Purchases

FPL Group last week raised its full-year 2002 earnings forecast by about 5 cents a share, and now expects earnings through next year will be on the rise as well. As it had expected, the third quarter was hit with charges in its unregulated power group and mark-to-market accounting, which pushed earnings down 55% over the same period of 2001. Minus the charges, FPL surpassed Wall Street estimates.

UK-based Centrica plc is rounding up more than 850,000 Texas customers after agreeing to purchase two retail electric providers (REPs) of American Electric Power (AEP). The deal, which includes power supply and service agreements, adds customers of Corpus Christi-based CPL Retail Energy and WTU Retail Energy, based in Abilene. When the transaction is completed, Centrica will have nearly 4.5 million customers in Canada and the United States, making it the largest deregulated energy services company in North America.

Building on a series of midstream asset purchases, Enbridge Inc. has agreed to buy gas gathering and processing facilities in northeastern Texas from Sulphur River Gathering LP for US$178 million. The Sulphur River facilities, which currently gather 210 MMcf/d, are contiguous with assets in East Texas recently acquired by Enbridge Energy Partners from Koch Midstream Services for $230.5 million (see NGI, Oct. 29, 2001 ). The Sulphur River acquisition increases the portfolio of assets available to Enbridge for potential sale to the limited partnership in 2002.

Building on a series of midstream asset purchases, Enbridge Inc. has agreed to buy gas gathering and processing facilities in northeastern Texas from Sulphur River Gathering LP for US$178 million. The Sulphur River facilities, which currently gather 210 MMcf/d, are contiguous with assets in East Texas recently acquired by Enbridge Energy Partners from Koch Midstream Services for $230.5 million (see Daily GPI, Oct. 26, 2001). The Sulphur River acquisition increases the portfolio of assets available to Enbridge for potential sale to the limited partnership in 2002.

FERC staff concluded in a report to Congress last week that the Commission’s wholesale price caps during the last half of 2001 in the western power market had little or no economic impact because prices of surplus power resold by utilities in the spot market on average were only $35/MWh compared to the cap at $92/MWh.

Northern Border Partners LP showed a 43% increase in third quarter net income to $29.1 million or $0.65 per unit after several pipeline and processing acquisitions this year, including Midwestern Gas Transmission and gathering assets in the Powder River Basin. Cash flow increased 23% to $82.1 million.

Northern Border Partners LP showed a 43% increase in third quarter net income to $29.1 million or $0.65 per unit after several pipeline and processing acquisitions this year, including Midwestern Gas Transmission and gathering assets in the Powder River Basin. Cash flow increased 23% to $82.1 million.

Looking to establish a foothold in the PJM market, NRG Energy last Monday announced that it has acquired 1,081 MW of baseload electric generating plants from Delmarva Power and Light, a subsidiary of Conectiv. As part of the agreement, NRG entered into both short- and long-term purchase power contracts with Delmarva Power to provide energy and capacity for the Delmarva Peninsula.

Looking to establish a foothold in the PJM market, NRG Energy yesterday announced that it has acquired 1,081 MW of baseload electric generating plants from Delmarva Power and Light, a subsidiary of Conectiv. As part of the agreement, NRG entered into both short- and long-term purchase power contracts with Delmarva Power to provide energy and capacity for the Delmarva Peninsula.