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Industry Briefs

El Paso Merchant Energy said a final FERC order issued this week paves the way for it to receive a final $70 million payment from a Goldman Sachs subsidiary for East Coast Power LLC, which owns the gas-fired 940 MW Linden cogeneration facility adjacent to Staten Island in Linden, NJ. The total purchase price paid for the plant was $450 million. At closing in October, GS Linden Power Holdings LLC, paid $380 million with the remainder to follow FERC’s approval. El Paso also announced that it agreed to sell its interest in Mohawk River Funding IV to a subsidiary of Bear Stearns for $4.5 million in cash and the assumption of $75 million in debt. El Paso said MRF IV was formed to securitize a long-term power contract with Connecticut Light and Power Co. While the MRF IV debt is non-recourse to El Paso, the company has, nevertheless, included it and other similar debt when calculating its total obligations senior to common stock. The transaction is subject to FERC approval and is expected to close in February 2004.

December 24, 2003

TransCanada Gets Court Approval to Continue Appeal of NEB Decision

Continuing its battle against Canadian regulators to receive what it believes is fair return on its investment, newly-formed TransCanada Corp. said that the Federal Court of Appeal has granted the company’s wholly owned subsidiary TransCanada PipeLines Ltd. (TransCanada) leave to appeal the National Energy Board’s (NEB) rate decision lowering tolls proposed by the pipeline.

June 2, 2003

TransCanada Gets Court Approval to Continue Appeal of NEB Decision

Continuing its battle against Canadian regulators to receive what it believes is fair return on its investment, newly-formed TransCanada Corp. said that the Federal Court of Appeal has granted the company’s wholly owned subsidiary TransCanada PipeLines Ltd. (TransCanada) leave to appeal the National Energy Board’s (NEB) rate decision lowering tolls proposed by the pipeline.

May 28, 2003

CMS, Dynegy Receive Positive News from Ratings Agencies

CMS Energy Corp. and Dynegy Corp. both received encouraging news from two of the credit ratings agencies that have clobbered their debt ratings in the past year. Moody’s Investors Service offered positive news to CMS; meanwhile, Standard & Poor’s Ratings Services (S&P) removed Dynegy from its CreditWatch listing.

April 21, 2003

NCNG Seeks Rate Hike to Pay for System Upgrades

Citing the need to receive compensation for the upgrades it has made on its natural gas delivery system, North Carolina Natural Gas (NCNG) said Tuesday that it has filed with the North Carolina Utilities Commission (NCUC) seeking a general increase in service rates.

April 2, 2003

Wyoming’s $387M Tops MMS Lease Royalties for ’02

Wyoming led the way for mineral lease revenues in 2002 and will receive a check for nearly $387 million from the Minerals Management Service (MMS), which is distributing a total of almost $753.3 million to 33 U.S. states.

March 10, 2003

Wyoming’s $387M Tops MMS Lease Royalties for ’02

Wyoming led the way for mineral lease revenues in 2002 and will receive a check for nearly $387 million from the Minerals Management Service (MMS), which is distributing a total of almost $753.3 million to 33 U.S. states.

March 6, 2003

S&P Opines a Reorganized PG&E Possibly Would Receive an Investment Grade Rating

Four separate Pacific Gas & Electric Co. (PG&E) entities could emerge from bankruptcy with BBB- ratings if all goes well with the company’s reorganization plan, Standard & Poor’s said Thursday. That means the bankruptcy court would have to approve the company’s plan to split itself into four units, and it would have to pass regulatory muster, meet certain financial conditions and be implemented within the expected time frame.

February 24, 2003

Coast Guard Clears Chesapeake Channel to Receive Cove Point LNG Imports

The U.S. Coast Guard has issued a favorable “letter of recommendation” in response to Dominion Resources’ plans to resume imports of liquefied natural gas (LNG) at its terminal facility in Cove Point, MD. The letter “addresses positively the suitability of part of the Chesapeake Bay for LNG marine traffic, [but] it does not in itself represent final authority to commence LNG marine transport operations,” it told the Richmond, VA-based energy company.

January 6, 2003

Coast Guard Clears Chesapeake Channel to Receive Cove Point LNG Imports

The U.S. Coast Guard has issued a favorable “letter of recommendation” in response to Dominion Power’s plans to resume imports of liquefied natural gas (LNG) at its terminal facility in Cove Point, MD. The letter “addresses positively the suitability of part of the Chesapeake Bay for LNG marine traffic, [but] it does not in itself represent final authority to commence LNG marine transport operations,” it told the power utility.

December 30, 2002