Enron and subsidiary Enron Oil & Gas (EOG) set a plan inmotion Tuesday to formally part ways, as the two agreed on atransaction that would establish EOG as a widely held publiccompany that will be independent of Enron. Under the all-stockagreement, Enron will exchange 62.27 million of its 82.27 millionshares of EOG common stock for EOG’s China and India operations. Inconnection with the exchange, EOG will contribute $600 million incash to one of EOG’s India subsidiaries that will be transferred toEnron.
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Northern Border Accused of ‘Subverting’ ROFR Process
In a complaint filed at the Federal Energy Regulatory Commission last week, Pan-Alberta Gas (US) Inc. (PAGUS) and Mirant Americas Energy Marketing L.P. accused Enron-affiliated Northern Border Pipeline Co. of trying to “subvert” their rights to match competing third-party bids for pipeline capacity under the right-of-first refusal (ROFR) process.
Integrating Credit Department with Trading Unit Essential
“Finding creative ways to make deals happen is a bigger challenge for me than assessing a financial statement,” according to Frank Hilton, vice president and chief credit officer for AEP. “You have to look at other things besides the balance sheet,” Hilton told the audience at the LDC Forum last Tuesday in Chicago.
Integrating Credit Department with Trading Unit Essential
“Finding creative ways to make deals happen is a bigger challenge for me than assessing a financial statement,” according to Frank Hilton, vice president and chief credit officer for AEP. “You have to look at other things besides the balance sheet,” Hilton told the audience at the LDC Forum Tuesday in Chicago.
Constellation Eyes Asset Opportunities in Power Sector
Liquidity-challenged energy merchants looking for ways to pay down debt may hear a knock at the door from Baltimore-based Constellation Energy Group in the very near future — if it hasn’t happened already. Many of the best opportunities, especially the power plants, have fallen below book value in just a few weeks, and they offer an especially attractive buy, CEO Mayo Shattuck III told analysts during a conference call Wednesday.
FPL Group Sees Over $10B in Power Assets Up For Sale
FPL Group expects more than $10 billion of power-related assets to be put up for sale as generators continue to look for ways to improve their balance sheets, Lewis Hay, FPL’s CEO, told a gathering of investment professionals last Tuesday in an appearance before the Morgan Stanley global electricity and energy conference in New York. If the rumblings of investment bankers are to be believed, another $5 billion to $10 billion worth of power plant property could also be waiting in the wings for companies looking to scoop up assets in a market that appears to remain firmly on the side of buyers.
AEC, Epic Units Part Ways on WA Storage Project
Vancouver-based Epic Oil and Gas Ltd. said Thursday that AEC Storage and Hub Services Inc., a subsidiary of Alberta Energy Co. Ltd., has given notice to Epic’s U.S. subsidiaries Rival Resources Inc. and American Safari Resources Inc. that it is terminating its letter of agreement on the Birch Bay Gas Storage Project in northwest Washington State.
GAO Cites 35-Year Policy Against Refuge Drilling
As Senate Republicans look for ways to bring the issue of Arctic National Wildlife Refuge (ANWR) drilling up for a vote, Rep. Edward Markey (D-MA) issued a letter-report from the General Accounting Office (GAO) that finds that any attempt to drill in the national wildlife refuge system for reasons other than drainage would fly in the face of a 35-year-old policy prohibiting such activity.
GAO Cites 35-Year Policy Against Refuge Drilling
As Senate Republicans look for ways to bring the issue of Arctic National Wildlife Refuge (ANWR) drilling up for a vote, Rep. Edward Markey (D-MA) has issued a letter-report from the General Accounting Office (GAO) that finds that any attempt to drill in the national wildlife refuge system for reasons other than drainage would fly in the face of a 35-year-old policy prohibiting such activity.
TransAlta Ready to Part Ways With Transmission Assets
Highlighting TransAlta’s increased attention to the generation side of its business, the company last Thursday said that it has signed an agreement to sell its Alberta-based transmission business to a consortium of companies collectively known as AltaLink.