Forces

Three-month-old Vectren Corp., the Indiana-based energy holdingcompany formed when Indiana Energy Inc. and Sigcorp Inc. joinedforces, now only awaits approval from various federal and statecommissions before it completes its acquisition of the natural gasdistribution assets of The Dayton Power and Light Co. (DPL).Vectren officials were notified yesterday that the U.S. Departmentof Justice has completed its investigation of the proposedacquisition, clearing a major roadblock for the company.

In a deal that is being called the biggest in the Canadianenergy industry this year, two Calgary companies, Husky Oil Ltd.and Renaissance Energy Ltd., agreed last week to merge into HuskyEnergy, a move that will catapult the new company into the top tierof Canada’s publicly traded energy firms.

In a deal that is being called the biggest in the Canadianenergy industry this year, two Calgary companies, Husky Oil Ltd.and Renaissance Energy Ltd., agreed Monday to merge into HuskyEnergy, a move that will catapult the new company into the top tierof Canada’s publicly traded energy firms.

Two oil field service titans joined forces last week to create anew seismic oil and gas exploration business, a move that analystssay will reshape the seismic industry. Baker Hughes andSchlumberger have signed a memorandum of understanding under whichSchlumberger’s surface seismic business Geco-Prakla and BakerHughes’ seismic unit Western Geophysical would become Western GECO.

Two oil field service titans joined forces yesterday to create anew seismic oil and gas exploration business, a move that analystssay will reshape the seismic industry. Baker Hughes andSchlumberger have signed a memorandum of understanding under whichSchlumberger’s surface seismic business Geco-Prakla and BakerHughes’ seismic unit Western Geophysical would become Western GECO.

In a rare display of unanimity, major and independent gasproducers last week joined forces to ask FERC to stay the removalof the price caps on short-term capacity release transactions untilOrder 637 undergoes full rehearing at the Commission and in thecourts. The price caps are due to be lifted on March 26.

Major and independent gas producers have joined forces to askFERC to stay the removal of the price caps on short-term capacityrelease transactions until Order 637 undergoes full rehearing atthe Commission and in the courts.

Energy restructuring and other market forces have become driversfor the federal government’s almost decade-old effort to greatlyreduce Uncle Sam’s overall $4 billion utility bill, the director ofthe Federal Energy Management Program (FEMP) told an industryaudience gathered last week in a Los Angeles suburb. As a result,the feds this year should meet their goal set in 1993 to reduceoverall federal facility energy use by 20%, said FEMP Director BethShearer.

In a move that brings together two of the energy industry’s800-pound gorillas, Texaco and Enron North America announced lastweek they are combining their Louisiana pipeline and storage assetsin a new joint venture called Bridgeline Holdings LP.