Five

The Senate last week confirmed Commissioner Curt Hebert Jr. to anew five-year term on the Federal Energy Regulatory Commission. Histerm expires in June 2004.

After five years as head of one of Canada’s largest energy companies, George Watson submitted his resignation to TransCanada’s board of directors last week citing “personal reasons.” The resignation, which becomes effective July 31, comes just weeks before the company plans to announce a structural shake-up designed to support its strategic direction. No details of the reorganization are being divulged at this time, a company spokesman said.

After five years as head of one of Canada’s largest energycompanies, George Watson submitted his resignation to TransCanada’sboard of directors last week citing “personal reasons.” Theresignation, which becomes effective July 31, comes just weeksbefore the company plans to announce a structural shake-up,designed to support its strategic direction. No details of thereorganization are being divulged at this time, a company spokesmansaid.

Columbia Energy Group beat analysts expectations with a 15% jump($3.3 million or five cents per share) in net income during thesecond quarter to $26.1 million, or 32 cents per share. It alsoupped the ante yesterday in its effort to fend off NiSource’s $5.7billion hostile takeover offer by adding $400 million to its stockrepurchase program, which now totals $420 million.

In response to some nudging from the Senate, the White House hasofficially renominated Commissioner Curt Hebert Jr. to a newfive-year term at the Federal Energy Regulatory Commission. It’sexpected the Senate Energy and Natural Resources Committee willhold a hearing and vote out his renomination possibly by the Augustrecess. Until then, Hebert – whose current term expired June 30th -will continue to serve at FERC under a grace period that ends withthe current session of Congress in late October.

While five of seven midwestern states have choice programs forresidential gas customers, that doesn’t mean an energy shoppingtrend is sweeping the heartland. In fact, as is the case with therest of the country, regulators, utilities, marketers and end-usershave miles to go before competition really sets in.

Five meters at the discharge side of Longview Station on theWillow Springs Lateral in Texas Eastern’s East Texas zone will beshut in today through June 21 for road crossing work and anomalyrepair. The project was delayed two days from a previouslyscheduled Monday start. The same meters will remain shut in June22-27 for previously posted Department of Transportation-relatedwork. In a separate project, Texas Eastern will require the shut-inof all meters upstream of the Iowa (LA) Plant June 21-27 as itupgrades and installs new facilities on Line 41 between Iowa andthe Grand Chenier (LA) Station. The plant’s annual maintenanceshutdown will coincide with the Line 41 outage.

Petal Gas Storage, a subsidiary of Crystal Oil, announced itsigned a major 20-year gas storage agreement with Southern Co. lastweek for firm deliverability from its Mississippi salt cavernstorage facility of 700,000 MMBtu/d of gas and storage injectioncapacity for 350,000 MMBtu/d. Southern Company Services will managethe capacity and will act as an agent for its affiliated operatingelectric utility companies: Mississippi Power, Alabama Power,Georgia Power, Gulf Power and Savannah Electric.

Allen Franklin was named Southern Co.’s COO yesterday. In thenewly-created position, Franklin will be responsible for five ofSouthern’s Southeastern subsidiaries: Alabama Power, Georgia Power,Gulf Power, Mississippi Power and Savannah Electric. He will alsobe in charge of Southern Generation, including all of the company’sregulated fossil and hydro generation. Franklin is currentlyexecutive vice president of Southern and CEO of Georgia Power. Hejoined Southern Company in 1970 and has held various executivetitles.