You've heard talk lately about the convergence of electricity and natural gas. That idea has grown as commodity markets have matured for gas and emerged for bulk power.
ENRON International has begun building a $150-million, 80-megawatt independent power project in Piti, Guam. Enron signed a 20-year energy conversion agreement to develop the baseload, slow-speed diesel plant by January 1999. In an unrelated deal, Enron Corp. selected Stone & Webster for engineering, design and procurement for two independent power producer plants in the United Kingdom. The 790-MW, gas-fired, combined-cycle plant in Lincolnshire is set for commercial operation in March 1999.
Duke Energy Power Services Inc. will build, own and operate the $28 million Mobile Bay Energy Project, a 40-MW natural gas co-generation plant in Alabama. Partner in the project will be MCNIC Power Co. The projects contractor is Warstila NSD North America Inc. The plant is expected to begin operating in August 1998 and may be expanded by 20 MWs.
Duke Power, the electric operations unit of Duke Energy Corp., plans to reduce three departments by about 550 employees. Targeted are employees in electric system support, nuclear generation and power generation. Duke Energy employs 22,000 worldwide.
CNE Energy Services Group Inc. formed a joint venture with Delmarva Power and Light Co.'s bulk energy group, called Conectic/CNE Energy Services LLC. It will sell natural gas, electricity, fuel oil and other products and services in New England. Another CNE subsidiary, CNE Venture-Tech Inc., became a limited partner in Nth Power Technologies Fund I. CNE Venture-Tech will invest in tech companies and partner with those serving the utility industry. Other Nth Power partners include PacifiCorp, Cinergy Corp., and KN Services Inc.
L&T-Sargent & Lundy Ltd. won a pipeline engineering project in India. The cross-country naphtha pipeline for utility Gujarat Industries Power Co. in Vadodara will fuel the expansion of a 160-MW, combined-cycle plant, which adjoins a 145-MW, gas-based facility.
An AES Corp. subsidiary raised about $75.5 million to finance a 288-MW, kerosene-fired, simple-cycle power plant in Queensland, Australia. The 10-year term loan, letter of credit and short-term revolving advance was underwritten by Societe Generale Australia Ltd. Low-cost peaking power from the plant will be sold to Queensland Transitional Power Trading Corp. under a 10-year agreement. The plant will operated by an AES subsidiary. Construction is scheduled to be finished by Jan. 1, 1999.
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The National Regulatory Research Institute's new report, Evaluating Water Utility Financial Capacity With Ratio Analysis and Discounted Cash Flows, is available for $23.95 by calling (614) 292-9404.
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