BG&E seeks to cut electric rate
The Baltimore Gas and Electric Co. requested approval from the Maryland Public Service Commission yesterday to reduce its electric fuel rate by 5.3 percent effective Oct. 1, cutting $22 million off ratepayers' annual bills.
The proposed reduction would cut 55 cents off the monthly bill for the average customer using 600 kilowatt hours of electricity. The fuel rate is the portion of a utility bill that allows the company to pass on to customers changes in fuel costs -- which makes up zTC about 25 percent of a utility bill.
This is the fourth fuel rate decrease this year, reducing the average customer bill by $2.73 per month.
Russians differ on ruble support
The head of Russia's Central Bank said yesterday that the bank has spent $650 million of its precious hard currency to prop up the plummeting ruble. But the economics minister later said the bank had done no such thing.
The contradiction, which could not immediately be resolved, highlights the disorder and uncertainty in Russia as the nation attempts to change to a market economy after decades of central control.
The ruble's exchange value now stands at 210.5 to the dollar, having fallen more than 25 rubles in the past week.
Point Breeze warehouse leased
Bob's Transport & Storage Co. Inc. of Dundalk has leased a 200,000-square-foot warehouse at 2200 Broening Highway in Baltimore, which it will use as contract warehouse space, a real estate broker involved in the deal said yesterday.
Terms of the deal for the warehouse, located in the Point Breeze Business Center, were not disclosed, said Skip Case, a broker with Carey Winston Co. in Laurel. The space was vacated last spring by Toscany Imports.
Bob's Transport took occupancy of the warehouse this week after signing the lease Monday, Mr. Case said.
Bankers, O&Y quarreling
Bickering has escalated between Olympia & York Developments Ltd. and a group of bankers over a loan restructuring, but officials said yesterday that they doubt it will immediately force the developer into U.S. bankruptcy court. Toronto-based Olympia & York has been quietly negotiating with its bankers since the spring over restructuring debts on its U.S. properties. The company owns 23 million square feet of Manhattan office space.
Olympia & York sought bankruptcy court protection in May for its Canadian properties and its Canary Wharf office development in London after talks with bankers collapsed. The company, once considered the world's biggest property developer, has $17.5 billion in debt and lost $2.1 billion last year.