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Bangor Hydro-Electric Co. announced plans to sell its 50% stakein Bangor Gas, the recently formed local distribution company thatwill deliver Sable Island gas to retail customers in the state ofMaine once the Maritimes pipeline begins service this winter.Sempra Energy owns the other half of the company, which was formedin 1997 to distribute gas production to customers in and aroundBangor and other cities in Maine.

Bangor Hydro-Electric Co. announced plans to sell its 50% stakein Bangor Gas, the recently formed local distribution company thatwill deliver Sable Island gas to retail customers in the state ofMaine once the Maritimes pipeline begins service this winter.Sempra Energy owns the other half of the company, which was formedin 1997 to distribute gas production to customers in and aroundBangor and other cities in Maine.

NiSource Inc. said last week it has decided to extend its$74/share tender offer ($6.1 billion) for Columbia Energy Group’soutstanding common shares until 12 a.m. Dec. 10, while itparticipates in the negotiation process recently set up byColumbia. Meanwhile, Columbia told the SEC yesterday it has begunnegotiating with “numerous third parties,” including NiSource, whoare interested in reviewing non-public information about thecompany and considering making proposals for a potential merger orpurchase transaction.

NiSource Inc. said yesterday it has decided to extend its$74/share tender offer ($6.1 billion) for Columbia Energy Group’soutstanding common shares until 12 a.m. Dec. 10, while itparticipates in the negotiation process recently set up byColumbia. Meanwhile, Columbia told the SEC yesterday it has begunnegotiating with “numerous third parties,” including NiSource, whoare interested in reviewing non-public information about thecompany and considering making proposals for a potential merger orpurchase transaction.

In reporting record third quarter improvements, including an 88%increase in earnings per share and a 16% increase in net income,Dynegy CEO Chuck Watson yesterday highlighted an aggressive powergeneration plan that will become the “engine for the growth of ourearnings for the future.”

Petrominerals Corp. of Foothills Ranch, CA, completed theacquisition of a 25% interest in a gas field in southwest Wyoming.Current production from the field is 700 Mcf/d (155 Mcf/d net) fromtwo active wells. The company has committed to participate in thedrilling of two additional wells by year-end and has identified twoshut-in wells it plans to return to production later in the year.

Cinergy Corp. said yesterday it expects to take a $57 millionafter-tax charge ($0.36 per share) on July earnings because it hadto pay exorbitant prices in the wholesale market to maintaindeliveries during a period of peak demand in late July. The chargealso includes $16 million to settle damage claims related toCinergy’s defaults on several power marketing agreements.

While natural gas has captured the lion’s share of the expandingcogeneration market in recent years, “the phenomenal growth of[cogeneration in] the past was a one-time event resulting from aunique combination of regulatory and market changes,” according tothe Gas Research Institute’s Marie Lihn.

El Paso Power Services Co., a subsidiary of Houston-based ElPaso Energy, agreed to buy the interests of PSEG Global and ENPEXCorp. in the Newark Bay Cogeneration Partnership in a deal worthmore than $100 million and expected to close as early as July thismonth.