Holds

Sempra Cuts Dividend, Holds Dutch Auction

Sempra Energy reported increased 1999 earnings of $394 million,or $1.66 per diluted share, up 34% from 1998 but the company islooking to further accelerate earnings growth and enhance itscompetitive position. It announced a dividend reduction to $0.25per share from its previous level of $0.39 per share and said itplans to hold a Dutch auction in which it will purchase up to 36million shares, or 15% of its outstanding common stock, at asingle, per-share price within a price range of $17.50 to $20. Theprice is a premium to its closing price on Jan. 25.

January 28, 2000

Arbitration Holds LG&E to Power Contract

A three-member arbitration panel ruled that Oglethorpe PowerCorp.’s power marketing contract with LG&E Energy Corp. andLG&E Energy Marketing Inc. is valid and must be honored.LG&E began its challenge to the contract in 1998. The companysaid the decision will cause it to increase its fourth quarterafter-tax accrued loss on disposal of discontinued operations by$175 million. The loss stems from increased load demands, higherthan anticipated future commodity prices and other factors. Theincrease in the loss reserve will be recorded in discontinuedoperations.

December 27, 1999

Arbitration Holds LG&E to Power Contract

A three-member arbitration panel ruled that Oglethorpe PowerCorp.’s power marketing contract with LG&E Energy Corp. andLG&E Energy Marketing Inc. is valid and must be honored.LG&E began its challenge to the contract in 1998. The companysaid the decision will cause it to increase its fourth quarterafter-tax accrued loss on disposal of discontinued operations by$175 million. The loss stems from increased load demands, higherthan anticipated future commodity prices and other factors. Theincrease in the loss reserve will be recorded in discontinuedoperations.

December 22, 1999

National Fuel Gas Holds Multiple Open Seasons

National Fuel Gas’ storage subsidiary, National Fuel Gas Supply,announced three open seasons last week; a 9,750,000 Dth offering offirm storage service and associated firm storage transportation, a19,100 Dth/d offer for new firm transportation capacity and a150,000 Dth/d offer of firm transportation service from a proposednew interconnect with Empire State pipeline at Pendleton, NY. Allof the open seasons began on Nov. 29 and will end on Dec. 16. Ineach case, gas flow is expected to occur no later than April 1.

December 6, 1999

National Fuel Gas Holds Multiple Open Seasons

National Fuel Gas’ storage subsidiary, National Fuel Gas Supply,announced three open seasons last week; a 9,750,000 Dth offering offirm storage service and associated firm storage transportation, a19,100 Dth/d offer for new firm transportation capacity and a150,000 Dth/d offer of firm transportation service from a proposednew interconnect with Empire State pipeline at Pendleton, NY. Allof the open seasons began on Nov. 29 and will end on Dec. 16. Ineach case, gas flow is expected to occur no later than April 1.

December 6, 1999

CMS Holds Last Call On Trunkline Space

CMS Energy said last week it plans to hold an open season thatcould determine the fate of all or part of the Trunkline Pipeline.During the open season, which begins today and will end Dec. 15,the pipeline intends to determine how many customers are willing tosign long-term firm transportation agreements at full tariff ratesfor service beginning April 2000.

November 15, 1999

CMS Holds Last Call on Trunkline Space

CMS Energy said yesterday it plans to hold an open season thatcould determine the fate of all or part of the Trunkline Pipeline.During the open season, which begins today and will end Dec. 15,the pipeline intends to determine how many customers are willing tosign long-term firm transportation agreements at full tariff ratesfor service beginning April 2000.

November 15, 1999

Market Holds as Bulls Try to Regroup

Natural gas futures were hit with another wave of selling earlyFriday as traders added to losses incurred during Thursday’s25-cent price slide. However after notching its lowest price inthree weeks at $2.87, the December contract worked its way higherto settle at $2.961, a 0.4-cent loss for the day.

November 1, 1999

PNGTS Holds Open Season for HubLine

Portland Natural Gas Transmission System is holding an open season through Oct. 22 on its PNGTS Pipeline to elicit interest regarding new transportation services such as access to an interconnect with Algonquin’s HubLine project and consequently, to the lucrative Boston power generation market.

October 4, 1999

Speculation Mounts on Elk Hill Production

Occidental Petroleum, the unpredictable mid-size producer, holdssome wild cards in California’s unfolding natural gasrestructuring, and it’s so far playing them close to the vest.Independents in the south San Joaquin Valley oil patch think Oxy is”up to something,” perhaps a merger with another Californiaproducer, while others are watching the company put increasinglymore gas supplies on the market since buying Elk Hills reservesfrom the federal government two years ago.

October 4, 1999