By Wallace Edward BrandWallace Edward Brand practices law in his own firm in Washington, DC, where he represents small electric systems.
Business & Money
includes no admission of wrongdoing, to result in a fourth-quarter after-tax charge of about $650 million. The settlement includes payments of $100 million in cash, $125 million in El Paso common stock and additional payments of $22 million a year over a 20-year period.
El Paso said the settlement is subject to review and approval by the courts and the Federal Energy Regulatory Commission. The final execution of the agreement and the approvals are expected by the end of this year.
Alliant's Business Plan No Longer 'Down Under'
Alliant Energy Corp. said it agreed to sell its Australian investment to New Zealand-based Meridian Energy for about $350 million.
Alliant said the sale was primarily made up of Alliant Energy's ownership of Australian electricity generator Southern Hydro. On an after-tax basis, the sale will result in net cash proceeds to Alliant Energy of about $165 million.
Northeast Utilities Sees $640 Million 2003 Construction Spending
Northeast Utilities said it expects expenditures for its gas/power transmission construction program to amount to $640 million in 2003, according to the company's annual report. Of the total, $327 million will be spent by the company's Connecticut Light & Power Co. subsidiary, $116 million by its Public Service Co. of New Hampshire unit, $73 million by Yankee Gas, $28 million by Western Massachusetts Electric Co. and up to $96 million by other company divisions, the filing said.
Duke Energy Exits the Trash-Burning Business
Duke Energy Corp. has agreed to sell its 50 percent ownership stake in the American Ref-Fuel trash-burning power plant in Niagara Falls, along with five others along the East Coast, to a group of investors for $306 million. Duke is selling its 50 percent stake in Duke/UAE Ref-Fuel, which also owns waste-to-energy facilities in Pennsylvania, New Jersey, Connecticut, Massachusetts and Hempstead, N.Y., to Highstar Renewable Fuels LLC.
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