In a move to renew PG&E Corp.’s focus entirely on NorthAmerican markets, the utility holding company sold its natural gastransmission pipeline, related facilities and energy tradingoperations in Queensland, Australia to Duke Energy International,LLP.

The price was not disclosed. But PG&E Corp. in 1996 paid$128 million (US) for a 389-mile, 12-inch diameter transmissionline in the northeast state of Queensland that was owned andoperated by the state. PG&E then subsequently added $3 million(Australia) for additional pipeline extensions.

“We are pleased that a company with the size and experience ofDuke Energy International will be acquiring these assets,” saidPG&E Corp.-Australia’s Michael McDanold. “This sale confirmsour success in enhancing the value of the Queensland pipeline overthe past two years.”

The sale represents “a premium on PG&E’s investment,”PG&E said. Nevertheless, the recent weakening of the Australiandollar will cause PG&E Corp. to take a 6% charge against secondquarter earnings.

Duke International’s president called it “a major step” for hiscompany, whose sister company at Duke last year purchased three ofPG&E Corp.’s utility fossil fuel generating plants inCalifornia for more than $500 million. PG&E’s CEO cited”excellent opportunities in the emerging U.S. energy marketplace”as the reason for pulling out of the company’s last major foreignventure.

In recent months, PG&E Energy Services, the nonutilityenergy services subsidiary, has announced major deals with nationalretail outlets with a total projected value now standing near $2billion.

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