The United States continued to crush the global merger and acquisition (M&A) market between April and June, but deal values in the first half of 2013 (1H2013) represented the lowest six-month period since at least 2007, according to a survey by PLS Inc. and partner Derrick Petroleum Services.
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Court Rulings Crush Centrica, NewPower Deal
Centrica Plc’s bid to take over NewPower Holdings Inc. ended Friday after a New York court overseeing Enron Corp.’s bankruptcy case refused to protect Centrica from future liability related to the bankrupt trader. NewPower had been an Enron subsidiary for less than 50 days before it was spun off as an independent company. The order protecting Centrica from liability claims was considered necessary for it to complete a tender offer for NewPower shares, which was set to expire at midnight Thursday.
EIA: Sharp Demand Decline, High Storage Levels Crush Prices
A 600 Bcf decline in industrial gas demand (not related to power generation) in the first six months of this year, coupled with soaring gas storage levels and rising production has led to a dramatic turnaround in the gas market, the Energy Information Administration noted in its Short Term Energy Outlook. EIA expects average wellhead prices to remain “well below $3 in 2002” as a result of the current market fundamentals.
Rising Storage, Mild Temps, PG&E OFO Crush Prices
Expectations of another massive weekly storage injection figure — confirmed by AGA at 117 Bcf for the week ending June 1 — combined with milder weather and high line pack, put significant downward pressure on cash and futures prices yesterday. Most eastern points were down 20-30 cents, while California prices into PG&E at Topock dipped below $3 in response to a high inventory operational flow order. SoCal-Topock prices dropped more than a dollar.
Southeast RTO Proposals Lack ‘Regionality’
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.