Home Tags ELP Volume 77 Issue 8
ELP Volume 77 Issue 8
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."
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.
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.
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 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.
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.
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.