Energy stock prices joined the rising tide on the stock market Monday, with Mirant, Calpine and Dynegy leading the wave with gains of more than 11% for Mirant and close to 9% for Calpine and Mirant. Also having a good day were Williams, Reliant and AES, all up by more than 3%. Other energy suppliers saw rises up to 3%. The only group still recording more losers than winners were natural gas utilities. The stock prices of energy companies have been battered in recent months by low energy prices and the Enron implosion. No one yet is calling it a turnaround point, but there was one positive indicator: Monday was the first day in a looooong time that Enron wasn’t on the front page of The Houston Chronicle or The Washington Post.

Xcel Energy has filed with the Colorado Public Utilities Commission for a $102 million rate increase to reflect rising electricity generation fuel and purchased-power costs. The company also filed for a $79.2 million rate decrease to reflect continued lower wholesale gas costs and for an end to collection of a $19 million electricity surcharge for long-standing, purchased-power contracts. For consumers of both electricity and natural gas, the net impact of the changes would represent about a 71-cent monthly decrease on an annual basis for typical residential customers and a $14.81 monthly decrease for typical business customers. The electric rate increase will result in a monthly increase of $4.10 for typical residential customers, while typical business customers will see a monthly increase of $8.30. If approved, the new rates would take effect April 15 and would last through Dec. 31. In addition, Xcel Energy is seeking a decrease for natural gas rates by $4.22 a month for typical residential customers, and by $22.01 a month for typical business customers. If approved, the new natural gas prices would take effect March 29. Xcel Energy also is seeking to stop collecting from customers a bill surcharge associated with several long-term power purchase contracts signed more than a decade ago. The reduction will cut electricity bills for typical residential customers by 59 cents a month, and for typical business customers by $1.10 a month. The adjustment, if approved, would start March 29. Xcel Energy has 1.2 million electric customers and about one million natural gas customers in Colorado.

Denver-based Westport Resources Corp. has purchased some producing oil and gas properties in the Williston Basin in North Dakota and Montana for approximately $38.7 million from an undisclosed seller. Westport estimates the total proved reserves for these properties as of Dec. 31, 2001 to be approximately 8.9 MMboe, of which approximately 90% is oil. The company said it will operate more than 70% of the properties, which currently produce approximately 2,300 boe/d. The properties have an average lifting cost of $3.06 per boe. COO Barth Whitham said the properties complement Westport’s existing operations in the area and replace approximately 40% of the company’s total estimated production for 2002. In addition, the properties offer exploitation and exploration opportunities, which it plans to pursue over the next 12-18 months.

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