Assumed

PG&E Corp. CEO Peter Darbee has assumed the CEO/president duties for utility subsidiary Pacific Gas and Electric Co., effective upon approval by the California Public Utilities Commission. The move was necessitated by the departure of William Morrow, who told the company he was leaving to reenter the international technology and telecommunications sector. PG&E Corp. said John Keenan will remain as COO at the utility, responsible for day-to-day operations. Darbee called Morrow “an executive of exceptional talent sand abilities,” and thanked him for his contributions to the utility’s pursuit of a vision of being “the leading utility in the United States.” C. Lee Cox, PG&E lead director and the chairman of Pacific Gas and Electric Co., said the expansion Darbee’s of his duties recognizes that the company’s current focus is “built around optimizing the financial and operational performance of our core utility unit.”

PG&E Corp. CEO Peter Darbee has assumed the CEO/president duties for utility subsidiary Pacific Gas and Electric Co., effective upon approval by the California Public Utilities Commission. The move was necessitated by the departure of William Morrow, who told the company he was leaving to reenter the international technology and telecommunications sector. PG&E Corp. said John Keenan will remain as COO at the utility, responsible for day-to-day operations. Darbee called Morrow “an executive of exceptional talent sand abilities,” and thanked him for his contributions to the utility’s pursuit of a vision of being “the leading utility in the United States.” C. Lee Cox, PG&E lead director and the chairman of Pacific Gas and Electric Co., said the expansion Darbee’s of his duties recognizes that the company’s current focus is “built around optimizing the financial and operational performance of our core utility unit.”

TC PipeLines LP has closed its previously announced acquisition of Sierra Pacific Resources’ 50% interest in Tuscarora Gas Transmission Co. for US$100 million (see NGI, Nov. 6).

TC PipeLines LP has closed its previously announced acquisition of Sierra Pacific Resources’ 50% interest in Tuscarora Gas Transmission Co. for US$100 million (see Daily GPI, Nov. 3).

Stone Energy Corp.’s board said Monday that Energy Partners’ (EPL) $1.4 billion cash and stock offer (plus $800 million in assumed debt) is “superior” to the the deal already made with Plains Exploration & Production. As a result, Plains has five days to raise its offer.

National Grid said it will acquire the Rhode Island natural gas business of New England Gas Co. from Southern Union Co. for $575 million, excluding assumed debt of $77 million.

The transaction is valued at $2.3 billion. Ameren assumed about $1.8 billion in IP debt and preferred stock, placed $100 million in a six-year escrow account for contingent environmental liabilities, and it paid the balance in cash to Dynegy.

FERC “assumed [a] fact that was inaccurate” when it ruled in April that because Washington State environmental regulators had failed to act within the allotted statutory time frame on Georgia Strait Crossing Pipeline Co. LP’s application seeking consistency under the Coastal Zone Management Act (CZMA), the state agency had waived certification under the act and consistency was presumed.

Assumed normal weather for next winter and the addition of another 2,400 MW of gas-fired power generation this summer on top of the 1,000 MW last summer should lead to a 6.7% increase in gas deliveries in Michigan this year, the Michigan Department of Consumer & Industry Services said in its semiannual energy appraisal. The department said it expects 905 Bcf of gas deliveries this year.