CMP Group , the parent company of Central Maine Power Co., saidthat Energy East Corp. completed its $1.2 billion buyout of theMaine utility company. The U.S. Securities and Exchange Commission,the last governmental agency whose approval was required, signedoff on the deal last Thursday. Under the agreement, Energy Eastpurchased all CMP’s common stock for $29.50 a share and assumed$271 million in preferred stock and long-term debt. The merger wasannounced in June 1999. Energy East has about two milliondistribution customers, including 1.4 million electric customersand 600,000 natural gas customers.
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NiSource Names Post-Merger Execs
The $6 billion NiSource-Columbia merger is on its way down the homestretch, with only the Securities and Exchange Commission’s approvalleft in its path on the way to its predicted end of the yearcompletion date (see Daily GPI, July27). To ensure that the combined company moves through thetransition process smoothly, NiSource announced more post-mergerleadership positions for its lengthy list of business units.
August 24, 2000
Richard to Depart Columbia When Merger Completed
NiSource Inc. last week unveiled the new organizationalstructure that will be in place when its $6 billion merger withColumbia Energy Group is completed, and noticeably absent from theroster was Columbia Chairman, CEO and President Oliver “Rick”Richard III who had fought tooth and nail to fend off NiSource’soverture.
August 7, 2000
Richard to Leave Columbia After Merger
NiSource Inc. yesterday unveiled the new organizationalstructure that will be in place when its $6 billion merger withColumbia Energy Group is completed, and noticeably absent from theroster was Columbia Chairman, CEO and President Oliver “Rick”Richard III who had fought tooth and nail to fend off NiSource’soverture.
August 2, 2000
Rain in SK Slows Alliance, But October Remains the Target
Record rainfall in parts of central and southern Saskatchewanhas put a damper on construction of the $3 billion, 1.325 Bcf/dAlliance Pipeline, but for the time being sponsors are standing bytheir projected in-service date, sort of.
July 10, 2000
Southern Energy Buys 5,889 MW Of Generation from Pepco
Southern Energy agreed last week to purchase four PotomacElectric Power Co. (Pepco) power plants for $2.65 billion, givingthe power generator an additional 5,889 MW of capacity, and directaccess to the mid-Atlantic states market.
June 12, 2000
Southern Energy Buys 5,889 MW from Pepco
Southern Energy agreed yesterday to purchase four PotomacElectric Power Co. (Pepco) power plants for $2.65 billion, givingthe power generator an additional 5,889 MW of capacity, and directaccess to the mid-Atlantic states market.
June 9, 2000
Reliant Buying 21 Sithe Power Plants
The deal advances Houston-based Reliant’s strategy of owning generationin key U.S. regions where it can leverage its trading and marketing. Withthe Sithe PJM assets, Reliant will have total net domestic generating capacityof more than 23,000 MW operating in seven states.
February 28, 2000
Reliant Buys Into PJM Power
Reliant Energy agreed to pay Sithe Energies $2.1 billion in cashfor 21 power plants in Pennsylvania, New Jersey and Maryland (PJM)with 4,276 MW of net generating capacity.
February 23, 2000
New CA Budget De-emphasizes Energy
California Gov. Gray Davis’ $68 billion fiscal 2001 budgetproposal unveiled this week includes little or no emphasis onenergy issues, although some of the stated concerns about”infrastructure” may spill over into reliability issues in the gasand electricity transmission/distribution industries. For energyindustry observers there are mostly unanswered questions, includingpeople within state government.
January 14, 2000
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