Seven

Polaroid Corp. of Cambridge, MA, and Enron Energy Servicessigned a 10-year outsource agreement for Enron to provide energymanagement services at Polaroid’s seven major U.S. facilities. Thedeal is worth more than $200 million. Enron will manage or supplyPolaroid’s energy commodity requirements including electricity, gasand fuel oil; design, build, operate and finance certain energyinfrastructure improvement projects; as well as provide alloperation and maintenance services at Polaroid’s three centralmanufacturing plants in Massachusetts: Waltham, New Bedford andNorwood. “Enron will drive energy savings for Polaroid by managingtheir commodity usage, investing capital to upgrade or replacePolaroid’s energy equipment and by providing best in classoperation and maintenance services,” said Lou Pai, Enron EnergyServices CEO. Enron will offer positions to the 20 Polaroidemployees in the company’s Operation and Maintenance team.

The price tug of war continued yesterday in the natural gas pitat Nymex, but in contrast to the previous seven sessions, bearswere victorious Wednesday as commercial sellers were too much forlocal buyers. After it was apparent the highs for the day had beenset, locals quickly changed their colors and were seen adding tothe selling pressure in a round of afternoon profit-taking. TheSeptember contract slid sharply at the close, settling down 4.4cents at $2.704.

While five of seven midwestern states have choice programs forresidential gas customers, that doesn’t mean an energy shoppingtrend is sweeping the heartland. In fact, as is the case with therest of the country, regulators, utilities, marketers and end-usershave miles to go before competition really sets in.

CMS Panhandle Eastern plans its Waverly Piping Inspection tobegin Friday and last seven days, reducing capacity by 60 MMcf/d.The project reduces capacity on Panhandle’s 100 line between Havenand Glenarm but will affect only physical receipts between Havenand Glenarm into the 100 lines.

Columbia Energy Group said yesterday it is extending the deadlineby seven days to May 10 on its merger proposal with ConsolidatedNatural Gas in response to a data request from CNG’s board. CNG askedfor additional information on a two-way collar mechanism in Columbia’sunsolicited $6.7 billion bid for the company (see Daily GPI, April 20).

With seven scheduled days left in the present legislative session, an amendment aimed at simplifying the assignment process in Georgia’s gas deregulation law is steam-rolling its way through the legislature. House Bill 822 passed through the state House of Representatives with a 164-0 vote last Tuesday, and after a brief stay in the hands of the Senate Finance Committee, it is on its way to the Senate floor for approval.

With seven scheduled days left in the present legislativesession, an amendment aimed at simplifying the assignment processin Georgia’s gas deregulation law is steam-rolling its way throughthe legislature. House Bill 822 passed through the state House ofRepresentatives with a 164-0 vote on Tuesday, and after a briefstay in the hands of the Senate Finance Committee, it is on its wayto the Senate floor for approval.

UtiliCorp United said it plans to issue seven million shares ofcommon stock with net proceeds to be used to reduce short-termdebt and other short-term obligations incurred for acquisitions,construction and repayment of long-term debt, and other generalcorporate purposes.

In a two-page mea culpa to shippers, Enron Transportation &Storage (ETS) owned up to seven sins revealed by a recent customersurvey and offered six solutions with the promise of more to come.