In the News
Encana to sell its Piceance natural gas assets for $735 million
MarketWatch reports: Energy producer Encana Corp. announced Friday a deal to sell its Piceance natural gas assets for $735 million in cash to Denver-based Caerus Oil and Gas LLC. Encana said it will also reduce its midstream commitments by about $430 million, and will market Caerus’s production related to the assets. Encana said its Piceance assets included about 3,100 operated wells which produced 240 million cubic feet of natural gas and 2,178 barrels of liquid per day, on average. “This transaction advances our strategy, makes the company more efficient and delivers significant proceeds that we will use to further strengthen our balance sheet,” said Chief Executive Doug Suttles.
Minnesota Power plans $700 million natural gas plant in Superior
Park Rapids Enterprise reports: Minnesota Power is partnering with another utility to build a $700 million natural gas power plant in Superior as part of a suite of renewable energy proposals that include new wind and solar generation. Dubbed the Nemadji Trail Energy Center, Minnesota Power will split the cost and ownership of the natural gas plant with Dairyland Power Cooperative. The 550-megawatt plant will employ up to 25 people long-term and require a peak of 260 construction workers while it is built. The natural gas plant would act as a “renewable-enabling” power source, since the peaks and valleys in wind and solar energy production, and the lack of long-term power storage options, mean another source of electricity has to fill in the gaps.