It’s official, last week GPU and UtiliCorp United’s Aquila Energysubsidiary announced that in late December, the companies completedthe transaction that sent GPU International to Aquila Energy for $225million. The sale included the interests that GPU International heldin six independent generating plants and a generating project, whichis currently under development. First announced in October 2000, thefive interests, all in the United States, total approximately 500 MWof capacity (see Daily GPI, Oct. 6,2000). Aquila also receives a 50% interest in the 715 MW project,which is still under development. With this latest deal, Aquila nowowns or controls approximately 4,500 MW of generation underconstruction, in development, or in commercial operation.

COCOA, FL-based Cambridge Energy added to its production areaslate last week, as the company completed its acquisition of an oiland gas property located in Terrebonne Parish, LA. Based uponreviews of the property’s reports, Cambridge believes the land has3.2 Bcf of natural gas reserves and 1.2 million bbl of recoverableoil reserves, of which, 1.84 Bcf of gas and 692,000 bbl of oil areproven reserves. Although the company did not release terms of thetransaction, it believes the property has an approximate netpresent value discounted at 10% of almost $14 million.

Dominion Resources announced that due to the expected strongrevenues from all of its units, it is raising its 2001 earningstarget by $0.30 per share. The company said that the increaserepresents an almost 24% increase over current First Call analystconsensus earnings estimates of $3.31 per share in 2000. Due toDominion’s pending acquisition of the Millstone nuclear plant inWaterford, CT, the company has included an earnings accretion of$0.05 per share in its 2001 earnings prediction. The Virginia-basedcompany also reported that it has raised its 2002 earnings rangefrom $4.10-$4.18 up to $4.40-$4.50 per share. Dominion added thatdue to strong revenues, it expects to “meet or exceed” the fourthquarter 2000 First Call consensus of $0.57 per share. The companysaid it will announce fourth quarter and full year 2000 results onJan. 26.

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