Allegheny Energy’s delivery business Allegheny Power plans tobuy Mountaineer Gas Co. (MGC), a wholly owned subsidiary of EnergyCorp. of America (ECA), for $323 million, including assumption of$100 million in debt. The deal would give Allegheny its second gasdistribution system, assuming the previously announced plan toacquire UtiliCorp’s West Virginia Power division goes through.
Keeps
Articles from Keeps
Screen Rise Keeps Cash Mostly Flat to a Tad Softer
This week’s bull market did come to an end Thursday as generallyexpected, but there was only a slight amount of price retrenchmentprimarily because of a show of strength by January futures. Eventhough cash traders were starting to discount the most recent coldweather forecasts, people in the Nymex pit apparently were stillgiving them credence. Most points were flat to 2-3 cents down, withseveral scattered ones achieving small gains. Only a few pointsfell by as much as a nickel or so.
Energy East Keeps Eating Despite Full Stomach
With its seemingly bottomless stomach rumbling again, EnergyEast bought Berkshire Energy Resources for $96 million last week inan attempt to complement its growth strategy and gain new gascustomers in western Massachusetts. The companies said they expectto complete the transaction within 12 months. As part of the deal,Energy East also assumed $40 million of Berkshire’s preferred stockand long-term debt.
Energy East Keeps Eating Despite Full Stomach
With its seemingly bottomless stomach rumbling again, EnergyEast bought Berkshire Energy Resources for $96 million yesterday asa complement to its growth strategy and to gain new gas customersin western Massachusetts. The companies said they expect tocomplete the transaction within 12 months. As part of the deal,Energy East also assumed $40 million of Berkshire’s preferred stockand long-term debt.
Widespread Chill Keeps Cash Gas Prices on Rise
There were very few places outside the extreme southwesterncorner of the U.S. still seeing high temperatures any greater than70 degrees Tuesday, and the growing chill was manifested in furthergas price increases. Though milder than Monday’s gains and almostnon-existent in California and parts of the Rockies, the new pricehikes were generally on either side of a dime in the Gulf Coast,Midcontinent/Midwest and Northeast. Much like the day before,Northeast citygates tended to rise the most between 10 and 14cents.
A Bit of Heating Load Keeps Market Softness Mild
Very mild softness was the dominant feature of the cash marketTuesday with a few points turning in basically flat showings.Others were off by up to a nickel. Prices started off near theirlow points but were able to rebound a few cents later in thetrading cycle, sources in the Gulf Coast and Rockies/Southwestsaid.
Cash Keeps Tumbling Despite Screen Rebound
October futures managed to achieve a moderately strong recoveryFriday but apparently there was too much negative baggage left overfrom Thursday’s quarter-plus plunge to support cash. Physical gasprices continued their downhill slide, buffeted by the combinationof weak holiday weekend demand and mild weather virtuallyeverywhere. “Cash just didn’t stand a chance today,” a marketersaid.
Columbia Keeps Northeast Activity Rolling
Columbia Natural Resources (CNR) kept its whirlwind ofAppalachian Basin activity alive last week, by announcing thepurchase of gas fields and related assets in Steuben County, NY,from Pittsburgh, PA-based Meridian Exploration Corp. No financialterms of the deal were disclosed. CNR took control of the assetslast week.
Columbia Keeps Northeast Activity Rolling
Columbia Natural Resources (CNR) kept its whirlwind ofAppalachian Basin activity alive yesterday, by announcing thepurchase of gas fields and related assets in Steuben County, NY,from Pittsburgh, PA-based Meridian Exploration Corp. No financialterms of the deal were disclosed. CNR took control of the assetslast week.
Heat Keeps Eastern Points on Rise; West Slightly Weaker
Cash prices turned in mixed results Wednesday, with easternpoints mostly eking out small gains while the West tended to beflat to off as much as 3 cents in the Rockies and at the two mainNorthern California price points.