ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Tuesday, February 27, 1996 TAG: 9602270094
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
AEP to upgrade 2 service areas
American Electric Power Co. Inc. said Monday it plans to invest more than $11 million to upgrade its power distribution system in two service areas.
The utility will spend $2.6 million in the Bent Mountain area of Roanoke County and nearby portions of Franklin and Floyd counties, and another $8.7 million in the Smith Mountain Lake area of Franklin and Bedford counties. The upgrades will affect 7,800 customers.
The capacity of the Bent Mountain substation will be doubled and that of the Moneta substation will be increased 35 percent. AEP will build two miles of new distribution lines near Smith Mountain Lake and improve a total of 235 miles of existing lines in the two areas.
The Smith Mountain Lake service area has seen a 4 percent to 5 percent annual increase in power load for the past five years, about double the average, said AEP Roanoke district manager Terry McMahan.
- Staff report
T-bill rates higher
The Treasury Department on Monday sold $12.4 billion in three-month bills at an average discount rate of 4.86 percent, up from 4.78 percent last week. Another $12.4 billion was sold in six-month bills at an average discount rate of 4.80 percent, up from 4.75 percent.
The three-month bill rate was the highest since 4.88 percent Feb. 5; the six-month bill rate was the highest since 4.9 percent Jan. 29.
The Federal Reserve said the average yield for one-year Treasury bills, the most popular index for adjustable-rate mortgages, rose to 5.04 percent from 4.81 percent.
- Associated Press
WLR predicts loss, tightens belts
WLR Foods Inc. said Monday that sharp increases in the price of grains will likely leave the Broadway, Va.-based chicken and turkey processor with a loss of 35 cents to 45 cents a share in its fiscal third quarter, ending March 31.
The company, which has its Cassco Ice division in Salem, said feed costs are expected to rise 36 percent to about $75 million.
Proposed expansion of its Goldsboro, N.C., chicken processing plant has been put on hold. WLR has instituted a hiring freeze and is cutting some personnel expenditures such as the annual picnic. No layoffs are planned.
- Associated Press
NS joins venture to share containers
Norfolk Southern Corp. and two other railroads plan a nationwide container-sharing system that will reach every major market in the United States.
The North American Container System is meant to encourage shippers to use containers rather than truck trailers.
Starting March 18, the fleet is expected to grow to 2,500 48-foot containers. Joining NS in the venture are Conrail Inc. and Burlington Northern Santa Fe.
- Staff report
LENGTH: Medium: 61 linesby CNB