PPL Corp. of Allentown, PA, is growing its exposure to the regulated utility industry by paying $7.625 billion to acquire E.ON U.S. LLC, the parent of Louisville Gas & Electric Co. (LG&E) and Kentucky Utilities Co. in the fourth big power industry transaction announced this year.
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Integrys Closes Deal With Sequent Energy Management
Integrys Energy Services Inc. recently closed the first transaction in the two-part sale of its wholesale natural gas marketing business, parent Integrys Energy Group Inc. said last Monday. The deal involved the sale of substantially all of Energy Services’ wholesale gas marketing business to Sequent Energy Management LP.
Integrys Closes First of Two-Part Deal With Sequent Energy Management
Integrys Energy Services Inc. last Friday closed the first transaction in the two-part sale of its wholesale natural gas marketing business, parent Integrys Energy Group Inc. said Monday. The deal involved the sale of substantially all of Energy Services’ wholesale gas marketing business to Sequent Energy Management LP.
Industry Brief
Western Gas Partners LP has completed the acquisition of midstream assets in the Uinta Basin in northeastern Utah from its largest customer and parent company, Anadarko Petroleum Corp., for an estimated $107 million, it said Thursday. The acquisition includes a 51% interest in Chipeta Processing LLC, which owns the Chipeta natural gas processing complex in Utah. The complex entails two recently completed processing trains: a refrigeration unit completed in November 2007 with a design capacity of 240 MMcf/d and a 250 MMcf/d capacity cryogenic unit that was commissioned in April (see Daily GPI, July 15). Chipeta provides processing services to Anadarko and third-party producers in the Greater Natural Buttes Field and has current throughput of 375 MMcf/d. With the closure of the transaction, Anadarko still retains a 24% stake in Chipeta. Anadarko spun off Western Gas in 2008 (see Daily GPI, Dec. 23, 2008). The midstream assets acquisition will be financed primarily with debt.
Gulf Crossing Available for Service Wednesday
A “big portion” of the capacity on the new Gulf Crossing Pipeline will become available Wednesday, a spokeswoman for parent Boardwalk Pipeline Partners LP said Monday.
Northwest Gets OK for Piceance Basin Project
FERC has approved construction and operation of a 24-inch diameter pipeline by Northwest Pipeline GP in Colorado to carry gas from the Piceance Basin to Northwest’s on-system and off-system markets, Northwest parent Williams said Monday.
Puget Energy Sale to Private Group to Close Feb. 6
Puget Sound Energy’s (PSE) $7.4 billion sale to a consortium of private investment groups led by Macquarie Infrastructure Partners should close Feb. 6, the investors and PSE’s parent, Puget Energy, said last Friday. They said the companies have accepted the conditioned approval late in December by the Washington Utilities and Transportation Commission (WUTC), the deal’s final regulatory approval.
Gas, Power Rate Hikes Ahead, PG&E CEO Warns
Pacific Gas and Electric Co. (PG&E) is feeling the pressure from high natural gas wholesale prices and consumers will have to pay, parent company CEO Peter Darbee told financial analysts last Wednesday during a quarterly earnings conference call.
More Gas, Power Rate Hikes Ahead, PG&E CEO Warns
Pacific Gas and Electric Co. (PG&E) is feeling the pressure from high natural gas wholesale prices and consumers will have to pay, parent company CEO Peter Darbee told financial analysts Wednesday during a quarterly earnings conference call.
Nymex Posts Record Net Income; Floor Trading Sees Further Decline
Nymex Holdings Inc., parent company of the New York Mercantile Exchange Inc. (Nymex), this week posted record net income for the first quarter of $56.2 million, an increase of 67% over the $33.6 million that the company posted during 1Q2006. The quarter also revealed that electronic trading continues to gain volume while floor trading gets lighter and lighter.