Outstanding

Shareholders of both Duke Energy and Cinergy last week approved the merger of the two companies. Closing is expected as early as April.

Duke Energy on Friday announced an agreement with Barclays Capital to transfer substantially all of the outstanding natural gas and power derivative contracts of affiliate Duke Energy North America (DENA). The agreement, anticipated since September, will essentially eliminate Duke’s credit, collateral, market and legal risk associated with the trading book as it readies for a merger with Cinergy.

About 96% of Terasen Inc. shareholders voted to approve Kinder Morgan Inc.’s proposed acquisition of all outstanding Terasen shares for about C$35.91/share ($3.1 billion in cash). Kinder Morgan also will assume $2.5 billion in Terasen debt.

Princeton, NJ-based NRG Energy Inc. and Houston-based Texas Genco LLC Sunday announced they entered into a definitive agreement for NRG to acquire the outstanding equity of Texas Genco for $5.8 billion, including $4 billion cash and $1.8 billion in common and preferred stock. In addition, NRG said it will assume $2.5 billion of Texas Genco’s debt. The announcement came a scant six months after the partnership of investment firms holding Texas Genco bought the merchant generating unit from CenterPoint Energy for $3.65 billion.

Energy Transfer Partners said it purchased a majority of the entity that owns Houston Pipe Line and related storage assets from American Electric Power Corp. (AEP) for about $825 million. AEP had been planning to sell the assets since last year as part of its strategy to refocus on core regulated operations.

Energy Transfer Partners said it purchased a majority of the entity that owns Houston Pipe Line and related storage assets from American Electric Power Corp. (AEP) for about $825 million. AEP had been planning to sell the assets since last year as part of its strategy to refocus on core regulated operations.

Calgary-based Provident Energy Trust has acquired all of the outstanding shares of Olympia Energy Inc. and Viracocha Energy Inc. The transactions are payable through Provident units, exchangeable shares and the assumption of existing debt and working capital. With the new acquisitions, Provident estimates its annual production will be 30,000 boe/d. Based on an independent engineering review, Provident’s proved reserves will increase 46% to 51.8 MMboe from 35.5 MMboe, with a proved developed reserve life index (RLI) of 4.6 years. Proved reserves will increase 48% to 62.1 MMboe from 41.8 MMboe, with a proved RLI of 5.9 years. Proved plus probable reserves will increase 49% to 81.6 MMboe from 54.9 Mboe, with proved plus probable RLI of 6.2 years. Provident is an open-ended energy income trust that owns and manages an oil and gas production business and a midstream services business. Its energy portfolio is focused in Western Canada.

Although both sides are refusing to give any details, settlement talks between California and San Diego-based Sempra Energy are ongoing and could encompass claims that collectively represent $1-2 billion. A spokesman for state Attorney General Bill Lockyer confirmed Tuesday that talks are taking place but he would not characterize their current status.

Although both sides are refusing to give any details, settlement talks between California and San Diego-based Sempra Energy are ongoing and could encompass claims that collectively represent $1 to $2 billion, according to a Bloomberg News report Monday following a meeting with Bill Lockyer, California’s attorney general (AG). A state AG spokesman confirmed the accuracy of the report Tuesday, although he would not characterize the status of the talks or their current stage.