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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (12627)	10/4/1998 3:20:00 AM
From: Kerm Yerman	Respond to of 15196

IN THE NEWS / Pipeline Backed - NEB Okays Alliance's Plan By TODD NOGIER -- Calgary Sun The tallest hurdle before Alliance Pipeline in its bid to build a mammoth $3.7-billion natural gas pipeline through Alberta was cleared yesterday. The Calgary-based conglomerate received a major vote of confidence in a crucial report released by the National Energy Board (NEB). The NEB concludes Alliance's proposal is not likely to cause significant adverse environmental effects. When completed in mid-2000, the pipeline connecting Fort St. John, B.C., with Chicago will transport 1.3-billion cu. ft. of natural gas per day. The board considered some 25,000 pages of transcripts in 77 days of testimony at environmental assessment hearings held in cities in B.C., Alberta and Saskatchewan before coming to its conclusion. The 178-page report now goes to Federal Environment Minister Christine Stewart. That will kick off a 30-day waiting period to allow the public to comment on it. When -- or if -- Stewart is satisfied proper procedure has been followed, the NEB will issue its final certificate of approval. Alliance Pipeline chief executive Dennis Cornelson is pleased but not surprised by the findings. He said the conglomerate spent about $3 million on environmental studies and queried some 80 environmental groups. "There's very little potential for this to be delayed further given the depth of scrutiny this has received," Cornelson told the Sun. As the hearings progressed last spring, the overwhelming majority of environmentalists critical of the project came on-side, Cornelson said. But Calgary-based Rocky Mountain Ecosystem Coalition called the report "predictable, pathetic and deceitful." Mike Sawyer, the environmental group's executive director, said the board didn't fully consider the "cumulative effects" the pipeline would have on the environment. The group intends to contest the report at the Federal Court level and threatens a consumer -boycott campaign in both Canada and the U.S. The NEB levied 41 conditions of approval on Alliance to ensure the environment is protected. "Yes, we can live with each condition," said Cornelson. The hearings went longer than expected, setting back Alliance's original plan to break ground last summer. But if final approval comes as expected in November, preparations can begin in January with construction to follow in spring.

To: Kerm Yerman who wrote (12627)	10/4/1998 3:25:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

IN THE NEWS / U.S. Link Linked To Higher Prices By TIMOTHY LE RICHE, Edmonton Sun Major natural gas pipeline projects like Alliance will bring Alberta prices in line with the rest of North America, analysts say. That probably means higher. "Part of the intent of the project was to provide additional pipeline capacity and bring the prices in Alberta up to the level comparable to other supply areas in North America," said Len Coad, vice-president of the Canadian Energy Research Institute. "We've had more supply capability than pipe, which means there has been competition within Alberta between producers for that pipe and that's held Alberta prices down," said Coad. "The market appears to be saying that argument is valid." Alberta spot prices for natural gas were $2.61 per MMBTU yesterday, while the US price was $1.70 per MMBTU. Rick Roberge, Pricewaterhouse-Coopers vice-president, said the Alliance project is important for Alberta's industry. "This is all about getting our gas into the Chicago market and, eventually, the Eastern U.S.," said Roberge. "It's a key project for the industry. "We now move to a more North American market-driven price for natural gas." Jerome Engler, vice-president and controller of Northwestern Utilities Ltd., said the industry is anticipating approval of Alliance. "Prices are probably already reflecting additional takeaway capacity out of the province," said Engler. "With the additional takeaway capacity, any gas that wants to leave the province can, and therefore they can attract prices that are reflective of North America."

To: Kerm Yerman who wrote (12627)	10/4/1998 6:01:00 AM
From: Kerm Yerman	Read Replies (8) \| Respond to of 15196

PIPELINES / TransCanada PipeLines Ltd. Closes $469 Million Preferred Offering CALGARY, Oct. 2 /CNW/ - TransCanada PipeLines Limited today announced it has closed the offering of its 8.25% Preferred Securities due October 1, 2047. The total offering was increased to US$460 million after the underwriting group exercised its over-allotment option to purchase US$60,000,000 of additional Preferred Securities. Managers of the underwriting group were Merrill Lynch & Co., Salomon Smith Barney Inc., Morgan Stanley Dean Witter, PaineWebber Incorporated and Prudential Securities Incorporated. TransCanada is a leading North American energy services company with businesses in transmission, marketing and processing. The company, through its Cdn$21 billion asset base, provides high value-added energy service solutions to the North American and international marketplace. Common shares trade under the symbol TRP, primarily on the Toronto, Montréal and New York stock exchanges.