Closes

California Tuesday completed a $4.3 billion bridge loan to allow the state Department of Water Resources (DWR) to buy power over the next two months before a major $13 billion, 15-year bond sale is completed, freeing the state’s general fund surplus from being tapped for the $20-30 million of daily bulk spot power market purchases. The overall interest rate at closing was 4.14%.

Energy East Corp. announced on Friday that its shareholders “overwhelmingly approved” its proposed merger with RGS Energy Group. Energy East plans to buy the parent company of Rochester Gas & Electric for approximately $1.4 billion.

The United Kingdom-based Centrica plc completed the acquisitionof Calgary’s Direct Energy Marketing Ltd. and its primary marketingagent Natural Gas Wholesalers, unveiling the British company’sfirst sizeable venture into the international arena.

At its final meeting before the August break, FERC last weekcleared its agenda of several major rehearing orders — includingOrder 637-B, which was a rehearing of Order 637-A, which was arehearing of Order 637. This time around the Commission refused tobudge on the majority of the policy calls it made in 637-A thataddressed regulation of the short-term natural gas transportationmarket.

Cash quotes for the last day of June tumbled Thursday,influenced by futures weakness in the morning and from the previousday and also by a general dearth of weather-related demand outsidethe West.

Cabot Oil & Gas announced it will close its Pittsburghoffice Aug. 31 as part of a “strategic repositioning” that includedthe sale of non-core Appalachian properties to Enervest ManagementCo. for $46.2 million last September. About 15 jobs will beeliminated as a result of the action. The remaining positions willbe transferred to existing offices in Charleston, WV, and Houston.

Cabot Oil & Gas announced it will close its Pittsburghoffice Aug. 31 as part of a “strategic repositioning” that includedthe sale of non-core Appalachian properties to Enervest ManagementCo. for $46.2 million last September. About 15 jobs will beeliminated as a result of the action. The remaining positions willbe transferred to existing offices in Charleston, WV, and Houston.

Conoco Canada Limited, completed the acquisition of outstandingassets associated with the purchase of Petro-Canada’s natural gasliquids (NGL) business, the company said yesterday. The additionincreases Conoco’s total net natural gas liquid production inCanada, the U.S. and Trinidad by 65%, to 105,000 bpd, and triplesnet processing capacity to 3.4 Bcf/d, while reducing per-barreloverhead and operating costs by 24%.

Quicksilver Resources Inc. last week completed a deal acquiring CMS Energy Corp.’s Michigan gas and oil exploration and production properties, including the stock of Terra Energy Ltd., as well as other smaller interests in Ohio, Kentucky, and Indiana. The deal was announced in January (see NGI Jan. 24).