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BUSINESS NEWS.(TO THE POINT)

Investor's Business Daily

| June 04, 2001 | COPYRIGHT 2001 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

ENERGY

Texaco, Shell split on asset price

The two oil firms remain divided on a price for asset sales Texaco must maketo complete its proposed merger with Chevron. Texaco has been in talks for months with joint venture partners Royal/Dutch Shell and Saudi Aramco about selling its stake in two U.S. units to satisfy the Federal Trade Commission opposition. But Texaco says Shell hasn't offered enough. Chevron's planned takeover of Texaco would create the world's No. 5 oil firm.

Duke charged $3,880 a megawatt

Duke Energy charged up to $3,880 per megawatt-hour for electricity in power-starved California in the first quarter. Duke CEO Jim Donnell said it tacked on a premium because the buyers -- Pacific Gas & Electric and Southern California Edison -- were in danger of going bankrupt and might not pay. The PG&E unit later filed for bankruptcy. Duke's average price for power sold into the state was $136 per megawatt-hour vs. $76 a year ago. Duke and other power generators are responding to ...

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