Executives

American Electric Power (AEP) executives last Tuesday said that the utility is in the final stages of selling Louisiana Intrastate Gas Co. (LIG) and is mulling options related to Houston Pipe Line Co. (HPL), which AEP purchased from now-bankrupt Enron Corp. in 2001.

American Electric Power (AEP) executives on Tuesday said that the utility is in the final stages of selling Louisiana Intrastate Gas Co. (LIG) and is mulling options related to Houston Pipe Line Co. (HPL), which AEP purchased from now-bankrupt Enron Corp. in 2001 (see Daily GPI, June 4, 2001).

In addition to moving around some of its executives and appointing a few new ones (see related brief), Richmond, VA-based Dominion also has separated two operating functions overseen by its Dominion Energy operating unit. Under the new organizational structure, the former Dominion Energy operating unit is divided into two separate business segments — Dominion Generation and Dominion Energy. Dominion Generation will manage the company’s portfolio of more than 24,000 MW of generation. Dominion Energy will manage the company’s electric transmission, marketing and natural gas pipeline and storage businesses. This change was effective Jan. 1. “We’re seeking to place our top talent and energy in positions where they can maximize their contribution to shareholder value. As a matter of ongoing policy, we also seek to streamline our organizational structure. The personnel and organizational changes announced today advance these goals,” CEO Thos. E. Capps said.

It’s back to the future for El Paso Corp., company executives said Monday, with the focus beyond 2006 returning exclusively to natural gas, both pipelines and exploration and production (E&P). All of its U.S. power assets, all of its oil refining and eventually, all telecommunications businesses will be sold, and others will be streamlined, including marketing and physical trading and midstream.

While its top utility executives were in San Francisco testifying in state regulatory hearings in support of future cost-of-service rate increases, San Diego-based Sempra Energy announced Tuesday it plans to sell 15 million shares of common stock, which has been hovering near its 52-week high market price.

Four Former TXU Corp. executives, including the former vice chairman and COO of TXU Electric and TXU Gas, have set up shop to acquire, construct and manage natural gas assets in North America. The Dallas-based Estrella Energy LP plans to focus on intrastate and regional interstate pipeline assets.

Doing about what its senior executives said they expected, San Francisco-based PG&E Corp. Tuesday reported consolidated earnings that were in line with the second quarter last year, although consolidated utility results were down sharply. Also as expected, PG&E’s merchant energy unit, PG&E National Energy Group (NEG), which last month filed for Chapter 11 bankruptcy reorganization, reported a loss for the quarter, albeit a smaller one than its loss in the second quarter of 2002.

The experts disagree on how much recoverable gas there is in the Rocky Mountains, but economists, E&P and pipeline executives working in the area do agree it is “under explored and under exploited,” with extremely complex geology requiring new technologies that are continuously under development, as well as increased land access and investment in infrastructure.

The experts disagree on how much recoverable gas there is in the Rocky Mountains, but economists and E&P and pipeline executives working in the area do agree it is “under explored and under exploited,” with extremely complex geology requiring new technologies that are continuously under development, as well as increased land access and investment in infrastructure.