FirstEnergy Corp. added 30,000 industrial, commercial andresidential customers in the Midwest through an acquisition of theretail natural gas business of Volunteer Energy LLC, a subsidiaryof Williams. The acquisition was filed with the Federal TradeCommission and the Department of Justice and the parties expect toclose later this month. Terms of the deal were not disclosed.
Daily GPI
Articles from Daily GPI
PG&E Attempts to Block Western’s Pipeline Plan
Pacific Gas and Electric Co. is attempting to block Denver-basedWestern Gas Resources’ plans for moving into a heavilyindustrialized part of the utility’s East San Francisco Bay serviceterritory by converting a proprietary gas pipeline to astate-regulated, open-access supply line serving proposed newmerchant power plants in Pittsburg, CA, along with surroundinglarge industrial loads.
Customers Blast Change to FERC Complaint Process
A broad coalition of gas and electric trade groups has askedFERC to reconsider a July rehearing decision that prompted it topurge any reference to immediate relief from its final rule oncomplaint procedures.
Destin Pleads to Keep Blanket Certificate Authority
Destin Pipeline Co. L.L.C. has beseeched FERC not to suspend itsPart 157 blanket certificate authority for six months, which woulddeny it access to the more streamlined certificate procedures forconstructing projects during that period. Without it, the pipelinewould have to seek Section 7 approval under the Natural Gas Act(NGA) for each project at the Commission.
People
Consolidated Natural Gas announced that Ronald L. Adams, seniorvice president, regulated business, has decided to leave thecompany effective Sept. 1, triggering an interim managementrestructuring for local gas distribution, pipelines and storageuntil the previously announced merger with Dominion Resources iscompleted. As a result, the following personnel appointments havebeen made: Jimmy D. Staton, has been appointed senior vicepresident, distribution operations; Gary L. Sypolt, has beenappointed senior vice president, pipeline operations; Paul D.Koonce, has been named senior vice president, commercialoperations; and William A. Fox has been named senior vicepresident, Virginia gas distribution.
Bidweek, Last-of-Month Prices Down a Little
September prices were a little lower following the weekend, butsome sources saw something of a yo-yo effect with quotes regaininga penny or two in the afternoon as the October screen managed toachieve a small advance. A buyer at the Chicago citygate said hisdeals averaged just over $2.90 on Friday and just under $2.90 onMonday.
Near-Month October Debuts With Strong Up-Tick
October Henry Hub futures appeared likely to continue lastweek’s downward correction early yesterday in its debut as the newnear-month contract. It opened down nearly 4 cents and took anearly step backward to $2.860, but local buying prompted an11.5-cent intra-day surge to a high of $2.975. The contract settledat $2.969, up 4.7 cents on the day, and the relatively strongup-tick continued during the after-hours Access trading session,with October inching up 1.6 cents to $2.985 as of 6:30 p.m.
Columbia Selling Houston Wholesale Trading Arm
Columbia Energy Group subsidiary Columbia Energy Services (CES)yesterday said it would sell its Houston-based wholesale andtrading operations. The move follows a review of CES’ overallenergy marketing businesses begun in February after the unitreported a $59 million operating loss for 1998.
ARCO Shareholders OK Merger With BP Amoco
ARCO shareholders approved the company’s proposed $27 billioncombination with BP Amoco. The all-share deal will involve theexchange of 0.82 BP Amoco American Depository Shares (ADS) for eachARCO share. BP Amoco’s shareholder meeting to vote on thecombination is scheduled for Wednesday in London. The combinationremains subject to the approval of regulatory authorities,including the US Federal Trade Commission (FTC) and the EuropeanCommission. The companies currently are working to close thetransaction later in the year.
Bidding to Begin For Dynegy’s El Paso Capacity
With only a day left before the capacity now held by DynegyMarketing and Trade on El Paso Natural Gas opens to bids for nextyear, parties are continuing to fight over the legality of theoriginal contract.