Holdings

NewPower Holdings Inc., in a filing last week with the Securities and Exchange Commission (SEC), indicated that its auditors will state in the company’s annual report that there is a substantial doubt about the company’s ability to continue as a going concern. The auditors’ concern about NewPower’s viability was included in a filing notifying the SEC that it wouldn’t be able to file its annual report on time.

Centrica Plc’s bid to take over NewPower Holdings Inc. ended Friday after a New York court overseeing Enron Corp.’s bankruptcy case refused to protect Centrica from future liability related to the bankrupt trader. NewPower had been an Enron subsidiary for less than 50 days before it was spun off as an independent company. The order protecting Centrica from liability claims was considered necessary for it to complete a tender offer for NewPower shares, which was set to expire at midnight Thursday.

British gas company Centrica Plc has followed through on its previously announced deal to buy NewPower Holdings Inc., greatly expanding its presence in retail energy markets in North America. Centrica intends to buy all of NewPower’s outstanding shares for $1.05 per share in cash (subject to certain conditions), or a total of $130 million (see Daily GPI, Feb. 21). The acquisition is expected to include 650,000 U.S. residential and small business customers in states including Georgia, New Jersey, Ohio, Pennsylvania and Texas.

British gas company Centrica Plc has followed through on its previously announced deal to buy NewPower Holdings Inc., greatly expanding its presence in retail energy markets in North America. Centrica intends to buy all of NewPower’s outstanding shares for $1.05 per share in cash (subject to certain conditions), or a total of $130 million (see Daily GPI, Feb. 21 ). The acquisition is expected to include 650,000 U.S. residential and small business customers in states including Georgia, New Jersey, Ohio, Pennsylvania and Texas.

The merger between Niagara Mohawk Holdings Inc. and UK-based National Grid Group plc was completed Thursday, putting the combined utility company at the forefront of the New York-New England market. The $3 billion Niagara Mohawk merger was first announced in September 2000 (see NGI, Sept. 11, 2000) and received final regulatory approval earlier this month.

Houston-based SGR Holdings LLC is planning a new 16 Bcf salt cavern natural gas storage facility in Greene County, MS, and has plans for two more high deliverability storage facilities in the Gulf Coast region.

Houston-based SGR Holdings LLC is planning a new 16 Bcf salt cavern natural gas storage facility in Greene County, MS, and has plans for two more high deliverability storage facilities in the Gulf Coast region.

Atmos Energy Corp.’s nonutility holding Co. Atmos Energy Holdings Inc., has bought some Kentucky-based market area storage facilities and associated pipeline assets for $13 million in cash. The assets will be utilized by subsidiary Woodward Marketing LLC, which also recently expanded its operations though the $3 million purchase of Innovative Gas Services Inc. (IGS) and the common stock of Southern Resources Inc.

Denver-based independent Mallon Resources Corp. reported that it has retained Waterous International Inc. of Houston to assist in the solicitation and evaluation of strategic alternatives for the further natural gas development of its primary property in the San Juan Basin of New Mexico.