In a complete about-face, Dearborn, MI-based CMS Energy Corp.has jettisoned major financial restructuring plans to create atracking stock for its Consumers Energy unit. Low stock marketvaluations of utility companies forced the decision, according tocompany officials, and instead CMS plans to gain $700 million byselling some non-strategic assets and reducing its debt – a planexpected to offer more value to shareholders. The news comes alongwith word that first-quarter earnings were down to 70 cents perdiluted share, compared with 80 cents per diluted share for thesame period in 1999.
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Dominion Will Cut 700 Jobs this Year
Dominion Resources said last week it will eliminate 700 jobs asa result of its merger with Consolidated Natural Gas. About half ofthe employees affected already have left, the company said. The jobcuts and improved efficiencies created by the merger are expectedto save the company at least $75 million in 2000.
April 24, 2000
Dominion Will Cut 700 Jobs this Year
Dominion Resources said yesterday it will eliminate 700 jobs asa result of its merger with Consolidated Natural Gas. About half ofthe employees affected already have left, the company said. The jobcuts and improved efficiencies created by the merger are expectedto save the company at least $75 million in 2000.
April 24, 2000
Fickle Southern Now Backs Petal’s Project
In a complete about-face, Southern Company now appears to be astrong champion of an amended deliverability expansion of Petal GasStorage LLC and has asked FERC to process the application as”quickly as practicable.”
April 24, 2000
El Paso ‘Pushes Envelope’ with Affiliate Contracts, CPUC Says
Just when you thought the news about the controversial contractarrangement between El Paso Natural Gas and its marketing affiliateEl Paso Merchant Energy Co. had died down, California regulatorscome out with a request from left field asking FERC to rescind the$38.5 million contract transaction for 1.22 Bcf/d of firm capacityon the pipeline.
April 10, 2000
Diverse Group Offers Restructuring Wish List
It could be argued everyone is a stakeholder in electricrestructuring, and yesterday it seems just about everyone gottogether and weighed in at Congress with the issue. A broad-basedgroup of organizations has developed a list of 23 principles itbelieves should be considered in any federal restructuringlegislation.
April 7, 2000
Prices Falls Line Up Consistently to Either Side of Nickel
In a remarkably uniform display of softness, prices fell byabout a nickel Tuesday at nearly every point across the board.Rarely has the market been so consistent with the great majority ofdeclines clustered within the range of 3-7 cents and with nogeographical bias.
April 5, 2000
CPUC: El Paso ‘Pushes Envelope’ with Affiliate Contracts
Just when you thought the news about El Paso Natural Gas’contract arrangement with marketing affiliate El Paso MerchantEnergy Co. had died down, California regulators came out yesterdaywith a request from left field asking FERC to rescind the $38.5million transaction for 1.22 Bcf/d of firm capacity on thepipeline.
April 5, 2000
Most Prices Flat, But Chill Lifts Midcontinent, California
Flat pricing dominated much of the swing market Monday, butquotes ranged to about a nickel higher in the Midcontinent/Midwestand Southwest/California regions. Colder Midwest weather and a bitof chill on the West Coast built up some extra demand in thosemarkets, traders said.
March 28, 2000
Transportation Notes
NGPL’s High Island Lateral will be out of service for about 12hours of construction Thursday, causing a shutdown of Station 344(Jefferson County, TX). Shippers using the HI 116 Vasgas/NGPL HI 71point will need to nominate half of their normal volumes for thatgas day.
March 22, 2000
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