Approximately

Southern Union Co. announced Monday that it has priced an offering of approximately 14.9 million shares of common stock at $23.00 per share to pay down debt incurred with its investment in CCE Holdings, LLC, a joint venture with GE Energy Financial Services which purchased CrossCountry Energy LLC from Enron Corp. (see Daily GPI, Nov. 18, 2004). CCE paid Enron $2.45 billion in cash and assumed the debt for 7,400 miles of natural gas pipelines with 4.2 Bcf/d of transportation capacity. CrossCountry owns 100% of Transwestern Pipeline and 50% of Citrus Corp., which owns 100% of Florida Gas Transmission Co. The offering was underwritten by the joint book-running managers, Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities Inc. A limited number of institutional investors have agreed to purchase the shares from the underwriters. In addition, Southern Union announced Monday it has launched an offering of $100 million of equity units at $50 per unit, also to pay off debt incurred in the pipeline purchase.

Absent the usual pomp, President Bush on Friday signed into law a $136 billion corporate tax cut bill that provides a host of tax incentives and credits for natural gas, electricity, renewable energy and other fuels.

Absent the usual pomp, President Bush on Friday signed into law a $136 billion corporate tax cut bill that provides a host of tax incentives and credits for natural gas, electricity, renewable energy and other fuels.

Mirant has agreed to reduce nitrogen oxide (NOx) emissions from its four Mid-Atlantic plants by approximately 65% over seven years and pay a $500,000 civil penalty under a Clean Air Act settlement with Virginia, Maryland, the U.S. Department of Justice and the Environmental Protection Agency (EPA) that was unveiled last week.

Major gas producers and liquefied natural gas (LNG) importers/marketers have assailed Southern Natural Gas Co.’s bid for a rate increase of approximately $35 million.

Major gas producers and liquefied natural gas (LNG) importers/marketers have assailed Southern Natural Gas Co.’s bid for a rate increase of approximately $35 million.

EnCana Corp. has closed a previously announced sale of some non-core conventional natural gas assets that produce approximately 7,250 boe/d after royalties (9,400 boe/d before royalties) to a Calgary-based producer for $219 million. The company said it would use the sale proceeds for general corporate purposes, including debt repayment. The sale is part of a divestiture program EnCana announced when it bought Denver-based Tom Brown Inc. in April (see Daily GPI, July 26). Since then, the Calgary-based producer has reached agreements to sell close to $900 million in assets, which produce 28,000 boe/d. So far this year, EnCana has sold conventional, non-core properties producing about 50,000 boe/d for total proceeds of $1.3 billion. Including all 2004 acquisitions and divestitures, EnCana still expects to grow production by 15% this year to between 725,000 and 765,000 boe/d.

FERC has approved an offer of settlement that calls for Williams Cos. Inc. to pay California’s three largest utilities approximately $140 million to resolve claims and refunds arising from the company’s sale of electricity and natural gas to the state during the market crisis of 2000-2001.

FERC on Friday approved an offer of settlement that calls for Williams Cos. Inc. to pay California’s three largest utilities approximately $140 million to resolve claims and refunds arising from the company’s sale of electricity and natural gas into the state during the market crisis of 2000-2001.