Electric Power news briefs, November 21
NiSource Inc. ... Columbia Energy Group Inc. ... Green Mountain Energy Co. ... USPowerSolutions ... Dominion Resources Inc. ... FirstEnergy Corp. ... GPU Inc. ... Entergy Corp. ... New York Power Authority ... FuelCell Energy Inc. ... Sierra Pacific Resources ... Portland General Electric Co. ... Enersis ... Chilectra Compania ... Electrica del Rio Maipo
NiSource Inc. said it selling 10 million shares of new common stock in an underwritten offering expected to be priced the week of Nov. 27. The proceeds will be used to complete the permanent funding for the acquisition of Columbia Energy Group Inc. That transaction was completed Nov. 1, 2000. The lead manager is Credit Suisse First Boston with Merrill Lynch & Co. as a co-manager.
Green Mountain Energy Co. has selected USPowerSolutions to automate communication among energy service providers, distribution companies, and meter service providers in the deregulated Connecticut market, USPowerSolutions said. Designed specifically for competitive electric and natural gas providers, PowerUp enables energy service providers to enroll, monitor, and manage customers in deregulated markets.
Dominion Resources Inc. said it has sold 6 million primary shares of common stock. With the new issue, the company will have about 245 million common shares outstanding. The shares were sold on Nov. 21, in a block trade to Merrill Lynch & Co. Chairman Thos. E. Capps said the $354 million in net proceeds will prefund the common equity portion of the Millstone nuclear plant acquisition, which is expected to close in April 2001.
Shareholders of FirstEnergy Corp. and GPU Inc. approved the proposed merger of the companies at concurrent shareholder meetings. Unofficial results indicate the merger was approved by 96.4% of the shares of common stock voted�and 75.5% of the shares outstanding�by FirstEnergy shareholders; and by 98.3% of the shares voted by GPU shareholders. The transaction is still subject to various regulatory approvals.
Entergy Corp. and the New York Power Authority (NYPA) Tuesday closed the sale of NYPA's Indian Point Unit 3 nuclear plant in Westchester County, NY, and the James A. FitzPatrick nuclear plant in Oswego County, NY to Entergy Nuclear. The two organizations had agreed to the $967 million transaction March 28.
FuelCell Energy Inc. said it will increase the number of authorized shares of common stock to 150 million from 20 million for various corporate purposes. The company said it has made no decision to issue additional shares at this time and the increase will not presently result in any dilution for currently outstanding shares.
The Federal Energy Regulatory Commission (FERC) today unanimously approved Sierra Pacific Resources' application to acquire Portland General Electric Co. and its open access transmission tariff for filing. The only remaining approval must come from the US Securities and Exchange Commission. The transaction is expected to close during the first quarter of 2001.
Enersis, an affiliated of Spain's Endesa SA, Tuesday began the previously reported tender offers for Chilectra and Compania Electrica del Rio Maipo shares both in Chile and the US to acquire all of the shares currently owned by minority shareholders. The offer will end Dec. 20, both in Chile and the US. Estimated total investment for both transactions would be $430 million (US) , if all the tendered shares are acquired.