Monongah

The West Virginia Public Service Commission (PSC), on rehearing of an earlier rate order, has reduced the level of emissions control investment in rates for two electric operating subsidiaries of Allegheny Power System, Inc., Potomac Edison Co. and Monongahela Power Co. The PSC excluded one-half of the difference between amounts actually spent and those budgeted for emissions plant needed to comply with the Clean Air Act Amendments (CAAA), finding that the budget was nearly a year old and did not qualify as a "known and measurable" change in rate base.

Thomas L. Fisher, president of NICOR Inc., will become CEO at the company's annual meeting on May 3. He also is expected to become chairman in December, succeeding Richard G. Cline. Fisher, 50, joined NICOR's principal subsidiary, Northern Illinois Gas Co., in 1967, became president and CEO in 1988, and has served in a number of executive positions.

PECO Energy Co. president Corbin A. McNeill, Jr. will assume the additional position of CEO at the company's April 12 annual meeting. Joseph F.

In his article, "Why Taxes Don't Distort Emissions Trading" (Dec. 1, 1994, p. 37), Michael Thomas suggests that utilities should flow through the proceeds of emission allowance sales to ratepayers in the year of sale. His idea is that utilities can eliminate any net effect on current income taxes by matching the increased revenue (emissions sales proceeds) against a revenue decrease (lower rates charged to customers). Slam dunk. End of story. Unfortunately, it's not so simple.