Washington Water Power is asking state regulators to approve anew natural gas purchasing plan which will turn the purchasefunction for its residential customers over to Avista Energy, itsunregulated affiliate.
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Duke Builds Power, Gas Marketing with NP Energy
Duke Energy Trading and Marketing (DETM) added 1 Bcf/d of gassales and 14.07 million MWh of power sales to its marketingoperation with the purchase of NP Energy, which was at No. 20 inNGI’s power marketer ranking by volume in the third quarter. Themove pushes Duke up to No. 3 from No. 5 in gas marketing and to No.4 from the No. 7 spot in power based on third quarter volumes.
Briefs
Devon Energy Corp. and Canadian-based Northstar Energy Corp.completed their merger, which was announced June 29. Devon isissuing about 16.1 million common equivalent shares to theNorthstar shareholders. In addition, Devon is assuming US$312million in existing Northstar debt. Northstar shareholders arereceiving 0.235 exchangeable shares for each Northstar share. Witha total capitalization of $1.9 billion, the merged company DevonEnergy Corp. is one of the top 15 U.S.-based independent oil andgas producers. The company is balanced with 54% of its provedreserves in the United States and 46% in Canada and has totalproved reserves of about 300 million Boe.
Westcoast Buys Unocal’s 9% Stake in Alliance
Westcoast Energy announced plans to buy an additional 9.1% shareof the now-approved Alliance Pipeline Project from Unocal Corp.,which indicated its interest in selling the share earlier this yearas part of a corporate restructuring. The purchase will increaseWestcoast’s total interest in the project to 23.6% from 14.5%.Westcoast’s total equity in the project is now about $500 million.The sale is scheduled to close by the end of December, subject tothe completion of formal agreements.
Devon, Northstar Complete Merger
Devon Energy Corp. and Canadian-based Northstar Energy Corp.completed their merger, which was announced June 29 (see NGI July6, 1998). Devon is issuing about 16.1 million common equivalentshares to the Northstar shareholders. In addition, Devon isassuming US$312 million in existing Northstar debt.
Futures Continue Lower As Market Probes for Bottom
The futures market continued lower on Friday capping off anextremely bearish week, which saw selling from all segments of themarket-trade, funds and locals. However, beleaguered bulls tooksome solace in a minor victory Friday afternoon when scaled downtrade buying lifted the December contract off its $2.125 low. Asmall but encouraging bounce ensued to recoup a portion of theweek’s losses. The December contract settled at $2.163 Friday, down5 cents for the day and 29.6 cents for the week.
Shocking Amount of New Generation Planned
The rush to build new gas-fired generation has become nothingless than a frenzy, according to a new report which shows thatsince summer the tally on new generation projects has grown 61% to59,000 MW. That’s up from 49,463 MW reported in late-September, and36,600 MW in July, said Resource Data International’s (RDI) EnergyInsight (EI), an Internet-based analytical service that keeps aclose watch on the power generation market.
GRI Releases 1999 Data Book
The Gas Research Institute released its 1999 Data Book, whichcontains the analytical output from the recently released 1999Edition of the GRI Baseline Projection of U.S. Energy Supply andDemand to 2015. The Baseline Projection, released in August,describes a highly competitive, low-price energy future, withnatural gas expanding its share of the nation’s total energy marketfrom 24 percent in 1997 to 28 percent in 2015.
Parker Drilling, Superior Energy Services Merge
Tulsa-based Parker Drilling Company with worldwide drillingoperations, and Superior Energy Services, which provides servicesin the Gulf of Mexico, have announced a definitive agreement tomerge in a transaction valued at approximately $168 million.
Industrials, LDCs Score Big in Curtailment Case
The D.C. Circuit Court of Appeals on Friday remanded a case inwhich industrial and LDC customers challenged a FERC-approvedmethod for compensating customers that are curtailed beyond theirpro rata share on Texas Eastern Transmission (Tetco). “This was avery good result for us,” said an attorney for one of thepetitioners.