Goal

MGM Energy Corp. pressed forward on its goal to tap the Mackenzie Valley’s natural gas resources following an agreement with EnCana Corp. to buy its stakes in the Umiak discovery and other Northwest Territories assets for C$170 million (US$154 million). The Umiak discovery is 15 kilometers (9.3 miles) from Imperial Oil’s Taglu field, one of the anchor fields for the proposed Mackenzie Gas Project.

MGM Energy Corp. pressed forward on its goal to tap the Mackenzie Valley’s natural gas resources following an agreement with EnCana Corp. to buy its stakes in the Umiak discovery and other Northwest Territories assets for C$170 million (US$154 million). The Umiak discovery is 15 kilometers (9.3 miles) from Imperial Oil’s Taglu field, one of the anchor fields for the proposed Mackenzie Gas Project.

With a corporate strategic goal of becoming the nation’s leading utility, PG&E Corp. has no plans for mergers or acquisitions and will concentrate on creating new earnings opportunities within the regulated utility business, according to CEO Peter Darbee. He made the remarks Thursday on a conference call announcing earnings that were down for the fourth quarter last year, but increased for all of 2006, compared with 2005.

With a corporate strategic goal of becoming the nation’s leading utility, PG&E Corp. has no plans for mergers or acquisitions and will concentrate on creating new earnings opportunities within the regulated utility business, according to CEO Peter Darbee. He made the remarks Thursday on a conference call announcing earnings that were down for the fourth quarter last year, but increased for all of 2006, compared with 2005.

With a shared goal of fuel and geographic diversity among its dozen muni utility members, the Southern California Public Power Authority (SCPPA) plans to continue its thrust from last year, looking at locking in more natural gas supplies, renewable energy projects and new transmission lines in the southern half of California in 2007. In an interview with NGI last week, SCPPA Executive Director Bill Carnahan outlined a full plate for the joint powers authority that sports a solid “A”-level credit rating.

With a shared goal of fuel and geographic diversity among its dozen muni utility members, the Southern California Public Power Authority (SCPPA) plans to continue its thrust from last year, looking at locking in more natural gas supplies, renewable energy projects and new transmission lines in the southern half of California in 2007. In an interview with Power Market Today Tuesday, SCPPA Executive Director Bill Carnahan outlined a full plate for the joint powers authority that sports a solid “A”-level credit rating.

Former executives of Gryphon Exploration Co. have formed Phoenix Exploration Co. for oil and gas exploration and property acquisition in the Gulf Coast and Gulf of Mexico.

The goal of more stability in wholesale natural gas markets will require a combination of regulatory and market strategies that are not in place currently, according to a report issued last month by the American Public Power Association (APPA). More oversight of financial traders is among the recommended steps that are needed, the APPA report, “Long-Term Strategies Are Key in Achieving Stable Natural Gas Prices,” concluded.

Unrelenting in their goal of creating a new statewide public power utility in Montana, five cities last week agreed to offer $2 billion, including assumption of $825 million in debt, to purchase the electricity transmission and distribution assets of South Dakota-based NorthWestern Corp, including facilities in the two other states in which it operates — Nebraska and South Dakota.