Amid the crush of proposals to join or create regionaltransmission organizations (RTOs) filed Monday, the owner andoperator of an electric cooperative system in Alabama urged FERC tofocus its attention on the RTO filings for the Southeast, sayingthey lack genuine regional participation.
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Baker Hughes and Schlumberger plan to create a new seismicventure called Western GECO that would combine and own the seismicacquisition assets, data processing assets, and multi-clientseismic libraries and other assets of their existing subsidiariesWestern Geophysical and GECO-Prakla. The transaction is expected tobe completed before the end of the year and is subject toregulatory approvals. Upon formation of the venture, Baker Hugheswould receive from Schlumberger $500 million in cash. Thetransaction would also allow Baker Hughes to make certain workingcapital and asset reductions valued at $100 million. Baker Hughesand Schlumberger would own 30% and 70% of the venture,respectively. The companies have made filings under theHart-Scott-Rodino Antitrust Improvements Act of 1976, and areresponding to requests for additional information from theDepartment of Justice. In addition, Baker Hughes and Schlumbergerintend to make additional filings with regulatory authorities incertain European and other countries.
Baker Hughes, Schlumberger Join Seismic Assets
Baker Hughes and Schlumberger plan to create a new seismic venture called Western GECO that would combine and own the seismic acquisition assets, data processing assets, and multi-client seismic libraries and other assets of their existing subsidiaries Western Geophysical and GECO-Prakla. The transaction is expected to be completed before the end of the year and is subject to regulatory approvals.
Altra, Questar Create Imbalance Trading Module
Teaming up to offer the natural gas distribution and pipelinemarket more ways to manage business with their shippers andconnected operators over the Internet, Houston-based Altra EnergyTechnologies Inc. and Salt Lake City’s Questar InfoComm last weekunveiled a web-based module to eliminate imbalance problems thatsometimes occur when doing business in cyberspace.
Altra, Questar Create Imbalance Trading Module
Teaming up to offer the natural gas distribution and pipelinemarket more ways to manage business with their shippers andconnected operators over the Internet, Houston-based Altra EnergyTechnologies Inc. and Salt Lake City’s Questar InfoComm yesterdayunveiled a web-based module to eliminate imbalance problems thatsometimes happen when doing business in cyberspace.
FirstEnergy, GPU Form Mid-Atlantic Team
FirstEnergy of Akron, OH, will acquire New Jersey’s GPU Inc. ina $12 billion deal that will create the sixth largestinvestor-owned electric system in the country with the largestcustomer base in the Pennsylvania-New Jersey-Maryland (PJM) powerpool.
NiSource, Columbia Shareholders Approve Merger
Shareholders of NiSource Inc. and Columbia Energy Groupoverwhelmingly approved the merger of the two companies, whichwould create a mega energy powerhouse serving nine states and morethan 4 million customers, stretching from Chicago in the west toNew England in the east and south to the Gulf of Mexico.
Schlumberger, Baker Hughes Shake Up Seismics
Two oil field service titans joined forces last week to create anew seismic oil and gas exploration business, a move that analystssay will reshape the seismic industry. Baker Hughes andSchlumberger have signed a memorandum of understanding under whichSchlumberger’s surface seismic business Geco-Prakla and BakerHughes’ seismic unit Western Geophysical would become Western GECO.
NiSource Shareholders OK Columbia Merger
Columbia Energy Group shareholders today are expected to approvethe company’s proposed merger with NiSource Inc., which wouldcreate a mega energy powerhouse serving nine states and more than 4million customers, stretching from Chicago in the west to NewEngland in the east and south to the Gulf of Mexico. NiSourceshareholders gave a thumbs up yesterday, with nearly 65% of theoutstanding shares in approval, representing 80% of the sharesvoted.
Schlumberger, Baker Hughes Shake Up Seismics
Two oil field service titans joined forces yesterday to create anew seismic oil and gas exploration business, a move that analystssay will reshape the seismic industry. Baker Hughes andSchlumberger have signed a memorandum of understanding under whichSchlumberger’s surface seismic business Geco-Prakla and BakerHughes’ seismic unit Western Geophysical would become Western GECO.