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MCN Energy Group said it has agreed to sell the second of itsfour exploration and production (E&P) packages to an unnamedbuyer(s). The second package is made up of 150 Bcfe of provedreserves in the Midcontinent and Gulf Coast regions and drew atotal of $115 million. The assets sold represent about 13% of thetotal assets MCN put up for sale last year. About 80% of thereserves sold in the second package were gas. Not included wereMCN’s seismic data and exploratory leasehold interests in theCotton Valley Pinnacle Reef play in east Texas, the company said.Those assets apparently will be included in a later sale.

Altra announced earlier this week it has completed thepreviously announced merger of the Streamline and Quicktradeelectronic energy trading systems, achieving a major goal Altra setwhen it bought Quicktrade in January. Altra said the combinedpackage will increase Streamline user numbers 30% and boostliquidity.

A House Commerce subcommittee hearing yesterday revealed thatlawmakers aren’t much closer to agreement on the tough,controversial issues associated with restructuring of the powerindustry than they were a year ago.

As sources had expected, the prolonged decline of the Junefutures contract throughout Tuesday’s trading made its influencefelt in softer cash prices Wednesday. But cash losses weredecidedly modest, with nearly all points registering drops of only2-4 cents. Futures offered only a tiny downtick of less than apenny as further guidance Wednesday.

After tumbling 8.1 cents lower in Tuesday’s sell-off, the marketseemed to take a breather yesterday with neither bulls nor bearsable to influence price movemnet in their favor. The June contractwas limited to a tight 4-cent trading range, slipping just 0.8cents to finish at $2.254. Estimated volume was moderate, with67,082 contracts changing hands.

Adding to the lengthy and often heated controversy surroundingits contractual relationship with El Paso Natural Gas, Dynegy hassigned up for another 196 MMcf/d of El Paso pipeline capacity,bringing under its control a total of 1.5 Bcf/d of space on thesouthwestern pipeline.

The Georgia Public Service Commission (GPSC) unanimously decidedearlier this week to allow customers to switch from Atlanta GasLight (AGL) after the previously-determined Aug. 11 deadline, thedate when market share is determined among the competing suppliers.Commissioner Robert Baker said the vote will help dispel the rumorof August 11 being a drop-dead date.

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.

Cross Timbers Oil Co. purchased a 50% interest in Spring HoldingCo., a private Tulsa, OK-based oil and gas producer, for $42.5million. The deal is expected to close June 30.