The Williams Companies reported first-quarter 1998 results werereduced primarily by costs related to its MAPCO acquisition,unfavorable conditions in some energy market sectors and continuedinvestment in the company’s communications business.
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NGC Corp. clearly believes renewable energy is the product ofthe future and has signed an agreement to supply power generatedfrom renewable sources to Green Mountain Energy Resources forretail power customers in California. NGC will supply wholesalepower for two of the three products Green Mountain is selling: itsWater Power blend and its 75% Renewable Power blend, according toTom Boucher, vice president of energy supply and businessdevelopment at Green Mountain. The wholesale power will come fromdifferent types of generating facilities in California and thewestern region, including small-scale hydro, geothermal, andbiomass facilities. A contractual chain will ensure that GreenMountain’s retail customers are purchasing power from a renewableor hydro source, said Doug Boccignone, director of marketing forNGC’s Electric Clearinghouse.
A new step was added Thursday to the elaborate tango of WesternResources and Kansas City Power & Light as the companiescontinue their attempt at a union. Western and Kansas City Power& Light (KCPL) restructured their merger agreement, forming anew electric company. The new company-to be named WestarEnergy-will be headquartered in Kansas City, MO, and traded on theNew York Stock Exchange. The announcement met with early approvalfrom at least one analyst.
Crystal Oil Co. of Shreveport, LA, last week closed on itspreviously announced acquisition of Petal Gas Storage Co. Theacquisition of Petal will complement and provide synergies with thesalt dome storage facility already owned by Hattiesburg Gas StorageCo., a subsidiary of Crystal, and which is located less than onemile from the Petal facility. With the acquisition of Petal,Crystal’s subsidiaries will have more than 6.7 Bcf of gas storageworking capacity with the ability to deliver in excess of 670MMcf/d in this major corridor to the northeastern gas markets. JoeAverett, Crystal president, said the acquisition makes Crystal thelargest independent provider of salt cavern gas storage in the U.S.
The March Nymex contract turned in another heavily tradedsession on Tuesday, but once again, volatility was virtuallynon-existent. Although the spot month managed a 3.7 cent gain to$2.216, the contract was held to a relatively tight 5.5 centtrading band. Not even the expiration of options yesterday couldpersuade traders to push March out of its recent rigid tradinglimits.