The merger between The National Grid Group and New EnglandElectric System (NEES) of Westborough, MA, is complete, and NEESofficially has been renamed National Grid USA. The deal wasannounced Dec. 14, 1998. The final sale price for the merger was$3.2 billion, and the final price of NEES shares was $54.207.
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Price Slide Comes to Halt Except in Northeast
Except for the still-falling Northeast, Tuesday’s developingmarket plunge came to a complete halt Wednesday and even reverseddirection at several Midcontinent and western points.
Avoca Storage Sold to Blue Dolphin
In a bid to complete what others have failed to accomplish, BlueDolphin Gas Storage LLC announced its plans to purchase the AvocaGas Storage facility from Northeastern Gas Caverns LLC last week.With the purchase, Blue Dolphin will become the third owner of thefacility this year. No financial terms of the transaction weredisclosed.
Avoca Storage Sold to Blue Dolphin
In a bid to complete what others have failed to accomplish, BlueDolphin Gas Storage LLC announced its plans to purchase the AvocaGas Storage facility from Northeastern Gas Caverns LLC yesterday.With the purchase, Blue Dolphin will become the third owner of thefacility this year. No financial terms of the transaction weredisclosed.
Industry Briefs
ScottishPower and PacifiCorp received Nuclear RegulatoryCommission (NRC) approval of their merger. It is the final federalapproval needed to complete the transaction. NRC approval isrequired because PacifiCorp owns a 2.5 percent share in the TrojanNuclear Plant in Oregon. The plant has not operated for severalyears, and is in the process of being decommissioned. “With allfederal, and four of the six state approvals in place, we are wellon track to completing the merger by the end of the year,” saidPacifiCorp CEO-designate Alan Richardson.
Transportation Note
During the Oct. 29-31 period, PG&E GT-Northwest will takethe Stanfield (OR) Meter Station out of service to completemodifications requested by Northwest Pipeline to meet expandingdemand of 130,000 Dth. Physical deliveries to Northwest will belimited to 200 MMcf/d through an emergency intertie. There will beno net physical receipts into PG&E GT-NW. Capacity allocationswill be based on service priority.
Range and FirstEnergy Complete Joint Venture
Range Resources and FirstEnergy announced last week the officialbeginning to their $200 million Appalachian joint venture, GreatLakes Energy Partners. The equal partnership combines all of bothcompanies’ oil and gas assets in the region.
Range and FirstEnergy Complete Joint Venture
Range Resources and FirstEnergy announced last week the officialbeginning to their $200 million Appalachian joint venture, GreatLakes Energy Partners. The equal partnership combines all of bothcompanies’ oil and gas assets in the region.
Unocal, Tom Brown Complete Rockies Deal
Unocal Corp.’s Spirit Energy 76 unit completed the previously announced trade of most of its Rocky Mountain oil and gas assets to Tom Brown Inc (See NGI March 15, 1999). Unocal received 5.8 million shares of Tom Brown common stock (about 16.5%) and $5 million for the properties. The deal is worth about $76 million. Subject to certain restrictions and conditions, Unocal has the option to increase its stock ownership up to 19.5% through open market purchases. The sale agreement also entitles Unocal to nominate one director to the Tom Brown board.
Transportation Notes
Transwestern expects to complete maintenance Thursday on itsTopock Lateral that has been curtailing about 125 MMcf/d ofdeliveries to the PG&E interconnect at Topock, AZ, since June1. However, another phase of work on the lateral will begin Friday,reducing to zero deliveries at Topock to Mojave, SouthernCalifornia Gas and PG&E through June 30. About 400 MMcf/d willbe impacted by the second phase.