FirstEnergy and GPU took another step toward sealing theirmerger that would create the nation’s sixth largest investor-ownedelectric system serving 4.3 million customers in Ohio, Pennsylvaniaand New Jersey. The companies’ shareholders overwhelmingly votedyesterday to approve the $12 billion union at concurrentshareholder meetings. The merger still needs approvals from theFederal Energy Regulatory Commission, New Jersey Board of PublicUtilities, Pennsylvania Public Utility Commission, NuclearRegulatory Commission, Federal Communications Commission,Securities and Exchange Commission and the Department of Justiceunder the Hart-Scott-Rodino Act. The companies expect the deal toclose sometime during the summer of 2001. Upon completion of theunion, the new company will adopt the name FirstEnergy and will bea registered holding company under the Public Utility HoldingCompany Act of 1935.
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Articles from Nation
U.S. Drillers, Rig Makers to Benefit Through 2001
U.S. land drillers and rig manufacturers will benefit the mostin the next year as the nation’s rig count continues to outpaceexpectations, according to a research report released Monday byRaymond James & Associates. And even though the seismicbusiness has recently lagged, it also holds excellent earningsprospects for the future, said the analysts.
Dynegy Winning Bidder in MMS Gas Pilot
Houston-based Dynegy Marketing and Trade has beat out some ofthe top natural gas producers in the nation in the latest round ofbidding for Minerals Management Service’s royalty-in kind gasproduced from federal leases in the Gulf of Mexico.
Dynegy Winning Bidder in MMS Gas Pilot
Houston-based Dynegy Marketing and Trade has beat out some ofthe top natural gas producers in the nation in the latest round ofbidding for Minerals Management Service’s royalty-in kind gasproduced from federal leases in the Gulf of Mexico.
Reserves Grew Slightly in 1999
A close look at the status of the nation’s gas resources lastyear reveals a lethargic industry barely able to build reserves.However, last year was an improvement over the year prior. Dry gasreserve additions reversed the 2% decline in 1998 and grew lastyear by 2.1% to 167,406 Bcf in the United States, according to anAdvance Summary: U.S. Crude Oil, Natural Gas and Natural GasLiquids Reserves 1999 Annual Report by the Energy InformationAdministration. Reserve additions replaced 118% of gas production.It was the fifth time in the past six years that reserves havegrown.
EIA: Gas Reserves Inched Higher in 1998
A close look at the status of the nation’s gas resources lastyear reveals a lethargic industry barely able to build reserves.However, last year was an improvement over the year prior. Dry gasreserve additions reversed the 2% decline in 1998 and grew lastyear by 2.1% to 167,406 Bcf in the United States, according to anAdvance Summary: U.S. Crude Oil, Natural Gas and Natural GasLiquids Reserves 1999 Annual Report by the Energy InformationAdministration. Reserve additions replaced 118% of gas production.It was the fifth time in the past six years that reserves havegrown.
FERC Seeks to Quicken Pipe Project Processing
FERC’s Office of Energy Projects (OEP) plans to hold a series ofpublic meetings throughout the nation to encourage interstate gaspipelines to develop “strategies for constructive publicparticipation in the earliest stages” of their project planning.
New Plants Not in SoCal’s Backyard
It is hard to imagine in California’s current summer of extremeelectricity discontent, but Southern California Gas, the nation’slargest natural gas distributor, envisions electric generationloads dropping by up to 38% over the next 20 years, according toits latest submission to the annual California Gas Report.
Large LA Municipal Profits in Power Market
Amidst the maelstrom that is California’s electricity marketthis summer, the nation’s largest municipal utility sits calm, cooland collected, making a small killing on the wholesale market andseemingly immune from power shortages for its 1.3 million customerswho make up the city of Los Angeles.
Split Between LADWP And CA-ISO Widens
The continuing public split between the nation’s largestmunicipal utility and California’s nonprofit, state-charteredtransmission grid operator is widening with finger-pointinginvolved in the plans for heading off potential power shortagesthis summer. Left unresolved is the more than two-year-olddiscussion attempting to bring the Los Angeles Department of Waterand Power (LADWP), a transmission- and generation-rich muni, intothe state’s fold.
