Approximately

BC Gas said Monday that it has decided to withdraw its application for a rate hike that would have increased natural gas bills by approximately 2% in 2002. Due to a number of questions and regulatory issues relating to its pending Centra Gas BC acquisition, BC Gas CEO John Reid said it makes sense to hold back on the rate increase at this time.

Denver-based Gasco Energy Inc. announced that its board of directors have authorized the purchase of approximately $250,000 of the company’s common shares. The company said it will use working capital if purchases of the common shares are made in the open market. The program has an indefinite life, could be stopped without further notice, or expanded to suit the company’s financial goals and strategies. “The purchase of our stock in the public market is a strong indicator that we believe in our operations and technical people,” said CEO Mark Erickson. “During this difficult period in our nation’s history, it is important for investors to stand tall against the tyranny and remain steadfast with their investments. The stock buy-back program will have no effect on our capital program drilling for natural gas in the Rocky Mountains.” Gasco Energy is a natural gas and oil exploration and development company that focuses on gas rich prospects in the Rocky Mountain area of the United States.

An El Paso Corp. subsidiary, El Paso Oil & Gas Canada Acquisition Inc., has completed the acquisition of Canadian independent Velvet Exploration Ltd., picking up approximately 41.9 million common shares, which equates to 96.7% of Velvet shares outstanding, with its offer of C$8.15 per share. The offer closed at the end of July. Cost of the acquisition, including US$52 million in debt, is estimated at about US$280 million.

If you trade natural gas, yesterday was a good day to be glued to your chair. Approximately eight minutes ahead of its scheduled 2 p.m. EDT release, the American Gas Association reported that a whopping 106 Bcf was added to underground storage facilities during the week ending June 15, bringing working gas in storage levels to 49% full at 1,609 Bcf. Futures reacted instantly, tumbling 15 cents to $3.75 just 10 minutes after the report was released. The prompt July contract would never recover from the initial selling surge and finished 24.7 cents lower at $3.734.

A bid by GPU to raise rates by approximately $316 million in Pennsylvania is quickly turning into a larger debate over whether the utility should be allowed to avoid electricity rate caps already in place in the state. As the Pennsylvania Public Utility Commission prepares to consider GPU’s rate increase request later this week, the plan has received criticism from a number of fronts, including PUC Commissioner Nora Mead Brownell and Pennsylvania’s consumer advocate.

A bid by GPU to raise rates by approximately $316 million in Pennsylvania is quickly turning into a larger debate over whether the utility should be allowed to avoid electricity rate caps already in place in the state. As the Pennsylvania Public Utility Commission prepares to consider GPU’s rate increase request later this week, the plan has received criticism from a number of fronts, including PUC Commissioner Nora Mead Brownell and Pennsylvania’s consumer advocate.

Positioning itself to become a major regional energy player, DTE Energy last Thursday announced the closing of its approximately $3.9 billion merger with MCN Energy Group. The completion of the merger finishes a process that kicked off in October 1999 (see NGI, October 11, 1999).

Positioning itself to become a major regional energy player, DTE Energy yesterday announced the closing of its approximately $3.9 billion merger with MCN Energy Group. The completion of the merger finishes a process that kicked off in October 1999 (see Daily GPI, October 6, 1999).

Westcoast Energy Inc. finalized on Wednesday its previouslyannounced acquisition of the remaining 50% of the Empire StatePipeline for approximately $75 million, increasing its stake in thenatural gas line to 100%. The company first announced it wasacquiring the remaining 50% interest from Coastal Corp. in Novemberof 2000 (see Daily GPI, Nov. 10, 2000). The 156-mile pipeline runsfrom the Canada/United States border near Niagara, through New YorkState to an interconnect near Syracuse, NY. The pipeline has arated capacity of 525 MMcf/d. “We are pleased to now have fullownership of this valuable link to our Union Gas system, our Dawnhub and markets in Upper New York State and the northeast U.S.,”said Michael Phelps, CEO of Westcoast.