EGT BRIEFS

KeySpan and BG LNG Services to upgrade Providence LNG facility: KeySpan Corp., a natural gas distributor in the Northeast, and BG LNG Services LLC, an importer of LNG into the U.S., have announced a joint initiative to examine the feasibility of upgrading KeySpan’s existing LNG storage and receiving terminal in Providence, R.I. Pending approvals, the facility could be ready to accept marine deliveries by 2005. Currently, the facility is filled each summer by tanker trucks coming from Boston. The proposed upgrades would allow those deliveries to be made by ship and would include infrastructure improvements that will allow the gas to be transported via the Algonquin Pipeline G-system. KeySpan is anticipating an investment of more than $50 million to upgrade the site.

El Paso Corp. sells its interest in Portland Natural Gas Transmission: El Paso Corp. announced that it executed an agreement to sell its 29.64 percent interest in Portland Natural Gas Transmission System to TransCanada Corp. for about $56 million. The deal is expected to close during the fourth quarter of 2003.

Piedmont Natural Gas completes purchase from Progress Energy: Piedmont Natural Gas announced that it has closed on its purchase of North Carolina Natural Gas, a natural gas distribution subsidiary of Progress Energy, and Progress Energy’s investment in EasternNC for $425 million in cash, plus $32.4 million for estimated working capital.

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EGT BRIEFS

Williams finalizes sale: Williams has completed the previously announced sale of its Brundage Canyon, Utah, oil and gas properties. Berry Petroleum Co. purchased the properties, which consist of approximately 43,500 net acres in northeastern Utah, for $48.6 million. (Including this sale, Williams this year has sold or agreed to sell assets and certain contracts for in excess of $2.9 billion in aggregate cash through more than 15 transactions.)

AEP, FERC settle: According to a Dow Jones report, American Electric Power (AEP) and the FERC have come to an agreement on charges that AEP manipulated power markets in 2000-2001. AEP will pay $45,240 under the agreement, which equals the amount from AEP received from the Cal ISO during that period. The Dow Jones article attributed AEP spokesman Pat Hemlepp as stating that the agreement wasn’t “an admission of guilt” in the case.

Cinergy selects NewEnergy Associates: Cinergy Corp.’s energy merchant business unit has selected Siemens Westinghouse subsidiary NewEnergy Associates to provide an automated system for managing new energy market processes within the Midwest ISO (MISO). Cinergy favored NewEnergy MarketManager to automate its around-the-clock activities in MISO’s day two energy market.

OEMI chooses Triple Point: Triple Point Technology, a provider of fully-integrated front- to back-office systems for energy marketing and other commodities, has been chosen by Occidental Energy Marketing Inc. (OEMI). OEMI has licensed Triple Point’s Power XL energy marketing and risk management system. OEMI, an operating subsidiary of Occidental Petroleum Corp., will use Power XL to manage its cogeneration/power operations.

Entergy says employees may be at fault: In a Reuters report, Entergy Corp. stated that some of its trading venture employees “may have misreported prices and volumes to industry publications.” A regulatory filing quoted in the report went on to state, however, that the company was unaware “that any employee participated in manipulation or attempted manipulation of energy price indices.”