Corp

Shareholders of North Carolina Natural Gas Corp. (NCNG) approvedthe company’s acquisition by Raleigh, NC-based Carolina Power &Light. The companies are awaiting approval by the North CarolinaUtilities Commission and the South Carolina Public ServiceCommission. CP&L anticipates commission approval and completionof the acquisition in July.

The groundwork for an even more concentrated U.S. energyindustry was laid Monday as Wisconsin Energy Corp., a Milwaukee,WI-based electric and gas utility, announced plans to acquireneighboring gas distributor WICOR Inc. for about $1.51 billion incash, stock and debt, creating a major Midwest energy concern andthe 13th largest utility in the nation.

Chevron Corp. warned investors last week that its second quarterearnings will take a hit from severance costs related to 2,500 jobcuts and a recent fire at its Richmond, CA, refinery.

Calpine Corp. of San Jose, CA, acquired the rights to build, ownand operate a 545-MW gas-fired power plant in Ontelaunee Townshipin eastern Pennsylvania. The proposed Ontelaunee Energy Center willserve users throughout the Pennsylvania-New Jersey-Maryland (PJM)power pool. Permitting for the proposed $285 million facility isnow underway, with construction scheduled to begin in early 2000.The plant, which is scheduled to start production in late 2001,will burn 85,000 to 90,000 MMBtu of gas per day.

National Fuel Gas Supply Corp. and ANR Pipeline, sponsors of theproposed Independence Pipeline, are espousing a system alternativethat essentially would result in a considerably scaled-down versionof the competing Millennium Pipeline project.

National Fuel Gas Supply Corp. and ANR Pipeline, sponsors of theproposed Independence Pipeline, are espousing a system alternativethat essentially would result in a considerably scaled-down projectfor the competing Millennium Pipeline project.

Avista Corp. has warned preliminary estimates indicate secondquarter earnings per share will fall below securities analysts’current consensus second quarter estimate of $0.33 per share due tolosses in April and May within Avista Energy, its national energymarketing and trading. First quarter earnings in 1998 were $0.27per common share. The prospects for a disappointing second quarterfollow on first quarter earnings of $0.34 per diluted share, wellbelow the $0.56 per share in first quarter 1998.

James F. Whitesides has been named president of Ameren Corp.’strading and marketing subsidiary, AmerenEnergy in St. Louis, movingup from vice president of energy trading. Whitesides had previouslybeen in forward and financial trading with Cinergy Power Marketingand Trading.

NiSource has named former Vastar CEO William A. (Andy) Lang asthe new president and COO of TPC Corp., which it purchased fromPacifiCorp for $150 million in April. Lang and several other newofficials have been hired to rebuild TPC’s energy marketingoperations and grow its existing portfolio management business.