Charlotte

Charlotte, NC-based Piedmont Natural Gas, expanding its service into neighboring territory, has completed its purchase of North Carolina Natural Gas (NCNG) and a 50% interest in the EasternNC project from Progress Energy

Coal producer Massey Energy Co. said it will pay $10.6 million to end a contract dispute with Duke Energy after an arbitrator ruled in favor of the Charlotte, NC-based energy company.

After enduring one of the worst years in its corporate history, Charlotte, NC-based Duke Energy reported it ended 2002 on a legal high note.

While completing its calculations for fiscal 2002, which ended for Piedmont Natural Gas on Oct. 31, the Charlotte, NC distributor Tuesday said its earnings for fiscal year 2003, which ends Oct. 31, 2003, are expected to be between $2.05 and $2.15 per diluted share.

Marking a quarter in which it completed its $8 billion acquisition of Westcoast Energy Inc., Charlotte, NC-based Duke Energy reported that it is on track to meet 2002 financial goals through execution of its balanced energy portfolio strategy. The company posted net income of $382 million (48 cents per share) in first quarter 2002, compared with $458 million (61 cents per share) in first quarter 2001. Despite the fall-off, the company still beat a Thomson Financial/First Call estimate of 41 cents a share. The company posted earnings before interest and taxes (EBIT) of $761 million during the first quarter 2002, a steep decline from the outrageously volatile first quarter of 2001, which saw natural gas spot prices reach $10.00/Mcf and more. The company posted EBIT of $1.254 billion for the first quarter 2001.

Shareholders of Vancouver-based Westcoast Energy Inc. will vote Dec. 13 on the proposed takeover of the company by Duke Energy Inc., headquartered in Charlotte, NC. Westcoast said Wednesday that if shareholders approve the $8.5 billion takeover, the Duke acquisition will be completed by the end of March 2002. Westcoast is one of Canada’s biggest energy companies, with assets of about C$15 billion and interests in natural gas pipelines, power generation and energy services. Duke Energy had revenues of more than $49 billion in 2000.

To help its clients reduce the costs of doing business,DukeSolutions Inc., headquartered in Charlotte, NC, began usingonline energy auctions last week to lower the cost of natural gas,reduce procurement charges and speed up contract executions for its20 client facilities in the Midwest.

To help its clients reduce the costs of doing business,DukeSolutions Inc., headquartered in Charlotte, NC, has begun usingonline energy auctions to lower the cost of natural gas, reduceprocurement charges and speed up contract executions for its 20client facilities in the Midwest.

Charlotte, NC-based Cogentrix Energy is prepared to commenceconstruction on a 816 MW natural gas-fired electric generationplant near Sterlington, LA. The company announced yesterday that ithad secured financing through Bank of America, N.A.