PECO

Differences of opinion make for good horse races and bad jokes about economists, and those who are studying the recent wave of electric utility merger announcements have not let us down. Some of these economists optimistically believe that the mergers act as forces for competition, since they will combine corporate assets and staffs to bolster operating efficiency and market acumen at the merged companies. Other economists, who see transmission as the root of monopoly power, are more pessimistic.

Dan W. Reicher was named acting assistant secretary for policy at the U.S. Department of Energy. Reicher has served as deputy chief of staff and counselor to Secretary of Energy Hazel R. O'Leary since 1993 and was a member of the Clinton-Gore transition team. Reicher replaces Jack Riggs, who left to take a senior position at the Aspen Institute.PECO Energy Co. selected William H. Smith III as v.p. and group executive of its new Telecommunications Group. Stepping into his seat as nuclear support v.p. is Drew Fetters.

James H.

In the wake of Federal Energy Regulatory Commission (FERC) Order 636, gas marketing entrepreneurs gained unprecedented opportunities to compete for noncore, industrial loads. That market has matured.

Erroll B. Davis, Jr.

President & CEO

Wisconsin Power & Light Co.

WP&L advocates that the following steps be taken to create a level playing field for merchants entering the retail market:

s Distribution rates should be fully unbundled from retail sales tariff rates.

Stephen P. Reynolds

President & CEO

Pacific Gas Transmission Co.

Standardization has been an issue in every industry since the beginning of the Machine Age. As products continue to evolve, we need something like GISB to help find a prudent and appropriate level of standardization.

Erroll B.

Stephen P. ReynoldsPresident & CEO

Pacific Gas Transmission Co.

Two or three years ago, gas-fired generation was hailed as a cure-all for everything that ailed the natural gas industry.

Close Close Percent 52-Wk 52-Wk Div Div Book P/E Last

Company Region 03/31/95 06/30/95 Change High Low Rate Yield Value Ratio 12 Mos.Electric Utilities

AEP Company Inc. Midwest 31.75 35.13 10.63 35.75 29.00 2.40 6.83 22.68 13 2.68

Unicom Corp. Midwest 23.75 26.63 12.11 27.75 20.63 1.60 6.01 24.39 14 1.90

Union Electric Co.

Philip R. Sharp, former 10-term congressman from Indiana, has been named director of the Institute of Politics at Harvard University's John F. Kennedy School of Government. Sharp assumes the position on July 1, succeeding Charles Royer, former mayor of Seattle, WA.

NICOR Inc. has elected Thomas L. Fisher, currently president and COO, to the additional position of CEO. Fisher will continue as president and CEO of Northern Illinois Gas Co., the company's largest subsidiary.

Charles W.

It was after seven o'clock in the evening (em nearly 12 hours since the DOE-NARUC Second National Electricity Forum had gotten underway up in Providence, RI (em when it all finally hit home. This time the regulators were serious. People were paying attention.