Taking a giant step toward successfully completing a 10-monthquest, Sempra Energy announced yesterday that the Nova ScotiaUtility and Review Board (URB) has said it will recommend SempraAtlantic Gas as the province’s first ever gas distributor. Theprovincial government, which has the final say in the matter, saidit would issue a decision in the next three weeks.
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Yankee Makes Customer Service Upgrade
Yankee Gas Services Co. inaugurated its new customer and billingservice this week, completing a process begun in collaboration withIBM two years ago. Yankee said the system will enhance customerservice, improve efficiency and is Y2K ready. The company would notrelease the cost of the new system.
Exxon-Mobil Passes First Hurdle, But the Real Test Lies Ahead
Exxon and Mobil took an important step toward completing their merger last week as shareholders for both companies approved the combination. But many industry observers viewed the votes as foregone conclusions. One source called them “glorified rubber stamps.” The real test will come during the regulatory process when the transaction undergoes strict Federal Trade Commission (FTC) and European Commission (EC) scrutiny.
PG&E Gas Transmission-Northwest reported completing hydrotesting of its A-Line ahead of schedule. The project’s end restoredcapacity to best-efforts levels of 2,620 MMcf/d at Kingsgate and1,930 MMcf/d at Station 14 Friday.
Dominion Finalizing Remington Purchase
Richmond, VA-based Dominion Energy Inc. is completing its purchaseof gas producer Remington Energy Ltd., of Calgary, AB in a deal valuedat nearly US$300 million that will give Dominion a stake in AlliancePipeline. Still to be completed is its $6.3 billion deal to buyConsolidated Natural Gas (CNG) which was originally announced inFebruary just days before the Remington buyout was revealed (See Daily GPI, Feb. 25, 1999).
Con Edison Sells Rest of NYC Generation Assets
Completing an asset sell-off started last month, ConsolidatedEdison Co. announced Baltimore, MD-based Orion Power Holdings asthe winning bidder in the auction for three New York citygenerating facilities. Orion’s winning bid was $550 million. MorganStanley Dean Witter advised Con Edison on the sale. Orion officialssaid the deal will close by mid-1999.
Williams Buys Back Kern River Option
Williams’ Kern River Pipeline has taken action to ensure itscontinued control over market access, completing an agreement tobuy-out a future option on the California portion of the line heldby Southern California Gas. The option would have been exercisablein 2012.