After three months operating as MarketSpan Corp., the companyformed by the merger of Brooklyn Union Gas parent KeySpan Energyand Long Island Lighting and Power, has decided to change its nameto KeySpan Energy. CEO Robert B. Catell said the decision was madebecause of KeySpan’s superior name recognition in its serviceterritory. The company will trade on the New York Stock Exchangeunder the symbol KSE.
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Alliance Formed to Deliver Gas to Vermont
New York State Electric and Gas parent company Energy East Corp.is teaming up with Iroquois Gas Transmission and Vermont EnergyPark Holdings on a combined transmission, distribution and electricgeneration project in southwestern Vermont.
Tropical Depression Spurs Initial Rig Evacuations
A tropical depression formed quickly Tuesday afternoon from whathad appeared to be no more than a disorganized bunch ofthunderstorms in the morning. A storm warning was issued forpractically the entire coast of Texas (Brownsville to High Island).Although a mid-afternoon spot check of some larger producersindicated mostly a “keeping an eye on things” attitude rather thanactual platform evacuations, it was likely that tentative planswere turning into concrete action that evening.
FERC Fact-Finding Team to Probe High Power Prices
FERC Chairman James Hoecker announced yesterday the Commissionhas formed a fact-finding team to delve into the events thatprecipitated the pricing turbulence and volatility in the Midwestelectricity market in late June.
Dynegy, Texaco Join Permian Gathering, Processing
Texaco and Dynegy formed Versado Gas Processors LLC, a jointventure of both companies’ processing facilities in southeast NewMexico and associated gas gathering assets in New Mexico and WestTexas. The new company will operate facilities with a combinedprocessing capacity of 341 MMcf/d of gas. Texaco will own 37% whileDynegy will own 63%. Dynegy will operate the plants under contractwith Versado.
Koch, Royal Bank Form Global Energy Alliance
Koch Industries and the Royal Bank of Canada have formed astrategic alliance to jointly market energy-related trading andderivatives products to clients in North America andinternationally. The alliance is designed to provide the RoyalBank, which is one of the world’s top foreign exchange banks, with $30 billion/day in transactions, direct access to energy industryinformation and a broader array of energy derivative products, suchas weather derivatives. The deal gives Koch a connection to aworldwide collection of investment clientele. Royal Bank and itssubsidiaries serve 10 million clients through more than 1,500branches and offices located in 36 countries.
New Jersey LDCs Team Up to Market Pipe Capacity
New Jersey Natural Gas Co. (NJNG) and South Jersey Gas Co. (SJG)have formed a one-year alliance to capitalize on supply portfolioassets and create new marketing opportunities. The LDCs agreed torelease capacity to each other for more effective marketing of thatcapacity. For instance, South Jersey is a bigger player than NewJersey Natural on pipelines Columbia and Transco, while New JerseyNatural is a bigger player on Texas Gas and CNG. Under thearrangement, South Jersey will release its contracts on Texas Gasand CNG to New Jersey Natural, and New Jersey Natural will releaseits Columbia and Transco capacity to South Jersey.
Coalition Plans Illinois-Wisconsin Pipeline
El Paso Energy, Enron, Peoples Energy and Northern BorderPipeline have formed a joint venture to target prized Midwest gastransportation markets left unguarded when TransCanada Pipelinesand Northern States Power put the Viking Voyageur project on holdearlier this year.
Duke Forms Retail Alliance with Enviro-Check
Duke Energy Trading and Marketing formed an alliance withOrlando, FL-based Enviro-Check to sell gas and energy services tothe multi-family housing (MFH) industry. The agreement is a uniqueteaming of a major gas and power marketer with a conservation andsub-metering company.
Consultant Grows More Through Venture
Hagler Bailly Inc. and Cap Gemini SA and subsidiary Cap GeminiAmerica Inc. formed a joint venture to deliver informationtechnology consulting services and solutions to electric, gas andwater utilities and service providers in the United States andCanada.