Enterprise

Public Service Enterprise Group (PSEG) and Exelon Corp. last week said that Exelon has given PSEG formal notice of termination of the merger agreement announced Dec. 20, 2004, and the companies have agreed to withdraw their application for merger approval, which had been pending before the New Jersey Board of Public Utilities (NJBPU) for more than 19 months.

Public Service Enterprise Group (PSEG) and Exelon Corp. on Thursday said that Exelon has given PSEG formal notice of termination of the merger agreement announced Dec. 20, 2004, and the companies have agreed to withdraw their application for merger approval, which has been pending before the New Jersey Board of Public Utilities (NJBPU) for more than 19 months.

The New Jersey Board of Public Utilities (NJBPU) staff last week submitted a counterproposal to Exelon and Public Service Enterprise Group (PSEG) that the NJBPU said “fairly addresses all important issues in the merger proceeding and is geared towards bringing positive benefits to the ratepayers and citizens of New Jersey.”

Public Service Enterprise Group (PSEG) and Exelon met with the New Jersey Board of Public Utilities (NJBPU) staff to discuss the status of their proposed merger and the companies’ settlement offer valued at $1.46 billion after the NJBPU said it concurred with a staff recommendation that staff not accept the proposal offered by Exelon and PSEG related to the merger.

A tie-up of Green Bay, WI-based WPS Resources Corp. and Chicago-based Peoples Energy would create a diversified gas and power company with an enterprise value of nearly $6 billion with more than $700 million in earnings.

Exelon Corp. and Public Service Enterprise Group (PSEG) have reached a comprehensive agreement with the antitrust division of the U.S Department of Justice (DOJ) that Exelon said will resolve all competition issues reviewed by the DOJ in connection with the proposed merger of Exelon and PSEG.

Exelon Corp. and Public Service Enterprise Group Inc. said Monday that even though either could walk away without penalty from their proposed merger beginning Tuesday, June 20, they will both stick it out and work to get the regulatory approvals needed to complete the deal.

Although it is no longer in the natural gas business, power producer Dynegy Inc.’s 2005 earnings benefited greatly from the midstream enterprise it previously owned. Specifically, proceeds from its midstream asset sale turned what would have been a net income loss to a net gain.

Doug Krenz, vice president of transportation for Enbridge, was misidentified as an Enterprise Products Partners executive in an article that ran in NGI’s Daily Gas Price Index on Oct. 13 (see Daily GPI, Oct. 13). NGI regrets the mistake and will run a corrected and updated version of the story in Natural Gas Intelligence, the weekly newsletter.