News Briefs

Companies

Gov. gives power to NYC businesses: Governor George E. Pataki announced the allocation of lower-cost electricity to assist downtown businesses in NYC displaced or otherwise impacted by the September 11 attacks. The power, which had been supplied by the New York Power Authority to the Port Authority of New York and New Jersey for the World Trade Center, will be provided to companies employing more than 25,000 workers at locations in lower Manhattan.

Dynegy finalizes ownership: According to Dynegy Inc., Enron Corp.’s option to repurchase Northern Natural Gas Co. has expired, with Dynegy maintaining full ownership. Dave Neubauer will continue to lead as interim president.

APS lowers prices: For the eighth time in nine years, Arizona Public Service (APS) will lower electricity prices for its full-service residential and small commercial customers. Since 1993, the company has reduced prices by 14.5 percent. The latest decrease will lower APS electricity bills an average of 1.5 percent, or about $24 million.

Sempra earns Fortune ranking: Sempra Energy has earned the No. 2 spot on Fortune magazine’s annual list of “America’s 50 Best Companies for Minorities.” This marks Sempra Energy’s fifth consecutive year among the top five of the list.

Companies ask that you don’t be Like Mike: FirstEnergy, APS and Oncor, among other power companies, have released statements asking customers to not copy a dangerous scene in the summer release Like Mike. In the film, a 14-year-old boy becomes a National Basketball Association star after an “encounter” with a utility line. FirstEnergy’s release stated “while in the movie this jolt of electricity gives the character superstar powers, in reality it would result in a debilitating injury or death.”

Legal & regulatory

Progress Energy supports new law: North Carolina Governor Mike Easley signed into law new clean air legislation mandating significant reductions in emissions from the state’s 14 coal-fired power plants. The new law freezes CP&L rates for five years and provides for cost recovery of the estimated $800 million in capital expenses to comply with the new standards. CP&L, a subsidiary of Progress Energy, operates 7 coal-fired power plants in North Carolina. Progress Energy chairman, president and CEO William Cavanaugh called the legislation “a good example of the kind of sensible, balanced approach we need to air quality and environmental issues.”

CMS Energy announces investigative body: CMS Energy Corp. announced a special committee of its board of directors has selected the law firm Winston & Strawn to conduct a previously announced investigation into matters surrounding round-trip energy trades by the company’s marketing unit, CMS Marketing, Services and Trading. The special committee, chaired by Lear Corp.’s Kenneth L. Way, will begin its investigation immediately.

Mergers & acquisitions

PSEG buys two Conn. stations: PSEG Power has reached agreement to purchase Wisvest Corp.’s Wisvest Connecticut LLC subsidiary and the two electric generating stations it owns in Bridgeport and New Haven. The transaction will add 1,019 MW to PSEG Power’s portfolio at a purchase price of $220 million.

FORTISTAR to purchase Aquila’s interest in project: FORTISTAR LLC has entered into an agreement with Aquila to purchase Aquila’s 16.584 percent interest in the Lockport Project. The acquisition is scheduled to close in September. (FORTISTAR is managing general partner of the project, a 200 MW combined-cycle, gas-fired cogeneration facility.)

Projects & contracts

Babcock & Wilcox awarded construction contract: Babcock & Wilcox Construction Co. Inc. has been awarded a contract to erect NOx reduction equipment at two power stations in the Midwest. The contract, valued at more than $105 million, calls for the mechanical installation of SCR systems at Kyger Creek (Cheshire, Ohio) and Clifty Creek (Madison, Ind.) power plants.

Calpine to supply TVA: Calpine Corp. has entered into a three-year power sales agreement with the Tennessee Valley Authority (TVA). Beginning in June 2004, Calpine will supply TVA with an option to purchase up to 500 MW per day of baseload capacity from Calpine’s 794 MW Decatur Energy Center. Energy deliveries will begin in June 2004 and continue through May 31, 2007.

Duke signs with Georgia Power: Duke Energy North America has been awarded a seven-year power supply contract with Georgia Power to commence in June 2005. The 620 MW of capacity will come from Duke Energy’s Murray Energy Facility. The value of the contract was not disclosed.

Mirant and ECONnergy in agreement: Mirant and ECONnergy Energy Co. Inc. announced a five-year power and gas supply agreement with projected revenues for Mirant of approximately $1.5 billion. Under the agreement, Mirant will be the preferred provider of wholesale gas and electricity to ECONnergy, which has more than 250,000 retail customers in the Northeast. Mirant expects to deliver approximately 12 million MWh of electricity and 220 billion cubic feet of natural gas.

Metretek to sell subsidiary: Metretek Technologies has entered into a letter of intent to sell all the issued and outstanding stock of PowerSecure Inc., the distributed generation subsidiary of Metretek. Pursuant to the terms of the letter, the identity of the buyer and the terms of the proposed transaction are confidential.

Executive appointments

EEI: Erroll B. Davis, chairman, president and CEO of Alliant Energy Corp., was elected chairman. Allen Franklin, chairman, present and CEO of Southern Co., was elected first vice-chairman; Wayne Brunetti, president and CEO of Xcel Energy, was elected second vice-chairman.

Dynegy: Rob Doty resigned as executive vice president and chief financial officer. Louis Dorey is his replacement.

Author

  • The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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