REGION

REGION

Dominion East Ohio to raise rate 15 percent

CLEVELAND — Dominion East Ohio has announced a 15 percent price increase for customers who buy their gas from the utility.

For gas used from May 16 to June 16, the rate for Standard Service Offer customers will be $12.72 per thousand cubic feet, compared with the current rate of $11.02.

The new rate is 42 percent higher than the rate in place in May 2007.

The Standard Service Offer, which accounts for a majority of a customer’s bill, represents costs associated with securing natural gas for customers who buy gas from Dominion East Ohio.

Most of the utility’s customers buy their gas from third-party suppliers.

NATION

Time Warner profits in 1st quarter decline 36%

NEW YORK — Time Warner Inc. reported a 36 percent decline in first-quarter profits Wednesday after an asset sale a year ago and said it would spin off the rest of its cable business.

The world’s largest media conglomerate, which owns Warner Bros., AOL, CNN and Time magazine, earned $771 million or 21 cents per share in the first three months of the year, down from $1.2 billion or 31 cents per share a year ago.

Investors have long pressed Time Warner to simplify its sprawling corporate structure, and a spinoff of Time Warner Cable was seen by many as highly desirable.

Vindicator staff and wire reports