Carolina

San Francisco City Attorney Sues Carolina Energy Services Firm

Already legally troubled Progress Energy Inc., Raleigh, NC, ran into more problems Thursday when the San Francisco city attorney sued the company for $300 million, alleging a predecessor of the company defaulted on an energy-saving contract for which the city’s schools had already paid more than $23 million.

March 17, 2003

Cogentrix, Dynegy Work to Resolve Default Tied to Plant Loans

North Carolina-based power plant developer Cogentrix is currently in talks with Dynegy and banks to resolve a Dynegy subsidiary’s default under loan agreements tied to the construction of an 816 MW power plant located in Louisiana. The default was automatically triggered in the wake of several ratings agencies lowering their credit ratings on Dynegy.

August 12, 2002

FERC: Imbalance Penalties to be Credited to Transmission Customers

FERC commissioners last Thursday agreed to order Carolina Power & Light (CP&L) to credit revenue from energy imbalance penalties to “non-offending transmission customers,” emphasizing that this is a policy switch which will be imposed in any cases going forward. The move puts power transmission penalties on the same footing as gas transportation penalties.

October 15, 2001

CP&L/Florida Progress Receive Final Approval

Carolina Power and Light Energy (CP&L) realized its goallast week of becoming one of the 10 largest energy companies in thenation as its acquisition of Florida Progress Corp. (FPC) receivedthe final regulatory approval it needed from the Securities andExchange Commission.

December 4, 2000

CP&L/Florida Progress Receive Final Approval

Carolina Power and Light Energy (CP&L) realized its goalMonday of becoming one of the 10 largest energy companies in thenation as its acquisition of Florida Progress Corp. (FPC) receivedthe final approval necessary from the Securities and ExchangeCommission.

November 29, 2000

Supreme Court to Hear Drilling Ban Appeal

The U.S. Supreme Court agreed Monday to hear appeals byUSX-Marathon and Mobil regarding the drilling ban on leasesoffshore North Carolina. The two producers spent $156 million in1981 on leases that became subject to a drilling ban in 1990 whenCongress adopted the Outer Banks Protection Act.

November 17, 1999

Industry Briefs

SRS (Strategic Resource Solutions Corp.), a subsidiary ofCarolina Power & Light has announced the launch of a newInternet-based system that helps clients improve facility controland reduce operating costs. SiteNetT Command Center, the latestweb-based solution from SRS, enables clients to integrate multiplesites for centralized energy and facility management. Based onInternet and Intranet standards, SiteNet Command Center integratesmultiple facility systems through a Single Window(SM) forcentralized navigation, monitoring and control of facility andenergy information. Using a standard web browser, clients havereal-time access to their facility solutions, ranging from buildingcontrol systems to energy, maintenance and asset managementsystems. SiteNet Command Center is an integrated tool formonitoring and managing maintenance, operations and energy costs,as well as preparing for energy negotiations in a deregulatedutility market.

October 4, 1999

New SC Power Plant Doubles MW

South Carolina Electric & Gas will replace coal-burninggenerating equipment at its oldest fossil fuel facility in Aiken,SC, with two natural gas-fired turbines generating 150 MW each. The$180 million project at the Urquhart station will be designed andbuilt by Duke/Fluor Daniel for completion in June, 2002.

September 27, 1999

Industry Briefs

Shareholders of SCANA Corp. and Public Service Company of NorthCarolina approved a two-step merger transaction under which PSNCwill become a wholly owned subsidiary of SCANA. Shareholdersrepresenting about 76% of Scana’s outstanding shares and about 80%of PSNC’s outstanding shares approved the two proposals. The mergerstill requires state and federal regulatory approvals. Completionis anticipated during the second half of 1999.

July 2, 1999
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