PacifiCorp Power Marketing Inc., ScottishPower’s competitive U.S. energy business, said last week that it will officially change its name to PPM Energy Inc. on Jan. 15. The news comes one day after the Portland, OR-based company completed the acquisition of Aquila Inc.’s Katy gas storage facility, two development opportunities and two other storage facilities.

PPM CEO Terry Hudgens said the company’s old name was “too narrow a fit for our expanded capabilities” into thermal power, gas storage and hub services, as well as asset-backed trading and risk management. The new name also “reinforces the fact that PPM remains a member of the ScottishPower group of companies.”

Commenting on the storage acquisition, Hudgens said, “The Katy facility is a proven asset with an excellent location in a major gas network hub, a good customer base, and long-term contracts for its capacity.”

The company bought the Katy storage complex in Texas and four other gas storage development projects from Aquila for approximately $162 million in August (NGI, Aug. 12). PPM expects the acquisition to enhance earnings in the first full year of ownership. Located 20 miles west of Houston, the Katy facility has a working capacity of 21 Bcf, of which 16 Bcf is currently under firm contract. The facility has been in operation for more than 10 years with 14 interconnects to 13 different pipelines. PPM said its role will be to provide gas storage services for local distribution companies, generators, industrial users, marketers/traders and producers.

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