Circulating

Answering rumors circulating this week concerning a possible takeover bid by Royal Dutch Shell, EnCana Corp. said Thursday it “is not aware of any intention by any party to make an offer to purchase all of the issued and outstanding shares of EnCana, nor is EnCana in discussions with any party with respect to the purchase of its issued and outstanding shares.”

Rep. Richard Pombo (R-CA), chairman of the powerful House Resources Committee, is circulating a proposal that, among other things, calls for the federal government to close and sell up to 15 national parks to the oil and natural gas industry and private developers.

Reports are circulating in Washington that a former chairman of the Texas Public Utility Commission (PUC), Rebecca A. Klein, is being considered for a seat on the Federal Energy Regulatory Commission, possibly to succeed Chairman Pat Wood, whose term expires in June.

Reports are circulating in Washington that a former chairman of the Texas Public Utility Commission (PUC), Rebecca A. Klein, is being considered for a seat on the Federal Energy Regulatory Commission, possibly to succeed Chairman Pat Wood, whose term expires in June.

Confirming rumors that began circulating late last week, Northwest Natural Gas Co. and Enron Corp. struck a deal to sell Enron’s electric utility subsidiary Portland General Electric (PGE) for $1.875 billion. Under terms of the transaction, expected to close by the fourth quarter of 2002, Natural will pay $1.55 billion in cash, give up $200 billion in preferred stock, $50 million in Natural common stock, and assume Enron’s $75 million balance in customer benefits obligations, stipulated in its 1996 PGE purchase. Natural also will assume almost $1.1 billion in PGE debt and preferred stock.

The shakeout in the battle between online energy tradingexchanges has begun, with rumors circulating that at least two ofthe well marketed, visible performers have run out of money and noware scrambling for customers and liquidity. Though no companieshave publicly announced plans to close or merge, insiders say it’sjust a matter of time.

The shakeout in the battle between online energy tradingexchanges has begun, with rumors circulating that at least two ofthe well marketed, visible performers have run out of money and noware scrambling for customers and liquidity. Though no companieshave publicly announced plans to close or merge, insiders say it’sjust a matter of time.