Intends

Embattled Enron Corp. has decided to keep its interstate natural gas pipelines and intends to form a new company to oversee the assets, the company’s interim CEO Stephen Cooper said Wednesday.

EnCana said late last month that it intends to seek a court ruling that FERC is the only appropriate forum for review of the natural gas market manipulation allegations raised in two private lawsuits recently filed against it in two California courts.

EnCana said late last week that it intends to seek a court ruling that FERC is the only appropriate forum for review of the natural gas market manipulation allegations raised in two private lawsuits recently filed against it in two California courts.

Dynegy Inc. said it intends to request a 15-day extension on filing its annual report with the Securities and Exchange Commission. The request will cover Dynegy and its two subsidiary registrants, Dynegy Holdings Inc. and Illinois Power Co. The filing is necessary for Dynegy to complete the financial statements and audit for the three companies. The re-audit of Dynegy’s financial statements for 1999 through 2001 is also in the final stages of completion. The company also announced that it is continuing its efforts to refinance its current bank facilities and that its financial statements are being prepared on this basis. “Dynegy assures its stakeholders that the 2002 Form 10-Ks will be filed as soon as the financial statements and the audits are completed, which will be during this extended time period,” said CEO Bruce A. Williamson. “These filings will provide our stakeholders with an accurate view of the financial reporting for previous years and the assurance that we have fully disclosed and properly accounted for our results.”

Cheniere Energy Inc. wants investors to know that it intends to be a major player in the liquefied natural gas (LNG) business. The next best thing to changing its name to LNG is changing its stock ticker symbol. Effective next Monday (March 24), its symbol on the American Stock Exchange will change to LNG from CXY. The company has four potential sites for liquefied natural gas (LNG) import terminals along the Texas Gulf Coast and sees LNG as its strategic focus in the future because of declining domestic natural gas supply. “We have established a strong exploration and production foundation for Cheniere with growing natural gas reserves, cash flow and inventory of prospects that together become more valuable daily as our nation’s natural gas markets hover on almost historically low inventories. However, domestic exploration is no longer sufficient to assure meeting the growth in demand for natural gas, and our country will increasingly rely on imports in the form of LNG,” said Cheniere Energy Chairman Charif Souki said. “This symbol will reflect our new area of focus.” Houston-based Cheniere conducts exploration in the Gulf using a regional database of 7,000 square miles of 3D seismic coverage. It owns 9% of Gryphon Exploration.

Cheniere Energy Inc. wants investors to know that it intends to be a major player in the liquefied natural gas (LNG) business. The next best thing to changing its name to LNG is changing its stock ticker symbol. Effective next Monday (March 24), its symbol on the American Stock Exchange will change to LNG from CXY.

Duke Energy said last week that it intends to comply with a subpoena it received from a Western District of North Carolina grand jury. The grand jury is seeking documents related to last year’s audit of subsidiary Duke Power’s financial and regulatory reporting from 1998 to 2000 by North Carolina and South Carolina utilities commissions (see Power Market Today, Nov. 20, 2002).

Indicating that it intends to hold California complainants to the higher Mobile-Sierra standard in their attempts to overturn power contracts signed by state agencies with Allegheny Energy Supply and certain other power generators, FERC said last week the full Commission alone will render a decision on those companies — and soon.

EnCana Corp. said Thursday that it intends to consolidate its corporate structure through a vertical short-form amalgamation with its subsidiary Alberta Energy Company Ltd. (AEC). EnCana said the amalgamation will not require any public securityholder vote. The company said the consolidation is expected to be effective on Jan. 1, at which time, EnCana will be the successor issuer in respect of AEC’s previously issued debt securities and will be responsible for all of AEC’s contractual obligations. The amalgamation is subject to the receipt of all necessary consents and regulatory approvals. EnCana said it would comment more after the first of the year.