Kinder Morgan Inc. and El Paso Corp. have received all regulatory approvals required to close their merger, which is scheduled for May 24. The deadline for El Paso shareholders and equity award holders to elect the form of consideration they wish to receive in the merger is 5 p.m. EDT May 23. The deal was announced last fall (see Daily GPI, Oct. 18, 2011) and received antitrust clearance with a condition that some assets be divested (see Daily GPI, April 20; March 19).
The California Department of Water Resources (DWR) said this year should be "dry," but runoff this summer should not fall below normal because of higher-than-normal spring rains. Assessments still will need to be made in October about whether the state may face drought conditions in 2013. Until recent rains in March, California was facing drought prospects after one of the driest November-February periods on record, DWR said in a Winter 2011-2012 Water Conditions Wrap-up Report. However, even energy officials are optimistic that there will be adequate peak-load electricity supplies, drawing on natural gas-fired generation to supplement any below-normal hydroelectric and nuclear power (see Daily GPI, May 9).
©Copyright 2012 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.