A summer of dueling over services and tolls on the crowded eastern end of TransCanada Corp.’s natural gas Mainline ended Friday in a deal to eliminate the cause of the fight by adding capacity.
Articles from Toronto
Two major metropolitan transit operators in Southern California could add more than 1,000 compressed natural gas (CNG) buses from Toronto-based New Flyer Industries during 2013. The Los Angeles County Metropolitan Transit Authority is slated to add the bulk of the new CNG-powered buses. It has issued a letter of intent to award a contract worth a reported $302.9 million for 550 New Flyer buses, with an option to increase that to 900. Meanwhile, the San Diego Metropolitan Transit System is purchasing up to 165 new CNG buses from New Flyer, the 60-foot Xcelsior articulated heavy duty models. The firm order is for 47 of the buses with options for up to 118 more, according to fleet industry reports.
Corridor Resources Inc. and partner Petrolia Inc. are conducting a three-part exploration program on Anticosti Island in the Gulf of Saint Lawrence to advance the “exploration and development potential of the vast shale oil prospect” on the 3,050 square-mile island, Corridor said.
Toronto-based Scotia Capital and Scotiabank have acquired some assets and employees from UBS Energy. Specific terms of the transaction were not disclosed. The acquisition includes trading and analytical technology and about 60 personnel. It does not include any of UBS Energy’s trading books; the UBS book for its base metals, oil and U.S. natural gas trading was acquired by Barclays Capital in January (see Daily GPI, Jan. 20). “Energy is a strategic focus for Scotia Capital and of increasing importance to our clients,” said Mike Durland, co-CEO of Scotia Capital. “We have longstanding lending relationships in this sector and the acquisition complements our current energy trading and loan capabilities.”
Toronto-based Universal Energy Group (UEG) has decided on a total package, acquiring troubled Commerce Energy Inc., the operating subsidiary of Commerce Energy Group (CEG), for approximately US$26 million, UEG said. The deal replaces a partial acquisition the companies had originally negotiated, and ends the uncertainty that had been swirling just days before (see Daily GPI, Dec. 11).
Toronto-based Enbridge Gas Distribution has received approval from the Ontario Energy Board to adjust the gas supply cost portion of its rates effective Thursday (July 1). The regulated gas utility said the impact of the charges would vary based on the amount of gas used and whether customers buy their natural gas from the utility or a gas marketer. Enbridge delivers gas to about 1.7 million customers in its franchise area. Of those customers, about 60% buy their gas supply from the utility, and the other 40% buy their gas supply directly from marketers. The utility’s gas supply charge, the actual cost of the gas without mark-up, will increase 16%. The new residential gas supply price will be C28.6 cents per cubic meter, up from C24.07 cents. For a typical residential customer who buys gas from the utility, this represents an annual increase of C$122, Enbridge said. Customers who buy their gas from a marketer will continue to pay the price specified in their contract with that marketer. Enbridge said its delivery charge for all customers — whether they buy from the utility or a marketer — also will increase “slightly,” attributable to higher costs for natural gas storage, which are included in the delivery charge. For a typical residential customer, the annual increase to the delivery charge will be approximately C$4.
Toronto-based Enbridge Gas Distribution said Thursday it received approval from the Ontario Energy Board to adjust the gas supply cost portion of its rates effective July 1. The regulated gas utility said the impact of the charges would vary based on the amount of gas used and whether customers buy their natural gas from the utility or a gas marketer.
Calgary-based Advantage Energy Income Fund, which joined the Toronto Stock Exchange May 29, increased its reserve base by 43% this week by acquiring all the shares of an unnamed private oil and gas company for C$57.8 million in cash. The undisclosed acquisition gives gas-heavy Advantage 33% more natural gas reserves, 32% more light oil reserves and 16% more heavy oil reserves.
AES Power Direct LLC, a retail electric provider, completed itspurchase of the entire stock of bankrupt marketer Titan Energy Inc.of Toronto for an estimated $6 million in cash last Thursday aftera bankruptcy judge in Georgia authorized the sale earlier in theweek.