Southern Union Co. has begun distributing proxy statements in preparation for a special meeting of shareholders Dec. 9 to vote on the company’s proposed acquisition by Energy Transfer Equity LP (ETE) (see Daily GPI, Aug. 8; July 20). Shareholders of record as of Oct. 11 may vote in person at the meeting in New York City or by proxy. Approval of the merger agreement requires a simple majority of Southern Union’s outstanding shares of common stock. Shareholders who directly or indirectly own 13.4% of the company’s stock already have voted in favor of the agreement. Southern Union’s board of directors also has unanimously recommended the merger’s approval.
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Industry Brief
The California Energy Commission (CEC) has approved distributing more than $1.5 million for natural gas- and propane-powered bus transportation in the state. Four awards were granted to three bus companies and a Ford dealer in La Puente, CA. They are part of the CEC’s Alternative and Renewable Fuel and Vehicle Technology Program, under which nearly $14 million has been distributed to public- and private-sector fleet operators. Grants were: two to Creative Bus Sales of Chino, CA, ($575,000 each) for five gas-powered mini-buses and the rest for purchasing 28 shuttle buses. The second award, also for $575,000, will go toward five minibuses and another 28 shuttle buses. All the vehicles are powered by natural gas and are either in the light or medium-duty size categories. A third award ($160,000) went to Inglewood, CA-based Nations Bus Corp. to buy 10 each medium- and heavy-duty propane-power shuttle buses. The fourth grant ($228,000) went to Ed Butts Ford Inc. for 10 propane-powered shuttle buses in the medium-duty size category.
Stress-Corrosion Cracking Raises Concern in Canada
As a marathon hunt continues for cases of a Canadian pipeline plague, an additional effort aims to catch up with a U.S. method of easily and rapidly distributing hazard information.
Stress-Corrosion Cracking Raising Concern in Canada
As a marathon hunt continues for cases of a Canadian pipeline plague, an additional effort aims to catch up with a U.S. method of easily and rapidly distributing hazard information.
Cal-PX Asks FERC for Guidance in Distributing $1 Billion of Collateral
In responding to a complaint from British Columbia-based Powerex to have its collateral returned, the defunct and bankruptcy-restricted California Power Exchange (Cal-PX) fired back last Tuesday asking FERC to set generic guidelines on the distribution of nearly $1 billion in collateral from about 30 energy merchant sector participants that is held under Cal-PX’s caretaker administration. Cal-PX has made this same request in two other individual collateral cases brought before the Powerex one.
Alliance Equity Partner Distributing Shares
Calgary-based Fort Chicago Energy Partners L.P. — which owns a 26% equity in the Alliance Pipeline project — said that its largest unit holder, Gendis Inc., will distribute 8.5 million units to shareholders by Nov. 24. Gendis, based in Winnepeg, will retain 6.2 million units of Fort Chicago following the transaction.
Alliance Equity Partner Distributing Shares
Calgary-based Fort Chicago Energy Partners L.P. — which owns a26% equity in the Alliance Pipeline project — said that itslargest unit holder, Gendis Inc., plans to distribute 8.5 millionunits to shareholders by Nov. 24. Gendis, based in Winnepeg, willretain 6.2 million units of Fort Chicago following the transaction.
Citizens Exits Distribution, says ‘Hello’ to Telecom
Seeking increased growth opportunities, Citizens Utilities ofStamford, CT, is getting out of the business of distributing gas,electricity and water in order to invest in telecommunications. Thecompany is divesting its Public Services distribution businesses,as well as its wastewater treatment business. As previouslyannounced, Citizens plans to fund $2.3 billion of telephone accessline acquisitions with sale proceeds.