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ELP Volume 77 Issue 8

ISO New England draws heat for price cuts

Hoping to prevent price gouging, ISO New England retroactively cut prices for some electricity sold to it during a two-day heat wave in June-a move that steamed many traders.

Top 91 IOUs: The incredible shrinking universe

When EL&P`s Top 100 IOUs financial report shrank to include only 99 companies last year, the industry passed a critical milestone. As the report`s author, Robert Smock, wrote, "Financial analyst Ed Tirello`s prediction that only 50 IOUs would survive seemed outrageous when he made it about 10 years ago, but now it`s beginning to look pretty good."

APX launches Ohio hub

The Automated Power Exchange (APX) fired up its new Ohio trading hub in July. Based on delivery within FirstEnergy`s transmission system, which covers a wide path along Lake Erie, the new hub represents yet another move outside its California base for the electronic exchange.

Going wireless: putting the pieces together for true field service mobility

In the world of deregulation, improving employee productivity is a top priority for electric utilities. Consequently, many are employing IT to empower frontline service people to effectively support the company`s customers.

Cogentrix to build in Miss.:

Cogentrix Energy, an independent electric power plant developer and operator, plans to build a $300 million, 800 MW electric generating plant in Southaven, Miss. Construction is slated to begin second quarter 2000 with operation planned by summer 2002.

Global Companies & AllEnergy Marketing form alliance:

Global Companies LLC and AllEnergy Marketing Co. LLC formed a strategic sales alliance to offer energy products and services, including oil, natural gas and electricity to industrial and commercial customers in New England. Global Companies is affiliated with YPF of Argentina, which recently became part of Repsol, Madrid, Spain. AllEnergy is a subsidiary of New England Electric Systems.

Columbia shareholders desire negotiations with NiSource

Columbia Energy Group`s hair-trigger refusal of NiSource Inc.`s unsolicited takeover proposal has displeased some of its largest shareholders. They particularly dislike the tone of "we are not for sale." The statement resounds of finality and causes shareholders to question the board`s commitment to its fiduciary duties.

Conectiv proposes sale of generation assets:

Conectiv released the Offering Memorandum for the proposed sale of more than 2,000 MW of fossil-fired and nuclear assets located in Delaware, Maryland, New Jersey and Pennsylvania. Bidders must submit indicative bids in mid-August.

AEP plans to restart Cook nuclear plant:

American Electric Power Co.`s board of directors approved a comprehensive plan to restart the idle Cook nuclear plant, Bridgman, Mich. Unit 2 is scheduled to return to service in April 2000 and Unit 1 is to return to service in September 2000. Plant officials shut down both units in September 1997 because of questions raised during a Nuclear Regulatory Commission design inspection. Expenditures for the restart are estimated at $574 million, of which $192 million has already been spent.

O&R divests generation to Southern Energy New York:

Orange and Rockland Utilities Inc. transferred ownership of all its electric generating facilities (1,776 MW), including the Bowline Point Generating Station owned jointly with Consolidated Edison of New York Inc., to Southern Energy New York.