Nevada’s historically separate electric utilities will ask state regulators before the end of this year to legally merge after operating under the same name, NV Energy, for several years, CEO Michael Yackira said at last week’s Barclays Capital CEO Energy-Power Conference in New York City. The NV Energy utilities historically operated as Las Vegas-based Nevada Power Co. in the south and Reno-based Sierra Pacific Power Co. in the north, and have remained physically separate, but that will end next year when the two are physically connected by the high-voltage transmission ON Line, a joint venture of the Nevada utilities and LS Power (see Power Market Today, Aug. 24, 2010). Even though the two utilities merged operations three years ago, they have remained legally separate entities and each has had to make separate regular filings to the Nevada Public Utilities Commission (PUC), which has caused some inefficiencies that Yackira said would be removed if the PUC approves the legal merger.
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Articles from Merge
Toreador and ZaZa Energy Announce $294M Merger
French producer Toreador Resources Corp. and ZaZa Energy LLC, a privately held oil and gas company based in Houston, have announced plans to merge in a cash and stock deal valued at approximately $294 million, creating a single company with significant shale holdings on two continents.
Williams Evaluating ‘All Options’ in Southern Union Bid
Williams CEO Alan Armstrong said last week the company continues to “evaluate all options” in an attempt to merge with Southern Union Co. but questions about whether it will attempt to trump Energy Transfer Equity LP’s latest bid went unanswered.
Williams Still Evaluating ‘All Options’ in Southern Union Bid
Williams CEO Alan Armstrong said Tuesday the company continues to “evaluate all options” in an attempt to merge with Southern Union Co., but he declined to offer additional details.
Atlas JV Partner Questions Chevron Merger
The $4.3 billion tie-up that would merge shale player Atlas Energy Inc. with Chevron Corp. has stirred up a controversy with Atlas’ well-heeled joint venture (JV) partner Reliance Industries Ltd., whose management suggested in recent correspondence that it may be considering a counter proposal.
Atlas JV Partner Questions Chevron Merger
The $4.3 billion tie-up that would merge shale player Atlas Energy Inc. with Chevron Corp. has stirred up a controversy with Atlas’ well-heeled joint venture (JV) partner Reliance Industries Ltd., whose management suggested in recent correspondence that it may be considering a counter proposal.
Enterprise Products to Buy Enterprise GP Holdings
Enterprise Products Partners LP (EPD) and Enterprise GP Holdings LP (EPE) agreed last week to merge in an $8 billion deal that would combine EPE with a wholly owned subsidiary of EPD. The combination would capital costs and simplify the partnership structure, they said.
Enterprise Products to Buy Enterprise GP Holdings
Enterprise Products Partners LP (EPD) and Enterprise GP Holdings LP (EPE) have agreed to merge in an $8 billion deal that would combine EPE with a wholly owned subsidiary of EPD, the parties said Tuesday. The combination is aimed at reducing capital costs and simplifying the partnership structure, they said.
Oilfield Service Operators Seadrill, Allis-Chalmers to Merge
Seadrill’s majority-owned subsidiary Seawell Ltd. and Allis-Chalmers Energy Inc. have become the latest oilfield service providers to merge, announcing late Thursday that they would combine in a transaction valued at $890 million, including debt.
Denbury, Encore to Combine in $4.5B Deal
Denbury Resources Inc., an oil recovery specialist, and Encore Acquisition Co. have agreed to merge in a transaction initially valued at $4.5 billion, including debt. According to Denbury, the merger could result in the sale next year of noncore assets, including Encore’s natural gas-weighted properties.
