Enhancement

Southern Union Co. recently received approval from the Federal Energy Regulatory Commission to place its Trunkline LNG Infrastructure Enhancement Project (IEP) into service. IEP involved two components: the installation of four ambient air vaporization units and the construction of a natural gas liquids (NGL) extraction facility. Trunkline LNG Co. LLC in Lake Charles, LA, is the only liquefied natural gas (LNG) regasification terminal in North America to employ ambient air vaporization technology, the company said. BG LNG Services is the facility’s customer. The availability of an NGL extraction facility will provide BG with greater flexibility in sourcing its LNG supply, Southern Union said. The terminal is fully contracted to BG through 2030. IEP cost approximately $430 million, excluding capitalized interest, and is expected to generate operating income of $55-60 million per year.

ANR Pipeline Co. on Monday said bids for 17 Bcf of capacity have been awarded for Phase I of a storage enhancement project in Michigan, which surpassed its target of 13 Bcf. The El Paso Corp. subsidiary is expanding existing storage fields and developing new fields, all in Michigan, under a plan unveiled last November (see Daily GPI, Nov. 17, 2005).

El Paso Corp. said Friday it had completed a key element of its balance sheet “enhancement”, agreeing to sell $750 million of common stock at a net price of $42.50 per share through an underwritten public offering with J.P. Morgan Securities Inc. The sale price is a 5.6% discount to El Paso’s $45 closing stock price on Thursday (Dec. 20), with the underwriter retaining a 15% over-allotment option.

CMS Energy Corp. announced it intends to implement a programthat will strengthen its balance sheet while maintaining itsforecasted earnings per share for 2001. The company also plans toretain the goal of a 10% per year growth rate thereafter.

CMS Energy Corp. announced it intends to implement a programthat will strengthen its balance sheet while maintaining itsforecasted earnings per share for 2001. The company also plans toretain the goal of a 10% per year growth rate thereafter.

Energy.com Corp. of Columbus, OH, plans to go international withits Internet site on the World Wide Web. The global enhancement ofEnergy.com on-line will evolve through a series of strategicpartnerships and joint ventures. “Rapid expansion of our businessto capture the international opportunities is a key part of theoverall plan for Energy.com,” said Paul Feldman, chairman. “We seethe international market as a natural extension of the capabilitieswe have in place for the U.S. market.”