WGL Holdings Inc., Washington, DC, Thursday said its offering of 1.8 million common shares was priced at $26.73/share. The company said proceeds from the sale will total $46.2 million, which will be used primarily for capital spending at Washington Gas Light Co., WGL's regulated utility subsidiary.
Responding to a decline in its stock price, Aquila Inc., Kansas City, Mo., reaffirmed its earnings target and said there has been no material change in its business strategy or earnings outlook. The company noted that the Federal Energy Regulatory Commission order to extend its spot market price mitigation plan to the 11-state western region is not expected to adversely impact the company's earnings or strategy. Aquila is an 80%-owned subsidiary of UtiliCorp United Inc.
Electric City Corp., Elk Grove, Ill., a manufacturer and integrator of energy savings technologies and custom electric switchgear, said it has completed the acquisition of Great Lakes Controlled Energy Corp., Elk Grove, a building and environmental controls systems integrator. Terms were not disclosed.
Florida Power & Light Co., Juno Beach, Fla, a unit of FPL Group Inc., reported the 300 Mw expansion of its Martin plant site near Indiantown, Fla., has begun operation. The power from FPL's new Martin plant, plus 900 Mw of new generation from FPL's Fort Myers plant, gives FPL a reserve margin of 20% this summer, the company said.
Islander East Pipeline Co. LLC has filed an application with the Federal Energy Regulatory Commission to construct, own, and operate a 50-mile, 24-in. interstate natural gas pipeline that will transport natural gas to markets in Connecticut, New York City, and Long Island, NY. Islander East is an equally owned, limited liability company formed by subsidiaries of Duke Energy Corp., Charlotte, NC, and KeySpan Corp., Long Island, NY. Islander East is expected to be in service in 2003.
Pepco Energy Services Inc., Washington, D.C., a unit of Potomac Electric Power Co., said it has acquired Unitemp Inc., a heating, ventilation, and air conditioning (HVAC) service company headquartered in South Plainfield, NJ. Terms were not disclosed.
Environmental Power Corp., Portsmouth, NH, reported it agreed to acquire an 80% or greater controlling interest in Microgy Cogeneration Systems Inc., Golden, Col. Microgy has various renewable resource and energy technology licenses, including a license on a microturbine cogeneration system, and a license for high efficiency conversion of certain agri-wastes into power for supply to the utility grid.
PG&E National Energy Group, a unit of PG&E Corp., San Francisco, said it completed a new $550 million senior unsecured letter of credit and revolving credit facility. The facility will be used primarily for letters of credit to support trading and for working capital requirements. The all-in drawn pricing is 1.6% over LIBOR at the BBB level.
Dynegy Inc., Houston, reported authorization of a stock repurchase program of up to 6 million shares or $250 million of its outstanding Class A common stock. Dynegy also said it expects meet or exceed its 2001 earnings per share estimate of $1.93-$1.98 and confirmed its 2002 growth rate of at least 20-25%. The company said the Federal Energy Regulatory Commission order to extend its spot market price mitigation plan to the 11-state western region is not expected to adversely impact the company's earnings or strategy.
Madison Gas & Electric Co., Madison, Wis., said it agreed to buy the Prairie du Chien area natural gas system from Wisconsin Electric & Wisconsin Gas, a unit of Wisconsin Energy Corp., Milwaukee, for $2.4 million. The purchase includes facilities in Prairie du Chien and Bridgeport and the villages of Eastman and Wauzeka.
Salt River Project (SRP), Phoenix, Ariz., and Reliant Energy Wholesale Group, a unit of Reliant Resources Inc., Houston, have reached an agreement under which SRP will buy all the power from Reliant's 560 Mw Desert Basin plant, Reliant reported. Terms were not disclosed. Separately, Reliant Energy said it will build an 800 Mw combined cycle generating station in south central Pennsylvania adjacent to the company's Hunterstown facility in Straban Township.
Southern States Power Co. Inc., Ontario, Calif., said it is supplying three generators that will provide standby backup power to the University of California, Riverside. Once in place, the three generators will be capable of providing 6 Mw of biodiesel-fueled power to the university during the 5-month project.
Constellation Energy Group Inc., Baltimore, Md., said it put in place a $2.5 billion 364-day capital markets revolving credit agreement in accordance with its upcoming plan to separate its wholesale energy business from its retail energy delivery and services business. Lehman Brothers Inc. and Salomon Smith Barney, Inc. acted as joint lead arrangers. The credit facility will be used to finance capital expenditures and provide working capital prior to and after the company separation and refinance its existing indebtedness.