World

Peabody Group, the world’s largest coal company, on Friday soldits Citizens Power unit to a subsidiary of Edison International, aswell as selling its third-party power contracts. Peabody, owned byLehman Merchant Banking Partners, is expected to net about $100million from the two transactions, using the money to pay downdebt.

Usource LLC, a subsidiary of Unitil Corp., said yesterday thatSpecial Metals Corp., the world’s leading producer ofhigh-performance nickel-based alloys, has chosen to purchase its3.3 Bcf/year of natural gas for facilities in New Hartford andDunkirk, NY, Huntington, WV, and Burnough, KY, throughUsourceonline.com.

Allegheny Energy Solutions formed a strategic alliance withdistributed generation developer Capstone Turbine. “As the world’sleading microturbine manufacturer, Capstone enhances our range ofon-site solutions and provides us with a quality product to offerto our customers,” said David Cole, director of Allegheny EnergySolutions. “We believe there will be significant growth ofdistributed generation opportunities over the next five to 10years, and Allegheny Energy is seizing opportunities in thisgrowing market.” As part of the alliance, a Capstone MicroTurbinewas installed at the site of Allegheny Energy’s Mitchell PowerStation in New Eagle, PA. Allegheny will monitoring the technicaland economical characteristics of the device and identify newapplications. Allegheny Energy, Inc. is a diversified energycompany headquartered in Hagerstown, MD. Allegheny Power deliverselectric energy to about three million people in parts of Maryland,Ohio, Pennsylvania Virginia, and West Virginia.

The East Coast of Canada, now one of the hot spots for new oiland gas exploration and development in the world, could”definitely” be a part of the solution to New England’s energyneeds, Premiers John Hamm of Nova Scotia and Brian Tobin ofNewfoundland and Labrador told attendees at the Offshore TechnologyConference in Houston last week.

For those who would generate and sell electricity in thecompetitive marketplace, the future is one of many opportunitiesand at least as many challenges. “There’s no guaranteed costrecovery. You’re going to have to manage your fuel cost and youroperational excellence outside of the rate base mentality,” saidWilliam J. Grealis, chief strategic officer and vice president forcorporate services for Cinergy Corp. “You’re going to have tounderstand with your generation portfolio how many additionalmillion megawatt hours can you generate at what price to dispatchinto the market to make money.

For those who would generate and sell electricity in thecompetitive marketplace, the future is one of many opportunitiesand at least as many challenges. “There’s no guaranteed costrecovery. You’re going to have to manage your fuel cost and youroperational excellence outside of the rate base mentality,” saidWilliam J. Grealis, chief strategic officer and vice president forcorporate services for Cinergy Corp. “You’re going to have tounderstand with your generation portfolio how many additionalmillion megawatt hours can you generate at what price to dispatchinto the market to make money.

CMS Energy Corp. is capitalizing on a large supply of liquefied natural gas (LNG) in the world market and is bringing two new LNG shipments to its CMS Trunkline LNG complex at Lake Charles, LA, in September. They are being delivered by CMS Marketing, Services and Trading, and by Duke Energy Corp.

AES Corp., a world-wide power generation company, announced that it has entered into a definitive agreement to acquire New Energy Ventures Inc. (NEV), an energy service firm for large commercial and industrial buyers, in a transaction valued at approximately $90 million.

AES Corp., a world-wide power generation company, announced thatit has entered into a definitive agreement to acquire New EnergyVentures Inc. (NEV), an energy service firm for large commercialand industrial buyers, in a transaction valued at approximately $90million.