Sound bites from state and federal regulators.

Overseas Investment. Michigan certifies plan by Consumers Electric and Gas Co. to bid on the outstanding equity of three electric distribution companies being privatized in Buenos Aires, Argentina. Case No. U-11331, April 14, 1997 (Mi.P.S.C.).

Appliance Repair Rates. New Jersey OKs rates for Public Service Electric and Gas Co. for central air-conditioning repair and maintenance services, but warns company not to change rates without board approval and directs it to notify customers that the repair services are available from competitors. Docket No. EC96070517, April 14, 1997 (N.J.B.P.U.).

Management Audit. Vermont regulators say Central Vermont Public Service Corp. suffers from operational deficiencies that warrant independent review, directs utility to send copy of findings to each member of company's board of directors. Docket No. 5863, April 16, 1997 (Vt.P.S.B.).

Asset Writeoffs. State allows Alabama Power Co. to improve its "competitive position in the future" by reducing balance sheet assets with future reductions in retail rates. The utility will reduce items such as production plant in service, cost associated with redemption and refinancing of securities and other deferred assets, by $5 for every $1 of rate reduction. Informal Docket U-3741, April 21, 1997 (Ala.P.S.C.).

Electric Mergers. Finding no assurance of cost efficiencies, North Carolina imposes conditions on approval of merger between Duke Power Co. and PanEnergy Corp., including an electric rate freeze through year 2000, plus a code of conduct governing Duke Power's relationship with subsidiaries, affiliates, third parties and customers, with prohibitions on access to customer information. Re Duke Power Co., Docket No. E-7, Sub 596, April 22, 1997 (N.C.U.C.).

Purchased Power Costs. State rate case order disallows purchased power costs incurred by Hawaii Electric Light Co. Inc., because of bankruptcy of a nonutility power supplier, citing rule against retroactive ratemaking, even though power contract was OK'd by PUC. Order ups rates by $6.8 million (11.65 percent return on equity) for HELCO. Another order increases rates for Maui Electric by $3.868 million (11.5 percent return on equity). Company agrees to drop a proposal to increase customer charges and to shift revenues to equalize residential rates between its two operating divisions. Docket No. 94-0140, Decision and Order No. 15480, April 2, 1997 (HELCO); Docket No. 94-0345, Decision and Order No. 15544, April 28, 1997 (Maui Elec.) (Haw.P.U.C.). t

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