Corp

Rigel Energy Corp. of Calgary, a medium-sized Canadian producer,is opening a data room June 14 to solicit proposals from partiesinterested in “making an investment in the equity of thecorporation, merging with the corporation, acquiring certain ofRigel’s assets, or making an offer for 100% of the corporation,”according to Don Gardner, Rigel’s chief financial officer. Aspecial committee has been appointed to conduct the process which”will be broad, open and transparent,” Gardner told the company’sannual meeting June 2.

Consolidated Edison Co. of New York will collect $1.1 billionand Niagara Mohawk Power Corp. will pick up $355 million on salesof several fossil-fueled generating plants, approved Thursday bythe New York State Public Service Commission.

Consolidated Edison Co. of New York will collect $1.1 billionand Niagara Mohawk Power Corp. will pick up $355 million on salesof several fossil-fueled generating plants, approved Thursday bythe New York State Public Service Commission.

Rigel Energy Corp. of Calgary, a medium-sized Canadian producer,is opening a data room June 14 to solicit proposals from partiesinterested in “making an investment in the equity of thecorporation, merging with the corporation, acquiring certain ofRigel’s assets, or making an offer for 100% of the Corporation,”according to Don Gardner, Rigel’s chief financial officer. Aspecial committee has been appointed to conduct the process which”will be broad, open and transparent,” Gardner told the company’sannual meeting.

CMP Natural Gas, a joint venture between Energy East Corp.(formerly NYSEG) and Central Maine Power Group, started servingcustomers in Windham, ME, last week, giving CMP Natural a bigadvantage over Bangor Gas, the other company vying to distributegas in the state.

CMP Natural Gas, a joint venture between Energy East Corp.(formerly NYSEG) and Central Maine Power Group, started servingcustomers in Windham, ME, yesterday, giving CMP Natural a bigadvantage over Bangor Gas, the other company vying to distributegas in the state.

American Electric Power and Central and South West Corp. reacheda settlement with FERC trial staff that resolves the market powerand rate issues relating to the pending merger of the twocompanies. Under terms of the settlement, AEP would transfer theoperation and control of its bulk transmission facilities locatedin Indiana, Kentucky, Michigan, Ohio, Tennessee, Virginia and WestVirginia to a regional transmission organization (RTO). Thesettlement also covers rates for transmission services andancillary services and confirms, subject to FERC guidance oncertain elements, that the previously announced generationdivestiture program will satisfy the market power concerns of theFERC staff. Once the merger is completed, the new company will beserve 4.7 million electric customers in 11 states.

Quicksilver Resources Inc. of Fort Worth, TX, closed on theacquisition of substantially all of Unocal Corp.’s Spirit Energy 76unit’s gas and oil assets in Michigan. Total consideration was $27million in cash and 404,381 shares of Quicksilver common stock. Thetransaction is effective January 1, 1999.

While reporting increased earnings overall for both its utilityand unregulated businesses, PG&E Corp.’s first quarter resultsreleased yesterday (May 17) continue to show red ink for its Texasnatural gas operations, trading and energy services businesses.Results were net earnings of 42 cents-per-share, or 37 cents fullydiluted, compared to 36 cents-per-share for the first quarter of1998. Overall, the utility contributed all but three cents to theearnings, compared to 1998 first quarter when it provided 100percent of the earnings.