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Private equity firm Blackstone Group Friday struck a deal to buy power producer Dynegy Inc. for $543 million in cash and sell some of the company’s best assets to NRG Energy in the latest shake-up in the electric industry.
The deal values Dynegy at $4.7 billion including debt, which would make it one of the biggest buyouts of a power company since Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs bought TXU for $32 billion in 2007. Get the full story »
Nordic Energy Services LLC said Friday that it had been awarded a contract to manage the natural gas deliveries and storage inventories for the City of Chicago’s Department of General Services, which manages the maintenance and operation of city properties.
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Nicor Inc.’s second-quarter earnings rose 5.7 percent as the natural-gas company continued to see strong results at its distribution business and benefits from prior cost cutting, though demand continued to decline. Still, results beat analysts’ expectations. Get the full story »
NiSource Inc. swung to a bigger-than-expected second-quarter profit amid higher volume, but the top line slid on a tumble in non-operational revenue. NiSource posted a profit of $28.1 million, or 10 cents a share, compared with a year-earlier loss of $4.8 million, or a penny a share. Revenue slid 7.7 percent to $1.17 billion as so-called “other” revenue tumbled 60 percent. Get the full story »
