Business news and new business:
General Electric Co. has announced an improved generator expected to convert as much as 60 percent of its fuel`s energy into electricity in a combined cycle….Boston Edison Co., in an unusual maneuver that treats electricity as a commodity, is seeking to buy enough power call options from other producers to give the company rights to buy approximately $40 million of electricity annually….Potomac Electric Power Co. has announced the formation of a subsidiary, Pepco Services Inc., to offer customized conservation and energy-related technical, engineering, management and financing services to business and governmental organizations in Washington, D.C.
Northern States Power Co. has issued a request for proposals for the development of up to 50 MW of capacity from farm-grown, closed-loop biomass….The Department of Energy and the Joint Institute for Energy and Environment are planning a project development mission to southern China in October to facilitate U.S. industry participation in several bioenergy projects….ABB Power T&D Company Inc.`s new Air Switch Operation facility, a 26,000 sq. ft. manufacturing site with 73 employees, is now open in Bland, Va….The New York Court of Appeals has denied the Town of Brookhaven`s request to appeal a decision by State Supreme Court Justice Thomas Stark that the Shoreham Nuclear Power Station had been overassessed. Stark ruled in 1992 that the property, owned by LILCO, was overvalued for property tax purposes by approximately $34 million between 1976 and 1983, and the overpayment of taxes plus interest, will now be returned to LILCO to be used to hold down electric rates. The nuclear power station was never permitted to generate electricity.