Special

Phillips Petroleum shareholders approved the proposed acquisition of Tosco Corp. during a special meeting yesterday. The acquisition is expected to close by the end of the third quarter, pending additional regulatory reviews and other customary closing conditions. Phillips shareholders also approved amending Phillips’ charter to increase the number of authorized shares of common stock from 500 million to 1 billion. “This paves the way for Phillips to become a premier competitor in the domestic refining, marketing and transportation business, and to realize the competitive advantages of being fully integrated,” said CEO Jim Mulva, who also updated shareholders on the company’s earnings expectations. “We expect first-quarter net operating income to be up 75-85% from the same period last year. The expected increase is due primarily to increased production as a result of the company’s second-quarter 2000 Alaskan acquisition. For the year 2001, we expect to meet or exceed analysts’ consensus earnings estimates.” The company expects total worldwide production to be in the range of 820,000 barrels of oil equivalent (BOE) per day for the quarter, versus 489,000 BOE per day for the first quarter of 2000.

MCN Energy Group Inc. Friday called for a special meeting ofcommon stock shareholders to be held May 15, 2001, at 2 p.m.eastern time at MCN’s headquarters to approve the long-delayedmerger with DTE Energy Co.

A month has gone by since a special commission formed by Florida Gov. Jeb Bush recommended that the state break up its monopoly utilities and pave the way for competition in the power generation market, but still there has been no word from the legislature. There have been signs that the state senate will move much slower than previously expected on electric restructuring because of growing awareness of what can happen when power planning goes awry.

A month has gone by since a special commission formed by FloridaGov. Jeb Bush recommended that the state break up its monopolyutilities and pave the way for competition in the power generationmarket, but still there has been no word from the legislature.There have been signs that the state senate will move much slowerthan previously expected on electric restructuring because ofgrowing awareness of what can happen when power planning goes awry.

A special commission formed by Florida Gov. Jeb Bush isrecommending the state break up its monopoly utilities and pave theway for competition in the power generation market by doing awaywith certain laws and amending others.

A special commission formed by Florida Gov. Jeb Bush isrecommending the state break up its monopoly utilities and pave theway for competition in the power generation market by doing awaywith certain laws and amending others.

In an unprecedented special session Monday, the five-memberCalifornia Public Utilities Commission provided added retailelectricity rate relief for San Diego consumers who are stillreeling from this summer’s rate shock.

By the end of last week with rising temperatures, peak demandand political heat, San Diego Gas and Electric Co. and theCalifornia Power Exchange (Cal-PX) worked out a proposal for theutility to purchase fixed price electricity through forward marketsalready in place at the Cal-PX over a longer term five- tonine-month period into next spring. SDG&E has asked stateregulators to okay the purchases at their Aug. 3 meeting.

El Paso Energy and The Coastal Corp. announced through a jointproxy statement mailed Friday that special meetings of stockholderswill be held May 5 in Houston to vote on the proposed combinationof the two companies. Stockholders of record on March 17 will beeligible to vote. The merger was announced Jan. 18.