Electric utilities
CMS Energy Corporation has reached an agreement to acquire Continental Natural Gas, Inc. (CNGL) for an approximate total value of $155 million. The acquisition is subject to ratification by the holders of a majority of CNGL's stock, with the majority shareholders announcing their intentions to vote in favor
Electric utilities
ScottishPower, a leading UK multi-utility, has delivered strong results in the past year, exceeding business efficiency and customer service targets in its acquisition of Manweb and achieving significant cost savings. The company has also made progress in improving customer service, reducing prices, and investing in its business in Scotland. In
Electric utilities
GPU Energy, a subsidiary of GPU Inc. of Parsippany, N.J., has filed suit against the state Public Utility Commission (PUC) for rejecting its restructuring plan. The plan, which aimed to implement customer choice for GPU customers, was rejected by the PUC on June 26 for numerous reasons, including the
Electric utilities
ComEd, a subsidiary of Unicom Corporation, has launched a series of energy conservation initiatives to provide financial incentives to customers and ensure reliable electricity supplies during peak demand days this summer in Illinois. The new programs, created in collaboration with the Illinois Attorney General, the Citizens Utility Board (CUB), and
Electric utilities
CEO John Rowe has unveiled a bold plan to sell the company's coal plants and use the proceeds to write down the value of its troubled nuclear units, which are estimated to be worth $9 billion. The move aims to raise an estimated $2.5 billion, but it&
Electric utilities
Naperville-based Nicor Inc. is exploring the possibility of bidding on ComEd's six coal-fired power plants, which have a bookkeeping value of $1.1 billion. As Nicor prepares to enter the electricity business, the company is forming an alliance with Houston-based Dynegy Inc. to build and buy gas-burning power
Electric utilities
Unicom Corporation, parent company of ComEd, has announced a new strategic direction aimed at enhancing competition in the Illinois energy market. The plan, championed by Chairman and CEO John W. Rowe, prioritizes reliability while promoting competitive markets through the sale of coal-fired generation plants. This move is in line with
Electric utilities
Duke Energy, a leading U.S. electric utility and natural gas pipeline company, has acquired PG&E Corp.'s Australian gas pipeline assets, marking a significant expansion into the Australian energy market. The acquisition allows Duke Energy to establish a presence in the country and pursue opportunities in
Electric utilities
The Bank of New York has been chosen as the trustee, tender agent, registrar, and paying agent for a massive $1.5 billion bond issue by the Long Island Power Authority (LIPA). The securities were issued to fund various projects related to LIPA's acquisition of the Long Island
Electric utilities
Residents in the metro area can expect to have their power back by Wednesday or Thursday, but those in the worst-hit areas may face a longer wait, according to utility officials. The storm caused a record 484,000 power failures, with most of the damage concentrated in the southern suburbs.
Electric utilities
Bay State Gas Company, a leading natural gas distributor in New England, announced that its shareholders have overwhelmingly approved the company's merger with NIPSCO Industries, Inc. of Indiana. The merger marks a significant step towards creating the 10th largest natural gas distribution company in the United States, with
Electric utilities
Texas Utilities Company, a major energy conglomerate, has announced a tender offer for Energy Group PLC shares as part of its acquisition strategy. The offer, made public on May 27, 1998, seeks to acquire control of Energy Group PLC's shares. As of May 19, 1998, valid acceptances had
