Wholly

Sierra Pacific Resources and Enron Corp. agreed yesterday to terminate their purchase and sale agreement for Enron’s wholly owned electric utility subsidiary, Portland General Electric. The termination had been hinted at during a recent conference call with Enron CEO Jeffrey Skilling (see Daily GPI, March 26).

Aquila Inc., a wholly-owned subsidiary of UtiliCorp United, on Tuesday named Dean Fuller as its senior vice president and general manager for its midstream services group based in Houston and San Antonio. The company also appointed two more members to the group: Steve Anderson to the position of commercial vice president and Mike Williams to the position of vice president of operations and engineering. Anderson, who has been in the business for more than 25 years, will be responsible for all of Aquila’s midstream commercial activity including supply and business development, while Williams, who has worked in the industry for more than 20 years, will be responsible for the company’s midstream asset operations and integrity, as well as value extraction

Aquila Inc., a wholly-owned subsidiary of UtiliCorp United, on Tuesday named Dean Fuller as its senior vice president and general manager for its midstream services group based in Houston and San Antonio. The company also appointed two more members to the group: Steve Anderson to the position of commercial vice president and Mike Williams to the position of vice president of operations and engineering. Anderson, who has been in the business for more than 25 years, will be responsible for all of Aquila’s midstream commercial activity including supply and business development, while Williams, who has worked in the industry for more than 20 years, will be responsible for the company’s midstream asset operations and integrity, as well as value extraction

Aquila Inc., a wholly owned subsidiary of UtiliCorp United,announced yesterday that it has entered into an agreement topurchase an additional 10 natural gas-fired turbines from GeneralElectric (GE). Combined with previously announced agreements,Aquila has ordered a total of 21 turbines over the past 12 months.

UtiliCorp United announced yesterday that its wholly-ownedsubsidiary Aquila Energy has changed its name to Aquila, Inc. toreflect Aquila’s increasing participation in markets outside theenergy industry. In addition to trading natural gas and powerthroughout North America and Europe, the company entered thebroadband capacity market last year. It also offers a broad rangeof risk management products and services to its clients, includinga family of weather risk products. Aquila is a Latin word meaningeagle. It also is the name of a constellation containing the starAltair. In some cases this constellation is known as the flyingeagle.

West Virginia-based Trans Energy Inc. is creating a wholly-ownedsubsidiary, Trans Energy Acquisition, to aggressively pursueacquisitions and mergers within the oil and natural gas sector,appointing industry veteran Gary Lawyer to the executiveacquisition committee.

West Virginia-based Trans Energy Inc. is creating awholly-owned subsidiary, Trans Energy Acquisition, to aggressivelypursue acquisitions and mergers within the oil and natural gassector, appointing industry veteran Gary Lawyer to the executiveacquisition committee.

TXU Electric, a wholly owned subsidiary of TXU, received apartial ruling from the Texas District Court of Travis County thisweek regarding its appeal of a financing order of the PublicUtility Commission of Texas (PUCT). The PUCT order authorizessecuritization of regulatory assets under Senate Bill No. 7, Texaslegislation that restructures the electric industry and authorizesretail competition. Securitization of regulatory assets is a tooladopted by the bill to provide a low-cost way for the electricindustry to transition to a competitive environment. The districtcourt gave a partial ruling reversing that part of PUCT’s financingorder that used regulated asset life (up to 40 years) for purposesof present-valuing the benefits of securitization. The court ruledthat present-value period based on asset life did not conform tothe applicable statute. Instead, it believed that a present-valueperiod based upon stranded cost and regulatory asset recoveryperiod should have been used by PUCT. The court did not set a valueperiod to be used, but said that PUCT could, for example, use thealternative 12-year discounting period contained in its financingorder with the amount to be securitized by TXU Electric increasedto $1.3 billion from $363 million. A final ruling from the court isdue Sept. 5.

Kinder Morgan Power Co., a wholly owned subsidiary of KinderMorgan Inc. announced plans to build a 550-MW electric power plantin Jackson, MI. All the necessary regulatory permits and approvalshave been obtained, and construction on the $250 million naturalgas-fired plant will begin this month. Operations begin in June2002. CEO Richard D. Kinder said the Jackson station will be thesecond in a series of electric power plants that Kinder will buildusing its proprietary Orion configuration. The Orion projects usegas and steam turbine generator sets and auxiliary equipmentprovided by General Electric’s S&S Energy Products. Kinder saidthat electricity demand has increased nearly 35% in the state inthe past 10 years, but no additional power plants have been built.Michigan imports some of its electricity from other states. TheJackson plant will operate during intermediate- and peak-demandperiods to provide wholesale electricity to electric utilities andpower marketing companies.