National Fuel Gas increases charges

National Fuel Gas increases charges

erie, pa.

The Pennsylvania division of National Fuel Gas Distribution Corp. has announced an increase in gas-supply charges, effective Sunday. The adjustment will raise the average monthly bill of a residential customer in northwestern Pennsylvania from $76.21 to $91.74 or by 20.4 percent.

The market price for natural gas in the coming year is projected to be greater than the price reflected in current rates, the company said in a release Friday. National Fuel originally projected a 23.6 percent rate increase in a January filing with the state.

National Fuel, which projects annual gas supply charges Sunday, can update charges through a quarterly reconciliation of actual costs against projections. Updates can be made Nov. 1, Feb. 1 and May 1.

AEP reports 57% drop in earnings

columbus

American Electric Power said Friday its second- quarter earnings dropped 57 percent, mainly from charges related to job and cost cuts. The electric utility posted a quarterly profit of $136 million, or 28 cents per share, compared with $316 million, or 67 cents per share, in the second quarter of 2009. AEP’s revenue rose to $3.4 billion from $3.2 billion.

The decline was due, in part, to a one-time charge of $293 million for severance or restructuring costs, as the company cut close to 2,500 jobs, or 11.5 percent of its work force. Without one-time charges, the company would have earned $355 million, or 74 cents per share in the second quarter of 2010.

Vindicator staff/wire reports