Midnight

As midnight was closing in Thursday, the lower house Assembly in California’s legislature passed on a 41-32 vote a revised rescue package to restore Southern California Edison Co.’s financial viability and to inject a healthy dose of re-regulation into the market for small residential and commercial electricity consumers. The measure goes back to the state senate where it faces an uncertain fate.

New York-based Amerada Hess reported as of midnight Monday that 99.64% of Dallas-based independent Triton Energy Ltd.’s shares have been”validly tendered” in response to its offer of $45/share. The company said it has accepted the shares for payment and plans to go forward in completing its acquisition of Triton. News that Amerada Hess would buy Triton Energy on July 10 sent Triton’s stock soaring nearly 50% on the New York Stock Exchange, opening at $14.57 and closing at $44.43 (see Daily GPI, July 11). The total transaction cost is estimated at $3.2 billion and will position Amerada Hess as one of the largest global independent E&P companies. It also agreed to assume $500 million of Triton’s debt. As a result of the accepted tender offer, the New York Stock Exchange suspended trading in Triton Energy Ltd. on Tuesday and will apply to the Securities and Exchange Commission to have the stock delisted.

House lawmakers worked into the night Wednesday, vigorously debating the Republican-focused omnibus energy bill, with GOP legislators touting the environmental, conservation and supply features of the packed energy initiative, while Democrats assailed the $33 billion in tax credits being offered to producers. Because debate was expected to last 12 hours, Capitol Hill observers did not expect a final vote until late Wednesday at the earliest.

When the clock strikes midnight tonight on the West Coast,California’s state legislature, which has been known to stop theCapitol clocks at 11:59 p.m. in similar occasions, will eitherprovide some ways out of the state’s electricity problems or watchits efforts turn back into the pumpkin that has represented thissummer’s high bills and short power supplies.

Futures traders and observers are going to be burning themidnight oil following final approval of a Nymex board decisionlast week to extend electronic futures trading of natural gas andthree other energy commodities.

Futures traders and observers are going to be burning themidnight oil following final approval of a Nymex board decisionyesterday to extend electronic futures trading of natural gas andthree other energy commodities.

NiSource Inc. has extended its $74/share ($6.1 billion) tenderoffer for all of the outstanding common stock of Columbia Energyuntil midnight EST on Feb. 11. despite seeing little change in thenumber of shares tendered or the reaction of Columbia since itraised its offer in October. It said that so far Columbiashareholders have tendered 49,645,081 shares, or about 61% of allColumbia’s outstanding stock. Columbia’s management has repeatedlyrejected a merger with NiSource, and currently is evaluating alloptions, including a sale of all or part of the company.

Working into the early hours of Thursday morning, the Pennsylvania General Assembly finally pushed through a statewide gas restructuring bill in the last session before breaking for summer vacation. Under the Natural Gas Choice and Competition Act, gas will become a price-deregulated commodity for residential and small commercial customers in Pennsylvania on Nov. 1. Gov. Tom Ridge, who has already voiced his support for the bill, has 10 days to sign it into law.

Working into the early hours of Thursday morning, thePennsylvania General Assembly finally pushed through a statewidegas restructuring bill in the last session before the assemblybroke for summer vacation. Under the Natural Gas Choice andCompetition Act, gas will become a price-deregulated commodity forresidential and small commercial customers on Nov. 1. Governor TomRidge, who has already voiced his support for the bill, has 10 daysto sign it into law.