One of the energy sector’s currently financially healthy conglomerates, San Diego-based Sempra Energy purchased the natural gas trading book of financially struggling Michigan-based CMS Energy’s trading unit for $17 million, subject to final due-diligence reviews.

Solidly investment-grade in its credit rating with an energy and metals trading operation that has remained profitable so far this year, Sempra Energy previously was an equity partner with another branch of CMS on a proposed liquefied natural gas (LNG) receiving terminal planned for the Pacific Coast of North Baja in Mexico. Since its trading and financial liquidity woes this year, CMS has dropped its equity position, but remains an operating partner in the proposed LNG facilities, a Sempra spokesperson said.

Connecticut-based Sempra Energy Trading is buying the whole gas trading operation of CMS Marketing Services & Trading. The CMS announcement did not include any information on the terms of the deal.

“Our focus is getting back to basics and improving our liquidity,” said Ken Whipple, CMS CEO, in a prepared statement. “We are continuing to explore the sale of additional targeted assets to further increase our financial flexibility and reduce debt. The company’s ongoing asset sales program has reduced our business risk and will lead to more predictable earnings.”

CMS Energy announced previously that it also is exploring the sale of the electric wholesale book. Its trading operation is based in Houston.

With extensive natural gas interstate pipeline and LNG terminal experience acquired through acquisitions in recent years, CMS Energy Corp. in recent months has indicated it is returning to its primary business operations as an electric and natural gas utility with natural gas pipeline and independent power generation interests.

Given its relatively stable and healthy financial situation, Sempra Energy’s CEO Steve Baum told energy financial analysts several times earlier this year that his company was looking for good buys in the distressed energy sector. A Sempra spokesperson, however, would not speculate on whether the company was negotiating for other CMS assets.

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