FERC Chairman James Hoecker announced last week that aCommission staff team has been formed to closely monitordevelopments in the electric market in an attempt to identify earlyand possibly prevent price aberrations similar to those thatoccurred in the Midwest last summer.
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BP Amoco Adding Arco to Its Arsenal
BP Amoco might want to change its name to BP, Etc. now that ithas announced plans to acquire Los Angeles-based Atlantic RichfieldCo. (Arco) in a $26.8 billion deal. The news comes only monthsafter the closing late last year of the marriage of BP and Amoco.
FERC Team to Monitor Power Market
Chairman James Hoecker announced yesterday that a FERC staffteam has been formed to closely monitor developments in theelectric market in an attempt to identify and prevent priceaberrations similar to those which occurred in the Midwest lastsummer.
BP Amoco, Williams Reach Partial Settlement with Utes
BP Amoco and the Williams Cos. announced last week they have reached a partial settlement with the Southern Ute Indian Tribe, while leaving the key issues of their dispute to be determined in an upcoming Supreme Court case. The settlement released Williams and BP Amoco from all claims included in the Southern Utes’ lawsuit against them but did not address key ownership issues.
KeySpan, Houston Exploration in Joint Venture
Attempting to gain access to a potentially plentiful Gulf ofMexico gas supply, KeySpan Exploration & Production announcedTuesday it agreed with Houston Exploration Co.to jointly drilland develop 55 leases in the Gulf’s outer continental shelf. The$300 million agreement has an effective date of Jan. 1, 1999.
KeySpan, Houston Exploration in Joint Venture
Attempting to gain access to a potentially plentiful Gulf ofMexico gas supply, KeySpan Exploration & Production announcedTuesday it agreed with Houston Exploration Co. to jointly drill anddevelop 55 leases in the Gulf’s outer continental shelf. The $300million agreement has an effective date of Jan. 1, 1999.
Industry Brief
Sempra Energy Trading announced it has relocated its corporateheadquarters to Stamford, CT, from Greenwich. The energy marketersigned a 10-year-lease on a 35,000 square-foot renovated warehousein Commerce Park. The new space is nearly double the size ofSempra’s former offices and features a 15,000-square-foot tradingfloor. “It is large enough to accommodate our future growth plans,”said David Messer, president of Sempra Energy Trading. Thewarehouse space was transformed easily into a trading floor due toits high ceilings, open space and heavy power supply, he added. Therenovations included the addition of a new trading floor, offices,conference rooms, cafeteria and library. Currently, the newheadquarters houses 153 employees. Formerly known as AIG Trading,Sempra Energy Trading adopted its current name when it was jointlyacquired by Sempra Energy (formed by the merger of Enova Corp. andPacific Enterprises) in August 1997.
FPL Energy Closes on Maine Power Plants
After losing a court battle that would have nullified theacquisition, FPL Energy Inc. announced last week it closed thedeal to obtain Central Maine Power Co.’s (CMP) non-nucleargenerating assets. The transaction is expected to be completed inApril.
Court Case Lowers Chevron’s 1998 Earnings
Chevron announced late Friday it adjusted its 1998 earnings toaccommodate $637 million in “potential losses” due to an OklahomaSupreme Court decision last week affirming a lower court’s rulingagainst the integrated oil and gas company. Chevron said it stillplans to seek aggressive review of the case.
Westcoast Sells Manitoba LDC
Westcoast Energy, a partner in more venturesome natural gasprojects, announced it has sold wholly-owned subsidiary Centra GasManitoba to Manitoba Hydro for $245 million.