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Fortnightly Magazine - March 1 1996

Selected Energy Stock Performance: Fourth Quarter 1995

Annual Annual EPS

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

Company Region 10/02 12/29 Change High Low Rate Yield Value Ratio 12 Mos.Electric Utilities

AEP Company Inc. Midwest 36.13 40.50 12.11 40.63 31.25 2.40 5.93 22.68 15 2.71

Unicom Corp.

To Pool or Not to Pool? Toward a New System of Governance

Charles G. Stalon

What are the essential characteristics of the system of governance that will be required for a new, North American electric industry with interconnected and interdependent transmission networks and trading areas?

Electric transmission networks are natural monopolies, as are the many independent network

control systems that coordinate the use of generators and loads and preserve system reliability.

The Year Ends With a Bang

Public utility stocks showed no signs of letting up during the fourth quarter of 1995. The Public Utilities Stock Index rallied a brisk 234.66 points, or 6.38 percent, to close at 3910.01. Not to be outdone, the Dow Jones Industrial Average gained 355.86 points, or 7.47 percent, to close at 5117.12, and the S&P 500 Stock Index climbed 34.21 points, or 5.88 percent, to close at 615.93.

Certain stocks sparkled more than others:

SCANA Corp.

The Power Exchange: California Goes Competitive

Alex Henney

Nearly three years on from the Yellow Book,1 after many long hours and thousands (em if not millions (em of pages, and following much bitter debate (linked with some murky politics), the California Public Utility Commission (CPUC) by a 3-2 majority has at last published an Order2 to introduce competition for retail customers.

The decision contains four main proposals:

s market structure

s access for custo

Colorado Revamps DSM Inquiry

Phillip S. Cross

The Colorado Public Service Commission (PSC) has renewed its commitment to rate recovery of costs associated with utility-sponsored demand-side management (DSM) programs. At the same time, however, it has formally rejected a series of broader-based rate reforms under development since 1991. The rulings came in a case involving the Public Service Co. of Colorado, an electric utility. The PSC found a "ubiquitous lack of support" for mechanisms to encourage utility conservation investments that could reduce total system costs, but might also reduce sales levels.

Playing the Pool: Can Everybody Win?

Robert D. Grow

As electric restructuring spreads around the nation and the world, the idea of a "PoolCo" spot market (pool) gains credence. Pools already exist in England, Australia, Norway, Alberta, and Argentina. On December 20,1 the California Public Utilities Commission formally proposed a pool, called the California Power Exchange, to begin operation as of January 1, 1998.

DSM Gets Expensed in North Dakota

Phillip S. Cross

The North Dakota Public Service Commission (PSC) has approved a request by Northern States Power Co., an electric utility, to treat all of its demand-side management (DSM) expenditures as expenses rather than capitalizing them. The PSC found that the change would strengthen the company's financial and competitive positions as it initiates its transition to a restructured electric industry.

In a 1992 rate order the PSC directed the utility to capitalize a substantial portion of the DSM costs over a five-year period.

LILCO: The Ultimate Failure of Regulation

Charles M. Studness

Nowhere are the failings of traditional utility regulation more evident than on Long Island. The New York Public Service Commission (PSC) has raised rates for the Long Island Lighting Co. (LILCO) 31 percent since 1989. Rates are now over twice the national average (em the highest in the continental United States. Meanwhile, Long Island's economy has been ravaged by defense cutbacks that have erased 100,000 jobs (em a 10-percent drop in employment.

States Review Market-based Electric Rates

Phillip S. Cross

The Massachusetts Department of Public Utilities (DPU) has approved a new

"market-based" electric tariff for Fitchburg Gas & Electric Co., a combined electric and gas utility. The "Energy Bank Service" for new or expanding industrial customers offers rates competitive with average U.S. industrial rates.

FERC's Mega-NOPR: The IOUs Respond

Brian Gish

It comes as no surprise that regulated investor-owned utilities (IOUs) hold divergent views on the restructuring of the electric industry. Size, generation cost, transmission access, customer loyalty, and the friendliness of state regulators all factor into their individual visions of restructuring.

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