Sells

Williams said late Wednesday that it had completed the sale of three straddle plants in southern Alberta to Inter Pipeline Fund of Calgary for C$715 million (US$536 million). The sale includes Williams’ 100% ownership interest in the Cochrane and Empress II plants, and Williams’ 50% ownership interest in the Empress V facility.

Following through on previously announced divestiture plans, EnCana Corp. announced the sale of 66 Bcfe of conventional natural gas reserves in northeastern Alberta for US$219 million (C$292 million). The properties currently produce about 7,250 boe/d after royalties (9,400 boe/d before royalties). The Calgary-based buyer was not disclosed.

Spokane-based Avista Corp. said Wednesday it sold its small South Lake Tahoe natural gas distribution business to Las Vegas-based Southwest Gas Corp. for $15 million. The sale price is subject to “closing adjustments,” and the closing depends on regulatory approvals, including the California Public Utilities Commission.

Following through on previously announced divestiture plans, EnCana Corp. announced the sale of 66 Bcfe of conventional natural gas reserves in northeastern Alberta for US$219 million (C$292 million). The properties currently produce about 7,250 boe/d after royalties (9,400 boe/d before royalties). The Calgary-based buyer was not disclosed.

With the sale of mature oil-producing properties in east central and southern Alberta to Harvest Energy Trust for US$395 million, EnCana Corp. said Thursday it has completed the first tranche of asset sales that it announced following the completion of its merger with Tom Brown in April. The company now plans to sell additional assets over the next 12 months representing another 15,000-35,000 boe/d of production.

The Williams Companies continued unloading assets last week in its effort to strengthen its balance sheet and realign its operations. The latest sales include some of Transcontinental Gas Pipe Line’s gas transportation assets in Texas to Crosstex for $27 million and three straddle plants in Western Canada to Inter Pipeline Fund of Calgary for C$715 million (US$540 million).

Hydro-Quebec last week announced the sale of its 50.38% control of Noverco, the holding company that owns nearly 75% of Quebec’s largest natural gas distributor, Gaz Metropolitain, and almost 10% of Canadian pipeline and distribution firm Enbridge Inc., to a consortium led by the Quebec provincial pension fund manager Caisse de depot for C$900 million.

Hydro-Quebec has announced the sale of its 50.38% control of Noverco, the holding company that owns nearly 75% of Quebec’s largest natural gas distributor, Gaz Metropolitain, and almost 10% of Canadian pipeline and distribution firm Enbridge Inc., to a consortium led by the Quebec provincial pension fund manager Caisse de depot for C$900 million.

TXU shares soared last week after it announced the sale of its Australian energy assets and its Texas midstream gas business for $4.2 billion. The two deals are among several transactions proposed in a major corporate restructuring orchestrated by new CEO John Wilder to put TXU back on solid financial ground.