Read Larry Connors' blog – Short Term Trading Strategies
Horizon of New York and Kinetics Asset Management, a closely associated firm, last year held 27 percent of the outstanding shares in NV Energy, the utility holding company formerly known as Sierra Pacific Resources.
The Federal Energy Regulatory Commission on Thursday denied a request to exempt Horizon from legal requirements that large investors must report holdings of $10 million or more in transmission companies, electric utility companies and electric utility holding companies.
Commissioner Jon Wellinghoff, Nevada's first consumer advocate, supported the FERC decision.
Exempting investment companies like Horizon from FERC regulation "could allow those entities to exercise control over public utility companies or transmitting utilities in a way that may harm energy customers," Wellinghoff said in a statement.
Eric Witkoski, chief of the attorney general's Bureau of Consumer Protection, welcomed the federal action.
"This is a good sign, I think," he said.
A Nevada law requires investment companies to receive Public Utilities Commission authorization before acquiring more than a 25 percent stake in a Nevada public utility.
In June, the utilities commission received a report from staff counsel Alaina Burtenshaw, who concluded that Horizon held only a 17 percent stake in NV Energy and had not violated the state law.
Federal law appears to be a better tool for regulating large stock holdings in electric utilities, than the state law, Witkoski said.
The latest report from Bloomberg News shows Horizon owned 10.2 percent of NV Energy shares on Sept. 30 and remained NV Energy's largest single investor, but Bloomberg News didn't say whether that includes Kinetics' position in NV Energy. Horizon's NV Energy holdings were worth $220 million on Thursday.
Horizon sold 11.6 million shares before Sept. 30, Bloomberg News reported.
Horizon didn't return calls for comment Thursday on the issue. NV Energy said it doesn't comment on its shareholders. The Public Utilities Commission declined comment, spokesman Sean Sever said.
FERC ruled that Horizon is a public utility holding company and is required to file notices of its stock position at NV Energy. However, FERC said Horizon could acquire less than 10 percent of NV Energy shares without notice and less than 20 percent without notifying FERC if its holdings are combined with those of an affiliate.
NV Energy shares rose 31 cents, or 3.5 percent, Thursday to close at $9.27 on the New York Stock Exchange.
To see more of the Las Vegas Review-Journal, or to subscribe to the newspaper, go to http://www.lvrj.com. Copyright (c) 2008, Las Vegas Review-Journal Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
