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Buyout
Articles from Buyout
Energy Transfer, Heritage Propane Combine, Buyout TECO, Atmos, AGL, Piedmont Stakes
Heritage Propane Partners LP, which has agreed to buy Texas natural gas midstream operator Energy Transfer, including Oasis Pipeline and the company’s Southeast Texas and Mid-Continent lines, for $980 million including debt. As part of the merger Heritage will buy out interests held in its propane business by affiliates of TECO Energy, Atmos Energy, Piedmont Natural Gas and AGL Resources for an estimated $130 million.
Duke Reassures Investment Community on Portfolio
In reaction to the downfall of Enron Corp. that eventually led to its buyout by Dynegy Corp., Duke Energy executives took an hour last week to reassure the investment community about its portfolio and risk management system, and also talked about the future of energy trading, whether or not a merger takes place. But what top management was attempting to do most was put most succinctly by CFO Mary Gilbert, when she firmly explained that they will hear “no surprises from Duke Energy.”
Duke Reassures Investment Community on Portfolio
In reaction to the downfall of Enron Corp. that eventually led to its buyout by Dynegy Corp., Duke Energy executives took an hour on Monday to reassure the investment community about its portfolio and risk management system, and also talked about the future of energy trading, whether or not a merger takes place. But what top management was attempting to do most was put most succinctly by CFO Mary Gilbert, when she firmly explained that they will hear “no surprises from Duke Energy.”
CA Legislature Gets Edison Buyout Proposal
A state legislative proposal (SB 278X) emerged late last Friday to start the political process for implementing the governor’s agreement (MOU) with Southern California Edison Co. to return the utility to credit-worthiness in exchange for selling its transmission system to the state and assuring below-market power supplies from the utility’s existing fleet of hydro, nuclear and coal-fired power plants.
SoCal Ed: Little Progress Toward Buyout
In the absence of any definitive regulatory or legislative moves as yet to implement a three-week-old memorandum of understanding (MOU) with the governor, Southern California Edison officials Tuesday acknowledged that creditors and other parts of the financial community are afraid the utility will join the state’s other major investor-owned utility, Pacific Gas and Electric, in bankruptcy court.
SoCal Edison Optimistic on Buyout Legislation
A proposed new law to implement sections of the governor’s agreement (MOU) with Southern California Edison Co. will be offered later this week in the ongoing special session of the state legislature, Edison senior vice president Bob Foster said Tuesday in a regular conference call with utility bondholders. Foster characterized the state lawmakers’ attitude as “cautious,” but noted there is “no outright rejection” of the Edison MOU, which requires a state law to authorize California to buy the utility’s transmission assets and assign a portion of its rates to pay for state-backed bonds.
CA Awaits State Buyout of Utility Transmission Assets
While the California governor’s press people were promising anannouncement and then reneging late Thursday afternoon, at leastone other power supplier, Williams, announced signing a 10-year,1,400-MW deal with the state water resources department (DWR).Meanwhile, supply shortages eased considerably yesterday for thefirst time in about six weeks.
Utility Buyout Brewing; Grid Limps On
State legislators debated a “cash infusion” for the financiallytroubled private-sector utilities yesterday in exchange for statetakeover of their transmission and generation assets. AndCalifornia Gov. Gray Davis on Wednesday highlighted a package ofproposed bills to provide $120 million in cash incentives and a 50%tax break to renewable energy and distributed generation developersas a means of fulfilling his promise to add 20,000 MW over the nextthree years.
Industry Briefs
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.