Previously

Southern Energy New York closed a previously announced $480million, 1,776 MW purchase of all Orange and Rockland (O&R)Utilities’ generation assets Thursday. At the same time the dealclosed the Southern Energy subsidiary, which was created with thesole intention of operating these newly-acquired assets, wasted notime in proposing a $390 million, 710 MW expansion to the BowlinePoint Generation Station in Haverstraw, NY.

Shareholders for Commonwealth Energy Systems and BEC Energy votedto approve their companies’ previously announced merger plans lastweek. The merger was first agreed to last December (See Daily GPI, Dec. 8, 1998). The new companywill be named NSTAR.

Dominion Resources and Consolidated Natural Gas filed with theFederal Energy Regulatory Commission for approval of theirpreviously announced merger plan. With yesterday’s submission, thecompanies have completed all regulatory filings necessary formerger approval. The companies said in the joint filing that themerger plan satisfies requirements of Section 203 of the FederalPower Act. FERC must approve the transfer of the power marketingsubsidiaries of CNG to Dominion Resources under Section 203. Inaddition to filing with FERC, the companies have completed mergerfilings with the U.S. Securities and Exchange Commission (SEC) andwith public utility commissions in Virginia, North Carolina,Pennsylvania and West Virginia.

Altra said last week it completed the previously announcedmerger of the Streamline and Quicktrade electronic energy tradingsystems, achieving a major goal Altra set when it bought Quicktradein January. Altra said the combined package will increaseStreamline user numbers 30% and boost liquidity.

Altra announced earlier this week it has completed thepreviously announced merger of the Streamline and Quicktradeelectronic energy trading systems, achieving a major goal Altra setwhen it bought Quicktrade in January. Altra said the combinedpackage will increase Streamline user numbers 30% and boostliquidity.

Mitchell Energy & Development Corp. completed its previouslyannounced work force reduction and set its capital budget. As aresult of the company-wide downsizing and restructuring effort, 235positions have been eliminated, a 21% reduction in totalemployment. With these changes, the company expects annual salaryand benefits costs savings of about $17 million.

The New York Public Service Commission released the text of itspreviously announced gas unbundling policy statement, laying outits plan to force the state’s LDCs out of the merchant functionwithin three to seven years (see NGI Oct. 12, 1998) and endmandatory capacity assignment by next April. But it can expectstrong opposition from a number of New York LDCs who aren’t willingto give up gas sales and who say capacity assignment is areasonable way to recover stranded costs.

MCN Energy Group said it is planning a new direction for itspreviously released strategic plan that will emphasize steadygrowth in core operations, more predictable earnings and moderatecapital investments.

DuPont’s board of directors approved the previously announcedinitial public offering (IPO) of Conoco common stock before the endof 1998. Following completion of the IPO, DuPont intends to offerits remaining Conoco shares to DuPont shareholders in exchange forDuPont shares in a tax-free split-off expected to be completedwithin 12 months.