Carolina Power & Light announced it is considering sites inRichmond and Rowan counties, NC, for new natural gas-fired electricgeneration to be operational in 2001 and 2002. CP&L plans tobuild up to seven combustion turbine units totaling about 1,100 MWto be operational by June 2001 and may build additional units to bein service in June 2002. The projects are part of CP&L’spreviously announced generation expansion of about 4,000 MW, or40%, by 2007. Each combustion turbine unit represents a capitalinvestment of about $40 million. Construction is scheduled to beginby the end of 1999. CP&L also is building additional peakinggeneration at two existing plant sites-in Wayne and Buncombecounties-and has broken ground on a 160 MW gas-fired peaking plantin Monroe, GA. Natural gas to fuel a plant in Richmond County wouldcome through North Carolina Natural’s (NCNG) pipeline andTranscontinental Gas. Last November, CP&L announced its plan toacquire NCNG and to make it a wholly owned subsidiary. CP&Lanticipates receiving regulatory approval for the acquisition bymid-1999.
Altra Energy Technologies Inc. licensed its management system toeight new clients: Duke Energy Field Services, BurlingtonResources, Enogex, OGE Energy Resources, ONEOK Marketing,Proliance, Southern Company Services Inc., and Tejas Energy. Thenew clients reflect a broad spectrum of utility, energy marketingand pipeline companies using Altra’s energy management system.Altra’s technology adds the capabilities for full integration ofthe standard data sets developed by the Gas Industry StandardsBoard (GISB), including nominations, nomination quick response,schedule volumes, allocated volumes and imbalances.
Recently severed from the downstream operations of Pennzoil,PennzEnergy, like many producers, had an inauspicious year, to saythe least. The company recorded a 1998 net loss, beforenon-recurring items and discontinued operations, of $131.5 million.Including non-recurring items and discontinued operations, 1998’snet loss totaled $261.3 million on revenues of $837.4 million.Special items included after-tax, non-recurring charges of $126.6million primarily due to the $48.7-million impairment to recognizea reduction in value of certain oil and gas reserves, effects ofrefinancing exchangeable debentures, and costs incurred to spin offand merge downstream operations with Quaker State Corp. Also, $3.2million of after-tax losses from downstream operations prior to thespin-off were classified as discontinued operations. For 1997, thecompany recorded net income, before non-recurring items anddiscontinued operations, of $136.1 million. Including non-recurringitems and discontinued operations, net income totaled $175.1million on revenues of $977.6 million. Daily gas productionaveraged 467 MMcf in 1998 compared to 589 MMcf in 1997.
The proposed merger of ScottishPower and PacifiCorp gained alarge boost last week when the Federal Trade Commission (FTC)waived the 30-day waiting period under the Hart-Scott-Rodinoantitrust law. “We are delighted to have received early clearance,which keeps us on schedule to meet our regulatory timetable,” saidIan Russell, a ScottishPower spokesman. “This is just the initialstep in the overall process,” said Dave Kvamme, a PacifiCorpspokesman. Both PacifiCorp and ScottishPower have filed withOregon, Washington, Idaho, Utah, and Wyoming state regulatorycommissions. More information will be provided to state regulatorsnext month. The companies also plan to file an application withFERC soon. The proposed transaction’s value is estimated at $7.9billion. ScottishPower will execute a friendly takeover ofPacifiCorp, bringing 1.4 million electric customers in the westernU.S. under its wing. The combined company, known as ScottishPower,will have 7 million customers in the U.S., Great Britain, andAustralia, and employ 23,500 people worldwide.
Houston-based Market Hub Partners Storage LP (MHP) said anongoing expansion of capacity at two gas storage facilities and areduction in expenses were the primary factors responsible forhigher revenues and net income in 1998. MHP reported net income of$13 million before charges of $6.7 million for debt repayment.Revenues rose 17% to $32.2 million, compared to $27.5 million in1997, despite a 16% decrease in hub revenues. When Moss Bluff andEgan expansions are complete in 1999, the facilities will have acombined 24 Bcf of working capacity.
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