Continuing the attack on the northwest U.S. electric generationmarket, Avista Energy Canada, a Washington Water Power (WWP)affiliate, announced Wednesday the acquisition of Coast PacificManagement Inc., a gas manager for industrials throughout BritishColumbia. Terms of the agreement were not disclosed, but the WWPaffiliate did say that Coast Pacific would be incorporated into itsVancouver operations. The deal became effective at the time of theannouncement.
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EEX Corp. agreed to trade substantially all of its Permian Basinproperties in West Texas and Eastern New Mexico for the shallowwater properties located off the coast of Texas and Louisiana ofEnergen Resources Corp., the oil and gas subsidiary of EnergenCorp. In addition to the shelf properties, EEX will receive $9million in cash. “This trade is another step in our strategy toexit the onshore business and focus on offshore Gulf of Mexico.These new properties will improve near-term production of naturalgas and will contribute to improving our cost structure by loweringper unit production costs while eliminating overhead costs relatedto onshore properties,” said Tom Hamilton, EEX CEO.
After less than two years as president of NGC Corp., TomMatthews is leaving the company for an organization he considers anon-traditional utility, Washington Water Power (WWP). He said thecompany he will run as CEO and chairman of the board is among abouta half dozen utilities that have been “inventive and creative” inresponding to deregulation.