El Paso Settles With Arizona Over Crisis -- WorldTradeStocks.com

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Subject: El Paso Settles With Arizona Over Crisis

Author:
Satellite_trader

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Date Posted: 19:20:40 12/27/04 Mon

El Paso Settles With Arizona Over Crisis
12.27.2004, 05:13 PM

Natural gas producer El Paso Corp. on Monday said it reached a multimillion dollar settlement with the state of Arizona related to the energy crisis in 2000 to 2001.

Under the settlement approved by the Maricopa County Superior Court, El Paso will invest $43 million to improve interstate pipeline service and conserve water in Arizona, as well as accelerate $30 million in already-planned pipeline integrity expenditures. The company will seek to recover these expenses in its rates.

The company also will fund about $3.4 million in grants for the state's program to help low-income residents with high energy costs, as well as a study to analyze ways to reduce the state's reliance on a single gas supply basin, and an emergency training program.

El Paso shares fell 10 cents, or about 1 percent, to close at $10.31 on the New York Stock Exchange.

http://www.forbes.com/business/businesstech/feeds/ap/2004/12/27/ap1729930.html

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