Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy,americast.usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Wed, Oct 14 1992 Date: Wed, 14 Oct 92 04:48:25 EDT Message-ID: 10-14 0000 DECISIONLINE: Energy USA TODAY Update Oct. 14, 1992 Source: USA TODAY:Gannett National Information Network OIL FUTURES DECLINE: Oil futures prices declined across the board on Tuesday in technically driven trading on the New York Mercantile Exchange. Light sweet crude oil for delivery in November, which fell 7 cents on Monday, lost another 21 cents to settle at $22.09 on the New York Merc. REFINED PRODUCTS DOWN: Refined petroleum products declined for the second day in a row on the New York Mercantile Exchange on Tuesday. Unleaded gasoline for delivery in November settled at 59.20 cents a gallon, off 1.23 cents. Home heating oil for delivery in November settled at 64.51 cents a gallon, down 0.97 cent. PRICE OF GAS GOES UP: The average price of self-serve regular unleaded gasoline increased .8 cent this week to $1.158, per gallon the American Automobile Association reported Tuesday. AAA's Fuel Gauge Report shows the average gasoline price increased or unchanged in all regions except the Great Lakes, Southeast and West. TEXAS PROBING UTILITY RATES: Southwestern Public Service Company said Tuesday the Public Utility Commission of Texas has initiated a procedural filing to review the electric utility's rates. The review is based on the commission staff's semi-annual Earnings Monitoring Report that says Southwestern's revenues for 1991 appeared higher than necessary to earn an appropriate rate of return. QUIET TRANSFORMER DEVELOPED: Connecticut-based Noise Cancellation Technologies Inc. said Tuesday it has signed a development contract with Manitoba Hydro utility to design the first power transformer quieted by patented active vibration control technology. The project is being developed by Noise Cancellation and Active Acoustical Solutions Inc., a consulting engineering firm based in New York. VA. POWER TO CUT EMISSIONS: Virginia Power said Tuesday it has signed a contract to reduce by 50% nitrogen oxide emissions from its Mt. Storm Power Station. The contract with ABB Combustion Engineering Services Inc. calls for installing nitrogen oxide controls on all three generating units at Mt. Storm, 120 miles west of Washington. The controls will cut nitrogen oxide discharges by up to 20,000 tons per year. NUCLEAR UNIT SHUT DOWN: The owners of the San Onofre, Calif., Nuclear Power Plant will shut down the plant's Unit 1, the state's oldest nuclear reactor, permanently on Nov. 30. The unit has been in operation for 25 years. The company says the cost of renovating the unit is "prohibitive." COMPANY GETS TURBINE ORDERS: Stewart & Stevenson Services Tuesday announced three separate orders for gas turbine generator sets. The company manufactures diesel and gas turbine powered equipment. The contracts are worth $45 million and call for on LM2500 and two LM500 gas turbine powered units. The units will go to Guam, Colombia and Turkey, respectively. SMITH CONSIDERS ALTERNATIVES: Smith International Inc. Tuesday said it will explore strategic alternatives for its directional drilling business. Smith has received recent inquiries regarding its directional drilling business and has decided to explore these inquiries. No transaction has been authorized, the company said. TRANSALTA TO RESTRUCTURE: The board of TransAlta Utilities Corp. Tuesday approved a restructuring plan to separate the firm's regulated utility operations from non-regulated functions, according to Bloomberg Business News. Under the new proposal, common shareholders in TransAlta would receive shares in a new company, TransAlta Corp. The new company would have two main subsidiaries. UTILITY FILES TO SELL BONDS: Puget Sound Power & Light Co. Tuesday filed with the Securities and Exchange Commission to sell as much as $450 million of first mortgage bonds. The utility may issue the new bonds periodically on terms to be released at the time of sale, the S-3 shelf registration statement said. Proceeds will be used for repaying outstanding short-term debt from its construction program. EL PASO EARNINGS DROP: El Paso Natural Gas Company Tuesday reported third quarter 1992 net income of $14 million, or $0.38 per share, based on 37.3 million shares outstanding. In 1991's third quarter when the company was a wholly owned subsidiary of Burlington Resources Inc., El Paso reported income from continuing operations of $21 million, or $0.67 per share, based on 31.4 million shares then outstanding. Energy Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution purposes violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM