Auction

In an online auction scheduled for 11 a.m. CST Monday, Gulf South will accept bids for 5 million dekatherms of Firm Storage Service (FSS) capacity through its web site (www.gulfsouthpl.com, click “Auctions”). The capacity will be available from April 1, 2002 to March 31, 2004. See the bulletin board or call Stacy Franz at (713) 544-5228 for more information.

KNG Energy, Inc., a Findlay, OH-based natural gas pipeline company, has signed an agreement with EnergyGateway to auction portions of its intrastate pipeline capacity running across northern Ohio, connecting with Crossroads Pipeline in the west and Columbia Gas of Ohio and Dominion East Ohio in the east.

The Oil & Gas Asset Clearinghouse sold more than $18.1million of properties as of its Oct. 25th Hybrid auction, whichfeatured simultaneous floor and Internet bidding in Midland, TX.Based in Houston, the company is a wholly owned subsidiary ofPetroleum Place, an Internet portal and marketplace serving theupstream energy industry. The Clearinghouse said it offered 128lots, consisting of more than 800 wells, including 46 higher valuedproperties. Year-to-date, Internet bidders have purchased more than$25 million properties through Selective Offerings, andparticipation on the Internet also is increasing, said the company.

In their sixth asset alliance, NRG Energy Inc. and Dynegy Inc.are expanding their co-owned generation portfolio in the westernUnited States by purchasing one power plant and buying most of thegenerating capacity of another plant from Nevada Power Co. for $634million. Minneapolis-based NRG will be operator and Houston-basedDynegy will serve as power marketer and fuel supplier.

Mitchell Energy & Development Corp.’s view of the future looked so good from the auction block, the company decided to step down and aggressively grow its gas production. Mitchell had put out the ‘for sale’ sign in early October (see NGI Oct. 11).

Things are looking so good for Mitchell Energy & DevelopmentCorp. the company has stepped down from the auction block where it hasstood since early October (see Daily GPI, Oct. 7).

Shell Energy Services became Georgia’s third largest marketer last week by winning an auction with a $19.3 million bid for the bankrupt Peachtree Natural Gas’ 170,000 customers. The customer accounts may switch as soon as Dec. 1 or as late as the end of December depending on how fast the Federal Trade Commission (FTC) grants its approval of the sale, sources close to the situation said.

Statoil Energy, the largest Appalachian Basin gas reserve holderand a top energy marketer and independent power producer, was puton the auction block last week after having failed in its attemptthis summer to find a partner to invest about $1 billion in itsfuture.

Statoil Energy, the largest Appalachian Basin gas reserve holderand a top energy marketer and independent power producer, was puton the auction block yesterday after having failed in its attemptthis summer to find a partner to invest about $1 billion in itsfuture.