Transfer

Western Gas Resources Inc. of Denver said Tuesday the Wyoming Public Service Commission (PSC) has approved its application to transfer control (at the ultimate parent level) of Mountain Gas Transportation Inc. and MGTC Inc. from Western to Anadarko Petroleum Corp. This was the last remaining regulatory approval required prior to the closing of the merger of Western with a subsidiary of Anadarko (see Daily GPI, June 26).

Dallas-based Energy Transfer Partners LP (ETP) has entered into new long-term transportation agreements with several producers in the Barnett Shale and Bossier Sand plays in North and East Texas to transport up to an additional 1.045 Bcf/d. The agreements, with terms ranging from five-to-10 years, are tied to ETP’s planned pipeline expansions, which were announced last July (see Daily GPI, July 7, 2005).

FERC last week issued a certificate that paved the way for a new pipeline company, NGO Transmission Inc., to acquire 171 miles of existing pipe and storage facilities in central Ohio from a distribution affiliate, but there was a string attached. If it accepts the certificate, NGO Transmission, contrary to its wishes, would become an interstate gas pipeline subject to the agency’s open-access requirements.

FERC on Monday issued a certificate that paves the way for a new pipeline company, NGO Transmission Inc., to acquire 171 miles of existing pipe and storage facilities in central Ohio from a distribution affiliate, but there’s a string attached. If it accepts the certificate, NGO Transmission, contrary to its wishes, would become an interstate gas pipeline subject to the agency’s open-access requirements.

Clobbered by the transfer and sale of various merchant energy assets in the fourth quarter, San Francisco-based PG&E Corp. reported a loss of $874 million, or $2.36/diluted share, for 2002, compared to earnings of $1.099 billion, or $3.02/diluted share, in 2001. The merchant energy unit, PG&E National Energy Group (NEG), booked a $3.4 billion loss in 2002. Without various accounting charges and so-called “headroom” for excess power generation revenues over cost, all lines of business on an operating basis showed a profit, but at lower levels than in 2001.

Enron Corp. and Dynegy Inc. announced last Thursday that they settled a $10 billion lawsuit Enron filed against Dynegy for backing out of a merger agreement and claiming Northern Natural Co.’s pipeline system in the process. Enron filed the lawsuit Dec. 2, 2001 in conjunction with its Chapter 11 bankruptcy filing. The settlement agreement has been approved by the boards of both companies.

The California Public Utilities Commission (CPUC) Wednesdayokayed a process for utility revenues from retail rates to befunneled to the state water resources department (DWR) to cover itsongoing multi-million-dollar purchases of short-term electricitysupplies.

To resolve concerns raised by the Federal Trade Commission overthe proposed merger of DTE Energy and MCN Energy, MCN has agreed totransfer a property interest to a unit of Unicom Corp. that wouldallow for the use of up to 20 Bcf of natural gas transportationcapacity annually on MCN’s Michigan Consolidated Gas Co. system inthe relevant distribution area.

To resolve concerns raised by the Federal Trade Commission overthe proposed merger of DTE Energy and MCN Energy, MCN has agreed totransfer a property interest to a unit of Unicom Corp. that wouldallow for the use of up to 20 Bcf of natural gas transportationcapacity annually on MCN’s Michigan Consolidated Gas Co. system inthe relevant distribution area.