Westcoast Planning Less Spending In 2001

Westcoast Energy Inc. has set a capital expenditure budget for 2001 of $725 million, well below the $1.3 billion planned for this year.

"The multi-year expansion program in which Westcoast has been engaged is nearing completion and capital spending is returning to more normal levels," Michael Phelps , chairman and chief executive officer, said in a news release. "This level of capital spending is consistent with the company's ability to generate funds from ongoing internal operations," he said.

"Looking ahead, Westcoast is now well positioned to participate in the many opportunities that will be presented by the growing North American gas market," Phelps said.

The 2001 spending amount is net of securitization proceeds relating to Westcoast Capital Inc. and excluding the previously announced purchase of the remaining 50% interest in the Empire State pipeline (DOB, Nov. 10).