In October AGL Resources will become the first gas utility inthe U.S. to completely exit the gas merchant function, but itstransformation is far from over, AGL CEO Walter Higgins saidyesterday. Higgins expects his company to be snatched up like thefirst pie out of the oven, probably by some hungry electric firmeager to get its hands on a utility that has emerged fromderegulation relatively well done.
Exit
Articles from Exit
Semco Sells Gas Marketing Unit to MCN
Semco Energy Inc. sold Semco Energy Services, its natural gasmarketing arm, to MCN Energy Group only weeks after announcingintentions to exit the gas marketing side of its business. Nofinancial terms of the deal were disclosed except that Semcoexpects to record a gain on the sale and the companies expect thetransaction to close by the end of March.
Semco Sells Gas Marketing Unit to MCN
Semco Energy Inc. sold Semco Energy Services, its natural gasmarketing arm, to MCN Energy Group only weeks after announcingintentions to exit the gas marketing side of its business. Nofinancial terms of the deal were disclosed except that Semcoexpects to record a gain on the sale and the companies expect thetransaction to close by the end of March.
Another Power Marketer Bites the Dust
New York-based York Research Corp. announced this week it plansto exit the power marketing business following the pricing turmoilin the Midwest electricity market this summer, making it about theeighth or ninth marketer to take this action.
MCN Exits Exploration, Takes $225 Million 2Q Charge
MCN Energy Group announced last week it plans to exit theexploration business, and expects to take a second quarter chargeon earnings of $225 million because of low oil and gas prices andthe under-performance of certain exploration properties in theMidcontinent and Gulf Coast regions.