ENERGY TRUSTS / Optus Pursues U.S. Markets
OPTUS NATURAL GAS DISTRIBUTION INCOME FUND SUBSIDIARY DIRECT ENERGY
MARKETING FORMS JOINT VENTURE TO PURSUE U.S. RESIDENTIAL
ENERGY MARKETS
Canadian/U.S. Partners To Launch 'Energy America'
-------------------------------------------------
CALGARY, June 9 /CNW/ - Direct Energy Marketing Limited, Canada's largest
independent natural gas marketing company and a subsidiary of OPTUS Natural
Gas Distribution Income Fund (OPTUS), today announced an agreement with two
U.S. firms to form a joint venture aimed at marketing natural gas and
electricity to residential and small-business customers in the United States.
Headquartered in Greenwich, Conn., the new venture with Greenwich-based
Sempra Energy Trading and Los Angeles-based Sempra Energy Solutions will be
called ''Energy America''. OPTUS has agreed to issue warrants to Sempra Energy
Trading to purchase 1,215,957 OPTUS trust units for Cdn $21.75 per unit,
expiring on March 15, 2003. Other terms of the deal were not disclosed.
''Through Energy America, we plan to build on our proven track record in
consumer marketing,'' said Gary J. Drummond, President of Direct Energy
Marketing. ''We have successfully assembled the largest North American
customer base outside of a regulated utility, with 500,000 residential and
small-commercial natural gas customers in Canada.''
Sempra Energy Trading is one of the largest U.S. participants in
marketing and trading physical and financial energy products, including
natural gas, power, crude oil and associated commodities. Sempra Energy
Solutions is an energy-services company providing a broad suite of products
and services in California and throughout the United States. Sempra Energy
Solutions and Sempra Energy Trading are jointly owned by Los Angeles-based
Pacific Enterprises and San Diego-based Enova Corporation, which are in the
process of merging to form a new Fortune 500 energy services company called
Sempra Energy.
Direct Energy Marketing, a subsidiary of OPTUS Natural Gas Distribution
Income Fund (TSE - OPT.UN), currently distributes natural gas to approximately
500,000 residential and small-business customers in Ontario, Manitoba and
Quebec. Based in Calgary, Alberta, Direct Energy Marketing supplies 750
million cubic feet per day of gas to industrial, institutional, core and
utility customers in North America. OPTUS has no external term debt and a
market capitalization of more than Cdn $250 million.
-30-
For further information: Gary J. Drummond, Louis R. Dufresne, Lawrence
S. Portigal, Direct Energy Marketing Limited, OPTUS Natural Gas Distribution
Income Fund (403) 266-6393
|
