Semco Energy Inc. sold Semco Energy Services, its natural gasmarketing arm, to MCN Energy Group only weeks after announcingintentions to exit the gas marketing side of its business. Nofinancial terms of the deal were disclosed except that Semcoexpects to record a gain on the sale and the companies expect thetransaction to close by the end of March.
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Semco Sells Gas Marketing Unit to MCN
Semco Energy Inc. sold Semco Energy Services, its natural gasmarketing arm, to MCN Energy Group only weeks after announcingintentions to exit the gas marketing side of its business. Nofinancial terms of the deal were disclosed except that Semcoexpects to record a gain on the sale and the companies expect thetransaction to close by the end of March.
Westcoast Sells Manitoba LDC
Westcoast Energy, a partner in more venturesome natural gasprojects, announced it has sold wholly-owned subsidiary Centra GasManitoba to Manitoba Hydro for $245 million.
Con Edison Sells Rest of NYC Generation Assets
Completing an asset sell-off started last month, ConsolidatedEdison Co. announced Baltimore, MD-based Orion Power Holdings asthe winning bidder in the auction for three New York citygenerating facilities. Orion’s winning bid was $550 million. MorganStanley Dean Witter advised Con Edison on the sale. Orion officialssaid the deal will close by mid-1999.
ConEd Sells Generation Assets
Consolidated Edison Co. of New York said NRG Energy Inc. andKeySpan Energy are the winning bidders for two of its electricgenerating plants and 36 gas turbines.
CanadianOxy Sells Assets to Combat Low Prices
Canadian Occidental Petoleum Ltd., an independent global energyand chemical company, sold oil and gas properties worth $370million in order to take the bite out of low commodity prices, thecompany said Wednesday. This brings CanadianOxy’s 1998 propertysales to $630 million. The company did not disclose who bought theproperties. An additional $235 million of sales are expected beforethe end of January 1999.
Aquila Energy Sells Long-Term to Munis
In a type of deal that is becoming increasingly popular amongmarketers selling to public entities, Aquila Energy has signed tosupply 91 Bcf over 12 years to municipal members of the NebraskaPublic Gas Agency for an advance payment of $162 million.
Nuevo Sells TX Gas Assets, Cuts Debt
Nuevo Energy Co. agreed to sell its East Texas gas assets for$190.6 million to an affiliate of Samson Resources Co. The EastTexas assets accounted for about 275 Bcfe of Nuevo’s Jan. 1 provedreserves. The properties are long-lived reserves located mainly inthe Oak Hill Field and interests in the Carthage, SE Carthage andChapel Hill fields, as well as small interests and royaltyinterests in additional East Texas fields.
LG&E Sells Marketing Portfolio
LG&E Energy said last week its exit from the speculativeenergy marketing business is nearly complete. The company, whichwas among the top 10 largest power marketers and top 20 largest gasmarketers last year, completed four groups of portfolio salestransactions that are designed to offset a $232 million secondquarter loss suffered when LG&E was forced to cover a powermarketing agreement when power prices spiked to $7,000/MWh in June.
LG&E Sells Marketing Portfolio To El Paso, Aquila, Others
LG&E Energy said last week its exit from the speculativeenergy marketing business is nearly complete. The company, whichwas among the top-10 largest power marketers and top-20 largest gasmarketers last year, completed four groups of portfolio salestransactions that are designed to offset a $232 millionsecond-quarter loss suffered when LG&E was forced to cover apower marketing agreement when power prices spiked to $7,000/MWh inJune.