BROOKLYN UNION AND PSC STAFF REACH SETTLEMENT AGREEMENT TO ALLOW HOLDING COMPANY STATUS; NEW RATE PLAN FOR CUSTOMERS THROUGH YEAR 2002 PR Newswire | June 4, 1996 | COPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright

BROOKLYN, N.Y., June 4 /PRNewswire/ -- Brooklyn Union (NYSE: BU) announced today that it has reached an agreement with the staff of the New York State Department of Public Service to allow Brooklyn Union to reorganize its gas-distribution operations and its subsidiaries into a new holding company.

The agreement also includes an innovative change in the company's rate-making formula that will provide greater pricing flexibility. Through the year 2002, the non-gas component in customer bills will be under specific price caps, which means that the total amount in rates ...

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