Unload

Fleshing out its plans to sell more than $1 billion worth of power plant assets this year, El Paso Corp. last Monday disclosed in a regulatory filing that it expects to close the sale of a 775 MW power plant in New Jersey during the second quarter of this year.

El Paso Corp. plans to sell its Corpus Christi refinery for approximately $290 million this year as part of broader plans to unload $1.1 billion worth of petroleum assets in 2003 as the pipeline tries to drum up much needed cash.

Dynegy Inc. has started its effort to unload its communications assets by selling off its European broadband network to an affiliate of London-based Klesch & Company for an undisclosed sum. Klesch is a private equity firm specializing in European restructurings.

Dynegy Inc. has started its effort to unload its communications assets by selling off its European broadband network to an affiliate of London-based Klesch & Company for an undisclosed sum. Klesch is a private equity firm specializing in European restructurings.

Central Power & Light (CP&L) last Tuesday filed a plan of divestiture with the Public Utility Commission of Texas (PUCT) proposing to sell all of its power generation assets, which have a nameplate generation capacity of 4,241 MW and a net book value of just under $1.9 billion.

As part of the company’s ongoing strategy to unload non-core assets and focus on key businesses, Williams said Wednesday that it has signed a definitive agreement with Knoxville, TN-based Pilot Travel Centers LLC. to sell its retail travel center operations for $190 million cash, including fuel inventory, merchandise and supplies.

Questar Corp. reported last week that it has entered into an agreement to sell its interests in the TransColorado Pipeline to Kinder Morgan Inc. (KMI) and affiliates for $105.5 million. The agreement, which was effective Oct. 1, is subject to review under the Hart-Rodino-Scott Antitrust Improvement Act of 1976.

Questar Corp. reported Monday that it has entered into an agreement to sell its interests in the TransColorado Pipeline to Kinder Morgan Inc. (KMI) and affiliates for $105.5 million. The agreement, which was effective Oct. 1, is subject to review under the Hart-Rodino-Scott Antitrust Improvement Act of 1976.

Clearly unimpressed with NRG Energy’s efforts so far to unload more than 12,000 MW in power assets that it desperately needs to sell in order to shore up its finances, Moody’s Investors Service last Thursday lowered the debt ratings on the Minneapolis-based subsidiary of Xcel Energy. Fearing that Xcel Energy will get burned by the large amount of investments it has made in NRG Energy, Moody’s also lowered the debt ratings on Xcel Energy.