Atlanta-based Mirant Corp. said a mini-tender offer was made for 1% of its stock last week by Vector Enterprises Inc. Vector offered to purchase the stock for $28 a share. In response, Mirant said it “strongly recommends that its shareholders not tender their shares” to Vector because the offer “is considerably below the current market price.” Mirant develops, constructs, owns and operates power plants and sells wholesale electricity, natural gas and other energy commodities. With 8,000 employees worldwide, Mirant has extensive operations in North America, Europe and Asia, and owns or controls more than 20,000 MW of electric generation capacity around the world, with another 9,000 MW under development. Mirant also controls an extensive natural gas asset base in North America, including transportation, storage and access to approximately 3.7 Bcf/d.

Allegheny Energy said its electric generation subsidiary, Allegheny Energy Supply Co. LLC, has signed a 15-year, natural gas tolling agreement with Las Vegas Cogeneration II for 222 MW of generating capacity. Under the terms of the contract, Allegheny Energy will have control of a 222 MW natural gas-fired, combined cycle generating facility in Las Vegas beginning in the third quarter of 2002. The output will be sold into the Western Systems Coordinating Council by the company’s energy marketing, trading, and risk management subsidiary, Allegheny Energy Global Markets. Allegheny Energy Supply previously announced that it would build a 1,080 MW natural gas-fired, combined cycle generating facility in La Paz County, AZ. The company also recently announced a 10-year contract to sell up to 1,000 MW to the California Department of Water Resources.

KeySpan Corp. has set up an agreement with the Long Island Power Authority to build a new power plant in Melville, NY, only the second significant generating plant to be built on Long Island in 25 years. KeySpan will build, own and operate the plant and LIPA will purchase half of its output for its customers. The proposed natural gas-fired station would produce 250 MW, and if approved, the project would begin construction in December 2002. It would be online by the summer of 2004. Before KeySpan proceeds, it still faces scrutiny under New York’s Article X, an environmental review with public comment.

Dallas-based Remington Oil and Gas Corp. announced a field discovery at Eugene Island Block 302 in the Gulf of Mexico. The block was drilled to a measured depth of 10,694 feet and encountered 103 feet of true vertical thickness pay in two Pleistocene age sands. The well is located in 225 feet of water about 140 miles southwest of New Orleans. Production is expected to begin in the second quarter of 2002. Remington is operator, with 57.7% working interest and Magnum Hunter Resources owns 30%. Wiser Oil and Gas owns 12.5% of the block.

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