Upper

Upper Midwest combination utility NorthWestern Corp. revealed Tuesday that it will take about $880 million in special charges in 2002, which is $180 million more than previously announced. It expects to post a $900 million net loss for the year compared with net earnings of $37.5 million in 2001.

Upper Midwest combination utility NorthWestern Corp. revealed Tuesday that it will take about $880 million in special charges in 2002, which is $180 million more than previously announced. It expects to post a $900 million net loss for the year compared with net earnings of $37.5 million in 2001.

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.

High temperatures in nearly every section of the U.S. except the Midwest and Upper Plains, along with strong energy futures, generated a run-up in gas prices at all points Monday.

It was getting hot just about everywhere Tuesday except in the Upper Plains. The rising air conditioning load had a moderate price-boosting effect in eastern markets, but virtually none at all in the West.

Anticipating linepack that would exceed its upper-level target,Pacific Gas & Electric issued a customer-specific OFO fortoday.

To assist in the growing demand for electricity in the upperMidwest, Southern Energy Inc. plans to begin construction thismonth of a natural gas-fired plant in Zeeland, MI that will useadvanced natural gas combined-cycle technology and state-of-the-artemission control equipment. Commercial operations are expected tobegin in June 2001, with an initial 300 MW of capacity. Anadditional 530 MW will begin commercial operation by June 2003.

The upper management at Kinder Morgan received a shake-upyesterday as P. Anthony Lannie was promoted to president of KinderMorgan’s power operations, C. Park Shaper was promoted to vicepresident and CFO and David Dehaemers moved from CFO to vicepresident of corporate development. Richard D. Kinder, CEO ofKinder Morgan, said the appointments strengthen the company’smanagement team. Lannie was president of Coral Energy Canada andsenior vice president and general counsel of Coral Energy, thedownstream gas and power segment of Shell Oil Co. Prior to joiningKinder Morgan, Shaper was president of Altair Corporation, afinancial services firm. He also was previously CFO of a divisionof First Data Corporation.