FirstEnergy and GPU took another step toward sealing theirmerger that would create the nation’s sixth largest investor-ownedelectric system serving 4.3 million customers in Ohio, Pennsylvaniaand New Jersey. The companies’ shareholders overwhelmingly votedyesterday to approve the $12 billion union at concurrentshareholder meetings. The merger still needs approvals from theFederal Energy Regulatory Commission, New Jersey Board of PublicUtilities, Pennsylvania Public Utility Commission, NuclearRegulatory Commission, Federal Communications Commission,Securities and Exchange Commission and the Department of Justiceunder the Hart-Scott-Rodino Act. The companies expect the deal toclose sometime during the summer of 2001. Upon completion of theunion, the new company will adopt the name FirstEnergy and will bea registered holding company under the Public Utility HoldingCompany Act of 1935.
Took
Articles from Took
Shareholder Meetings Next for FirstEnergy/GPU
FirstEnergy Corp. and GPU Inc. took a giant step forward intheir merger plans last week, submitting applications for approvalto the Federal Energy Regulatory Commission, the New Jersey Boardof Public Utilities and the Pennsylvania Public Utility Commission.Still to come will be approval by each company’s shareholders inspecial meetings set for Nov. 21.
SDG&E Gets Authority to Sign Bilateral Deals
The California Public Utilities Commission Thursday tookadditional action to build backfires against retail electricityprice shock by authorizing San Diego Gas and Electric to inkbilateral power supply deals outside of the state (Cal-PX)wholesale spot electricity market. In anticipation of CPUC action,SDG&E earlier had released a request for proposals, and willmost likely repeat that action, according to officials with SempraEnergy, SDG&E’s parent company.
As Expected, Futures Dip Back Below $5.00
Following a two-week, 65-cent price rally, natural gas bulls cooled their heels yesterday and took profits on a portion of their holdings. That, along with sell-stop loss orders that were tripped on the way down conspired to push October futures back below the psychologically important $5.00 level.
People
Robert Ray took on a new position with Dynegy Inc. yesterday.The nine-year company veteran was named vice president of StrategicInvestments, a job which entails strategic planning, valuation ofcorporate mergers and acquisitions, as well as the company’sinvestment in other business opportunities. Ray has held a numberof positions within Dynegy, most recently the title of vicepresident of Corporate Finance.
Independents Put in Blockbuster 2nd Quarter
Independent producers who took advantage of soaring gas and oilprices put in a blockbuster second quarter, according to thenumerous financial reports released yesterday. “Essentiallyeverybody beat my earnings forecasts,” said Irene Haas, E&Panalyst for Sanders Morris Harris in Houston.
Burlington Management Takes Heat Over Poor Gas Production
Burlington Resources Inc.’s management team took heat frominvestors and some analysts last week, after it reported onThursday that its natural gas production for the second quarter ofthe year rose slightly compared with 1999, but still fell 7% fromthe first quarter of 2000. Burlington reported that its natural gasproduction for the entire year will be flat compared with lastyear, and said that its oil production probably will be 10% lowerfrom a year ago.
Burlington Takes Heat For Production
Burlington Resources Inc.’s management team took heat from investors and some analysts last week, after it reported on Thursday that its natural gas production for the second quarter of the year rose slightly compared with 1999, but still fell 7% from the first quarter of 2000. Burlington reported that its natural gas production for the entire year will be flat compared with last year, and said that its oil production probably will be 10% lower from a year ago.
Centrica Leaps into North American Retail Energy
One of the United Kingdom’s leading natural gas suppliers took ahuge step across the Big Pond last week, agreeing to purchase oneof Canada’s largest gas marketers. Centrica Plc will pay $612million in cash and assumed debt for Calgary’s Direct EnergyMarketing Ltd. and its associated marketer, Natural GasWholesalers.
UK’s Centrica Purchases Direct Energy for $612 Million
One of the United Kingdom’s leading natural gas suppliers took ahuge step across the Big Pond yesterday, agreeing to purchase oneof Canada’s largest gas marketers. Centrica Plc will pay $612million in cash and assumed debt for Calgary’s Direct EnergyMarketing Ltd. and its associated marketer, Natural GasWholesalers.
