Designed

With state regulatory okays for its near-term programs designed to shave 40 MW of electricity and 5 million therms of gas loads, Bellevue, WA-based Puget Sound Energy (PSE) announced Friday it will seek outside help through a request-for-proposal (RFP) process to reach and exceed its conservation goals.

With significant regulatory, financial and tax-related incentives designed to encourage development of renewable energy, an increasing number of wind power projects are being announced this year, including three new projects last week.

In a plan designed to pay off its creditors and avert a likely bankruptcy, Atlanta-based Mirant last week offered to restructure some of its debt and bonds. Mirant also asked its debt holders to vote in favor of a “fast track” pre-packaged plan of reorganization, in case an insufficient number of banks or bondholders agree with its out-of-court restructuring plan.

A proposed policy of the Alberta Energy and Utilities Board (EUB) designed to preserve crude bitumen production in the province could require the shut in of 900 natural gas wells, affecting about 247 MMcf/d (90 Bcf/year) of gas production and shutting in 1 Tcf of gas reserves starting in August.

In a plan designed to pay off its creditors and avert a likely bankruptcy, Atlanta-based Mirant has offered to restructure some of its debt and bonds. Mirant also is asking its debt holders to vote in favor of a “fast track” pre-packaged plan of reorganization, in case an insufficient number of banks or bondholders agree with its out-of-court restructuring plan.

Vector Pipeline LP. announced that a new interconnect between its pipeline and ANR Pipeline Co. has been put into service at St. John in Lake County, IN. The connection is designed to provide natural gas customers in the Midwest and southwestern Ontario additional flexibility and access to natural gas supplies at the Joliet/Chicago Hub. “Existing and future shippers on the Vector and ANR pipeline systems will benefit from this interconnection,” said Craig R. Fishbeck, Vector president. “This will provide ANR customers access to markets in southwestern Ontario and Vector customers additional supply security with access to Midcontinent, Rockies and Gulf Coast supplies on ANR.” Vector said the St. John facilities have a design capacity of 200 MMcf/d. The 42-inch Vector Pipeline, which is a partnership of Calgary-based Enbridge Inc. (45% interest), Duke Energy Corp. (30%), and DTE Energy Co. (25%), transports Western Canadian natural gas from the Chicago-area market hub in Joliet, IL, to the hub at Dawn, ON.

In another move apparently designed to fend off a hostile proxy battle led by a major investor, embattled El Paso Corp. last Tuesday announced that three of its top executives will leave the company within a month. The company said the move was part of its “clean slate initiative” to slim down operations and further reduce costs.

In another move apparently designed to fend off a hostile proxy battle led by a major investor, embattled El Paso Corp. on Tuesday announced that three of its top executives will leave the company within the next month. The company said the move was part of its “clean slate initiative” to slim down operations and further reduce costs.

Focused on its current challenges but positioning itself for recovery, Duke Energy announced another cut to its forecasted capital expenditures for 2003 to $3 billion from a previous $3.2 billion. The reduction, said CEO Richard Priory, will ensure financial flexibility and enhance its cash positive position for 2003.