NUI Corp., parent company of six eastern gas local distributioncompanies, announced a restructuring plan designed to streamlinethe company in preparation for a more competitive marketplace. Theplan includes greater emphasis on nonregulated business operationsand a voluntary early retirement program offered to 88 of its 1,161employees, including four members of NUI’s executive managementteam, among them Lyle Motley, president of the company’s southerndivision. Further downsizing is expected once the companydetermines where it can achieve greater efficiencies in its effortto generate higher revenues from its nonregulated businesses.
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Matthews: WWP is an ‘Inventive’ Utility
After less than two years as president of NGC Corp., TomMatthews is leaving the company for an organization he considers anon-traditional utility, Washington Water Power (WWP). He said thecompany he will run as CEO and chairman of the board is among abouta half dozen utilities that have been “inventive and creative” inresponding to deregulation.
Amoco, Repsol Make LNG Deal
Amoco Corp. and Spain’s Repsol SA have made a proposal thatwould provide a guaranteed market for gas from Trinidad and Tobago,enabling the country to become one of the world’s top suppliers ofliquefied natural gas (LNG).
Enova, PE Merger Receives Final FERC Approval
After meeting significant conditions to mitigate market power,Enova Corp. and Pacific Enterprises, holding companies of San DiegoGas & Electric and Southern California Gas, respectively,received final FERC approval yesterday of their $6.6 billionmerger. FERC approved the merger application with only minorcode-of-conduct modifications.
NGC, Texaco To Combine Liquids Pipelines
NGC Corp. and Texaco signed a memorandum of understandingyesterday to create a new joint venture company that will useexisting gas liquids pipelines to create a 290-mile, bi-directionalnatural gas liquids (NGL) transportation system, extending fromSorrento, LA, to Mont Belvieu, TX.
Enron to Build Gas-Fired Power in CA
Enron Corp. is jumping into the California electric power marketwith a plan to develop a 500-MW gas-fired, merchant power plant inPittsburg, CA. Although the figures are not their analysis, EnronCapital and Trade Resources officials said the state needs some6,000 MW of new generating capacity by 2002.
AEP, CSW Seek FERC Approval of Merger
American Electric Power Co. Inc. (AEP) and Central and SouthWest Corp. (CSW) last week sought FERC approval of the merger oftheir operations into one of the largest electric utility companiesin the nation.
NGC Results Reflect Stronger Marketing
Despite an El Nino winter and lower gas liquids prices, NGCCorp. enjoyed a first quarter substantially better than one yearago. CEO Chuck Watson attributed the improvement to better gas andliquids marketing operations in the U.S. and the U.K.
CNE Energy Services Joins LNG Venture
Connecticut Energy Corp. said subsidiary CNE Energy ServicesGroup signed a letter of intent with Conectiv to join a liquefiednatural gas (LNG) storage joint venture. This new business, to benamed Total Peaking Services (TPS), will use an existing 1.2 BcfLNG storage facility in Milford, CT. The venture has received FERCauthorization to provide open access storage; but is awaitingtariff approval, expected later this spring.
Unocal Scales Back Production, Spending Plans
Unocal Corp. confirmed its 1998 oil and gas production andcapital spending will be lower than originally anticipated becauseof the lower oil price outlook, but said it would continue toevaluate spending plans throughout the year. Production is expectedto be down 5% from earlier forecasts to 178,000 barrels of oilequivalent (BOE) per day. Capital spending is expected to total$1.30-$1.35 billion, about 10-13% percent below its earlierforecast.