Raised

TECO Energy raised its earnings forecast for this year and next,saying its core businesses are expected to post 10% growth, leadingto a 2000 upside for the company at 10 to 15 cents per share.

To resolve concerns raised by the Federal Trade Commission overthe proposed merger of DTE Energy and MCN Energy, MCN has agreed totransfer a property interest to a unit of Unicom Corp. that wouldallow for the use of up to 20 Bcf of natural gas transportationcapacity annually on MCN’s Michigan Consolidated Gas Co. system inthe relevant distribution area.

To resolve concerns raised by the Federal Trade Commission overthe proposed merger of DTE Energy and MCN Energy, MCN has agreed totransfer a property interest to a unit of Unicom Corp. that wouldallow for the use of up to 20 Bcf of natural gas transportationcapacity annually on MCN’s Michigan Consolidated Gas Co. system inthe relevant distribution area.

Over some concerns raised by its administrative leaders, LosAngeles elected officials Tuesday approved the sale of itsmunicipal utility’s 20% interest in the Nevada coal-fired MohaveGenerating Plant. It is a multi-interest deal that will be wrappedup with Arlington, VA-based AES Corp. by next month.

Apache Corp. said last week its recent equity offering has raised net proceeds of $433.9 million to fund this year’s acquisitions, including Occidental Petroleum’s interests in the Gulf of Mexico. So far, the company has announced or completed cash acquisitions totaling $860 million this year alone.

Houston’s Apache Corp. said yesterday that its recent equityoffering has raised net proceeds of $433.9 million to fund thisyear’s acquisitions, including Occidental Petroleum’s interests inthe Gulf of Mexico. So far, the company has announced or completedcash acquisitions totaling $860 million this year alone.

Although the merger of Exxon and Mobil has raised the eyebrowsof at least two states, the Federal Trade Commission (FTC) isexpected to vote today to approve the $81 billion deal to createone of the world’s largest energy companies. The deal includes aproposal to sell about 2,400 gas stations nationwide, and at leastConnecticut and New Hampshire are concerned. Although ConnecticutAttorney General Richard Blumenthal opposes the deal, he told theAssociated Press it is unlikely a single state could block themerger and it also is unlikely a coalition of states will form tochallenge the deal.

The Federal Energy Regulatory Commission yesterday significantlyraised the bar for interstate pipelines seeking to construct newprojects by requiring that the proposed facilities be able to standon their own financially.

Mitchell Energy & Development Corp. said the rebound inenergy prices raised its second quarter average gas pricerealizations 30% and pushed gas liquids price realizations up 25%compared to first quarter amounts. Combined with cost cutting gainsand other operating efficiencies implemented over the past year,Mitchell said the improvements should result in quarterly earnings(excluding oil and gas property sales) that will be three timesgreater than the First Call consensus estimate of 13 cents pershare.