Tag / sale



Statoil’s Trading, Power Systems Still on the Block

The company began moving its Houston operations to its Alexandria headquarterslast week in preparation for closing down the Houston office. The Houstonmarketing and trading group is expected to be operating at least throughthe end of the month and plans to come up with a transition plan to ensureservice will not be disrupted.

January 17, 2000

Industry Briefs

MCN Energy Group Inc. completed the previously announced sale ofits share of the Midland Cogeneration Venture Limited Partnership(MCV) in Michigan. Subsidiaries of Coastal bought MCN’s 23% interestin MCV for an undisclosed amount said to be near book value. MCV wasdesignated as a Qualifying Facility (QF) under the federal PublicUtility Regulatory Policies Act of 1978, or PURPA. PURPA requiresutilities to purchase power from QFs at the utilities’ avoided cost ofproducing power. MCN is selling its interests in three other QFs inanticipation of its pending merger with DTE Energy Co. (see Daily GPI,Oct. 6).

January 7, 2000

FERC Approves MidAmerican Sale to Berkshire

The FERC Wednesday approved the acquisition of MidAmericanEnergy Holdings Co. by an investor group made up of Inc., Omahabusinessman Walter Scott, and David L. Sokol, MidAmerican CEO.MidAmerican filed with the Federal Energy Regulatory CommissionNov. 8. On Nov. 29, MidAmerican received early termination of thewaiting period under the Hart-Scott-Rodino Antitrust ImprovementAct after filing Nov. 12. The transaction is still subject toMidAmerican shareholder approval as well as clearance by the IowaUtilities Board, the Nuclear Regulatory Commission and the IllinoisCommerce Commission. Closing is expected in the first quarter.

December 17, 1999

Peachtree Still Not Out Of Georgia Woods

Although the sale of its customers to Shell Energy Services wasfinalized last week, Peachtree Natural Gas is not clear of problemsyet. The Georgia Public Service Commission (GPSC) told NGI it isinvestigating slamming charges against the embattled marketer. GPSCCommissioner Bobby Baker said a slamming investigation is currentlyunder way and that anywhere from several hundred to severalthousand gas customers could be affected. There is no timeframe forthe conclusion of the investigation.

December 13, 1999

Peachtree Still Not Out of Georgia Woods

Although the Federal Trade Commission approved the sale of itscustomers to Shell Energy Services last week, Peachtree Natural Gasis not clear of problems yet, as the Georgia Public ServiceCommission (GPSC) is investigating slamming charges against theembattled marketer. GPSC Commissioner Bobby Baker said yesterday aslamming investigation is currently under way and that anywherefrom several hundred to several thousand gas customers could beaffected. There is no timeframe for the conclusion of theinvestigation.

December 8, 1999

PG&E Gas Transmission Scouts Sale of TX Assets

PG&E Corp. is exploring the possibility of selling itsTexas-based natural gas pipeline, processing and liquids assets,according to an 8-K form filed at the Securities and ExchangeCommission yesterday.

December 2, 1999

Houston Exploration Possibly Up for Grabs

KeySpan Energy, which has been focusing increasingly ondownstream and electric power activities, is considering the saleof its 64% ownership interest in E&P arm Houston Exploration.An announcement last week said KeySpan and Houston Exploration hadbegun a process to review “a full range of strategic transactions”and hired J.P. Morgan Securities Inc. as financial advisor.

September 20, 1999

Houston Exploration Potentially Up for Grabs

KeySpan Energy, which has been focusing increasingly ondownstream and electric power activities, is considering the saleof its majority ownership of E&P arm, Houston Exploration. Anannouncement Monday said KeySpan and Houston Exploration had beguna process to review “a full range of strategic transactions” andhired J.P. Morgan Securities Inc. as financial advisor.

September 14, 1999

Industry Briefs

Crystal Gas Storage Inc. of Shreveport, LA, is reviewing itsoptions, including the possible sale of the company. Theindependent gas storage company hired Goldman, Sachs & Co. toassist with the strategic review and said no transactions arepending. The company said there would be no more announcementsunless and until a deal comes about or the effort is scrapped.Crystal Gas Storage owns and operates, through wholly ownedsubsidiaries, two storage facilities near Hattiesburg, MS, andholds various interests in gas properties, primarily in Arkansasand Louisiana.

August 30, 1999

Reliant Buys & Builds Florida Generation

The Orlando [FL] Utilities Commission (OUC) approved the sale ofthe municipal utility’s 619-MW Indian River Steam Generation Plant(IRP) to Reliant Energy for $205 million.

August 30, 1999