Calendar of Events

Apr 28, 2014 | New York, NY
May 05, 2014 to May 08, 2014 | Las Vegas, Nevada

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San Diego Gas & Electric

Mailbag

What's in a Name?

Charles Studness's article "CPUC Chooses Reregulation over Deregulation" (Financial News, July 15, 1995) reminds me of Humpty Dumpty's scornful remark in Lewis Carroll's Through the Looking Glass: "When I use a word, it means what I choose it to mean (em nothing more nor less."

When Studness discusses "deregulation," it is clearly what he chooses it to mean (em not what the California Public Utilities Commission (CPUC) proposes in its May 24 majority decision on deregulating the electric utility industry.

Electric Restructing and the California "MOU"Alex Henney

Alex Henney

The California Memorandum of Understanding (MOU) is an agreement between Southern California Edison Co. (SCE), the California Manufacturers' Association, the California Large Energy Consumers' Association, and the Independent Energy Producers. It tackles three major issues:s recovery of stranded assets

s market power

s market structure.

If the MOU is eventually endorsed, it might be a landmark in electric restructuring \(em and not only in California.

Off Peak

Managed:

San Diego Gas & Electric Co. http://www.sdge.com

Meet 14 members of the "management team" and count how long each has served. (Learn their ages.)Lite:

Green Mountain Power Corp. http://www.gmpvt.com

"Vermont has some 6,900 farms, with an average size of 89 hectares (219 acres).

SDG&E Touts PoolCo, Opposes Forced Spinoffs

Lori A. Burkhart

San Diego Gas & Electric (SDG&E) has filed comments to support the "majority proposal" by the California Public Utilities Commission on deregulating the electric utility industry, which calls for formation of a wholesale power pool.

SDG&E noted that while a key element of the proposal involved creating an independent system operator, the company would go further and set up a regional transmission company to own the grid.

Frontlines

Bruce W. Radford

A couple weeks ago, on a beautiful Sunday morning, I picked up my briefcase and wandered down to the Potomac river shoreline to catch up on my summer reading list. There, on the Virginia side, gazing across the river at the Lincoln Memorial, Washington Monument, and Capitol dome, I gathered strength to tackle a foot-high mound of paper.

New Coalition Supports Fessler Proposal

Lori A. Burkhart

A new coalition of 82 varied organizations (em including businesses, consumers, environmentalists, and utilities (em has announced support for the California Public Utility Commission's (CPUC's) majority proposal to restructure the electric industry.

Frontlines

Bruce W. Radford

For a good half a century, electric regulation has meant law, accounting, and economics. But no more. Now it's all about computers, telecommunications, and file-transfer protocols. Forget about CWIP, AFUDC, double leverage, and interest synchronization. They are all irrelevant.

The Efficient Utility: Labor, Capital, and Profit

D. Thomas Taylor and Russell G. Thompson

Are utilities working at top productive capacity? A novel look at 19 investor-owned electrics in the Sun Belt.

Major restructuring is expected to hit investor-owned utilities (IOUs) over the next decade. Competitive market forces, in place of rate-of-return regulation, will require many companies to evaluate their resource allocations. No longer will singular adjustments in resource use suffice when both capital and labor resources must be realigned.

Financial News

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.

Whither PUHCA: Repeal or Re-Deal?

Douglas W. Hawes

On a purely intellectual level, it is difficult to justify the Public Utility Holding Company Act of 1935 (PUHCA). Sixty years after passage, PUHCA has become an anachronism (em a fact well articulated in comments filed in response to the Concept Release on the modernization of the Act issued last November by the Securities and Exchange Commission (SEC).1 More recently, the SEC's Division of Investment Management actually recommended a conditional repeal (see sidebar).

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