DukeSolutions entered into an agreement with the Bank of Americayesterday to take over its energy management functions on 4,800properties. The five-year contract will allow the nation’s largestbank to focus on its customers and core business, whileDukeSolutions lowers the company’s annual energy costs.DukeSolutions will provide energy supply information management tothe bank’s numerous properties to help reduce the approximate $110million in annual energy costs.

AES Corp. joined the growing number of companies to post solidgrowth in the second quarter. AES’s net income for the second quarterwas $111 million, a 56% increase over the $71 million dollars postedlast year for the same time period. Earnings per share were 25 cents,7 cents above earnings in the second quarter last year. Revenues rose140%, from $640 million, to $1.5 billion. AES also announcedyesterday that AES Power Direct has come to an agreement to purchaseTitan Energy for $5 million (see Daily GPI, July 26). Titan Energy, a Toronto-basedenergy retail company, currently serves natural gas to 135,000residential and small commercial customers in California, Virginia,Maryland, Pennsylvania and Ohio.

Continuing the upside explosion of earnings, Questar Corp.reported net income up 14% in the second quarter on the strength ofa 92% increase in earnings from oil and gas E&P. The companyreported net income of $26.2 million versus $23.1 million in 2Q1999. Questar E&P increased net income to $9.6 million in the2000 quarter from $5 million a year ealier It’s average natural gassales price rose 28% to $2.48/Mcf, while production was 15% higherat 17.7 Bcf. Oil and natural gas liquids prices were 45% higher at$19.76 per barrel in the current year quarter.

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