Nicor Gas of Naperville, IL, received approval from the IllinoisCommerce Commission (ICC) for a performance-based rate (PBR) planfor gas costs. The company filed the original proposal with the ICCMarch 2, and, with some changes, the ICC approved the plan. NicorGas has 14 days to accept or reject the modified plan. During anine-month review process, testimony was presented by interestedparties including the ICC staff, the Citizens Utility Board and theCook County States Attorney’s office.
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Industry Briefs
ScottishPower and PacifiCorp received Nuclear RegulatoryCommission (NRC) approval of their merger. It is the final federalapproval needed to complete the transaction. NRC approval isrequired because PacifiCorp owns a 2.5 percent share in the TrojanNuclear Plant in Oregon. The plant has not operated for severalyears, and is in the process of being decommissioned. “With allfederal, and four of the six state approvals in place, we are wellon track to completing the merger by the end of the year,” saidPacifiCorp CEO-designate Alan Richardson.
Transportation Notes
Effective gas day today, NGPL may be able to schedule limitedamounts of interruptible gas received in the Permian Zone inSegments 7, 8 or 9 and being delivered outside the Permian Zone.
Industry Briefs
Southern Union Co. received final approval from the FederalEnergy Regulatory Commission for its merger with PennsylvaniaEnterprises Inc. The FERC approved transfer of control of powermarketing licenses held by Pacific Enterprises. The merger,announced June7, is expected to close Thursday.
Transportation Notes
Destin Pipeline said Monday it is experiencing excessive watervapor in its receipts. According to the Destin tariff, all gasreceived must contain no more than seven pounds of water vapor per1 million cubic feet of gas and no free water. Operators were askedto check their equipment to make sure it is in proper workingorder. Destin said it is gathering data on various locations, andany producer found in violation of the water vapor spec is subjectto being shut in.
EOG Chief: Weak Supply Pushing Prices Up
Producers – and the lawyers, brokers and analysts they breakbread with – received a second helping of what was for lunch eightmonths ago at Houston’s Petroleum Club: a bullish outlook for gasprices.
Fall River Gas Quiet About Merger Proposal
Fall River Gas Co., a small LDC serving 47,000 customers inSoutheast Massachusetts, announced last week it received an offerto be bought at a value of $23.50/share, but did not provide anymore details. The company said its board of directors was takingthe proposal under advisement and had formed a committee to reviewits options. If accepted at the announced price, the transactionwould be valued at $51.7 million.
Lender’s Call for Faster Coho Payments
The financial troubles of Coho Energy reached a new level lastweek as the Dallas-based company received a formal notice from itslenders that the obligations under its $240 million credit facilityhave been accelerated and the lenders intend to exercise all rightsand remedies to satisfy those obligations.
Tennessee, CNG Join East-Bound Bandwagon
As if its plate weren’t already full, “the market” received another East-bound pipeline project to “sort out” with the announcement of El Paso Energy’s Tennessee Gas Pipeline and Consolidated Natural Gas’ CNG Transmission Atlantic Alliance Project. Atlantic Alliance would transport up to 750,000 Dth/d from the Chicago market center and the Niagara Import Point in upstate New York into eastern markets.
FPL’s Fort Myers Project Gets Green Light
Florida Power & Light Co. (FPL) said Thursday it receivedapproval of its final construction permits to restructure the FortMyers power plant and will begin work at the site immediately.Generation from the $500 million project (called a “repowering”project) will be phased in beginning in early 2001 withcombined-cycle conversion complete by mid-year 2002.