%PDF-1.2 %âãÏÓ 10 0 obj << /Length 11 0 R >> stream 0 0 0 rg 72 662.4 234 0.96 re f 72 512.4 234 0.96 re f 306 512.4 0.96 150.96 re f BT 432 708.48 TD /F0 12 Tf 0 Tc 0 Tw (001 0121) Tj -214.32 -14.16 TD (UNITED STATES OF AMERICA) Tj -30.96 -14.16 TD (BEFORE FEDERAL TRADE COMMISSION) Tj -108.72 -48.24 TD /F1 12 Tf ( In the matter of ) Tj 0 -28.56 TD ( ) Tj 9.36 0 TD /F0 12 Tf (El Paso Energy Corporation) Tj 144.72 0 TD /F1 12 Tf (,) Tj -154.08 -14.16 TD ( a corporation, and) Tj 0 -28.56 TD ( ) Tj 6.24 0 TD /F0 12 Tf ( PG&E Corporation) Tj 104.4 0 TD /F1 12 Tf (, ) Tj -110.64 -14.16 TD ( a corporation.) Tj 234 56.88 TD /F0 12 Tf (Docket No. C-3997) Tj -43.2 -130.8 TD (COMPLAINT) Tj -160.8 -28.08 TD /F1 12 Tf (Pursuant to the provisions of the Â鶹´«Ã½ Trade Commission Act and the Clayton Act, and) Tj -36 -14.16 TD (by virtue of the authority vested in it by said Acts, the Â鶹´«Ã½ Trade Commission \("FTC" or) Tj 0 -14.16 TD ("Commission"\), having reason to believe that Respondent El Paso Energy Corporation \() Tj -1.68 Tc (\223) Tj 0 Tc (El) Tj T* (Paso) Tj -1.44 Tc (\224) Tj 0 Tc (\), a corporation, and PG&E Corporation \("PG&E) Tj -1.44 Tc (\224) Tj 0 Tc (\), a corporation, have entered into a) Tj T* (stock purchase agreement whereby El Paso proposes to acquire all voting securities of PG&E Gas) Tj T* (Transmission Teco, Inc. and PG&E Gas Transmission Texas Corp., that such agreement violates) Tj T* (Section 5 of the Â鶹´«Ã½ Trade Commission Act, as amended, 15 U.S.C. \247 45, and that such) Tj T* (agreement, if consummated, would violate Section 7 of the Clayton Act, as amended, 15 U.S.C.) Tj T* (\247 18, and Section 5 of the Â鶹´«Ã½ Trade Commission Act, as amended, 15 U.S.C. \247 45, and it) Tj T* (appearing to the Commission that a proceeding in respect thereof would be in the public interest,) Tj T* (hereby issues its complaint, stating its charges as follows:) Tj 178.32 -42.72 TD /F0 12 Tf (I. RESPONDENTS) Tj 37.68 -28.08 TD /F1 12 Tf (El Paso) Tj ET 288 230.16 36.24 0.72 re f BT 72 203.76 TD (1.) Tj 36 0 TD (Respondent El Paso is a corporation organized, existing, and doing business under and by) Tj -36 -14.16 TD (virtue of the laws of the State of Delaware, with its office and principal place of business at 1001) Tj 0 -14.16 TD (Louisiana Street, El Paso Energy Building, Houston, Texas 77002.) Tj 0 -28.32 TD (2.) Tj 36 0 TD (Respondent El Paso is, and at all times relevant herein has been, engaged in, among other) Tj -36 -14.16 TD (things, the exploration, production, transportation and sales of natural gas in the State of Texas) Tj 0 -14.16 TD (and elsewhere.) Tj 0 -28.32 TD (3.) Tj 36 0 TD (Respondent El Paso had total revenues of $10.6 billion in 1999.) Tj ET endstream endobj 11 0 obj 2727 endobj 4 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 10 0 R >> endobj 13 0 obj << /Length 14 0 R >> stream BT 298.8 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (-2-) Tj -8.64 619.68 TD (PG&E) Tj ET 290.16 692.64 31.92 0.72 re f BT 72 666.24 TD (4.) Tj 36 0 TD (Respondent PG&E is a corporation organized, existing, and doing business under and by) Tj -36 -14.16 TD (virtue of the laws of the State of California, with its office and principal place of business at One) Tj 0 -14.16 TD (Market Square, Spear Tower, Suite 2400, San Francisco, California 94105. ) Tj 0 -28.32 TD (5.) Tj 36 0 TD (Respondent PG&E is, and at all times relevant herein has been, engaged in, among other) Tj -36 -14.16 TD (things, the exploration, production, transportation and sales of natural gas in the State of Texas) Tj 0 -14.16 TD (and elsewhere.) Tj 0 -28.32 TD (6.) Tj 36 0 TD (Respondent PG&E had total revenues of $20.8 billion in 1999.) Tj -36 -28.32 TD (7.) Tj 36 0 TD (Respondents El Paso and PG&E are, and at all times relevant herein have been, engaged) Tj -36 -14.16 TD (in commerce, as "commerce" is defined in Section 1 of the Clayton Act, as amended, 15 U.S.C. \247) Tj 0 -14.16 TD (12, and are corporations whose business is in or affects commerce, as "commerce" is defined in) Tj T* (Section 4 of the FTC Act, as amended, 15 U.S.C. \247 44. ) Tj 165.12 -42.72 TD /F0 12 Tf (II. THE ACQUISITION) Tj -165.12 -28.08 TD /F1 12 Tf (8.) Tj 36 0 TD (Respondent El Paso entered into a stock purchase agreement whereby El Paso proposes) Tj -36 -14.16 TD (to acquire all the voting securities of PG&E Gas Transmission Teco, Inc., and PG&E Gas) Tj 0 -14.16 TD (Transmission Texas Corp., dated January 27, 2000, for $840 million, including the assumption of) Tj T* ($561 million of debt \(the ) Tj -0.14 Tc (\223Acquisition) Tj -1.44 Tc (\224) Tj 0 Tc (\).) Tj 143.76 -42.72 TD /F0 12 Tf (III. TRADE AND COMMERCE) Tj -143.76 -28.08 TD /F1 12 Tf (9.) Tj 36 0 TD (A relevant line of commerce in which to analyze the effects of the Acquisition is the) Tj -36 -14.16 TD (pipeline transportation of natural gas. The only way to economically ship natural gas over) Tj 0 -14.16 TD (significant distances is through large diameter high pressure pipelines. Buyers of natural gas must) Tj T* (use these pipelines to transport gas from producing to consuming areas. No other economic way) Tj T* (exists to transport commercial quantities of natural gas. ) Tj ET endstream endobj 14 0 obj 2371 endobj 12 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 13 0 R >> endobj 16 0 obj << /Length 17 0 R >> stream BT 298.8 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (-3-) Tj -26.88 633.84 TD (Permian Basin) Tj ET 271.92 706.8 68.4 0.72 re f BT 72 680.4 TD (10.) Tj 36 0 TD (A section of the country in which to analyze the effects of the Acquisition is the prolific) Tj -36 -14.16 TD (natural gas production area located in southwestern Texas and southeastern New Mexico known) Tj 0 -14.16 TD (as the Permian Basin. ) Tj 0 -28.32 TD (11.) Tj 36 0 TD (Consumption of natural gas in the Permian Basin is well below natural gas production) Tj -36 -14.16 TD (levels. Most production is transported to consuming areas in eastern Texas and California on) Tj 0 -14.16 TD (natural gas pipelines. ) Tj 0 -28.32 TD (12.) Tj 36 0 TD (Permian Basin natural gas producers either contract directly with natural gas consumers or) Tj -36 -14.16 TD (sell the gas to marketers who resell the natural gas. Neither the producers nor marketers of) Tj 0 -14.16 TD (Permian Basin gas have an economic alternative to using the natural gas pipelines located in the) Tj T* (Permian Basin to deliver gas to users. The producing area of the Permian Basin is therefore a) Tj T* (relevant section of the country. ) Tj 0 -28.32 TD (13.) Tj 36 0 TD (El Paso, through its subsidiaries, owns two pipeline systems that transport natural gas out) Tj -36 -14.16 TD (of the Permian Basin. One pipeline transports natural gas to California and other western states. ) Tj 0 -14.16 TD (The other, the Oasis pipeline, is a pipeline transporting natural gas from the Permian Basin) Tj T* (through the central part of Texas to the Houston area. El Paso controls significant aspects of the) Tj T* (Oasis pipeline business.) Tj 0 -28.32 TD (14.) Tj 36 0 TD (PG&E, through its subsidiaries, owns an interest in two pipeline systems that transport) Tj -36 -14.16 TD (natural gas from the Permian Basin. One pipeline system transports natural gas across Texas to) Tj 0 -14.16 TD (the Dallas area. Another pipeline system transports gas to the Houston area.) Tj 0 -28.32 TD (15.) Tj 36 0 TD (Together Respondents own or control a significant share of all the pipeline capacity from) Tj -36 -14.16 TD (the Permian Basin. Respondents own or control most of the pipeline capacity to the areas in and) Tj 0 -14.16 TD (around San Antonio and Austin, Texas.) Tj 0 -28.32 TD (16.) Tj 36 0 TD (El Paso and PG&E are actual and direct competitors in the Permian Basin. Competition) Tj -36 -14.16 TD (between the El Paso and PG&E pipeline systems has resulted in significant competition in the ) Tj 0 -14.16 TD (transportation of natural gas from the Permian Basin area.) Tj 0 -28.32 TD (17.) Tj 36 0 TD (There are substantial barriers to entering this market. Building additional pipelines out of) Tj -36 -14.16 TD (the Permian Basin would be expensive, would take more than two years, and would not prevent) Tj 0 -14.16 TD (Respondents from being able to maintain a price increase over pre-Acquisition levels.) Tj 200.88 -28.32 TD (Central Texas) Tj ET 272.88 168.72 66.24 0.72 re f BT 72 142.32 TD (18.) Tj 36 0 TD (A section of the country in which to analyze the effects of the Acquisition is the natural) Tj -36 -14.16 TD (gas consuming area in or around the metropolitan areas of San Antonio and Austin, Texas) Tj 0 -14.16 TD (\() Tj -1.68 Tc (\223) Tj 0 Tc (Central Texas) Tj -1.44 Tc (\224) Tj 0 Tc (\).) Tj ET endstream endobj 17 0 obj 3400 endobj 15 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 16 0 R >> endobj 19 0 obj << /Length 20 0 R >> stream BT 298.8 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (-4-) Tj -226.8 619.68 TD (19.) Tj 36 0 TD (The major buyers of natural gas in Central Texas include local gas and electric public) Tj -36 -14.16 TD (utilities and merchant power producers. These entities consume large quantities of natural gas to) Tj 0 -14.16 TD (resell or use as fuel to generate electricity.) Tj 0 -28.32 TD (20.) Tj 36 0 TD (Natural gas consumption in Central Texas is well above natural gas production levels.) Tj -36 -14.16 TD (Almost all natural gas consumed in Central Texas must be delivered by natural gas pipelines. ) Tj 0 -28.32 TD (21.) Tj 36 0 TD (Natural gas consumers can only receive natural gas from those pipelines that travel) Tj -36 -14.16 TD (through Central Texas. Natural gas buyers in Central Texas have no effective alternative to) Tj 0 -14.16 TD (natural gas pipeline transportation within that area. A relevant line of commerce in which to) Tj T* (analyze the effects of the Acquisition is therefore the pipeline transportation of natural gas into) Tj T* (Central Texas.) Tj 0 -28.32 TD (22.) Tj 36 0 TD (El Paso) Tj -2.88 Tc (\222) Tj 0 Tc (s Oasis pipeline transports natural gas into Central Texas. The Oasis Pipeline is) Tj -36 -14.16 TD (one of the major suppliers of natural gas to Central Texas.) Tj 0 -28.32 TD (23.) Tj 36 0 TD (PG&E owns a pipeline system that transports natural gas into Central Texas. PG&E) Tj -2.88 Tc (\222) Tj 0 Tc (s) Tj -36 -14.16 TD (system is also a major supplier of natural gas to Central Texas.) Tj 0 -28.32 TD (24.) Tj 36 0 TD (Together Respondents own or control a significant share of all the pipeline capacity into) Tj -36 -14.16 TD (Central Texas. For some natural gas buyers, Respondent) Tj -2.88 Tc (\222) Tj 0 Tc (s pipeline systems are the only two) Tj 0 -14.16 TD (alternatives.) Tj 0 -28.32 TD (25.) Tj 36 0 TD (El Paso and PG&E are actual and direct competitors in Central Texas. Competition) Tj -36 -14.16 TD (between the El Paso and PG&E pipeline systems has resulted in significant competition to) Tj 0 -14.16 TD (transport natural gas to Central Texas.) Tj 0 -28.32 TD (26.) Tj 36 0 TD (There are substantial barriers to entering this market. Building additional pipelines to) Tj -36 -14.16 TD (natural gas production areas or pipelines outside the geographic market would be expensive,) Tj 0 -14.16 TD (would take more than two years, and would not prevent Respondents from being able to maintain) Tj T* (a price increase over pre-Acquisition levels.) Tj 144.48 -28.32 TD (Matagorda Offshore Production Area) Tj ET 216.48 239.52 179.28 0.72 re f BT 72 213.12 TD (27.) Tj 36 0 TD (A section of the country in which to analyze the effects of the Acquisition is the natural) Tj -36 -14.16 TD (gas production area located in Texas waters in the Gulf of Mexico known as Matagorda Offshore) Tj 0 -14.16 TD (Production Area \() Tj -0.168 Tc (\223Matagorda) Tj -1.44 Tc (\224) Tj 0 Tc (\). This section includes, but is not limited to, Blocks 487, 518,) Tj T* (and 519 as designated by the United States Mineral Management Service.) Tj 0 -28.32 TD (28.) Tj 36 0 TD (Consumption of natural gas in Matagorda is well below natural gas production levels.) Tj -36 -14.16 TD (Most production is transported to consuming areas on shore. ) Tj ET endstream endobj 20 0 obj 3339 endobj 18 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 19 0 R >> endobj 22 0 obj << /Length 23 0 R >> stream BT 298.8 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (-5-) Tj -226.8 633.84 TD (29.) Tj 36 0 TD (Matagorda natural gas producers either contract directly with natural gas consumers or) Tj -36 -14.16 TD (sell the natural gas to marketers who resell it. Neither producers nor marketers of Matagorda gas) Tj 0 -14.16 TD (have an economic alternative to using natural gas pipelines located in Matagorda to deliver gas to) Tj T* (users. The producing area of Matagorda is therefore a relevant section of the country. ) Tj 0 -28.32 TD (30.) Tj 36 0 TD (Respondents own the only two pipelines transporting natural gas from Matagorda.) Tj -36 -28.32 TD (31.) Tj 36 0 TD (El Paso and PG&E are actual and direct competitors in Matagorda. Competition between) Tj -36 -14.16 TD (the El Paso and PG&E pipeline systems has resulted in significant competition to transport natural) Tj 0 -14.16 TD (gas from Matagorda.) Tj 0 -28.32 TD (32.) Tj 36 0 TD (There are substantial barriers to entering this market. Building additional pipelines out of) Tj -36 -14.16 TD (Matagorda would be cost prohibitive, and would not prevent Respondents from being able to) Tj 0 -14.16 TD (maintain a price increase over pre-Acquisition levels.) Tj 203.52 -42.72 TD /F0 12 Tf (COUNT I: ) Tj -112.32 -14.16 TD (LOSS OF COMPETITION IN THE PERMIAN BASIN) Tj -91.2 -28.08 TD /F1 12 Tf (33.) Tj 36 0 TD (Paragraphs 1 - 32 are incorporated by reference as if fully set forth herein.) Tj -36 -28.32 TD (34.) Tj 36 0 TD (The relevant product market in which it is appropriate to assess the effect of the) Tj -36 -14.16 TD (Acquisition is natural gas transportation.) Tj 0 -28.32 TD (35.) Tj 36 0 TD (The relevant geographic market in which it is appropriate to assess the effect of the) Tj -36 -14.16 TD (Acquisition is the Permian Basin.) Tj 0 -28.32 TD (36.) Tj 36 0 TD (The relevant market is highly concentrated and the Acquisition, if consummated, will) Tj -36 -14.16 TD (substantially increase that concentration.) Tj 0 -28.32 TD (37.) Tj 36 0 TD (Entry into the relevant market would not be timely, likely, or sufficient to prevent) Tj -36 -14.16 TD (anticompetitive effects.) Tj 0 -28.32 TD (38.) Tj 36 0 TD (The Acquisition will eliminate actual and direct competition between Respondents, with) Tj -36 -14.16 TD (the likely results of raising rates and reducing output of transportation in the relevant market, and) Tj 0 -14.16 TD (diminishing production of natural gas the Permian Basin.) Tj 201.12 -42.72 TD /F0 12 Tf (COUNT II: ) Tj -97.92 -14.16 TD (LOSS OF COMPETITION IN CENTRAL TEXAS) Tj -103.2 -28.08 TD /F1 12 Tf (39.) Tj 36 0 TD (Paragraphs 1 - 32 are incorporated by reference as if fully set forth herein.) Tj ET endstream endobj 23 0 obj 2741 endobj 21 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 22 0 R >> endobj 25 0 obj << /Length 26 0 R >> stream BT 298.8 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (-6-) Tj -226.8 633.84 TD (40.) Tj 36 0 TD (The relevant product market in which it is appropriate to assess the effect of the) Tj -36 -14.16 TD (Acquisition is natural gas transportation.) Tj 0 -28.32 TD (41.) Tj 36 0 TD (The relevant geographic market in which it is appropriate to assess the effect of the) Tj -36 -14.16 TD (Acquisition is Central Texas.) Tj 0 -28.32 TD (42.) Tj 36 0 TD (The relevant market is highly concentrated and the Acquisition, if consummated, will) Tj -36 -14.16 TD (substantially increase that concentration.) Tj 0 -28.32 TD (43.) Tj 36 0 TD (Entry into the relevant market would not be timely, likely, or sufficient to prevent) Tj -36 -14.16 TD (anticompetitive effects.) Tj 0 -28.32 TD (44.) Tj 36 0 TD (The Acquisition will eliminate actual and direct competition between Respondents, with) Tj -36 -14.16 TD (the likely results of raising rates and reducing output of natural gas transportation, and thereby) Tj 0 -14.16 TD (increasing the cost of electricity.) Tj 198.96 -42.72 TD /F0 12 Tf (COUNT III: ) Tj -85.92 -14.16 TD (LOSS OF COMPETITION IN MATAGORDA) Tj -113.04 -28.08 TD /F1 12 Tf (45.) Tj 36 0 TD (Paragraphs 1 - 32 are incorporated by reference as if fully set forth herein.) Tj -36 -28.32 TD (46.) Tj 36 0 TD (The relevant product market in which it is appropriate to assess the effect of the) Tj -36 -14.16 TD (Acquisition is natural gas transportation.) Tj 0 -28.32 TD (47.) Tj 36 0 TD (The relevant geographic market in which it is appropriate to assess the effect of the) Tj -36 -14.16 TD (Acquisition is Matagorda.) Tj 0 -28.32 TD (48.) Tj 36 0 TD (The relevant market is highly concentrated and the Acquisition, if consummated, will) Tj -36 -14.16 TD (substantially increase that concentration.) Tj 0 -28.32 TD (49.) Tj 36 0 TD (Entry into the relevant market would not be timely, likely, or sufficient to prevent) Tj -36 -14.16 TD (anticompetitive effects.) Tj 0 -28.32 TD (50.) Tj 36 0 TD (The Acquisition will eliminate actual and direct competition between Respondents with) Tj -36 -14.16 TD (the likely results of raising rates and reducing output of transportation in the relevant market, and) Tj 0 -14.16 TD (diminishing production of natural gas in Matagorda.) Tj T* ( ) Tj ET endstream endobj 26 0 obj 2332 endobj 24 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 25 0 R >> endobj 29 0 obj << /Length 30 0 R >> stream BT 298.8 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (-7-) Tj -78.96 633.6 TD /F0 12 Tf (IV. VIOLATIONS CHARGED) Tj -147.84 -28.08 TD /F1 12 Tf (51.) Tj 36 0 TD (The stock purchase agreement entered into by Respondents El Paso and PG&E) Tj -36 -14.16 TD (constitutes a violation of Section 5 of the FTC Act, as amended, 15 U.S.C. \247 45.) Tj 0 -28.32 TD (52.) Tj 36 0 TD (The Acquisition, if consummated, would violate Section 7 of the Clayton Act, as) Tj -36 -14.16 TD (amended, 15 U.S.C. \247 18, and Section 5 of the FTC Act, as amended, 15 U.S.C. \247 45.) Tj 36 -42.72 TD /F0 12 Tf (IN WITNESS WHEREOF,) Tj 139.44 0 TD /F1 12 Tf ( the Â鶹´«Ã½ Trade Commission, having caused this) Tj -175.44 -14.16 TD (Complaint to be signed by the Secretary and its official seal affixed, at Washington, D.C., this) Tj 0 -14.16 TD (thirtieth day of January, 2001, issues its Complaint against Respondents.) Tj 36 -28.32 TD (By the Commission.) Tj -36 -56.64 TD (SEAL:) Tj 252 0 TD (Benjamin I. 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