New mega-marketers, niche players emphasize opportunity.
The Federal Trade Commission likely will regulate those business-to-business Web portals, but how much?
Electric utility executives may be a step behind the Internet revolution, but in one key respect they may have an advantage over anyone else building an e-commerce Web portal for business-to-business (B2B) procurement.
Utility executives don't fear government regulation. They're already caught in the net.
Gas Executives' Forum
ENERGY SUPPORT SERVICES. An Illinois appeals court affirmed a 1997 decision by the state commission that had denied authority to Commonwealth Edison to offer "energy support services," such as design, engineering, construction, analysis and management of electrical power equipment and energy systems. The court made this decision despite the utility's argument that no evidence existed to support the commission's finding that ComEd enjoyed a monopolist's advantage over competitors.
THE Oregon Public Utility Commission named Bill Warren director of its utility program. Warren will replace Mike Kane, who is retiring. Currently, Warren serves as administrator of the electric and natural gas division of the utility program.
Michael J. Mujadin was named executive vice president of Nitrotec Corp. and president of Nitrotec's wholly owned subsidiary Nitrotec Energy Corp. Previously, Mujadin was executive vice president of Coastal Corp.'s ANR Storage Co.
Consolidated Natural Gas Co. elected Raymond E. Galvin to its board of directors.
MICHIGAN CHOICE APPEAL. Michigan Attorney General Frank Kelley filed an appeal in the Michigan Court of Appeals of the Michigan PSC's Jan. 14 rehearing order (News Digest, March 15, 1998, p. 18) adopting a phase-in schedule for electric restructuring and retail choice for Consumers Energy and Detroit Edison. Kelley alleged that the order fails to create a competitive generation market or foster lower rates. He called it an "outrage," that gave the utilities everything they wanted. Case Nos. u-11290 et al., Feb. 13, 1998 (Mich.P.S.C.).
NEW HAMPSHIRE RESTRUCTURING. The U.S.
In aiming to make financial statements more meaningful, will FASB instead make them indecipherable?
By mid-summer, a total of 123 companies had cranked out some 574 pages of comments, detailing exactly what they thought of the accounting rules proposed by the Financial Accounting Standards Board to cover the closure or removal of certain long-lived assets. %n1%n The FASB's"Exposure Draft," issued early last year, had requested comments on eight issues. The respondents answered as requested, but also raised a host of new questions.
Bay State Gas Co. has sold its 17.5-percent equity interest in the Masspower cogeneration plant to Energy Investors Fund Group. The sale price wasn't released; Bay State said it was more than book value. The 240-megawatt, gas-fired combined-cycle plant provides steam for Monsanto Co.
Bridgeport, Conn., is the planned site of a $260-million, 520-MW power plant. Duke Energy Power Services, United Illuminating Co. and Siemens Power Ventures signed a letter of intent to build the gas-fired, combined-cycle merchant plant.
Edison International elected former U.S. Secretary of State Warren Christopher to its board and its utility company's board, Southern California Edison. Christopher was elected chair of the executive committees of both boards. Howard P. Allen retired as chair and CEO.
John T. Coughlin, former Wisconsin Public Service commissioner, was elected chair of the PJM Interconnection L.L.C.
Former U.S. Department of State Legal Adviser Conrad K. Harper was elected to the board of both Public Service Enterprise Group Inc., and Public Service Electric and Gas Co.