The sharp decline in the value of Dominion Resources’ proposedacquisition of Consolidated Natural Gas, prompted Columbia EnergyGroup to make public its intentions to break up the transactionwith a competing $6.7 billion bid over the weekend.
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Dominion, CNG Seeking Power Plant Options
Dominion Resources Inc. of Richmond, VA, and a subsidiary ofPittsburgh-based Consolidated Natural Gas Co. signed an agreementto develop gas-fired power generation facilities along CNG’spipeline system. Dominion Resources and CNG power company willidentify and evaluate potential sites for development of facilitiesalong CNG’s natural gas pipeline network in Ohio, Pennsylvania, NewYork, West Virginia and Virginia. Dominion Resources and CNGaffiliates will develop, own, operate and maintain the facilitieson a 50-50 ownership basis.
Industry Briefs
The New York State Public Service Commission (NYPSC) approvedthe merger of Consolidated Edison of New York and Orange andRockland Utilities. NYPSC Chairman Maureen O. Helmer said Consumerswill benefit from the strength of the companies’ combinedmanagement and from merger-related savings over the next fiveyears.
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.
CNG Sets New Reserve Additions Record
Consolidated Natural Gas Co. (CNG) set records for both reserveadditions and production for 1998. Reserve additions in explorationand production totaled 413 Bcfe through additions, revisions, andpurchases, topping the company record of 368 Bcfe set in 1985.Included are 39 Bcf of reserves bought from The Peoples Natural GasCo., a CNG distribution company, late in 1998.
ConEd Sells Generation Assets
Consolidated Edison Co. of New York said NRG Energy Inc. andKeySpan Energy are the winning bidders for two of its electricgenerating plants and 36 gas turbines.
MichCon’s Customers Up For Grabs
The last of three pilot deregulation programs in Michigan is being launched this month with Michigan Consolidated Gas allowing 75,000 of its customers to sign up to test offers from other gas marketers; and Consumers Energy can’t wait. Consumers announced an aggressive promotional campaign last week with the intent to grab as much of its neighboring LDC’s market as possible. It’s campaign was scheduled to start Jan. 2 with a sponsored Harlem Globetrotters game.
CNG Restructuring Business Units for Growth
Although 1997 saw record financial results for Consolidated Natural Gas (CNG), the company said last week a management reorganization is needed to ensure further growth. CNG is reorganizing its four local gas utilities and its interstate natural gas pipeline and storage operations.
CNG Boosting Budget Commitment to E&P
Consolidated Natural Gas (CNG) is taking advantage of depressedprices in the E&P sector and spending more of its money where itsees the most long-term bang for the buck. Having pulled out of themarketing business, CNG’s $524.5 million capital budget for 1999continues the company’s focus on expanding its exploration andproduction business. More than 60% of the 1999 budget is allocatedto CNG’s E&P subsidiary, CNG Producing Co.
Con Ed Auctions Generation Assets
Consolidated Edison Co. of New York yesterday began auctioningoff all its fossil-fired generating stations located in New YorkCity. The assets up for sale total about 5,500 MWs of capacity andhave been divided into three groups, or bundles, with each to besold separately to third parties as part of the state’s effort topromote a competitive electric industry.