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Dominion Resources tops Entergys offer for NYPAs nuclear plants: Dominion Resources Inc. announced its...
Dominion Resources tops Entergy`s offer for NYPA`s nuclear plants: Dominion Resources Inc. announced its offer of $686 million for the New York Power Authority`s Indian Point 3 and James A. FitzPatrick nuclear stations, topping by more than 12 percent Entergy`s $611 million bid. Dominion also offered $171 million for reactor fuel, matching Entergy`s offer.
The Federal Trade Commission approved the merger of Dominion Resources Inc. and Consolidated Natural Gas Co. FERC conditionally approved the merger, and the companies intend to file a response accepting the conditions. Regulators in Virginia, Pennsylvania, Ohio, North Carolina and West Virginia have approved the merger. Still pending is approval by the Securities and Exchange Commission, which is expected by year-end. The merger is expected to close in the first quarter of 2000.
Dominion Resources and a subsidiary of Consolidated Natural Gas Co., CNG Power Co., signed an agreement to develop natural gas-fired power generation facilities along CNG`s natural gas pipeline system, identifying 45 potential development sites so far. The Wholesale Power Group of Dominion Resources will market power generated by the new facilities.
Consolidated Natural Gas Co.`s board of directors accepted a revised $6.4 billion offer from Dominion Resources and rejected an unsolicited offer of $6.68 billion from Columbia Energy Group due to its uncertainty and timing. The merger will create the nation`s fourth-largest electric and natural gas utility with more than 20,000 MW of power generation and about 3 Tcfe of natural gas and oil reserves producing more than 300 Bcfe annually.