Pittsburgh, PA-based Consol Energy Inc., the second largest U.S. coal producer based on revenues, has entered into a deal to buy coalbed methane (CBM) gas production and pipeline gathering assets from Conoco Inc. to serve the expanding gas needs of power generators in the Pennsylvania, Virginia and West Virginia areas.
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Cabot Closes Office, Lays Off 15
Cabot Oil & Gas announced it will close its Pittsburghoffice Aug. 31 as part of a “strategic repositioning” that includedthe sale of non-core Appalachian properties to Enervest ManagementCo. for $46.2 million last September. About 15 jobs will beeliminated as a result of the action. The remaining positions willbe transferred to existing offices in Charleston, WV, and Houston.
Industry Brief
Pittsburgh-based OnlineChoice announced yesterday that it haslaunched www.GasChoice.com, a free website that allows consumersnationwide to join no-obligation natural gas buying pools.GasChoice.com is forming buying pools right now in every state sothat once deregulation hits that locale, the pools of residentialand commercial consumers with group buying power are ready to bidand ready to save, the company said. In addition, the company isaggressively developing buying pool websites for telephone service,Internet access, and home security systems, all of which arefollowing closely on the heels of GasChoice.
Duquesne Files to Transfer Generation
Duquesne Light Co. of Pittsburgh, a DQE subsidiary, filed withthe Pennsylvania Public Utility Commission (PUC) to transfer itsgeneration fleet to Baltimore-based Orion Power Holdings Inc., thewinning bidder in a previous generation auction. Orion will payDuquesne Light $1.705 billion for seven wholly owned fossil-firedgeneration stations, certain transmission facilities, and the rightand obligation to supply wholesale power to serve Duquesne’sprovider of last resort customers. As a result, Duquesne will endstranded cost collection in 2001 for most major customer rateclasses, reducing rates by more than 25%, assuming market pricesfor electricity remain at or below the commission-approved shoppingcredits.
Dominion, CNG Seeking Power Plant Options
Dominion Resources Inc. of Richmond, VA, and a subsidiary ofPittsburgh-based Consolidated Natural Gas Co. signed an agreementto develop gas-fired power generation facilities along CNG’spipeline system. Dominion Resources and CNG power company willidentify and evaluate potential sites for development of facilitiesalong CNG’s natural gas pipeline network in Ohio, Pennsylvania, NewYork, West Virginia and Virginia. Dominion Resources and CNGaffiliates will develop, own, operate and maintain the facilitieson a 50-50 ownership basis.
Internet-Based Energy Market Offered in PA
Duquesne Light affiliate Duquesne Enterprises and North AmericanPower Brokers are giving Pittsburgh’s retail energy customers a newway to reach up to 50 alternative energy suppliers. With the clickof a mouse button, industrial, commercial and residential customersnow can consummate gas and power transactions. The Internet-basedsystem, called the World Wide Retail Energy Exchange (REX), workssomething like a dating service for the two sides of energyindustry transactions. It also can provide a sponsoring LDC withvaluable back-office information and an advertising opportunity.
CNG Wins Gas Management Dea
CNG Energy Services of Pittsburgh signed a three-year contractwith Ormet Corp., one the nation’s largest aluminum producers andsuppliers of aluminum products, to provide gas management servicefor eight Ormet facilities in the United States. The facilitiesconsume about 12 Bcf/year