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Fortnightly Magazine - October 1 1996

Measuring the Merger: Fact, Fiction, and Prediction

Some shareholders do find bottom-line value

in a "marriage of convenience."

With six merger and acquisition (M&A) deals announced between May 1995 and January 1996, and three more so far this year, the long-predicted consolidation of the electric utility industry is taking hold. At least 23 utilities, with business-combination transactions pending, are part of the frenetic domestic M&A activity that has swept the industry.

Byline: 
Michael J. Hamilton
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Cascade Aims for Divident Payouts

The Washington Utilities and Transportation Commission (UTC) has approved a settlement agreement allowing Cascade Natural Gas Corp. (CNG) to increase its rates by $3.8 million a year starting August 1, 1996.

CNG will also hike its monthly service charge to residential, commercial, and core industrial customers by $1 on August 1, 1997, and by another $1 on August 1, 1998. The utility says the revenue increase would be offset by concurrent decreases in rates for transportation customers.

Byline: 
Lori A. Burkhart
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Perspective

To what extent should the independent system operator (ISO) and the spot market (Power Exchange) remain separate? Thinking about how the ISO must operate leads to certain conclusions.

Of necessity, the ISO will operate a noncontract market. That is, the ISO will match some supply and some demand that are not covered by generator-customer contracts.

Byline: 
Mark Drazen
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Off Peak

California's CTC:

Light-handed or Light-headed?Customers didn't buy power on lay-away. So why should the CPUC exact interest?

In a recent dream, the Governor of California called to ask if I would accept an appointment to serve on the California Public Utilities Commission (CPUC). Of course I thanked him and said I was extremely flattered by the offer. However, I inquired, didn't he have an opening on the parole board or air resources board? You see, I know entirely too much about the thankless work of the CPUC.

Byline: 
Nancy I. Day
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