FERC Approves Two Convergence Combos

Fortnightly Magazine - September 15 1997
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The Federal Energy Regulatory Commission has approved the merger of Brooklyn Union Gas Co. and neighboring Long Island Lighting Co., although concerns emerged about potential vertical market power. A new holding company, temporarily called HoldCo, will run the merged corporation.

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At the same July 16 meeting, FERC indirectly sanctioned the merger of Texas-based Valero Energy Corp. with PG&E Corp., the holding company (created Jan. 1, 1997) for California-based Pacific Gas & Electric Co.

LILCO + Brooklyn Union. The FERC found no horizontal market power concerns in the merger of natural gas distribution company Brooklyn Union with electric utility LILCO (Docket No. EC97-19-000). By the time the deal is complete, Brooklyn Union will not have ownership or control of generation.

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