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LDC Would Act as "Marketer"

Fortnightly Magazine - February 1 1997

The North Carolina Utilities Commission has approved a proposal by Public Service Co. of North Carolina (the "LDC") to market gas supplies and unused pipeline capacity to large users through a joint venture between its own affiliate and a non-affiliated gas marketer.

The affiliate, PSNC Production Corporation, will own 50% of the new venture. The second venture partner is an unnamed, nonaffiliated marketing company that operates on a nationwide basis.

The joint venture will market gas to the LDC's large customers, as well as to customers of other gas distributors within a specified geographic area as an agent of the LDC. Under the approved joint venture agreements, the LDC is required to purchase all spot market gas requirements from the new marketing company. Re Pub. Serv. Co. of N.C., Dkt. No. G-5, Sub 366, Dec. 3, 1996 (N.C.U.C.).


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