Holdings

Niagara Mohawk Holdings Inc., the parent company of Niagara Mohawk Power Corp., reported earnings of $4.2 million, or three cents a share for the third quarter, up from $2.7 million or two cents for the same period of 2000. The Syracuse, NY-based company, which serves most of the State of New York, saw its electric revenues jump 13.4% from a year ago to $940.9 million. Retail sales and total deliveries of electricity also were up from the third quarter of 2000. Electric revenues for the 12 months ending Sept. 30, 2001 were $3.4 billion, up 4.1% from same period a year ago. Retail sales of electricity for the three months increased 1.6% and for the 12 months ending Sept. 30, decreased 2.3% compared to the same periods a year earlier. Total deliveries of electricity, which include deliveries to customers who chose to buy electricity from other energy service providers, were up 26.1% for the third quarter of 2001, and up 8.8% for the 12 months ending Sept. 30, compared to the same periods in 2000. Niagara Mohawk’s natural gas revenues for the third quarter of 2001 were $69.1 million, down 13.4% from the same period in 2000. For the 12 months ended Sept. 30, 2001, natural gas revenues were $786.1 million, up 31.1%, compared to the same period in 2000. Revenues in both periods were primarily influenced by the market price of natural gas. The company passes the commodity cost of natural gas directly on to customers without markup.

Bridgeline Holdings LP, a partnership between Enron and Texaco, signed a deal to supply 165 Bcf of gas over five years to Occidental Chemical Corp.’s 778 MW cogeneration facilities in Taft, LA. Terms of the transaction were not released. Bridgeline operates 1,000 miles of pipeline from the Texas/Louisiana border to New Orleans, serving industrial and utility industry customers. It also has 13 Bcf of salt dome storage capacity in the region with broad access to significant Gulf of Mexico pipeline production and wellhead supply. Bridgeline said the deal is a key element in building on its strength to serve the new electrical generation demand throughout the region. This market requires firm, high-volume and deep-swing natural gas service to effectively meet the needs of this new class of merchant electricity generators. “We are eager to commence natural gas deliveries to the Taft facility and feel our unique combination of assets and merchant capabilities are well-positioned to serve this growing market,” stated Hugh H. Connett, vice president of marketing and supply for Bridgeline.

Calgary-based TransAlta Corp. and Des Moines, IA-based MidAmerican Energy Holdings Co. reported that they have entered into an alliance to develop, build and operate natural gas, coal and hydro-powered electricity generating assets in markets throughout Canada, the United States and Mexico. The agreement also includes the possibility of jointly acquiring existing power facilities. The companies currently have a combined portfolio of 18,000 MW globally.

The NewPower Co., a subsidiary of NewPower Holdings Inc., signed a definitive agreement to acquire the customers and related assets of AES Power Direct, a retail marketing subsidiary of AES Corp. The company has also signed a definitive agreement to purchase the customers and natural gas inventory related to the Columbia Gas of Ohio and Dominion East Ohio gas customer choice programs of CoEnergy Trading Co. CoEnergy is a subsidiary of DTE Energy Co. Together, the deals significantly expand NewPower’s presence in Ohio, where the company will add over 82,000 natural gas and electric customers, and in Pennsylvania, where NewPower will add approximately 38,000 natural gas customers. The deal also marks NewPower’s entrance into the service territories of four additional utilities: Dominion Peoples, Dominion East Ohio, Toledo Edison and Ohio Edison. NewPower is also entering the gas market for Cincinnati Gas & Electric. As part of the AES Power Direct transaction, NewPower will acquire related natural gas inventory, supply and transportation contracts and infrastructure, including billing and customer service, in Peoria, IL, and Toronto, ON. NewPower will acquire from AES Power Direct and CoEnergy a total of approximately 112,000 natural gas customers in the service territories of Columbia Gas of Pennsylvania, Columbia Gas of Ohio, Dominion Peoples, Cincinnati Gas & Electric, Dominion East Ohio, and Washington Gas Light customers in Virginia and Maryland. In addition, NewPower will add approximately 7,000 AES Power Direct electric customers in the Toledo Edison and Ohio Edison markets.

The NewPower Co., a subsidiary of NewPower Holdings Inc., signed a definitive agreement to acquire the customers and related assets of AES Power Direct, a retail marketing subsidiary of AES Corp. The company has also signed a definitive agreement to purchase the customers and natural gas inventory related to the Columbia Gas of Ohio and Dominion East Ohio gas customer choice programs of CoEnergy Trading Co. CoEnergy is a subsidiary of DTE Energy Co. Together, the deals significantly expand NewPower’s presence in Ohio, where the company will add over 82,000 natural gas and electric customers, and in Pennsylvania, where NewPower will add approximately 38,000 natural gas customers. The deal also marks NewPower’s entrance into the service territories of four additional utilities: Dominion Peoples, Dominion East Ohio, Toledo Edison and Ohio Edison. NewPower is also entering the gas market for Cincinnati Gas & Electric. As part of the AES Power Direct transaction, NewPower will acquire related natural gas inventory, supply and transportation contracts and infrastructure, including billing and customer service, in Peoria, IL, and Toronto, ON. NewPower will acquire from AES Power Direct and CoEnergy a total of approximately 112,000 natural gas customers in the service territories of Columbia Gas of Pennsylvania, Columbia Gas of Ohio, Dominion Peoples, Cincinnati Gas & Electric, Dominion East Ohio, and Washington Gas Light customers in Virginia and Maryland. In addition, NewPower will add approximately 7,000 AES Power Direct electric customers in the Toledo Edison and Ohio Edison markets.

National Grid USA’s proposed purchase of Niagara Mohawk Holdings Inc. moved one step closer to completion last Wednesday after the Federal Energy Regulatory Commission gave its blessing to the deal. The merger, currently valued at $3 billion and first unveiled in September of last year (see NGI, September 11, 2000), still needs to clear a number of regulatory hurdles before it can be completed.

National Grid USA’s proposed purchase of Niagara Mohawk Holdings Inc. moved one step closer to completion Wednesday after the Federal Energy Regulatory Commission gave its blessing to the deal. The merger, currently valued at $3 billion and first unveiled in September of last year (see Daily GPI, Sept. 6, 2000), still needs to clear a number of regulatory hurdles before it can be completed.

The New Power Co. (TNPC), a subsidiary of NewPower Holdings, Inc., and AMPO, Inc., a subsidiary of AMP-Ohio, Inc., reported that they have entered into a letter of intent to co-brand a natural gas aggregation program for residents and small businesses throughout Ohio. TNPC said gas aggregation programs are beneficial because they leverage the group buying power of consumers to negotiate favorable prices and services.

The New Power Co. (TNPC), a subsidiary of NewPower Holdings, Inc., and AMPO, Inc., a subsidiary of AMP-Ohio, Inc., reported that they have entered into a letter of intent to co-brand a natural gas aggregation program for residents and small businesses throughout Ohio. TNPC said gas aggregation programs are beneficial because they leverage the group buying power of consumers to negotiate favorable prices and services.