Billion

DTE Energy Services and Entergy Wholesale Operations announced that construction of a jointly-owned 320 MW natural gas-fired electric power generating plant began in May in Will County, IL. The plant, located about 30 miles south of Chicago in the Village of Crete, is expected to be in commercial operation in June 2002. The facility will be operated by Entergy Operating Systems Inc., in cooperation with DTE Energy Services. “The electric output from this facility will be available in time to supply additional electricity to the region during high-demand periods next summer,” said Barry G. Markowitz, president of DTE Energy Services. The companies said gas for the project will be provided through the recently completed Vector Interstate Pipeline. The Vector pipeline is partially owned by MCN Energy, which will become part of DTE Energy as a result of a merger between the companies, expected to close today. EntergyShaw LLC, an affiliate of the Shaw Group, will provide the engineering, procurement and construction services for the project.

Gulfstream Natural Gas System, LLC broke ground last Thursday on its $1.6 billion, 753-mile pipeline under the Gulf of Mexico from Mississippi and Alabama to Florida. The target for completion is June, 2002.

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).

Gulfstream Natural Gas System, LLC broke ground Thursday on its $1.6 billion, 753-mile pipeline under the Gulf of Mexico from Mississippi and Alabama to Florida. The target for completion is June, 2002.

Sparked by a 121% increase in revenues to $13.5 billion for the first quarter 2001, American Electric Power (AEP) announced earnings of $0.68 per share, a whopping 89% increase over the first quarter 2000’s level of $0.36 per share. The company attributed the earnings run to the strong performance of its wholesale business and the impact of the return to service of its Cook Nuclear Plant.

Regulatory approval by the government in Western Australia will allow Chevron Australia Pty Ltd. to move forward with a $1.6 billion expansion of its Australian LNG facilities, the North West Shelf Venture (NWSV) near Karratha, Western Australia. The expansion, which is designed mainly to increase exports to Japan and Pacific Rim countries, also would provide increased LNG shipments to the United States — including a potential new import terminal on the West Coast (see NGI, March 26).

Regulatory approval by the government in Western Australia will allow Chevron Australia Pty Ltd. to move forward with a $1.6 billion expansion of its Australian LNG facilities, the North West Shelf Venture (NWSV) near Karratha, Western Australia. The expansion, which is designed mainly to increase exports to Japan and Pacific Rim countries, also would provide increased LNG shipments to the United States — including a potential new import terminal on the West Coast (see Daily GPI, March 26; March 20).

Anadarko Petroleum Corp. has completed its acquisition ofCalgary-based Berkley Petroleum Corp. after purchasing 100% of thecompany’s shares for C$1.2 billion. Anadarko, based in Houston,paid about C$11.40 per share and assumed about C$400 million ofBerkley’s debt in the deal.