co. and Wisconsin Energy Corp. to form "Primergy."
The PUC may not decide the matter until as late as August. A sunset clause kicks in just three months after that time, which would allow the utilities to back out of the deal.
A Texas court has issued an interim order in the dispute between Central and South West Corp. and El Paso Electric Co. over their failed merger, ruling that Central and South West must pay El Paso a $25-million termination fee.
The proposed merger had been announced in 1993 and was terminated in 1995. Both companies had sued each other in a consolidated proceeding.
Chief Judge Larry Kelly of the U.S. Bankruptcy Court of the Western District also ruled that Central and South West may owe El Paso "interest-carry" costs alleged by El Paso at $18 million.
Pennsylvania Administrative Law Judge Louis Cocheres has recommended that the Public Utility Commission should deny a request by PECO Energy Co. to recover stranded costs from ratepayers through a surcharge over 10 years.
Pennsylvania State Sen. Vincent Fumo (D) had intervened in the proceeding against PECO's request. Fumo claims the ruling is significant because it points out that customers should not receive the financial benefits of deregulation if PECO is allowed to impose the surcharge.
"Although the final decision is still in the hands of the commission ...
Duff & Phelps Credit Rating Co. has released a report advising that a properly structured plan for securitization of stranded utility investment should address third-party credit risk.
Enron Corp. has acquiesced to a demand from the Oregon Public Utility Commission for $141 million in rate cuts as a condition to approval of the proposed merger between Enron and Portland General Corp.
The PUC staff had informed Enron in March that it would not approve the merger, based on Enron's proposed $61-million rate cut, and said it would only accept $141 million in guaranteed cost savings and rate cuts.
The trade-off is that shareholders of Portland General will receive less for their stock than Enron originally had offered.