Portland

Going against sharp recent wholesale price declines, Portland, OR-based Northwest Natural Gas Co. filed with state regulators in Oregon and Washington Monday, seeking 14% and 20% rate increases, respectively. Because of the recent price drop, Northwest said the increases are “significantly below” the amounts projected last July.

Iberdrola SA’s acquisition of Portland, ME-based Energy East Corp. for an estimated $4.5 billion closed Wednesday, Iberdrola said, marking the largest industrial transaction ever carried out by a Spanish company in the United States.

A joint $150 million underground natural gas storage project between units of Portland, OR-based Northwest Natural Gas Co. and San Francisco-based Pacific Gas and Electric Co. (PG&E) filed Tuesday with the California Public Utilities Commission (CPUC) for approval to build and operate the proposed 20 Bcf facility in 2010 at a site near Fresno, CA in the north end of the state’s massive central valley region. The proponents’ environmental assessment of the project was included in the filing.

As state regulators were holding an annual natural gas price workshop, Oregon’s largest daily newspaper, the Portland Oregonian Tuesday published an editorial supporting the development of a liquefied natural gas (LNG) terminal in the state.

Portland, OR-based Northwest Natural Gas Co., the largest natural gas-only distributor in the region, said it passed a significant milestone Tuesday in its effort to reduce its greenhouse gas (GHG) footprint by encouraging its 600,000 customers to move to electronic, or paperless, billing systems. More than 10% now have chosen that path.

With long-time nation-leading customer growth rates slowing, Portland, OR-based Northwest Natural Gas is eyeing a wider, regional role with two infrastructure projects that will enhance natural gas pipeline and storage infrastructure on the West Coast. Those plans are proceeding as envisioned, according to Northwest’s CEO Mark Dodson. Northwest on Thursday announced increased earnings in 2007 of 17% and 21% for net income and earnings-per-share, respectively ($74.5 million, or $2.78/share).

Iberdrola SA’s proposed acquisition of Portland, ME-based Energy East — which serves 900,000 natural gas customers and 1.8 million electricity customers in Maine, New Hampshire, Massachusetts, Connecticut and New York — for an estimated $4.5 billion has been authorized by FERC.

Iberdrola SA’s proposed acquisition of Portland, ME-based Energy East — which serves 900,000 natural gas customers and 1.8 million electricity customers in Maine, New Hampshire, Massachusetts, Connecticut and New York — for an estimated $4.5 billion has been authorized by FERC.

Pacific Gas and Electric Co. (PG&E) and a newly formed unit of Portland, OR-based Northwest Natural Gas Co. jointly announced last Wednesday they are planning to develope a new 20 Bcf underground natural gas storage facility at Gill Ranch near Fresno in the northern end of California’s central San Joaquin Valley.