Tucson, AZ-based UNS Energy Corp.’s board of directors unanimously approved the electric-natural gas utility holding company’s acquisition by Canada-based Fortis Inc. Owner of Canada’s largest gas and electric distribution utility, St. John’s, Newfoundland/Labrador-based Fortis is offering to pay about $2.5 billion, or $60.25/share, in cash to acquire UNS, which owns Tucson Electric Power and separate UNS Electric and UNS Gas utility operations, all in Arizona. This is Fortis’ second U.S. utility acquisition this year, having closed the nearly $1 billion purchase of CH Energy Group Inc. last June. Overall, the UNS purchase is considered to be a $4.3 billion transaction since Fortis has agreed to assume the $1.8 billion in outstanding UNS debt. The transaction is subject to various U.S. federal and state approvals, including the Arizona Corporation Commission (ACC), which in 2004 rejected an acquisition of UNS (the UniSource Energy Corp.) by a private investment group led by KKR & Co. That deal was found not to be in the public interest by the five-member ACC.
Tag / nymex settlement
Subscribenymex settlement
Articles from nymex settlement
SWN Finishes Seismic Work in New Brunswick
A division of Southwestern Energy Co. (SWN) said it has completed seismic testing in New Brunswick, closing the latest chapter in the company’s troubled history in the province.
BHP: 200,000 b/d Production from U.S. Shales in 2017
BHP Billiton’s U.S. shale business will grow liquids production to 200,000 b/d in fiscal 2017, based on planned annual investment of $4 billion, while the company’s total onshore U.S. production reaches 500,000 boe/d over the same period, Tim Cutt, president of the BHP’s petroleum and potash business said in Houston Tuesday.
Utilities Delivering Cheap Utica/Marcellus Gas Locally
Although brutally cold weather across much of the country is driving up natural gas delivery costs for utility companies, particularly those in the Northeast, increased production in the Marcellus and Utica shale formations has continued to push down the price customers are paying for the commodity this year as more utilities utilize local gas produced in the Appalachian Basin.
NatGas, Renewables Have Texas Power Covered, Study Finds
Natural gas-fired generation and renewables (wind and solar) have the future power generation needs of Texas covered; no new coal plants are necessary, according to a report by The Brattle Group that was commissioned by the Texas Clean Energy Coalition.
Southwestern Expects 60% More Marcellus Production in 2014
Improving well performance has Southwestern Energy Co. (SWN) expecting to extract 244-249 Bcf from the Marcellus Shale next year, a 60% increase compared with an estimated 148-149 Bcf this year, the company said Tuesday.
Encana Shareholders Vote No on Lower Production Forecast
Encana Corp. shares fell almost 6% on Wednesday after the natural gas-weighted operator said production in the first six months of 2014 will decline as it restructures to produce more natural gas liquids and oil output.
PJM Board OKs Upgrades, Additions as New Gas Plants Come Online
The PJM Interconnection Board, whose electric transmission grid serves 61 million people in 13 states and the District of Columbia, on Wednesday approved $4.6 billion in additions and upgrades, including a $1.2 billion project in northern New Jersey to address short circuit and thermal problems in that area.
Former New York Regulator Predicts Legislature Involvement in Fracking Debate
Regardless over how the New York Court of Appeals rules in a pair of cases on localities’ power to enact bans on oil and gas activities, the state legislature will insert itself into the debate at some point in the future, a former state official said Wednesday.
Budget Pact Includes U.S.-Mexico Agreement on Gulf Oil, Gas Development
Legislation to enact a transboundary treaty between the United States and Mexico that governs the development of oil and natural gas resources along the countries’ marine boundary in the Gulf of Mexico is part and parcel of the budget deal hammered out this week between House Budget Committee Chairman Paul Ryan (R-WI) and Senate Budget Committee Chairman Patty Murray (D-WA).
