[BETA] Fortnightly

Comparing Nonprice Terms in Utility

Filings Against FERC's Pro Forma Tariffs

AS ONE MIGHT EXPECT, THE VARIATIONS REFLECT THE HISTORIC TENSION BETWEEN NATIVE LOAD AND WHOLESALE TRANSACTIONS.

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.

The Virginia State Corporation Commission (SCC) has approved a plan by two natural gas local distribution companies (LDCs), Washington Gas Light Co. and Delmarva Power and Light Co., to join with other regional LDCs to form a cooperative to provide for the coordination and use of common capacity, storage, transportation, and supply assets. According to the LDCs, the East Coast Natural Gas Cooperative was a necessary response to recent changes in the gas industry, which shifted responsibility for arranging gas supplies from interstate pipelines to LDCs.

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.

While setting a new gas cost adjustment rate for Delmarva Power & Light Co., a combined electric and gas utility, the Delaware Public Service Commission (PSC) found the utility's unaccounted-for-gas incentive program unnecessary because it had accomplished its objective, as evidenced by a steady decline in the rate of unaccounted-for gas. The PSC approved a $300,000 incentive award for the current adjustment. Re Delmarva Power & Light Co., PSC Dkt. No. 94-123F, March 21, 1995 (Del.P.S.C.).In another case, the PSC allowed Chesapeake Utilities Corp.

PV technology combined with storage offers a cost-effective alternative to capacity additions.By John Byrne,

Young-Doo Wang,

Ralph Nigro, and

Steven E. Letendre

Until recently, both regulators and electric utilities have considered photovoltaic (PV) technology (i.e., solar cells) an unattractive

energy-supply option because of its relatively high cost. Now, however, a number of utilities have shown interest in using PV for peak-shaving.

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.

As evidence of a continuing trend toward competition in the retail market for natural gas, state regulators point to the continued popularity of special discount rates. Designed to allow local distribution companies (LDCs) to retain existing customers, these rates are often approved despite concerns about the costs and their effect on other customers.

The Delaware Public Service Commission (PSC), for one, recently approved a proposal from Delmarva Power & Light 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.

Sherrie Rutherford was named v.p. and general counsel of NorAm Gas Transmission, the pipeline and gas marketing subsidiary of NorAm Energy Corp. She succeeds Dale Earwood, who was promoted to president, NorAm Field Services.

MCN Corp. named Thomas J. Connelly director, investor relations. He previously was director, project finance.

Michael R. Weber was named manager, environmental affairs, for CMS Generation Co., the independent power subsidiary of CMS Energy Corp.

Paul L.