TransCanada Pipelines put down the scalpel last week and took upthe ax. Having determined the path toward improved financial healthmust involve some painful surgery, the company decided to lop off15% of its asset base in exchange for expected proceeds of about$3.6 billion (net $3 billion), which will be used to pay down debt.It also decided to trim its dividend by a hefty 30% to $0.80/share.
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Tennessee said operating conditions had improved enough Monday toallow it to lift an OFO Action Alert implemented Saturday (see DailyGPI, Nov. 12). Weekend OFOs by PacificGas & Electric, Southern California Gas and Northern Natural Gasalso were no longer in effect Monday.
Reliant Energy improved its West Coast portfolio last week byannouncing a six-year agreement with the Springfield, IL municipalutility City Water, Light and Power (CWLP) to market its total 600MW generation. Financial terms of the deal were not disclosed.