Boiled

A simmering dispute over tolls and excess delivery capacity on Maritimes & Northeast Pipeline (MNP) has boiled over into a regulatory duel, with hearings scheduled to begin March 1 before Canada’s National Energy Board (NEB) in the Nova Scotia capital of Halifax.

A simmering dispute over tolls and excess delivery capacity on Maritimes & Northeast Pipeline (MNP) has boiled over into a regulatory duel, with hearings scheduled to begin March 1 before Canada’s National Energy Board (NEB) in the Nova Scotia capital of Halifax.

The heated bidding war over Canada Southern Petroleum shares boiled over last week with Petro-Canada subsidiary Nosara Holdings Ltd. increasing its offer by 47% to US$11/share and then Canadian Oil Sands raising its offer 14% to $11.10/share, or about $161 million. Canada Southern on Friday urged shareholders to accept the sweetened Canadian Oil Sands offer.

The heated bidding war over Canada Southern Petroleum shares boiled over Thursday with Petro-Canada subsidiary Nosara Holdings Ltd. increasing its offer by 47% to US$11/share and rival Canadian Superior urging Canada Southern Petroleum shareholders to acknowledge that its original offer (2.75 shares and C$2.50 cash for each Canada Southern share) represents the best long-term value because its shares currently are underpriced in the market. Canada Southern Petroleum on Tuesday recommended that its shareholders accept a US$9.75/share all-cash offer from a third company, Canadian Oil Sands (see Daily GPI, June 27).

The simmering pot of market concerns regarding the market power of EnronOnline finally boiled over in public at last week’s LDC Forum near Chicago.

The simmering pot of market concerns regarding the market powerof EnronOnline finally boiled over in public yesterday at Chicago’sLDC Forum. A representative from EnronOnline had to fend off verbalattacks from competitors and from the audience, who criticized thesystem as giving Enron the ability to manipulate prices and provideit with an unfair advantage over competitors.