NewPower Holdings Inc. said Judge W. Homer Drake Jr. of the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, has confirmed its Chapter 11 plan as it applies to subsidiary The New Power Company, and the company expects the court to issue its order in the next several days. Ten days following the order, NewPower will begin paying the allowed pre-petition claims of its creditors. Creditors will receive distributions totaling $8.1 million, representing payment in full of allowed claims plus interest from June 11, 2002, the date the company and its subsidiaries filed voluntary petitions under Chapter 11. NewPower will transfer any cash remaining after such payment to TNPC Holdings, Inc. in satisfaction of all intercompany debt outstanding between them.

Newfield Exploration Co. has hedged an additional 34 Bcf of its expected natural gas production for the period between April 1 through October 31, 2003 at a floor price of $4.87/MMBtu, or about $5.11/Mcf. The cost to Newfield for the transactions is about 25 cents/MMBtu. “The chance to lock in a $5 per Mcf floor price and retain all the potential upside in gas prices made this too compelling to pass on,” said CEO David Trice. “We estimate that our cash flow will far exceed our 2003 capital budget of $450 million, providing us with the flexibility to fund acquisitions, pay down debt or repurchase shares.” He said that at this time, the Houston-based producer was not planning to hedge any additional production for the winter of 2003-2004. Information regarding Newfield’s outstanding hedging positions in its annual report and quarterly reports filed with the Securities and Exchange Commission as well as its company publication, which may be found on the web site at www.newfld.com.

Dynegy Inc.‘s amended Form 10-K, filed with the Securities and Exchange Commission (SEC) on Feb. 14, resulted in an $11 million reduction to 2001’s net income and a $13 million increase to 2002 net income, which were both reported in January. The amended form reflected changes in Dynegy’s forward power curve methodology, which it previously reported. However, the final re-audit still remains to be released. An independent three-year restatement is expected to be completed in March by PricewaterhouseCoopers LLP, Dynegy’s outside auditor. Dynegy already has reported restatements to its 1999 through 2001 financial statements in two Form 8-K documents to the SEC, one dated Nov. 14, 2002 and the other on Jan. 31. Dynegy said that once the independent audit is completed, another amended 10-K will include PricewaterhouseCoopers’ report, including changes that may arise from the re-audit, “some of which could be material.” According to the latest SEC filing, Dynegy said it earned 51 cents a share in 1999; $1.46 a share in 2000 and $1.11 a share in 2001. The new filing reduced per-share earnings by 2 cents for 1999; 5 cents for 2000; and 9 cents for 2001. The reductions were due almost entirely to forward power curve revisions, Dynegy said.

CenterPoint Energy’s Pipeline Services unit announced that it recently signed two separate agreements with Northern Natural Gas (NNG) to provide operations and maintenance (O&M) services for NNG’s 30-inch Black Marlin System and its Matagorda Offshore Pipeline System (MOPS) along with some related offshore Louisiana pipeline assets. Terms of the deal were not disclosed. Owned by MidAmerican Energy Holdings Co., NNG provides transportation and storage services to 75 utility customers and numerous end-use customers in the upper Midwestern United States and provides cross-haul/grid transportation between other interstate and intrastate pipelines in the Permian, Anadarko, Hugoton and Midwest areas. In addition, NNG operates three natural gas storage facilities and two LNG peaking units.

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