About four months after FPL Group announced its intentions topurchase Entergy Corp. for $13.9 billion, the companies reported thatthey have jointly filed an application with the Federal EnergyRegulatory Commission for approval of the union which would create thelargest utility in the nation (see Daily GPI, Aug. 1).
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Sempra Consolidates Without Legal Merger
Clarifying its intentions, San Diego-based Sempra Energy yesterdayoutlined its plans to consolidate, but not legally merge, operationsof its distribution utilities, which combined form the largest utilityin terms of meters (6.1 million) in the nation. Southern CaliforniaGas Co. and San Diego Gas and Electric Co. will continue to exist,according to Sempra’s spokesperson Doug Kline. (See Daily GPI, March 21)
Calpine Sets Up for Southeast Assault
Calpine Corp. continued its torrid growth last week byannouncing intentions to build two new power plants in theSoutheast. The 1,500 MW of production generated by the newlyproposed plants is expected to be available in 2003. Calpine saidit expects to invest $805 million for the two plants.
Meridian to Sell 20% of Its Production
Meridian Resource Corp. announced last week its intentions tosell certain non-strategic oil and gas properties located in SouthLouisiana, Southeast Texas and offshore Louisiana.
Duke and Phillips To Create a New Midstream Giant
Plans for a new publicly traded energy giant were revealedyesterday, as Duke Energy and Phillips Petroleum announced theirintentions to form a midstream company called Duke Energy FieldServices (DEFS). Expected to have an enterprise value of between $5and $6 billion, DEFS will be the result of a merger of Duke’sgathering and processing businesses (also called Duke Energy FieldServices) with Phillip’s Gas Processing and Marketing (GPM) unit.Subject to approval by the FTC under the Hart-Scott-Rodino act, thedeal is expected to close by the first quarter 2000.
Semco Sells Gas Marketing Unit to MCN
Semco Energy Inc. sold Semco Energy Services, its natural gasmarketing arm, to MCN Energy Group only weeks after announcingintentions to exit the gas marketing side of its business. Nofinancial terms of the deal were disclosed except that Semcoexpects to record a gain on the sale and the companies expect thetransaction to close by the end of March.
Semco Sells Gas Marketing Unit to MCN
Semco Energy Inc. sold Semco Energy Services, its natural gasmarketing arm, to MCN Energy Group only weeks after announcingintentions to exit the gas marketing side of its business. Nofinancial terms of the deal were disclosed except that Semcoexpects to record a gain on the sale and the companies expect thetransaction to close by the end of March.
MMS Notices Proposed East Gulf Lease Sale
The U.S. Department of the Interior’s Minerals ManagementService (MMS) served official notice Tuesday of its intentions tohold lease sale 181 for 5.949 million acres in the eastern Gulf ofMexico. The MMS issued a Call for Interest and Information and aNotice of Intent (NOI), which gives interested parties 60 days tocomment on the proposed sale. The MMS tentatively scheduled thesale for December 2001. An MMS spokesperson said no minimum bid hasbeen set.