CMP Group , the parent company of Central Maine Power Co., saidthat Energy East Corp. completed its $1.2 billion buyout of theMaine utility company. The U.S. Securities and Exchange Commission,the last governmental agency whose approval was required, signedoff on the deal last Thursday. Under the agreement, Energy Eastpurchased all CMP’s common stock for $29.50 a share and assumed$271 million in preferred stock and long-term debt. The merger wasannounced in June 1999. Energy East has about two milliondistribution customers, including 1.4 million electric customersand 600,000 natural gas customers.

Conectiv sold a portion of its Conectiv Services unit to UGICorp. The sale involves the commercial and residential servicesunits located in southeastern Pennsylvania and northern Delaware,which employ 460 people. Terms of the sale were not disclosed. Themove continues Conectiv’s previously announced plan to exitbusinesses it no longer considers strategic, seek a partner for itstelecommunications business and its plan to focus on its corebusinesses. In July, Conectiv announced the sale of its ConectivThermal joint ventures in California and Nevada and the MechanicalDivision of Conectiv Services. Conectiv acquired a total of 21firms with annual revenues of $140 million since 1996 as part ofits efforts to build Conectiv Services into a full-service heatingand cooling business. UGI’s ongoing objective is to grow earnings6%-10% per year, increase its dividend 3% per year, grow itsdomestic AmeriGas Propane and utility operations and invest inrelated and complementary businesses. The company has continued toinvest in its regional gas marketing and HVAC service businessesand in European propane distribution.

With winter fast approaching, the Ohio Consumers’ Council (OCC)is advising residential consumers that increased cost in naturalgas pricing will correspond to higher monthly bills. The council isalso informing consumers that taking part in a natural gas choiceprogram may help consumers to save money. “If there ever was a timeto shop for a natural gas supplier, this is it,” said Robert S.Tongren, OCC. Although prices from an alternative supplier will behigher than previous years, consumers still have the opportunity tobeat the price offered by their local natural gas utility.” Ohio’sresidential customers are invited to call 1-877-PICKOCC to learnmore about customer choice programs from companies such as ColumbiaGas, East Ohio Gas and Cincinnati Gas and Electric.

Shiningbank Energy Income Fund, based in Calgary, said yesterdayit had entered into an agreement to acquire a package of long-lifenatural gas producing properties and undeveloped land inwest-central Alberta for US$47.7 million. Current daily productionfrom the properties is estimated to be 9 MMcf of gas and 250 BOEand natural gas liquids for total daily production of 1,750 BOE.All of the acquired gas production will be sold on the spot market,bringing Shiningbank’s gas sales portfolio to about 45%. Theproperties include a mix of operated and non-operated assets inDunvegan, Belloy, Anselmo, Barrhead and Penhold areas. Shiningbankalready owns working interests in the Anselmo and Penholdproperties, and has adjacent operations at Barrhead. Also includedin the acquisition is an estimated C$2.9 million of undevelopedland — about 33,000 net acres — in west-central Alberta.

The Los Angeles Department of Water and Power (LADWP) will beproposing the largest incentives for energy-efficiency programs incity history to help reduce peak load next summer. Upon review bythe city council, LADWP proposes to offer incentive payments of upto $400 per kWh of energy savings to commercial and industrialcustomers who install high-efficiency chiller units by June 2001.The $14 million program also would boost incentives for installingheating and lighting systems from $250 to $400.

The Federal Energy Regulatory Commission changed the date of itspublic meeting on California’s power market woes to Sept. 12. Themeeting will be held at 9 a.m. at the San Diego Concourse in theCopper Room , 202 C Street in San Diego, ground zero for the powermarket problems in California. The meeting will allow interestedparties to state their views on the market situation in California.Additional information is available from FERC’s Office of ExternalAffairs at (202) 208-0870 and the Commission web site:www.ferc.fed.us.

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