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Business 2002 P22



Union ratifies new five-year contract with Dominion
Dominion announced Monday that employees represented by the International Brotherhood of Electrical Workers Local 50 have ratified a new five-year labor contract.

Calpine provides update on asset sales
Calpine Corp. has sold more than $260 million in non-strategic assets since January of this year, the company reported Tuesday.

PG&E's creditors reject CPUC plan
Pacific Gas and Electric Co.'s plan of reorganization has received approval from nine of the ten voting classes of its creditors and equity holders.

S&P examines U.S. power sector 'mini-perm' debt
Liquidity has increasingly become a critical component in evaluating the credit quality of the U.S. energy merchant sector, Standard & Poor's Ratings Services said in a report published recently.

S&P concerned about dismissal of Allegheny Energy trader
S&P noted its concern Friday about Allegheny Energy's announcement that it had dismissed the head of its trading division, Dan Gordon.

Mirant sells interest in U.K. assets to PPL Corp.
Mirant said it has sold its 49 percent interest in Western Power Distribution Holdings Limited and WPD Investment Holdings (both identified jointly as WPD) to PPL Corp. for $235 million.

Allegheny Energy Supply fires president of trading division
Allegheny Energy Inc. has appointed Michael P. Morrell to oversee energy trading and related activities within Allegheny Energy Supply, replacing Daniel L. Gordon.

Dominion completes acquisition of Cove Point LNG limited partnership
Dominion recently completed its $217 million acquisition of Cove Point LNG Limited Partnership, owner of the nation's largest liquified natural gas import facility, from Williams.

Moody's downgrades ratings of Dynegy Inc.
Moody's Investor's Service has downgraded the ratings of Dynegy Inc. and its subsidiaries due to concerns about cashflow that the company will be able to generate relative to its high debt.

Exelon Power gets new vice president
Exelon Generation has named an 18-year veteran of the power generation business as the new vice president of Exelon Power, operator of the company's fossil fuel and hydroelectric fleet.

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