Peoples acquires Texas reserves:

Peoples Energy announced that its oil and gas production subsidiary, Peoples Energy Production, has purchased an interest in five properties in south Texas and the upper Texas gulf coast area from a subsidiary of Magnum Hunter Resources Inc., for approximately $33 million. The acquired reserves, 99 percent of which are natural gas, are located in close proximity to other Peoples Energy Production holdings and add more than 11 MMCFE per day of net production to the company's overall production base.

Projects and contracts

Calpine, Florida Municipal sign agreement: Calpine Corp. has entered into a five-year power sales agreement with the Florida Municipal Power Agency (FMPA). The agreement begins with a 35 MW commitment in 2005, ramping up to 75 MW in 2006 and 100 MW for the remaining three years of the contract. The purchased power will be used to serve FMPA's All-Requirements Project, which provides all the wholesale power needs for 15 member utilities throughout Florida.

Duke Energy's Patriot receives approval: The Federal Energy Regulatory Commission issued Duke Energy Gas Transmission authorization to construct and operate the company's Patriot natural gas pipeline project. The approval, in the form of the issuance of a certificate of public convenience and necessity, gives the company's East Tennessee Natural Gas (ETNG) subsidiary the authorization to construct, own, operate and maintain pipeline and related facilities located along the existing ETNG system in Tennessee and Virginia.

Study shows negative impact on power industry: A new economic assessment of the Midwest power markets entitled "A Guide to Winning in the Wholesale Power Markets—Generation, Fuel, Transmission: Volume I, The Midwest," co-authored by Hill & Associates of Annapolis Maryland and BlueWave Resources of Fairfax Virginia, stated that natural gas generators are going to find it increasingly difficult to be profitable. Other findings of the study include: More and more power companies are finding it difficult to attract investment; a number of renewable energy projects are likely to be suspended unless tax incentives are extended; there are opportunities for coal to move ahead; and environmental limits will continue to impact all.

Executive Appointments

CP&L: Regional vice president Jim Massengill is retiring. Hilda Pinnix-Ragland, current vice president of energy delivery services, will be promoted to lead the region.

Duke Energy: Fred Fowler is president and COO.

Washington Group: Terry K. Eller, formerly associate general counsel, has been named corporate vice president of investor relations.

ALSTOM: Patrick Kron will succeed Pierre Bilger as CEO.

Dynegy: Bruce A. Williamson named president and CEO.