[BETA] Fortnightly

Legislative waivers from the "nonbypassable" CTC could favor

a fortunate few, opening up competitive options even

in advance

of 1998.With a fountain pen and a flourish of promises, California Gov.

Thermal Energy Storage: Putting

Green Solutions

on SiteBy John E. Flory, Loren W. McCannon, Stan Tory,

Donald L. Geistert, and James PattersonA recent study coordinated by the California Energy Commission shows how stored-cooling applications provide both environmental and competitive benefits in a summer-peaking market.As California prepares for a more competitive electric future, the California Energy Commission (CEC) is taking another look at some key customer technologies.

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.

Annual Annual EPS

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

Company Region 06/30/95 10/02/95 Change High Low Rate Yield Value Ratio 12 Mos.Electric UtilitiesAEP Company Inc. Midwest 35.13 36.13 2.85 36.50 30.50 2.40 6.64 22.68 14 2.63

Unicom Corp.

California has led the nation in utility expenditures for ratepayer-subsidized energy conservation, also called

demand-side management (DSM).1

With broad-based support from utilities, consumer representatives, environmentalists, the California Public Utilities Commission (CPUC), and the California Energy Commission (CEC), some $1.8 billion has been spent since 1990 (and $

Annual Annual EPS

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

Company Region 03/31/95 06/30/95 Change High Low Rate Yield Value Ratio 12 Mos.Electric Utilities

AEP Company Inc. Midwest 31.75 35.13 10.63 35.75 29.00 2.40 6.83 22.68 13 2.68

Unicom Corp. Midwest 23.75 26.63 12.11 27.75 20.63 1.60 6.01 24.39 14 1.90

Union Electric Co.

Annual Annual EPS

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

Company Region 09/30/94 12/30/94 Change High Low Rate Yield Value Ratio 12 Mos. Electric Utilities AEP Company Inc. Midwest 32.88 31.75 3.42 35.75 27.25 2.40 7.56 22.68 12 2.71

Unicom Corp.

NorAm Energy Corp. has appointed Charles M. Oglesby president of the NorAm Trading & Transportation Group. NTTG includes NorAm's two pipelines, NorAm Field Services, and NorAm Energy Services. Oglesby was previously a v.p. of Coastal Corp. and president and CEO of Coastal Gas Services Co. William A. Kellstrom was promoted to v.p. of corporate business development. Kellstrom was previously president and COO of NorAm Energy Services, NTTG's marketing arm.

The Coastal Corp. has elected Richard G. Smead senior v.p.

Annual Annual EPS

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

Company Region 09/30/94 12/30/94 Change High Low Rate Yield Value Ratio 12 Mos. Electric Utilities AEP Company Inc. Midwest 31.38 32.88 4.78 37.38 27.25 2.40 7.30 22.68 11 2.94

Unicom Corp. Midwest 22.25 24.25 8.99 28.75 20.63 1.60 6.60 24.39 - -0.31

Union Electric Co.

Noting the growing global demand for new sources of energy, Congress tailored the Energy Policy Act of 1992 (EPAct) to make U.S. public utility holding companies more competitive abroad. First, it eased the Securities and Exchange Commission review of U.S. investment in foreign energy facilities. Second, it sought to expand U.S. participation in foreign energy-related projects to include U.S. technology as well as investment dollars.