Lured by the chance to be a main supplier for the wealth ofgas-fired power plants planned for Texas, Aquila Energy bought theKaty Hub from Western Gas Resources Monday. The $100 million dealis expected to close by April 30, although it still needs to clearthe Federal Trade Commission’s Hart-Scott-Rodino Act.
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Aquila Energy Moving to Kansas City
Aquila Energy, UtiliCorp United’s main energy marketing arm,announced Wednesday it is moving from Omaha, NE, to Kansas City,MO.. The company will bring 405 employees to occupy 70,000 squarefeet on three floors of the Town Pavilion in downtown K.C.
Industrials, LDCs Continue Bypass Battle
Lower costs and the opportunity to control their own supply arestill the main drivers of industrial bypass of local distributioncompanies, the energy manager for U.S. Gypsum told state regulatorsyesterday.
Sideways Market Continues With Mostly Small Drops
Cash prices again showed little movement Thursday. The maindifference from the previous day was that small drops dominatedinstead of small increases. Thursday’s biggest fall of nearly adime came in Transco Zone 6-New York City.
March Futures Rally On Short-Covering
Market participants cited short-covering and relatively strongcash prices as the main reasons for a 7.4-cent gain turned in bythe March Nymex contract Tuesday. The contract flirted around theminor resistance level of $1.81 for most of the day before settlingslightly higher at $1.818.
Williams Earnings Fall Short in ’98
None of Williams’ three main subsidiaries matched 1997 earningslevels, the company said Thursday, as it announced a total 1998 netincome of $140.7 million, or $0.31 per diluted share, down from$368.3 million, or $0.85 per diluted share in 1997. For the fourthquarter, Williams posted a net loss of $20.2 million or $0.05 perdiluted share versus a net income of $57.5 million or $0.13 perdiluted share in 1997. Company officials blamed poor marketconditions, large accrual and impairment amounts, and disappointingresults in the communications business as reasons for the poorperformance.
Nationwide Search for FERC Leaders
Candidates to head up three main divisions of the Federal EnergyRegulatory Commission being created in the on-going FERC Firstrestructuring should have their applications in to the Commissionby Sept. 24, according to a government job notice being circulatednationwide. A salary between $106,412 and $125,900 comes with thedirectors’ positions for the Office of Markets, Tariffs and Rates,the Office of Strategy and Organization Management, and the Officeof Administrative Litigation.