Columbia Energy Group has restarted its open market sharerepurchase program, with the concurrence of NiSource Inc. Theprogram had been suspended since October, when Columbia’s boardauthorized the company’s management to explore strategicalternatives to enhance shareholder value. Under the recommencedprogram, originally authorized by Columbia’s board of directors in1999, Columbia may repurchase up to $300 million of common shares.Columbia and NiSource signed a definitive merger agreement on Feb.27. The merger, subject to approval by shareholders and regulatoryagencies, is expected to be completed by the end of 2000. Therepurchase program authorizes Columbia Energy Group to makepurchases in the open market or otherwise.
Suspended
Articles from Suspended
FERC Yanks Destin’s Blanket Certificate Authority
FERC has suspended Destin Pipeline Co. L.L.C.’sblanket-certificate authority for six months for grossly exceedingthe $19.5 million cost cap earmarked for construction of anoffshore lateral, and for dragging its feet in reporting the costoverrun to the Commission.
FERC Yanks Destin’s Blanket Authority
FERC has suspended Destin Pipeline Co. LLC’s blanket-certificateauthority for six months for grossly exceeding the $19.5 millioncost cap earmarked for construction of an offshore lateral and fordragging its feet in reporting the cost overrun to the Commission.
Natural’s New Storage Service Raises Concerns at FERC
Amid a flurry of protests from existing storage customers, FERClast week accepted and suspended Natural Gas Pipeline Co. ofAmerica’s tariff proposal to provide a new storage service forpower generation customers, but it made it subject to refund,conditions and the outcome of a technical conference.
Texas Gas’ Proposed Generation Service on Hold
Bowing to the concerns of shippers, FERC last week suspended forthe maximum five-month term Texas Gas Transmission’s tariffproposal to provide new hourly service for the summer electricpower generation market. During the suspension period, theCommission directed staff to convene a technical conference toaddress shippers’ issues and report back to it within 120 days.
Texas Gas’ Proposed Generation Service Put on Hold
Bowing to the concerns of shippers, FERC last week suspended forthe maximum five-month term Texas Gas Transmission’s tariffproposal to provide new hourly service for the summer electricpower generation market. During the suspension period, theCommission directed staff to convene a technical conference toaddress shippers’ issues and report back to it within 120 days.
FERC Delays Sonat’s Rate Hike
Sonat’s proposed $82 million rate hike hit a major snag lastweek as FERC suspended any increase from occurring until March 1and called for a hearing where opposition to the proposal canpresent information.