Electric Power news briefs, November 7
National City Corp. ... FirstEnergy Services Corp. ... PG&E Corp. ... Southaven Power LLC ... DTE Energy Co. ... Exelon Nuclear ... ScottishPower PLC ... Brownsville Public Utility Board ... Cayenta ... Competitive Power Ventures Inc. ... New York Mercantile Exchange ... Avista-STEAG LLC ... NRG Energy Inc.
National City Corp. has signed a master energy services and supply contract with FirstEnergy Services Corp., a unit of FirstEnergy Corp., FirstEnergy reported. Under the long-term agreement, FirstEnergy Services will help National City secure electricity, natural gas, and energy-efficiency projects for 1,300 bank branches, operations centers, and other locations in six states. Terms of the transaction were not disclosed.
PG&E Corp.'s National Energy Group has reached a 810 Mw tolling agreement with Southaven Power LLC, an affiliate of Cogentrix Energy Inc., PG&E reported. Under the agreement National Energy Group's subsidiary, PG&E Energy Trading, will have rights to the total generation capacity produced at the natural gas-fueled, combined cycle facility in Southaven, Miss.
DTE Energy Co. reported earnings of $104 million or 73�share for the quarter ended Sept. 30, 2000, compared to earnings of $161 million, or $1.11 per share in the comparable 1999 quarter. In an order issued Nov. 2, 2000, the Michigan Public Service Commission denied the company's request for deferral and securitization of a 5% residential electric rate reduction during the period from the effective date to the date of the order. The impact on the third quarter was a reduction in earnings of about $17.8 million after tax or 12�/share, the company said. Company officials said they believe the residential rate cut from the date of the order will be funded by securitization savings.
Exelon Nuclear, a unit of Exelon Corp., said the Braidwood generating station Unit 2 went back online Sunday, after setting a new US efficiency record for refueling outage duration of 15 days, 16 hr, and 45 min. Unit 2 came off-line on Oct. 21 for its 8th refueling outage. It is expected to be at full power by the middle of the week.
The UK's ScottishPower PLC said Sir Ian Robinson will retire as chief executive in April 2001 and will be succeeded by Ian Russell, currently deputy chief executive. Robinson joined ScottishPower as chief executive in March 1995 and transformed the integrated Scottish power company into an international company with an aggressive acquisition strategy that included the purchase of PacifiCorp, the first US utility to be bought by a non US company. Russell joined ScottishPower in April 1994 as finance director, was appointed deputy chief xxecutive in December 1999, and has since been responsible for the group's operations.
The Brownsville Public Utility Board has selected Cayenta, a Titan Corp. unit, to supply it with a revenue cycle management solution, including billing, customer information, and e-commerce applications, replacing the city's legacy customer information system (CIS), Cayenta reported. Terms of the transaction were not reported.
Competitive Power Ventures Inc., Silver Spring, Md., said it has applied for a special use permit in Fluvanna County, Va., to build a natural gas-fired combined cycle 520 Mw electric generating plant. The plant will use air-cooled condensers , and the turbines will be located in a building to reduce noise levels, the company said.
The New York Mercantile Exchange said it decreased the margins on its California Oregon border, Palo Verde, and Mid-Columbia River electricity futures contracts as of the close of business Monday. Margins for each of the three contracts will be lowered to $3,000 from $5,000 for clearing members, to $3,300 from $5,500 for members, and to $4,050 from $6,750 for customers.
Avista-STEAG LLC, a partnership of Germany's STEAG AG and Avista Corp., and NRG Energy Inc. reported the companies have formed a partnership to build, operate, and manage a 633 Mw natural gas-fired merchant power plant in Fort Bend County, Tex., 30 miles southwest of Houston. Avista-STEAG LLC will retain 51% ownership in the project while NRG will own 49%. The partners said the project has secured its major permits. Construction is scheduled to begin in early 2001 with commercial operation expected in January 2003.