Unregulated

Shares of Upper Midwest gas and electric utility company NorthWestern Corp. fell 7% by Wednesday afternoon to $2.57/share after the company announced that it is suspending its common stock dividend and expects about $700 million in special charges for 2002 because of the poor performance of its investments in CornerStone Propane, communications network provider Expanets, and heating and airconditioning unit Blue Dot.

Shares of Upper Midwest gas and electric utility company NorthWestern Corp. fell 7% by Wednesday afternoon to $2.57/share after the company announced that it is suspending its common stock dividend and expects about $700 million in special charges for 2002 because of the poor performance of its investments in CornerStone Propane, communications network provider Expanets, and heating and airconditioning unit Blue Dot.

AGL Resources (AGLR) said that it has formed a new business division to lead its non-regulated subsidiaries. Called Sequent Diversified Business Group, the new unit will include the activities of Sequent Energy Management, AGL Networks and AGLR’s participation in SouthStar Energy Services LLC, the joint venture offering retail service under the Georgia Natural Gas brand.

Led by its unregulated wholesale energy operations, Duke Energy put in a whopper quarter, exceeding analysts expectations. Earnings before interest and taxes from its wholesale group jumped 175%.

Led by its unregulated wholesale energy operations, Duke Energyput in a whopper quarter, exceeding analysts expectations. Earningsbefore interest and taxes from its wholesale group jumped 175%.

Columbia Energy Group announced today it is stripping offanother of its unregulated assets prior to its merger with NiSourceInc., with a definitive agreement to sell its retail energy massmarketing operations to The New Power Company, a retail venturerecently launched by Enron, with help from IBM and America Online.(see GPI Daily, May 17)

Columbia Energy Group announced last Friday it is stripping off another of its unregulated assets prior to its merger with NiSource Inc., with a definitive agreement to sell its retail energy mass marketing operations to The New Power Company, a retail venture recently launched by Enron, with help from IBM and America Online (see NGI, May 22).

PG&E Energy Services all but completed its exit from theunregulated energy commodity and related services businesses withthe announcement last week it has sold its remaining servicecontracts and related assets to a unit of Chevron Corp. Thecontracts cover commercial, industrial and institutional customersspread around the country. The two San Francisco-based companieswould not disclose terms of the deal, but said it is expected toclose in mid-July.

PG&E Energy Services all but completed its exit from theunregulated energy commodity and related services businesses withthe announcement Thursday that it has sold its remaining servicecontracts and related assets to a unit of Chevron Corp. Thecontracts cover commercial, industrial and institutional customersspread around the country. The two San Francisco-based companieswould not disclose terms of the deal, but said it is expected toclose in mid-July.