Houston-based Altra Energy Technologies Inc. has launched a newcorporate brand, which the company said more “closely aligns” itwith its established market position. The company said its newtagline, “Market wide, Market deep,” reflects the company’s focuson complete technology solutions for the energy industry. “AtAltra, we have worked hard over the last five years to establishour position in the market,” said CEO Paul Bourke. “Now that wehave cultivated the ‘ultra’ market, we have developed a companybrand to better communicate our focus.” He said the brand positionsAltra “exactly where we need to be as we move forward.” Altra hasrenamed its suite of products, formerly known as Altrade, whichwill now be known as The Altra Energy Market. The suite of productswill include the Altra Market Place, Altra Market Tools, AltraMarket Solutions and Altra Market Services.
Corporate
Articles from Corporate
AEP Restructures to Build Wholesale Business
Saying that “corporate separation is our highest priority,”American Electric Power’s CEO E. Linn Draper announced last weekthat the company is undergoing a restructuring, and will place morefocus on its U.S. wholesale power generation, marketing and tradingbusinesses. It also will scrap previously announced plans to expandits overseas markets.
AEP’s Revamps to Build Wholesale Business
Saying that “corporate separation is our highest priority,”American Electric Power’s CEO E. Linn Draper announced this weekthat the company is undergoing a restructuring, and will place morefocus on its U.S. wholesale power generation, marketing and tradingbusinesses. It also will scrap previously announced plans to expandits overseas markets.
Industry Briefs
Sierra Pacific Resources announced that higher fuel and powercosts are expected to cause a dip in corporate earnings. Thecompany blamed it’s two Nevada utility subsidiaries, Nevada Power,and Sierra Pacific Power for the estimated $70-80 million in overbudget fuel expenses. “Similar to other electric utilities in theWest, we have confronted an unprecedented and extremely volatileenergy market over the last several months,” said Mark Ruelle,senior vice president for Sierra Pacific Resources. “As a result,we’ve been forced to pay significantly more for fuel and purchasedpower than we had budgeted at the same time that above-normaltemperatures increased the demand for electricity, particularly insouthern Nevada. “We expect fuel and purchased power expenses tohave a negative impact on second quarter earnings and an ongoingnegative earnings impact for the remainder of the year,” Ruelleadded.
Coral Finds New Identity, Shifts Personnel
It’s about time everyone realized Coral Energy is a Shellaffiliate. The company initiated a corporate identity and brandingprogram yesterday supported by direct mail, Web-basedcommunications and advertisements in the Wall Street Journal, theHouston Chronicle and some trade magazines. It also has adopted anew logo design to signify its expanded commercial business andtransition from a joint venture company to a 100% affiliate ofShell’s global natural gas and power business. The logo nowincludes the Shell logo and says Coral is an affiliate of Shell.
Enron Has Banner Year; 37% Net Income Hike
Significant changes to Enron’s corporate structure, includingthe sale of Enron Oil & Gas and planned divestiture of PortlandGeneral Electric, made the headlines in 1999, but its traditionaloperations more than carried the company flag. Enron posted awhopping 37% increase in net income to $957 million and an 18% risein earnings per share to $1.18 for the year. Its revenues rose 28%to $40 billion and its marketed volumes jumped 19% to 32 trillionBtue/d. North American gas sales volumes reached 13 Bcf/d up from10.6 Bcf/d while U.S. power sales fell slightly to 380.5 millionMWh from 401.8 million MWh in 1998.
Washington Gas Light to Form Holding Co.
Washington Gas Light Co. announced last week that it intends toreorganize its corporate structure to form a holding company knownas WGL Holdings, Inc. Under the new structure, Washington Gas, asthe regulated utility, and the subsidiaries it currently holds,would each operate as separate subsidiaries of WGL Holdings, Inc.Washington Gas will continue to operate as the regulated localnatural gas distribution company throughout the Washington, D.C.metropolitan region.
Industry Briefs
A management group composed of all the corporate officers ofVirginia Gas Co. has presented a proposal to the company’s board toacquire all outstanding shares of the company’s common stock. Underthe proposal, each shareholder would be offered $4 in cash for eachshare. The cash purchase price represents a 33% premium to theclosing price of the company’s shares on Dec. 6. Michael L.Edwards, the company’s president and CEO, leads the managementgroup. The ultimate success of the proposal is contingent on thenecessary approvals of the shareholders, the board and regulators,as well as obtaining the necessary financing. Virginia Gas, basedin Abingdon, VA, is involved in all aspects of the gas businessfrom E&P to pipelines, storage and distribution.
Post DuPont, Conoco Resumes Advertising
Houston-based Conoco, which recently came out from under thewing of DuPont, launched a corporate advertising campaign that willtout its ability to compete against the “super-majors.” Conococompleted its separation in August and returned to the New YorkStock Exchange, trading under the symbols COC.A and COC.B.
Industry Briefs
Indiana Energy, Inc. said yesterday that a special meeting ofcommon shareholders would be held on December 17 at its corporateheadquarters in Indianapolis, IN, to consider the previously announcedmerger with SIGCORP Inc. The merger would create a new $1.9 billionholding company called Vectren (see Daily GPI, June 15). Through its utility subsidiaries,Vectren will offer gas and electricity to more than 650,000 customersin adjoining service areas that cover nearly two-thirds ofIndiana. Vectren’s non-regulated subsidiaries will offerenergy-related products and services, including: energy marketing;performance contracting and coal mining; fiber-optic basedtelecommunications services; locating, trenching and meter readingservices; and materials management to customers throughout thesurrounding region. Under the merger agreement, Indiana Energyshareholders will receive one share of Vectren’s common stock for eachshare of Indiana Energy stock. SIGCORP shareholders will receive 1.333shares of Vectren’s common stock for each share of SIGCORP stock.
